Page 12 - DMEA Week 16 2021

DMEA NEWS IN BRIEF DMEA

COMPANIES REFINING It is expected to produce unleaded
gasoline, diesel, Jet1 (aviation fuel), lamp oil, a
Equate Petrochemical Sonangol ensures limited amount of sulphur and coke.
The Luanda refinery, which is currently
sells $700 million in 7-year production to feed Angolan being modernised and optimised, will have
a production capacity of 450,000 tons of
bonds refineries gasoline per year, as compared to 72,000 tons
currently, after the project is concluded in
Kuwait’s Equate Petrochemical Company The chairperson of the Executive Commission 2022.
sold on Wednesday $700 million in seven- of Sonangol’s Exploration and Production For the 2021 financial year, UNEP, with
year bonds after receiving over $3.6 billion in Business Unit (UNEP), Ricardo Van-Deste, regard to exploration, has planned to acquire
orders for the debt sale, a document showed. said that Angola will have enough crude oil 1,500 square kilometres of 3D seismic in each
The bonds were launched at 140 basis production to feed the refineries that are operated Block 5/06 and 27.
points (bps) over U.S. Treasuries, tightened planned and already underway. UNEP will likewise re-launch onshore
from initial guidance of around 170 bps over These are the Cabinda, Soyo and activity in four blocks operated by it, one of
Treasuries, the document from one of the Lobito refineries and modernisation and the main assets being Block 3/05, where a
banks on the deal showed. optimisation of the Luanda refinery. revitalisation programme is underway, with
Citi (C.N), JPMorgan (JPM.N), MUFG “The issue is that that production may have the aim of not only increasing production but
(8306.T) and NBK Capital (NBKK.KW) led to be bought by those refineries at competitive also improving the integrity of the facilities
the deal. BNP Paribas (BNPP.PA), HSBC market prices,” Van-Deste said in an interview which have over 35 years of production
(HSBA.L), Mizuho (8411.T), SMBC Nikko with the March 2021 edition of Sonangol history.
(8316.T) and Standard Chartered (STAN.L) newspaper “Pacaça. These are the Cabinda, Soyo and
were also on the deal. Angola currently has a daily production of Lobito refineries and modernisation and
The Muslim holy fasting month of 1.2 million barrels of crude oil, a volume that optimisation of the Luanda refinery.
Ramadan often sees fewer bond sales from could change in the near future with the start- “The issue is that that production may have
the Gulf, but Equate’s follows another of the up of new fields. to be bought by those refineries at competitive
region’s corporates, Abu Dhabi National “Looking at current capacity and the crude market prices,” Van-Deste said in an interview
Energy Company (TAQA) (TAQA.AD), oil conversion capacity of the refineries, we with the March 2021 edition of Sonangol
selling $1.5 billion in dual-tranche bonds on can see that there will be enough oil to feed newspaper “Pacaça.
Tuesday. read more them,” he added. Angola currently has a daily production of
TAQA is owned by Abu Dhabi state-owned For example, the Cabinda refinery will 1.2 million barrels of crude oil, a volume that
holding company ADQ. Etisalat, the UAE’s have a conversion capacity of 60,000 barrels could change in the near future with the start-
former telecomms monopoly which is 60% of oil per day and the Soyo refinery (Zaire) up of new fields.
owned by the federal government via the was projected to have a production capacity of “Looking at current capacity and the crude
sovereign wealth fund Emirates Investment 100,000 barrels of crude per day. oil conversion capacity of the refineries, we
Authority, is planning a euro-denominated The Lobito refinery (Benguela), which is can see that there will be enough oil to feed
issuance soon. considered to be a high conversion facility, them,” he added.
REUTERS will have a production capacity of 200,000 For example, the Cabinda refinery will
barrels per day and will cover an area of have a conversion capacity of 60,000 barrels
around 150 hectares. of oil per day and the Soyo refinery (Zaire)

P12 www. NEWSBASE .com Week 16 22•April•2021