Page 9 - DMEA Week 01 2023

DMEA COMPANIES DMEA

ADNOC is now clear to acquire additional equity in TEME (File Photo)

TEMA, which holds the 84.6% majority stake, stake TEMA had on offer. The two had been in
would sell 34.6% to ADNOC, which along with negotiations over the bid over the past few
B Investments’ 6.38% stake and the affiliated months.
vehicle’s 9% would result in a 50:50 ownership In 2013, B Investments acquired 7.97% of
between the two companies. TEME through a capital increase which sup-
B Investments ultimately favoured an ported the company to increase its retail gas sta-
exit, waiving its right of first refusal instead of tions in Egypt from 70 stations to 240 stations
pre-empting ADNOC’s bid to buy the 34.6% by 2022. ™

TERMINALS & TRANSPORT
ADNOC L&S, AG&P agree third FSU charter

MIDDLE EAST ADNOC Logistics and Services (ADNOC L&S)
and Atlantic Gulf and Pacific International
Holdings (AG&P) this week announced the
signing of their third floating storage unit (FSU)
charter agreement.
The terms of the deal will see AG&P utilise
one of ADNOC L&S’ older Japanese moss-type
containment vessels – the Ghasha – as floating
LNG (FLNG) storage for a new LNG import
facility in India, scheduled for commissioning
in the second half of 2024. The deal builds on
two previous agreements for FSUs in India and
the Philippines respectively.
The Emirati firm is a midstream affiliate The Ghasha has a capacity of about 138,000 cubic metres (Photo: AG&P)
of state-owned Abu Dhabi National Oil Co.
(ADNOC). to FSU will be completed by AG&P subsidiary
The Ghasha has a capacity of around 138,000 GAS Entec.
cubic metres, and is part of a diverse 300-strong Captain Abdulkareem Al Masabi, CEO
fleet operated by ADNOC L&S. The agreement of ADNOC L&S, said: “This agreement with
will run for 11 years and includes the option for AG&P builds on a phenomenal period of global
a four-year extension. expansion for ADNOC L&S as we focus on
The vessel will be maintained by ADNOC growth, diversification and unlocking new rev-
L&S, while its conversion from LNG carrier enue streams.”

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