Page 16 - DMEA Week 15 2021

DMEA NEWS IN BRIEF DMEA

COMPANIES Unemployment and other economic woes availability in the east, said traders, although
contributed to the outbreak of the October this could not be confirmed with the
Maysan Oil Co. kept shut 2019 protest movement, in which hundreds company.
of protesters have been killed at the hands of
European fuel oil stocks held
for third day by graduate security forces and Iran-backed militias. independently in the Amsterdam-Rotterdam-
Antwerp (ARA) trading and storage hub fell
RUDAW
protesters to around a two-month low of 1.517mn t
(9.78mn bl) in the week to 7 April. Singapore’s
The Maysan Oil Company in southern Iraq REFINING onshore residual fuel oil stocks rose to a more
was kept shut for a third day by dozens than four- month high of 23.62mn bl in the
of unemployed petroleum engineering Israel’s Oil Refineries same period.
graduates, a local activist confirmed to Rudaw Engen does not produce 0.5pc sulphur
English on Tuesday. chairman to step down, CEO LSFO and typically seeks supplies from the
The graduates have been holding a sit import market. But its latest tender comes as
down protest outside the oil company’s office to succeed South African demand is rising because of
since Sunday prevented employees from prolonged shutdowns at Engen’s 105,000 b/d
entering the site in order to demand jobs. The Israel’s Oil Refineries (ORL), Israel’s largest Durban refinery and other domestic plants,
protesters were surrounded by riot police on refining and petrochemicals group, said on market participants said.
Tuesday night, photos taken by activist Ali Tuesday its chairman, Ovadia Eli, plans to step About 123,000t (26,000 b/d) of fuel oil
al-Saadi appear to show. down in the second quarter after more than is on course to arrive in South Africa next
Saadi told Rudaw English that the 260 six years on the job. No reason was given for month, the most since April 2018, according
engineers at the protest, some recent graduates his resignation. to data from oil analytics firm Vortexa.
and others who had lost their jobs, had been ORL’s board appointed chief executive Engen’s Durban refinery has been shut
demanding jobs for a year and eight months, officer Moshe Kaplinsky as chairman once Eli since December because of a fire, with its
with no response from the government to leaves. Eli will also head a committee to search operating permit revoked until it submits
their demands. for a new CEO, ORL said. a comprehensive report on the cause of the
“Our sit-down continues until we get REUTERS incident and a set of preventative measures.
employed,” he said. Astron Energy’s 110,000 b/d Cape Town
Earlier in April, a fuel crisis struck the SA refinery shutdowns refinery is expected to remain shut until some
southern city of Nasiriyah when protesters time next year after a fire in July 2020. And
kept an oil refinery and Dhi Qar province’s oil boost fuel oil demand the BP-Shell Sapref joint venture has extended
distribution department shut for over a week. a full shutdown at its 180,000 b/d Durban
Hundreds of unemployed graduates of South Africa’s Engen is looking as far afield as refinery to mid-June. The Engen and Sapref
petroleum engineering, geology, management, Singapore and Malaysia for fuel oil as refinery refineries supply all the local bunker fuel
and economics staged a sit-down outside shutdowns curb domestic availability and needs at the port of Durban.
the refinery to demand jobs and prevent raise import demand. Engen’s VLSFO tender closes tomorrow
employees from entering the site. Engen has issued a tender seeking to buy and the winner will be notified on 16
The unemployment crisis in Iraq has 35,000t (226,000 bl) of very low-sulphur fuel April. The company is seeking a cargo with
worsened in Iraq with the increase in oil (VLSFO) for loading from Singapore, maximum viscosity of 180cst at 50°C,
population, the large number of graduates, Malaysia or the Mideast Gulf over 17-29 May. maximum sulphur content of 0.5pc and
and the neglect of the private sector Engen typically seeks fuel oil from Europe minimum flash point of 60°C, priced against
in the country, in addition to rampant and the Mideast Gulf but rarely buys from either Singapore spot 10ppm gasoil or 180cst
corruption and an ongoing economic crisis. Malaysia and Singapore. It may have been LSFO assessments.
Unemployment in Iraq stood at 13.74% in prompted to look to Asia-Pacific because ARGUS
2020, according to data from the World Bank. of tight supplies in Europe and more ample

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