Page 11 - DMEA Week 46

DMEA
neWs in brief
DMEA
refininG
Sinopec to launch $5.7 bln
S.China refinery in Q2 2020,
seek Kuwaiti oil
China’s Sinopec Corp is set to launch a new $5.7 billion refining and petrochemical complex in the south of the country in second-quarter 2020 using crude oil from Kuwait as a key feedstock, industry officials with knowledge of the matter said.
The project being developed by Asia’s top refiner, a 200,000 barrels-per-day (bpd) plant in Zhanjiang, a coastal city in Guangdong province, will become the third greenfield refinery-petrochemical complex to be built in China within a space of two years.
Sinopec is seeking to finalise a crude oil supply deal that will help boost Kuwait’s oil sales to China to a record of nearly 600,000 bpd next year, the sources said. They declined to be identified because they were not authorized to talk to media.
The 40 billion yuan ($5.69 billion) complex comes on the heels of two privately invested mega-refineries - Hengli Petrochemical and Zhejiang Petrochemical Corp - that have piled onto an over-supplied domestic fuel market where demand for transportation fuels slowed and China’s fuel exports soared.
Sinopec did not respond to a request for comment.
The refinery is slated for start-up in April, followed by an ethylene plant in June next year, said one official briefed on the progress of the plant, located on Donghai island, Zhanjiang.
reUters
Uganda’s oil refinery attracts more funding
A Government of uganda team led by
Hon. Irene Muloni, Minister of Energy and Mineral Development and Albertine Graben Refinery Consortium (AGRC) leadership
led by Rajakumari Jandhyala President and CEO of yAAtRA Ventures jointly presented the East Africa Community sanctioned Refinery located in Hoima during the recently concluded Africa Investment Forum (AIF) in Johannesburg, South Africa.
The AIF was opened by H.E. Cyril Ramaphosa President of the Republic of South Africa and was hosted by Africa Development Bank (AfDB); AIF is an exclusive transactional platform for the global investors interested in accessing the pipeline of bankable African projects. With the full support and participation AfDB President Akiwumi Adesina tDB Group (President
Mr. Admassu tadessa) and African Finance Corporation (AFC) Managing Director Mr. Ammadou Wadda; an investor boardroom invitation to uganda Investor’s meeting was held for potential global investors from private wealth family offices, institutional investors, development finance institutions and many others who expressed specific interest to invest in uganda’s Refinery Project attended the meeting. Senior Representatives of the united States Government’s Prosper Africa Initiative and united Stated trace and Development Agency participated and expressed full support to uganda’s Refinery Project.
AGRC private sector partner, AFC announced $ 20 million investment in the Market to support AGRC Refinery FID and invited other investors to join them to provide
capital for all phases of the project and deliver on this transformational project for the people of East Africa. Following the meeting, many investors directly engaged AGRC to begin transaction talks. The Hon. Minister Iren Muloni congratulated the AIF, AFC and the AGRC for organizing investor meetings and stated that the Government of uganda stands ready to support investor conference planned for 2020.
Hon. Minister Muloni, took the opportunity to provide an overview of the investment opportunities in many sectors of uganda including oil, energy and mineral development. She reiterated the Government’s commitment to ensure the oil and gas sector fully commercialized to generate revenue for the national development plans and to create jobs for the young people of uganda and the East Africa region.
Muloni highlighted H.E. President yoweri Museveni’s leadership and commitment
in providing solutions to advance the achievement of Final Investment Decision with upstream Production Partners (total, tullow and CNNOC) and actions taken to ensure the right of first crude supply to the Refinery.
AGRC team comprised of yAAtRA, Saipem S.p.A, LionWorks Group and Baker Hughes General Electric (BHGE) led by Ms. Rajakumari Jandhyala, Mr. Paolo Pascuzzi (Baker Hughes), Michele Poggi (Saipem SpA) and Mr. Ronald Mincy (Lionworks Group) presented a comprehensive overview of
the business revenue model and technical, commercial and financial approach and terms of the project; path to design, develop and build and operate the Refinery; reiterated AGRC commitment to building national capacity and supporting national content
Week 46 21•November•2019
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