Page 14 - DMEA Week 22 2022

DMEA NEWS IN BRIEF DMEA

Benard Onyeuko, the director of defence FUELS PETROCHEMICALS
media operations (DMO), who disclosed this
on Thursday in Abuja, also informed that the Junta announces fuel price ADNOC delivers fourth
troops of ‘Operation Delta Safe’ also recovered
over 1.1 million litres of crude oil, 456,450 hike in Guinea consecutive record-setting
litres of diesel, 6,250 litres of petrol among
others from May 19 “June 2, 2022. Guinea’s Ministry of Economy, Finance and IPO on ADX
Onyeuko said all recovered items and Planning announced an increase in domestic
apprehended criminals have been handed fuel prices on May 31. Abu Dhabi National Oil Company (ADNOC),
over to the appropriate authorities for further In a communique read on the state together with its long-standing partner
action. According to him, troops in the television channel, Dr. Lancine Conde, the Borealis AG, today listed their petrochemicals
region have sustained pressure on economic head of the ministry, stated that as of Tuesday joint venture Borouge plc, on the Abu Dhabi
saboteurs and other criminal elements which (June 1), the price of fuel in Guinea would Securities Exchange (ADX), following the
has significantly restricted the oil thieves’ rise from GNF10,000 ($1.13) per litre to completion of Abu Dhabi’s largest-ever Initial
freedom of action. In the northeast region, GNF12,000 per litre. Public Offering (IPO) and the Middle East’s
the director said troops of ‘Operation Hadin No reason was given for the sudden largest-ever petrochemicals listing.
Kai’ rescued 100 terrorist family members, increase in fuel prices in Guinea. The IPO, which raised gross proceeds
including 33 women, killed 14 terrorists and Last September, one day after the former of more than $2.0 billion for the offering
arrested 15 others. “Accordingly, all arrested, government lost power in a coup, junta leader of 10% of the Company’s total issued share
rescued terrorist families and recovered items Mamadi Doumbouya, reduced petroleum capital, attracted total gross demand of
have been handed over to the appropriate product prices from GNF11,000 per litre. more than $83.4 billion and was almost 42
authorities for further action,” he added. Despite promises by the junta to times oversubscribed in aggregate. The retail
Similarly, in the northwest region, stabilise domestic fuel markets, prices have offering, which attracted higher retail demand
Onyeuko said troops of “Operation Hadarin jumped again. This is likely to have severe than any UAE IPO in nearly 20 years, was 74
Daji’ rescued 152 persons from bandits in the repercussions on transportation costs in a times oversubscribed.
northwest. He added that the troops killed 18 country where public-sector services cannot Borouge’s shares began trading at
bandits and arrested 25 others. meet demand. In turn, higher transport prices AED2.45, implying a market capitalisation for
As part of its non-kinetic measures towards will make food and non-food items more the Company of $20.05 billion at the time of
ensuring the security of lives and property expensive all over the country. listing.
in the troubled parts of Kaduna State, the Such a development is likely to hit ordinary Borouge is the fourth company that
director informed that the military graduated Guineans hard, at a time when many are ADNOC has brought to market since 2017
122 local vigilantes trained to assist the already feeling the pinch of the economic and follows the highly successful IPOs of
security agencies to ensure the security of sanctions that ECOWAS has imposed on the ADNOC Distribution, ADNOC Drilling and
the hinterland communities in Sanga local country. Protests have already erupted on Fertiglobe.
government area of Kaduna State. the outskirts of Conakry, with angry youths Speaking at the opening bell-ringing
“Furthermore, the theatre commander mounting roadblocks at the Bambeto-Cosa ceremony, Dr. Sultan bin Ahmed Al
held peace meetings at the headquarters of intersection early on the morning of June 1 Jaber, Minister of Industry and Advanced
“Operation Safe Haven’ with Bemood Fulani and stopping all vehicles from crossing the Technology, ADNOC Managing Director
stakeholders in order to sustain peace in the street. and Group CEO, and Borouge Chairman,
area. Trade unions and drivers’ unions were said, “ADNOC is delighted to have delivered
The meeting was centred on the killing expected to issue a statement on the afternoon today’s truly record-setting IPO of Borouge,
and rustling of cattle at Kuru area in Jos South of June 1 concerning the fuel price increase, which marks Abu Dhabi’s largest-ever market
local government area of Plateau State, he while labour unions were also said to be debut. With exceptional demand from local
urged the herders to be patient as efforts are preparing to ask for a rise in workers’ salaries retail and institutional investors as well as the
ongoing to recover the rustled cows. and transport allowances. global institutional investor community, this
BUSINESS DAY NEWSBASE historic listing is the fourth company we have
successfully brought to market.
“This IPO demonstrates our ongoing

P14 www. NEWSBASE .com Week 22 02•June•2022