Page 12 - DMEA Week 36 2022

DMEA REFINING & FUELS DMEA

Bazan’s refinery in Haifa has a throughput capacity of 197,000 bpd (Photo: Bazan)

Israel Petrochemical Enterprises is already a new residential, business and transportation
minority shareholder in the Haifa refinery, as infrastructure.
it holds a 15.45% stake in Bazan. The company It is also acquiring Bazan as it heads toward
has used its position as a stakeholder to fend a debt restructuring deal that will allow it to
off a competing bid for the plant from Hagag, overcome its own lack of resources. The Tel Aviv
a real estate development group that aimed District Court approved that deal, worth about
to tear down the refinery and replace it with NIS1bn ($291.51mn), on September 5. ™

Renergen makes history, becomes South

Africa’s first commercial LNG producer

AFRICA A South African company, Renergen, has bro-
ken new ground by becoming the country’s
first domestic producer of liquefied natural gas
(LNG).
In a release on September 5, the locally-listed
firm said it had started filling bulk storage tanks
at the facility that is processing output from its
onshore Virginia Gas Project. Once the tanks are
filled, the company will begin delivering LNG to
customers, it said.
It will also focus on ramping up operations
in order to reach full Phase 1 capacity. The plant
will supply LNG as a substitute fuel for diesel
in the trucking industry and for commercial Rendering of Renergen’s LNG plant in Free State (Image: Twitter/@RenergenJHB)
users, which will play a key role in reducing the
country’s carbon footprint. Local production of Marani said.
a diesel substitute could also help bring down “The transformation of the Company since
the country’s fuel import bill, which currently first listing in 2015 has been truly incredible, and
averages $15bn per year. I am very proud of the efforts, hard-work and
After starting Phase 1 LNG production, Ren- determination of the team in getting Renergen
ergen said its helium module will begin produc- to the position we find ourselves in today. Vir-
ing liquid in due course. ginia is a world-class project.”
“This watershed moment in the company’s The Virginia Gas Project involves the explo-
life cycle has finally arrived. This is a signifi- ration and development rights of three gas fields
cant step on the path to showing the world that covering an area of 187,000 hectares in Free state
Renergen can become a global player in liquid in the central part of South Africa. These fields
helium supply and a material local supplier of contain some of the richest helium concentra-
much-needed LNG,” Renergen’s CEO Stefano tions recorded globally.

P12 www. NEWSBASE .com Week 36 08•September•2022