Page 13 - DMEA Week 25 2022

DMEA NEWS IN BRIEF DMEA

REFINING Saipem and US-based Chicago Bridge & Iron, associated units of the Company, to maximize
a subsidiary of McDermott International. production from the Refinery.
Oman’s Duqm refinery ARAB NEWS TOR

works 92% complete Tema Oil Refinery initiates Saudi investors show keen

Oman’s Duqm refinery works are nearly 92 processes to restart interest in Gwadar refinery
percent complete, according to the country’s
state energy holding company OQ. operations Prime Minister Shehbaz Sharif Monday urged
The estimated $7 billion project saw 91.86 Saudi investors to come forward and invest in
percent progress on engineering, procurement Tema Oil Refinery (TOR) has taken concrete the different sectors of Pakistan.
and construction by the end of May, OQ said steps to restore the country’s premier refinery Talking to a delegation of Saudi
in a social media post. back to business within the next few months. businessmen and investors here, the premier
The mechanical completion of the project The Government of Ghana, through the said that Pakistan has huge potential for
could, however, be delayed to 2023 due to Ministry of Energy, has given TOR the go- investment in diverse fields, including
issues related to the COVID-19 pandemic, ahead to negotiate a lease agreement to refine agriculture and minerals. He said Saudi
Kuwait Petroleum International CEO, Nawaf crude oil with a private investor, Decimal Arabia and Pakistan enjoy excellent brotherly
Saud al-Sabah, told MEED in an interview in Capital Lid., whose proposal emerged as the relations and both the countries should
April 2021. most appropriate to meet the needs of the transform their mutual cooperation into
The formal groundbreaking ceremony for Refinery among the host of proposals that economic partnership.
the project was held in April 2018. were presented. The prime minister said Saudi Arabia
A joint venture between OQ and KPI, This is expected to best the local supply always extended support to Pakistan on
Duqm Refinery & Petrochemicals Industries of refined oil products and help stabilize economic and diplomatic fronts. Shehbaz
Co., is the operator of the project. the Ghana Cedi, in the face of the ongoing Sharif also reaffirmed Pakistan’s desire to
The Duqm refinery project is expected to international oil market crisis. enhance bilateral cooperation with Saudi
have the capacity to refine 230,000 barrels A local Transactional Advisor has been Arabia in different sectors including trade and
a day of crude to primarily produce diesel, contracted by TOR to lead the negotiations investment.
naphtha, jet fuel and liquefied petroleum gas, in formulating the lease agreement, which is The meeting was briefed that Pakistan is
according to MEED. expected to be completed over the next three an emerging country in terms of investment
The EPC works at Duqm refinery are to four weeks. potential with many facilities for business
divided into three separate packages. The investment partner is expected to provide and making safe investment. There are ample
The scope of EPC package one includes funding for a first phase, which will bring the opportunities for trade and investment in
the process units, and it was won by a JV of Crude Distillation Unit (CDU) of TOR back tourism, minerals, textiles, leather and other
Spain’s Tecnidas Reunidas and South Korea’s on stream to refine about 45,000 barrels per sectors.
Daewoo Engineering & Construction. day in the next few months. The meeting was further told that
EPC package two comprises the utilities Production from TOR can contribute about investment can be made in the oil refinery
and offsite facilities and was awarded to UK- a third of the current monthly consumption industry in Gwadar, where Saudi investors
based Petrofac and South Korea’s Samsung of diesel, and the full requirement of the also shown keen interest. It was agreed at the
Engineering. Aviation Turbine Kerosene (ATK) and Fuel meeting that Pakistan and Saudi Arabia will
EPC package three includes the product Oil needs of the country. This is expected to accelerate progress in trade and investment
export terminal at Duqm port, the Duqm thus contribute significantly to improving fuel and in this regard the Pakistan-Saudi Arabia
refinery dedicated crude storage tanks at Ras security. Joint Working Group would also be activated.
Markaz and the 80-kilometer interconnecting Output from Phase One of this partnership A high-level delegation of Saudi business
pipeline from these tanks to the refinery. project will be used to revamp the Residual investors lead by Mr Fahd bin Mohammed
The third parcel went to a JV of Italy’s Fluid Catalytic Cracker (RFCC) and other Al-Bash, Chairman of the Saudi-Pakistani

Week 25 23•June•2022 www. NEWSBASE .com P13