Page 14 - MEOG Week 32 2021

MEOG
NEWS IN BRIEF
MEOG
COMPANIES
ADNOC and Fertiglobe
to sell blue ammonia to
Idemitsu
The Abu Dhabi National Oil Company (ADNOC) announced today that, in partnership with Fertiglobe, it has agreed to the sale of blue ammonia to Idemitsu in Japan, for use in its refining and petrochemicals operations. The sale builds upon recently announced joint efforts to enhance industrial cooperation between the UAE and Japan and support the development of new UAE-Japan blue ammonia supply chains and follows the first sale of UAE blue ammonia cargos to Itochu.
Fertiglobe, a 58:42 partnership between OCI and ADNOC, will produce blue ammonia at its Fertil plant in the Ruwais Industrial Complex in Abu Dhabi for delivery to ADNOC’s customers in Japan. The shipment, which was sold at an attractive premium to grey ammonia, underscores the favorable economics for blue ammonia as
an emerging source of low-carbon energy. It represents a further production milestone of a planned scale-up of blue ammonia production capabilities in Abu Dhabi, which is expected to include a low-cost debottlenecking program at Fertil. In addition, it was announced in June that Fertiglobe will join ADNOC and ADQ as a partner in a new world-scale 1 million metric tons per annum blue ammonia project at TA’ZIZ in Ruwais, subject to regulatory approvals.
Ammonia can be used as a low-carbon fuel across a wide range of industrial applications, including transportation, power generation, refining and industries including steel,
wastewater treatment, cement and fertilizer production. For Japan, in particular, hydrogen and its carrier fuels, such as blue ammonia, are expected to play an important role in the country’s ongoing industrial decarbonization efforts. Idemitsu will use the cargo to pilot
the use of blue ammonia to decarbonize its refinery operations.
ADNOC
ShaMaran reports record profits
ShaMaran Petroleum Corp. today released its financial and operating results and related management’s discussion and analysis for the three and six months ended June 30.
Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, commented: “ShaMaran continues to focus on financial discipline and the second quarter’s extremely positive results for the Company demonstrates record profits. Our six months EBITDAX
in 2021 of $31.9 million is more than six
times that of the same period last year and
we continue to consistently sustain positive cash generation. We have accelerated the amortization obligation due in December 2021 by acquiring our bonds at attractive market rates. We have already reduced that obligation by two thirds from $15 million down to $5 million.
These are very exciting times for ShaMaran as we work towards completing the acquisition of TotalEnergies interest in Sarsang which will transform the Company by supplementing our portfolio with high API and low sulphur oil with complimentary production horizons as well as de-leveraging our debt. We continue to be optimistic about the remainder of 2021 and believe that ShaMaran is well positioned to benefit from
new market opportunities as they arise.”
SHAMARAN
OIL
Iraq plans to increase oil
production to 8 mln bpd by
2027
Iraq plans to increase oil production to eight million barrels per day (BPD) by the end of 2027, Iraqi Oil Minister Ihsan Abdul Jabbar told the Iraqi news agency (INA) on Tuesday.
The oil ministry’s spokesman, Assem Jihad, also told INA that oil-producing countries reconsidered their plans because of the challenges facing the oil market.
“The increases have become calculated according to the variables and developments of the oil market, and that it is not possible to predict what the oil market will be like,” Jihad said.
REUTERS
Sustainable storage at Jask
Among numerous contracts signed regarding the national project for transferring crude
oil from Goreh to Jask, one should be highlighted: contract for the construction
of crude oil storage tanks. These build- operate-transfer (BOT) agreements were signed in November 2018 between Petroleum Engineering and Development Company (PEDEC) and Petro Omid Asia (POA) and Omid Investment Management Group.
Based on this agreement, €200 million would be invested during the first three years. Then, a 15-year operation period is determined.
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Week 32 11•August•2021