Page 19 - DMEA Week 02 2021

DMEA NEWS IN BRIEF DMEA

Qatargas completes first SAR2.231bn last year, down 14.01% from petroleum product,” the ministry reportedly
The company has generated revenues of
said.
ship-to-ship LNG cargo SAR 2.594bn in the earlier year.
The earnings per share (EPS) settled at
transfer SAR2.753 in 2020, against SAR 3.508 in Kuwait may set up new
2019.
Qatargas Operating Company Limited It is noteworthy to mention that during petrochemical project
(Qatargas) has announced the completion the Q3 of 2020, the company recorded
of the first-ever commercial ship-to-ship SAR156mn in net profits, down 26.8% from Kuwait will issue a tender in April for
(STS) transfer of a LNG cargo involving a SAR213.12mn in the year-ago quarter. the appointment of a consultant for a
Q-Flex LNG vessel. feasibility study for a new petrochemical
A full cargo of 212,000 cubic metres project, a local newspaper said on January
aboard the Qatargas-chartered Q-Flex vessel Mohamed Salah El-Din 4.
‘Mesaimeer’ was loaded at Ras Laffan Port The government-owned Petrochemical
on December 18 2020 and delivered as two named chairman of Pachin Industries Company (PIC) will issue the
separate parcel discharges. One parcel was tender, which is one of 76 contracts the firm
delivered as the ship-to-ship transfer in Subic The board of directors of Paint and intends to sign in 2021, the Arabic language
Bay on January 6, 2021 and the second parcel Chemicals Industries (Pachin) approved daily Alanba said, citing PIC sources.
as a delivery to Jiangsu LNG terminal, China. the appointment of Mohamed Mohamed “PIC intends to issue a tender for the
Both sales were made to PetroChina as the Salah El-Din as a non-executive chairman. appointment of a consultant to carry out
customer. In addition, the board also named feasibility for a new project in Kuwait,” the
Commenting on this significant Amr Mahmoud Abdullah the company’s paper said without providing further details.
accomplishment, Khalid bin Khalifa Al managing director, according to a bourse It said the contracts planned in 2021
Thani, Qatargas’ Chief Executive Officer, disclosure on January 11. include new projects, supply of services and
stated: “We are delighted to announce this Mohamed Mohamed Salah El-Din and equipment, and installation of systems and
shipping breakthrough as it is for the first Sahar Mohamed El-Marsafy have been equipment at the company’s sites.
time that one of the largest LNG vessels, appointed as Pachin’s representatives in the Another key tender to be issued is for
a Q-Flex, is involved in a commercial STS board of directors of Al Obour for Paints the appointment of a consultant to conduct
operation. This achievement will enable us to and Chemical Industries. a feasibility study for a project to convert
transport considerable volumes as efficiently During the Q1 of fiscal year 2020/2021, plastic waste into petroleum products, it
as possible into key markets. Moreover, this the company posted net profits of EGP added.
will be an attractive option for our potential 20.06mn, up from EGP3.616mn in the year-
customers with limited shipping capacity ago period.
and for those who are looking for smaller or Saudi NEOM JV working
irregular sized cargo parcels.”
He added: “STS transfers such as this Egypt plans to launch with Lazard on $5bln
one will optimise our shipping capabilities
by using our most efficient LNG vessels to refinery projects worth hydrogen project - sources
shift volumes into key high-value markets.
I would like to thank PetroChina, who are $7bn in FY2021/2022 A joint venture comprising Air Products,
one of our long-term partners in the LNG ACWA Power and NEOM has hired
industry, for their support and cooperation.” The Egyptian government is planning financial firm Lazard to advise it on a
The LNG vessel, ‘Mesaimeer,’ is on a long- to launch several new oil refineries and planned $5bn hydrogen project in the
term charter to Qatargas and operated by projects in Cairo, Alexandria, Assiut NEOM high-tech business zone in Saudi
NSQL – Nakilat Shipping (Qatar) Limited. and Suez at a total cost of $7bn in fiscal Arabia, sources said.
year 2021/2022 that starts next July, Lazard, which advised Saudi oil giant
long-serving Oil Minister Tarek El Molla Aramco on its initial public offering in
Advanced Petrochemical’s announced while attending the general 2019, has recently approached banks to
sound out their appetite for the project, said
assemblies of a number of public sector-
net profits drop 21.5% in owned refineries. two sources familiar with the matter.
Lazard, the world’s largest hydrogen
The new projects spearheaded by the
2020 oil ministry include the Mostorod refinery producer New York-listed Air Products,
Saudi energy developer ACWA Power and
and the High Octane gasoline refinery
The net profits after Zakat and tax of in Alexandria. During the past year, the NEOM did not immediately respond to
Advanced Petrochemical Company declined ministry has also commissioned the Assiut requests for comment.
by 21.51% to SAR596mnin 2020, compared Oil Refining Company’s Octane complex. The project, which will be equally owned
to SAR759.31mn in 2019. The Egyptian government’s refinery capacity by the three partners, will produce green
In addition, the share of profit on development drive is aimed at achieving the ammonia for export to global markets, the
investment in SK Advanced Co, an goal of self-sufficiency in gasoline and diesel companies said in July last year.
associated company in South Korea, reduced by 2023. “Refineries play an important role
by 55.1% in 2020. in meeting the needs of the local market for

Week 02 14•January•2021 www. NEWSBASE .com P19