Page 13 - MEOG Week 27 2022

MEOG NEWS IN BRIEF MEOG

COMPANIES are provided for companies to perform their The new agreements bolster Aramco’s
tasks away from aggravation. long-term growth strategy and the Kingdom’s
KPC and subsidiaries make ARAB TIMES expanding energy and chemicals value chains.
ARAMCO
KWD1.2bn in profit Aramco expands Namaat

High-ranking oil sources told Al-Rai daily industrial investment PIOL established in Abu
that the combined net profits of the Kuwait Dhabi
Petroleum Corporation and its six out of the programs
seven subsidiaries is about 1.207 billion dinars A consortium of Pakistan’s companies
for fiscal 2021/2022, despite the challenges the Saudi Aramcohas announced a major comprising Oil and Gas Development
world is going through, after calculating the expansion of its Namaat industrial Company Limited (OGDCL), Mari Petroleum
provisions. investment programs, with 55 agreements Company Limited (MPCL), Government
The sources revealed that the Kuwait and Memoranda of Understanding (MoUs) Holdings (Private) Limited (GHPL), and
Oil Company achieved net profits of about across the sustainability, digital, industrial, Pakistan Petroleum Limited (PPL) (Operator)
536 million dinars, while the net profits manufacturing and social innovation sectors. has established Pakistan International
of the National Petroleum Company was Namaat, which has grown from 32 to 55 Oil Limited (PIOL) in Abu Dhabi as an
about 341 million dinars, the Kuwait Oil investments since last year, supports industrial independent joint-venture company.
Tanker Company recorded profits of about investment partnerships, helping to create The consortium, which has been awarded
26 million, and the Kuwait Petrochemical jobs for Saudis and contributing to national Offshore Block 5 in Abu Dhabi’s second
Industries Company’s net profits were 196 growth and capacity building. The program competitive exploration bid round, aims
million dinars. aims to enable opportunities for local and to commence the company’s operations.
The sources explained that what is international companies and leverage various Offshore Block 5 covers an area of 6,223 sq.
remarkable is what the Kuwait Foreign incentives offered through the government’s km and is located 100 km northeast of Abu
Petroleum Exploration Company (KUFPEC) Shareek program and other initiatives. Dhabi city. The offshore Block 5 covers an
has achieved significantly, and recorded net Ahmad Al-Sa’adi, Aramco Senior Vice area of 6,223 sq. km and is located 100 km
profits of 86 million dinars, while the net President of Technical Services, said: “Namaat northeast of Abu Dhabi city.
profits of the Kuwait Petroleum International enables Aramco to be a catalyst for change The exploration concession agreement was
were 15 million, indicating that the Kuwait across the Kingdom’s economy, while signed by the UAE Minister of Industry and
Integrated Petroleum Industries Company maintaining our reliability as a global energy Advanced Technology and Managing Director
(KIPIC) was the only company that recorded supplier at a time of market uncertainty. Our and Group CEO of the Abu Dhabi National
losses of 55 million dinars, due to the lack of collaboration with industry leaders in areas Oil Company (ADNOC), Dr. Sultan Ahmed
completion of its activity. of strategic importance for the Kingdom, Al Jaber, and the MD and CEO of PPL, Moin
On the other hand, the sources indicated demonstrates how Aramco is creating Raza Khan, on behalf of PIOL on 31 August
that the KPC board of directors have National Champions that will bring long term 2021.
undertaken many studies to review many benefits to our value chain, our economy and This concession award is the first
issues that would re-arrange work at the our people.” opportunity for Pakistani E&P companies
corporation - its performance and its This latest phase of expansion for Namaat to explore, appraise, and develop oil and
subsidiaries, stressing that the corporation’s reflects even greater integration with other gas resources in Abu Dhabi, along with
CEO, Sheikh Nawaf Saud Al-Sabah, venture life cycle programs that aim to add establishing a strategic partnership with
expressed during more than one meeting value and support sustainable growth. It ADNOC.
that he is committed to abiding by the also represents significant progress for the The Consul General of the Consulate of
laws and regulations in order to achieve program, with 19 of the 22 MoUs signed last the UAE, Bakheet Ateeq Ali Al-Remeithi,
equal opportunities and create a suitable year already reaching fruition, with a total inaugurated the PIOL office in Abu Dhabi.
atmosphere for work, provided that all means investment of $3.5 billion. Speaking at the event, he remarked that it

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