Page 13 - MEOG Week 17 2022

MEOG NEWS IN BRIEF MEOG

executive vice president and chief operating Mukherjee and McDermott International, was signed on Tuesday for construction of
officer in June last year and has been Inc.” Shahid Nader Mahdavi Oil Depot in the
spearheading the company’s operations McDermott said its new organisational southern province of Hormozgan in the
following its emergence from Chapter 11 set-up will include four primary business presence of Iranian Minister of Petroleum
proceedings in 2020. lines, each led by a senior vice president who Javad Owji.
One person familiar with the development reports to McDermott president and chief The document was signed in a ceremony
told Upstream that Mukherjee has recently executive Michael McKelvy. where deputy petroleum minister for refining
resigned from McDermott and is set to leave McKelvy was named as the company’s new and distribution affairs and the CEO of Bank
the company next month. president and chief executive in February. Melli were present.
Another source also confirmed that Mukherjee has been crucial to the Development of petroleum products
Mukherjee will soon be stepping down from company’s turnaround plan for several storage depot considering Shahid Soleimani
the coveted post in a surprise move. months, with the Houston-headquartered Petroleum Refinery and Mehr Persian Gulf
McDermott confirmed to Upstream that company clinching several big-ticket offshore Refinery projects in addition to existing
Mukherjee is set to depart from the company engineering, procurement and construction refineries, increasing the country’s strategic
following a recently executed reorganisation projects this year worth billions of dollars. storage capacity, establishing the largest
process. The company’s position had earlier taken petroleum products storage centre on the
The company said that “as part of its a hit in the Middle East as key state-owned south coast and completing onshore and
corporate strategy, McDermott International companies such as Saudi Aramco and Qatar offshore oil export chain are some of goals
has announced the implementation of a Petroleum took a cautious approach to of the Shahid Nader Mahdavi petroleum
market-centric business line structure across awarding sizeable EPC projects during the products storage project.
its global operations.” amply publicised financial restructuring, With the signing of this memorandum,
“Prior to the new structure, operations which was completed in 2020. in the near future, an increase of 600 million
were structured regionally and reported to However, The US contractor’s fortunes liters of storage capacity for petroleum
Samik Mukherjee,” the company noted. have improved in recent months under products in the south of the country will be
“Mukherjee has accepted a new career Mukherjee’s leadership, especially in the provided.
opportunity outside of McDermott and Middle East, with key EPC awards in Saudi During the ceremony, the CEO of Bank
outside of the engineering and construction Arabia and Qatar. Melli voiced the bank’s readiness to bankroll
sector,” it added. In January, QatarEnergy awarded a huge petroleum projects of the Iranian Ministry
Before joining McDermott, Mukherjee EPC contract to McDermott for the offshore of Petroleum. Mohammad Reza Farzin said
was executive vice president of corporate facilities destined for its North Field East the bank enjoys the country’s largest banking
development, strategy, mergers and Expansion project in the Persian Gulf, with network with over 3,000 branches inside the
acquisitionswith arch-rival TechnipFMC. the package said to be worth more than $3.5 country, besides a number of branches in
In 2018, TechnipFMC alleged in a billion. London, the UAE, Iraq, Germany and some
Houston court that Mukherjee had sought to The US-based contractor also landed Persian Gulf littoral states.
“misappropriate confidential information and a key contract from Aramco for its Zuluf SHANA
trade secrets” before leaving for his new job at incremental project.
Houston-based oil and gas contracting rival UPSTREAM Oman crude crosses $100
McDermott.
Mukherjee and McDermott denied at level again
the time that they had made use of any ill- OIL
obtained information. The Oman crude for June delivery was traded
The parties later settled the case. Iran signs deal for new oil for $102.55 on Wednesday, an increase of
In its second quarter 2019 earnings results, $3.32 from Tuesday’s $99. 23.
TechnipFMC referred to “net litigation storage facility For the previous two days, Oman crude
credits, including the favorable settlement in had traded below $100 following Covid fears
the matter entitled TechnipFMC plc v. Samik A financial memorandum of understanding in China.

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