Page 19 - DMEA Week 43 2020

DMEA NEWS IN BRIEF DMEA

Nigeria’s Waltersmith of this complex, hydrogen gas is one of the agenda, and by providing this amount, the
necessities and prerequisites of production,
project will be ready for operation by March
modular refinery ready for so PSA project implementation studies began 20 2023,” according to Iran’s Shana news
in 2018 and the effect of hydrogen on the
agency.
operation final product of the complex on the basis of Company, Abolghasem Sharifi said the
According to the National Petrochemical
laboratory tests was reviewed.
The Department of Petroleum Resources In studies conducted with the installation project’s construction reached 64.83%
(DPR) has said that the 5,000 barrels per of a PSA package with a capacity of 15,000 completion in the first 6 months of the current
day (bpd) Waltersmith modular refinery standard cubic meters per hour, about 80 to calendar year, which began on March 21,
project is fully ready for operations. 100 tons of methanol will be produced in adding despite the coronavirus outbreak,
The Director of DPR, Sarki Auwalu, who the complex on a daily basis. The obtained the project has been able to gain valuable
stated this during a pre-commissioning visit results show that the recovery of gases achievements such as renewal of its feedstock
to the project site located in Ibigwe, Ohayi/ sent to the flare stack will reduce energy supply agreement, receiving the letter
Egbema Imo State, said that the purpose of consumption and greenhouse gas emissions announcing Dena project to be at the top of
the visit was to make sure that Waltersmith while improving the environmental the list of priority projects of the Ministry of
Refinery is ready to start operations. performance indexes of the company. Petroleum.
According to him, “We can confirm He added: “According to the plans, €150mn
that the refinery is very much ready to is needed to complete the project, the receipt
commence operations. We have seen all the Fitch downgrades Turkish of which from the facilities of the National
preparations. To us, the plant is alive. The Development Fund of Iran is on the agenda.”
commissioning is just symbolic. Everywhere refiner Tupras The Dena methanol project is being built
is ready to start off. My overall assessment is on a 7-hectare land in the second phase of the
excellent. Fitch Ratings has downgraded Turkiye Petrol Pars Special Economic Zone (Assaluyeh) to
“We have been to other modular Rafinerileri A.S. (Tupras) by one notch to ‘B+’, produce 1,650 tons of AA grade methanol.
refineries but we have not seen anything like four notches below investment grade, with a
this: the space, the way it is arranged and Negative outlook, the ratings agency said on
the way it will work.” October 26. Egypt’s Suez Methanol in
The DPR boss said that people should Fitch has Turkey’s sovereign rating at BB-/
start seeing the agency as an enabler and Negative, three notches below investment talks for loan
not a regulator as their focus is on how to grade.
create opportunities on how Nigeria’s vast Moody’s Investors Service sees Tupras at Suez Methanol Derivatives Company is
oil and gas resources are managed for the B2/Negative, five notches below investment seeking an EGP1.3bn ($83mn) loan for its
betterment of Nigerians. grade, in line with the sovereign downgrade new plant in Damietta, Egypt, Al Mal new
“The role we play is to enable businesses of Turkey. website reported on October 20.
and create opportunities. When DPR issues Koc Holding, Turkey’s largest The company is reportedly in talks with
you a license, it enables you to invest and conglomerate, controls 51% of Tupras via Commercial International Bank - Egypt and
as a result, that opportunity we create, that subsidiaries. The remaining 49% is free-float. QNB Al Ahli.
business is enabled. Turkey’s privatisation administration has one The project will cost a total of $120mn,
“Waltersmith is one of our success golden share. 70% of which will be financed through
bank loans and the remainder through the
stories. We consider the project as ours. We
Fitch’s latest downgrade reflects cash flow
Opposition party faults Transnet for oil spill have been tracking their growth and we are generation that is weaker than previously company’s capital, unnamed sources told the
happy to see that our child is growing. It is
forecast and high leverage, due to historically
new portal.
The Arab Petroleum Investments
our plan that they expand and they have the
for fuels amid the coronavirus pandemic.
potential”. low refining margins caused by demand loss Corporation signed in 2018 a financial
The Negative outlook reflects structuring mandate with Suez Methanol to
uncertainties related to the rebalancing of finance the development of a formaldehyde
Zagros petchem plant to the fuel market in the next 12-18 months, and derivatives project in Damietta..
which may cause additional rating pressure
build PSA unit: Iran for Tupras.
Zagros Petrochemical Company has planned
to build a pressure swing adsorption (PSA) Dena petchem project in
unit with the aim of establishing projects to
improve and reduce environmental pollutions line for Iranian development
and to reduce greenhouse gas emissions, the
Shana news agency of Iran’s oil ministry has funding
reported.
According to Zagros Petrochemical The CEO of Dena Petrochemical Project said:
Company, based on the process plan of “Receiving €150mn of resources from the
methanol production as the final product National Development Fund of Iran is on the

Week 43 29•October•2020 www. NEWSBASE .com P19