Page 18 - DMEA Week 28 2020

DMEA
NEWS IN BRIEF
DMEA
Land acquired for Egyptian fertiliser plant
Ferchem Masr for Fertilizers and Chemicals (FERC) stated Abu Zaabal Company rented 5,000 square metres from the former
land plot located in Monu a governorate, according to the company’s July 15 statement led to the Egyptian Exchange.
Abu Zaabal rented the land in order to establish an industrial project to manufacture fertiliser.
Ferchem Masr posted a net pro t of EGP5.06mn in the rst quarter of 2020, a 40% increase year on year.
Ferchem Masr was founded in 2001 as a leading joint-stock company specialised in blended fertiliser industry Phosphate and soluble fertilisers were added to
help support the fertilisers industry and agriculture in Egypt.
Reliance delays $15bn sale to Aramco
Reliance Industries’ plans to sell 20% stake in its oil-to-chemical business to Saudi Aramco 2222.SE is delayed, chairman of the Indian conglomerate said on July 15.
Reliance, operator of the world’s biggest re ning complex, last year announced a $15bn deal with the world’s top oil exporter Aramco as part of the Indian company’s e orts to cut its debts. “Due to unforeseen circumstances in the energy market and the Covid-19 situation, the deal (with Saudi Aramco) has not progressed as per the original timeline,” Mukesh Ambani told shareholders on Wednesday.
e Aramco deal was initially expected to be completed by March 2020.
Reliance shares fell more than 6% a er Ambani’s comment on the Aramco deal. e shares closed down 3.8% at INR1,844 each.
In January, Reliance joint chief nancial o cer V Srikanth said the deal would be completed in next few months without specifying any de nitive timeline.
e Indian group has secured investment from a string of companies, including Facebook, Intel and Qualcomm for its digital platform Reliance Jio that helped the company to become net-debt free.
Google on July 15 also moved to back Reliance Jio Platforms by buying a 7.7% stake for $4.5bn. Jio Platforms has music, movie apps and telecoms.
Ambani said: “Our equity requirements have already been met. Nevertheless, we at Reliance value our over two-decade long relationship with Saudi Aramco and are committed to a long-term partnership.”
He said Reliance would approach Indian
regulators to spin o -its oil-to-chemical business into a separate subsidiary to facilitate the Aramco partnership opportunity. “We expect to complete this process by early 2021,” Ambani said.
Ambani also said that Reliance had been approached by other international companies for strategic partnerships in its petrochemical business, including in utilising petchem feedstocks.
Oman’s Rabab Harweel Integrated Project finished
UK-based international oil eld engineering services contractor Petrofact has announce the successful completion of the Rabab Harweel Integrated Project (RHIP), one of the largest ventures of Petroleum Development Oman (PDO).
Located in the Harweel cluster of elds, deep in the South Oman desert, the huge new development encompasses gathering systems, sour gas processing facilities, injection systems, and all the associated owlines and pipelines.
Petrofac provided engineering, procurement, construction management
and commissioning support services worth around $1.25bn. It was the contractor’s
rst PDO project where a new commercial contract model (EPCm) was introduced. is meant it being delivered on a reimbursable basis, where incentives were linked to the achievement of speci c milestones and a shared bene t on procurement savings.
“In-Country Value (ICV) was a critical consideration throughout the project. We exceeded all our targets for Omanisation. Also, more than a third of the project’s total procurement value was sourced in the Sultanate,” the company stated.
Khalid Abdul Kadar, Project Manager,
has recently been leading the close out of the project, in parallel with his responsibilities
on the Yibal Khu project for PDO: “Achieving this milestone marks the successful completion of a six-year project journey. RHIP has also helped us to build on our existing long term partnership with PDO, which is now continued through Yibal Khu and our other PDO Framework projects. is success is down to all the people involved and a One Team approach, particularly as we have had to overcome the recent COVID-19 related oil and gas industry challenges,” he said.
BESIX wins Mozambique LNG marine facilities work
Brussels-based contractor BESIX has been selected to build the marine facilities of the
Mozambique LNG project in partnership with Mota-Engil.
Works include the construction of the material o oading facility (MOF) and the LNG load-out jetty and wharf.
BESIX noted that the LNG load-out jetty and wharf comprises a 2,700-metre-long access jetty, with a width varying between 34 and 90 metres. It leads to a 1,900-metre-long wharf out at sea. e wharf will notably be equipped with 5 berths/platforms, including the four for LNG and the one for condensate as well as berthing and mooring facilities for the largest LNG carriers (two Q-Max and two Q-Flex).
e material o oading facility is a support marine base for the Mozambique LNG project development. It comprises quay wall structures and mooring and berthing facilities for cargo ships.
e contract for engineering, procurement and construction was signed with EPC contractor CCS JV in April 2020.
BESIX added in its statement the design of the facilities has been optimised through collaboration between CCS JV and BESIX’s in-house engineering department.
Works, which will be carried out with BESIX’s own marine eet, will begin in mid- 2020, the statement reads. e eet comprises two self-elevating platforms and crane barges.
e project is located in the Cabo Delgado Province, near the coastal town of Palma on the Indian Ocean coastline of Mozambique..
Fire at Shahid Tondgooyan petrochem plant in Iran
Decanters at a petrochemical facility in southwest Iran caught re due to a hot oil leak on July 12, the semi-o cial Fars news agency reported.
e re occurred at the Shahid Tondgooyan petrochemical plant in Mahshahr at 17:15 on July 12, Fars said. Mahshahr is a city in the oil-rich province of Khuzestan.
For all the latest headlines follow our Google News channel online or via the app. e re was caused by a hot oil leak, Fars
said, adding that the extent of the damage caused by the re is not yet known.
Fire ghters have been able to contain the re, Fars said.
“Due to the weather conditions of
the region in the summer and the high temperature these days, the likelihood of such incidents occurring is very high,” Fars quoted Hamid Kiayi, the head of Tondgooyan’s public relations, as saying.
Iran has been witnessing multiple explosions and res around military, nuclear, and industrial facilities since late June.
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Week 28 16•July•2020