Page 13 - MEOG Week 40 2021

MEOG NEWS IN BRIEF MEOG

COMPANIES and the Zuluf Oil Field development project, period the previous year. In Egypt, Dana Gas
in which industry watchers believe there is collected $125 million (AED 458mm) during
Samsung, Hyundai place for a high possibility of Samsung and Hyundai the first nine months of 2021, compared to
$53 million (AED 195mm) received in the
landing the deals they have placed bids on.
Aramco packages but was resumed this year, with construction same period of 2020, representing a 136%
The Jafurah project was cancelled last year
increase.
Saudi Arabia’s state-run oil corporation is involving a main package facility, along with Dr Patrick Allman-Ward, CEO of
pushing ahead with its long-term growth five associated plants, worth $4 billion. Dana Gas, said: “We are pleased with the
project that is grabbing the attention of Samsung Engineering and Hyundai E&C improvement in our collections this year,
local construction companies. Many hope placed bids for the construction of the gas which have been supported by a strong
the mega-project will open up a means to compressor and the gas restoring and utility rebound in commodity prices. Continuing
revive their currently stagnant overseas plant package units, respectively, and are currently timely payment of invoices and the settlement
procurement divisions. awaiting the results. of outstanding receivables is key to providing
Last month, Aramco announced major The Zuluf Oil Field development project us with the confidence to carry on with our
expansion plans for its industrial investment involves transporting crude oil and gas expansion plans in the KRI and Egypt.”
program, “Aramco Namaat,” signing 22 from offshore fields to land and building The KM 250 project is the first stage
memoranda of understanding (MOU). These the facilities to handle processing. Samsung of a two-train expansion project at Pearl
focus on the four key sectors of sustainability, and Hyundai also placed bids on the land Petroleum’s Khor Mor plant that aims to
technology, industrial and energy services, development package worth $4.25 billion boost total production capacity to approach
and advanced materials, and are linked to 13 won. 1 billion scf/day. Pearl Petroleum recently
major construction projects. Industry watchers believe that Samsung signed a $250 million financing agreement
“Namaat” means “collective growth” in and Hyundai have a good chance of sealing with the U.S. International Development
Arabic, and the program aims to create new their deals for parts of the Zuluf project as Finance Corporation to support the Khor Mor
value, driving economic expansion and well. gas expansion project, which is on track for
diversification in Saudi Arabia. KOREA TIMES completion in April 2023.
“Namaat offers our partners significant DANA GAS
opportunities to participate in Aramco’s Dana Gas’s KRI and Egypt
long-term growth strategy and play a vital Adnoc, OCI plan Fertiglobe
role in the Kingdom’s expanding energy and collections nearly double
chemicals supply chain,” Aramco CEO Amin IPO, list on Abu Dhabi
H. Nasser said. “We believe these exciting Dana Gas, the Middle East’s largest regional
target sectors offer significant opportunities private sector natural gas company announces bourse
for all the current and prospective parties that its 9M 2021 collections from the
involved.” Kurdistan Region of Iraq (KRI) and Egypt The Abu Dhabi National Oil Company
Among the firms that signed MOUs, have increased 102% year-on-year to $256 (Adnoc) and chemical producer OCI plan to
both Samsung Engineering and Hyundai million (AED 938mm) from $127 million sell 13.8 per cent of shares in fertiliser joint
Engineering & Construction inked deals (AED 466mm) in the same period the venture Fertiglobe through an initial public
in the engineering, procurement and previous year. offering (IPO)on the Abu Dhabi Securities
construction (EPC) sector. Dana Gas, which owns a 35% interest in Exchange (ADX).
The recent announcement from Aramco Pearl Petroleum, saw its share of collections Set to open on October 13 after regulatory
is raising hopes for Korea’s stagnant overseas from sales of condensate, LPG and gas in the approvals, the IPO is open to UAE citizens
construction industry to recover and revive. KRI jump 77% to $131 million (AED 480mm) and residents, as well as domestic and
The MOUs in the EPC sector include the in the first nine months of 2021 as compared international institutional investors.
resumed Jafurah Gas Processing Plant project to $74 million (AED 271mm) in the same Formed in September 2019, OCI owns 58

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