Page 18 - DMEA Week 20 2020

DMEA
NEWS IN BRIEF
DMEA
Egypt’s Suez Canal Bank to exit Middle East Oil Refinery
The publicly listed company, Suez Canal Bank, says it will withdraw entirely from Middle East Oil Refinery (Midor), Zawya reports.
Suez Canal Bank will sell a 1.27% stake in the refiner for $30.4mn to Egyptian General Petroleum Corporation (EGPC). The financial service institution posted a Q1 2020 net profit of EGP114.4mn ($7.3mn) compared to EGP128.6mn in Q1 2019, Zawya notes.
The bank established in 1978 employs around 1,182 people across Egypt.
The Egyptian government-controlled Midor has a business portfolio that includes refining of crude oil; and manufacture
and distribution of petroleum products including gasoline, jet and diesel fuel, coke, low sulphur and liquefied petroleum gas.
Jordan Petroleum Refinery
sees 20% hike in 2019
profits
The Jordan Petroleum Refinery (JPRC) on May18announcedthatitsprofitsin2019 went up by 20% reaching JOD44.2mn after tax, compared with JOD36.9mn in 2018.
According to figures announced by the JPRC and cited by the Jordan News Agency, Petra, profits covered various company activities. Refinement and gas cylinder filling accounted for JOD14.7mn of the total profits, while oil factory activity generated JOD7.6mn and marketing and selling oil derivatives generated JOD21.9mn.
The JPRC said that the net sales values from refinement, filling gas cylinders,
oils and marketing oil derivatives before deducting sales costs, expenses and tax reached JOD1.35bn in 2019, compared with JOD1.62bn in 2018.
Despite the exceptional circumstances the global economy is witnessing due to the COVID-19 pandemic, the JRPC-owned Jordan Petroleum Products Marketing Company (JoPetrol) has continued its efforts to open new stations, the company said.
The JPRC also noted that the total amounts owed to the company by government
departments, the National Electric Power Company and Royal Jordanian Airlines totalled JOD285mn by the end of 2019..
Saudi Jubail port ships
5.4mn tonnes of petchem
products in April
The King Fahad Industrial Port in Jubail exported 47 types of different refined petroleum products and petrochemicals in April, according to the Saudi Ports Authority on May 20.
Exports totalled 5.4mn tonnes and
were loaded onto 152 vessels. Urea exports totalled 157,000 tonnes in April, up 51% year on year. Diesel exports reached 900,000 tonnes, fertilisers exports 460,000 tonnes and methanol and kerosene exports totalled 400,000 tonnes each.
With regards to the current coronavirus (COVID-19) pandemic, the Saudi Ports Authority emphasised that King Fahad Port is working at full capacity to perform its naval, operational, and logistic operations according to the highest efficiency and quality standards.
Nigerian parliament calls
forsackedWarrioilrefinery
workers to be recalled
Nigeria’s House of Representatives has recommended to the Nigerian National Petroleum Corporation (NNPC) and the Warri Refining and Petrochemical Company (WRPC) to reinstate the over 300 persons whose appointments were terminated, pending the investigation by its Committee on Public Petitions.
The House also mandated its Committee on Petroleum Downstream to carry out
a forensic investigation into the recent recruitment of graduate trainees by the NNPC with a view to determining how many persons were recruited from the various host communities.
The resolutions of the House followed the adoption of a motion on the urgent need to investigate the termination of the employment of over 300 casual staff of WRPC, moved by Hon Thomas Ereyitomi.
In his lead debate, Ereyitomi said in the heat of the COVID-19 pandemic that is ravaging Nigeria and the world at large, the WRPC sacked over 300 casual staff despite the federal government’s directives that no government agency or private establishment should sack or lay off any of its staff.
He said all the affected persons are indigenes of the host communities where the refinery is located, which is made up of Itsekiri and Urhobo communities.
The lawmaker recalled that in July 2019, Hon. Ben Bakpa presented a petition to the House on behalf of the host communities seeking amongst other things de-casualisation of the employment status of indigenous workers with WRPC.
He explained that NNPC despite the petition, went ahead to recruit 1,050 graduate trainees against the resolution and recommendations of the committee.
Oman to create new industrial city
Oman is looking to establish a new oil and gas-focused industrial city at the Marmul concession area controlled by state-owned Petroleum Development Oman (PDO).
The Public Establishment for Industrial Estates-Madaynsignedamemorandumof understanding with PDO on the project on May 20.
Under the preliminary deal, Madayn will take responsible for financing, developing and operating the city, and also attracting investment to it.
The aim to attract mainly oil and gas investments, by offering public-private partnerships (PPPs).
“We look forward to cooperating with Madayn in this strategic project,” PDO’s managing director Raoul Restucci said in a statement. “The goal of the industrial and logistics complex in Marmul is to accelerate the development of local manufacturing capabilities while expanding supply chains, which shall support our activities in the southern concession area. Brining these vital operations closer to our fields will
play a role in reducing response time and costs, providing efficiency gains and helping improve safety performance.”
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Week 20 21•May•2020