Page 13 - DMEA Week 07 2023

DMEA NEWS IN BRIEF DMEA

COMPANIES to float its logistics and services unit. “We are working to revamp our refineries,
REUTERS for instance, the Port-Harcourt refinery will be
ADNOC to float 4% of gas functioning by the second quarter of 2023, the
area five of the refinery will be functioning.
business REFINING Also, Warri and Kaduna refineries will have
been signed on a quick rehabilitation to refine
Abu Dhabi National Oil Company (ADNOC) Port Harcourt refinery to our petroleum product in the country.
plans to float 4% of its gas business in an In his remarks, President of the Tedran
initial public offering, two sources told begin operation in second Consulting, Olalekan Edwards, speaking
Reuters on Thursday. on the concerns about citizen participation
The state oil giant made the decision quarter in influencing key project decisions in host
on ADNOC Gas ahead of the official communities, he said: “The accurate picture
announcement of the IPO expected on Friday, The Nigerian National Petroleum Company here is we want to change the narrative
said the sources, declining to be named as Limited (NPC), on Thursday, said that the from protest to participation. We most
the matter is not public. ADNOC declined Port-Harcourt refinery will begin operations times address them at the aftereffect of
to comment. Sources told Reuters last month by the second quarter of 2023. misapplication of funds or projects that are
that ADNOC was eyeing a valuation of at least It said Warri and Kaduna stations had been not in developmental the communities, so we
$50 billion for its gas business, which would contracted for quick rehabilitation to reduce have decided to rise up.
translate to proceeds from the IPO of roughly fuel scarcity and increase dependence on “If you go to different host communities,
$2 billion, according to Reuters calculations. natural gas through the rehabilitation of three you will hear issues that boil down to their
ADNOC is keen on launching the deal refineries. development. We are placing a demand, we
ahead of a slowdown in market activity during The Company’s Executive Vice President, want to begin to participate in our affairs
the Muslim fasting month of Ramadan which Danladi Inuwa, disclosed this in Abuja, during rather than just protest.”
begins in late March, the sources said at the the sensitization workshop, with the theme: GUARDIAN
time. “Understanding Our National Oil Company
The company announced in November it Post-Petroleum Industry Act”, organized by Uniper sells UAE refinery to
was combining its gas processing arm and its Tedran Consulting.
LNG subsidiary into a single listed entity. He noted that the aim of the workshop is to Montfort consortium
ADNOC is sharpening its focus on the gas enlighten Nigerians on the decision-making
market as Europe seeks to replace all Russian process of a profit-oriented company. German utility Uniper (UN01.DE) has
energy imports as early as mid-2024 after Inuwa explained that by becoming a agreed to sell its oil refinery in the UAE to a
gradual supply cuts since Western sanctions limited liability company, the company has consortium of Montfort and the private office
were imposed on the country over its invasion been able to invest in infrastructure and of Sheikh Ahmed Dalmook Al Maktoum for
of Ukraine. initiate various corporate responsibility an undisclosed sum, it said on Thursday.
Companies from the Middle East have initiatives to spur development while ensuring The sale of Uniper Energy DMCC, Uniper’s
raised some $21.9 billion through IPOs in energy security. local crude oil processing and marine fuel
2022, more than half the total for the wider He said: “We have the mandate to trading business, is one of several conditions
EMEA region, which also includes Europe ensure energy security for the nation. We Uniper must comply with in exchange for EU
and Africa, according to Dealogic data. are focusing on monetising our gas which approval of a government bailout that could
Over the past two years, ADNOC has is evident in some of the key projects like cost more than 50 billion euros ($54 billion).
listed petrochemicals company Borouge, the AKK project. This is all done to ensure Sources told Reuters last month that
fertilisers and clean ammonia products maker NNPC is fulfilling its mandate and spurring Montfort had emerged as the top bidder for
Fertiglobe, and ADNOC Drilling. It also plans development. Uniper Energy DMCC, which produces and
supplies low-sulphur fuel oils to the Fujairah
market, the world’s third-largest bunker fuel
market.
The acquisition is expected to be completed
in the coming months, subject to regulatory
approvals, Montfort said on Thursday.
“We are delighted to enter into a strategic
partnership with the Private Office to acquire
a leading position in a sector that is central to
our trading activity,” Montfort said.
Located in Fujairah, the refinery has a
65,000 barrel per day crude processing facility
and sells more than 30 million barrels of low-
sulphur fuel oil to the shipping industry each
year.
“We believe that this flagship asset will
bring additional expertise and resources
to benefit the local production and sale of
marine fuels,” Al Maktoum said.

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