Page 9 - DMEA Week 23 2022

DMEA SUPPLY & PROCESSING DMEA

Iran, Iraq discuss financial

restrictions including utility debts

MIDDLE EAST ON June 6, Iran’s new Ambassador to Baghdad Chamber of Commerce Yahya Al-Eshaq told
Mohamad Kazem Al-Sadeq at a meeting with IRNA that Iran and Iraq have had good ties with
Governor of the Central Bank of Iraq Mustafa each other in this area, and such cooperation is
Ghalib discussed issues of banking and energy carried out in the interests of both the public and
cooperation, IRNA reported. private sectors.
Iran despite having an ongoing issue with He added that the exchanges between the
Iraq and payments for utilities now reaching public sectors mainly take place in the field of
over $1.6bn has pushed ahead with integrating energy, and the Iranian government sector
their economic potential. Tehran hopes that the should receive one billion dollars from Iraq for
recent increase in oil prices will spur further joint gas exports.
developments between the countries, both oil Kazem Al-Sadeq handed his credentials to
producers respectively. Iraqi the government as part of a new push by
During the meeting, the parties discussed Tehran to boost economic ties.
banking cooperation between the two states. Iran is Iraq’s biggest economic partner in
In particular, the issue of paying off the exist- terms of tourism, with more than 3mn pilgrims
ing debt for the export of electricity and gas was crossing the border, mostly on foot, visiting
considered. Shi’ite Holy shrines including Najaf and Karbala,
Earlier, Chairman of the Iran-Iraq Joint where Islamic saints are buried.™

REFINING

Developers envisage early 2023

start for Soyo construction

AFRICA THE US-based Quanten Consortium this week diesel, and jet fuel.
expressed optimism that work will begin on the The group envisages the development of
construction of Angola’s greenfield Soyo refin- a “deep conversion refinery with maximum
ery in early 2023, once demining of the site is uptime, which produces consumer ready end
completed. products such as gasoline, diesel, jet fuel, and
The group, comprising American firms asphalt, and is protected from adverse geopolit-
Quanten, TGT and Aurum & Sharp, and local ical events”.
technical services company ATIS Nebest-An- Between September and December 2020,
gola, was awarded a $3.5bn build, own and due diligence was carried out by PwC on eight
operate (BOO) contract by Angola’s Ministry bidders, with five consortia going through to the
of Mineral Resources and Petroleum (MIREM- final round.
PET) last year and holds a 90% stake in the refin- Thomas emphasised the refinery’s ability
ery with NOC Sonangol holding the remainder. to produce clean fuels, noting that “the Euro-5
The partners laid the foundation stone standard mandates 10 parts per million for sul-
in mid-May in a 7sq-km plot in the town of phur content; we are going to be at 5 ppm.”
Matanga, later announcing that they are working The consortium’s website notes that its “team
to a project timeline that envisages completion members, affiliates, subcontractors and advo-
in late 2025. cates may include (subject to negotiations and
Speaking to Reuters this week, Segun contracts)”: KBR, McDermott, Cisco, Berklee
Thomas, the consortium’s managing partner University’s Renewable and Appropriate Energy
said: “What they are doing now is to make sure Laboratory (RAEL), the US government’s
the place is landmine free for which we will get Department of Commerce, Department of State
a certificate.” and its Prosper Africa initiative.
According to Quanten’s website and various Quanten’s contract for the development
previous announcements about the project, it covers all associated connectivity, including
will have a refining capacity of 100,000 barrels access roads, a power plant with a capacity of
per day (bpd), producing gasoline, low-sulphur 60-100MW and a marine terminal.™

Week 23 09•June•2022 www. NEWSBASE .com P9