Page 19 - DMEA Week 27

DMEA NEWS IN BRIEF DMEA

Egypt keeps domestic previous year to TRY1.8trn, while their net off-taker of the green ammonia and intends
to transport it around the world to be
income increased by 44.5% to TRY78.1bn.
fuel prices unchanged: export revenues rose by 15% to TRY516bn, dissociated to produce green hydrogen for
In local currency terms, the companies’
the transportation market, the statement said,
statement but in US dollar terms, the value of their adding that the project is scheduled come
shipments to foreign markets dropped nearly
onstream in 2025.
Egypt kept domestic fuel prices unchanged 3% to $91bn, given the marked depreciation The project, which has been billed as the
on Wednesday under a 3-month pricing in the lira. world’s largest renewable hydrogen project,
mechanism that links energy prices to Turkish Airlines generated the highest would be a cornerstone of NEOM’s strategy to
international markets, the petroleum ministry export revenues, followed by automotive become a major player in the global hydrogen
said, according to Reuters. company Ford’s Turkish unit, major market, according to the statement.
The price of 95-octane fuel was kept at appliances producer Arcelik, construction The project involves the integration of over
EGP8.50 ($0.5322) per litre, 92-octane fuel company Ronesans and Tupras. four gigawatts of renewable power from solar,
at EGP7.50 per litre and 80-octane fuel at According to Fortune, 402 companies wind and storage; production of 650 tonnes
EGP6.25 per litre. Gas oil prices will remain recorded a profit, while 98 announced losses per day of hydrogen by electrolysis using
EGP6.75 pounds per litre. last year. ThyssenKrupp technology; production of
The pricing committee decided to keep The top 500 companies employed a total of nitrogen by air separation using Air Products
prices steady after reviewing global Brent 1.24mn people in 2019, up from the previous technology; and production of 1.2mn tonnes
crude prices and the currency exchange year’s 1.15mn. per year of green ammonia using Haldor
rates during April-June, the ministry said in The companies accounted for 46.2% of the Topsoe technology.
a statement. It also noted the effect of “the country’s GDP, unchanged from 2018. Sefi Ghasemi, Chairman, President and
coronavirus pandemic on global economic Chief Executive Officer for Air Products said
activity and the oil and energy markets.” the project would harness “the unique profile
Over the past three years, Egypt has phased Saudi’s NEOM eyes global of NEOM’s sun and wind to convert water to
out subsidies on most fuel products as part of hydrogen.”
an IMF-backed economic reform programme. green hydrogen market with “This project will yield a totally clean

$5bln JV source of energy on a massive scale and will
Refiner Tupras tops Saudi companies NEOM and ACWA Power save the world over three million tons of CO2
emissions annually and eliminate smog-
Fortune’s Turkey 500 list have signed an agreement with US-based forming emissions and other pollutants from
industrial gases company, Air Products, to set
the equivalent of over 700,000 cars,” he said.
Largest Turkish refiner Tupras has ranked up a $5bn green hydrogen-based ammonia Mohammad A Abunayyan, ACWA Power
first on Fortune magazine’s top 500 Turkish production facility powered by renewable Chairman, said the project would be based
companies list, with sales at Turkish lira energy in the kingdom. in NEOM’s Industrial Cluster and integrate
(TRY) 89.6bn ($13bn). The equally owned joint venture would and localise cutting-edge technologies that
The company’s revenues increased 1.2% be located within the NEOM master will harness solar and wind power to produce
last year from 2018. development in north-west Saudi Arabia, sustainable and globally accessible green
The Turkish Energy Stock Market (EPIAS) and produce green ammonia for export to energy.
ranked second with TRY87.9bn in net sales, global markets, Air Products said in a press NEOM CEO Nadhmi Al Nasr added that
followed by Turkish Airlines, the revenues of statement. the project would be a milestone for NEOM
which jumped nearly 20% on an annual basis Saudi’s NEOM aims to develop a $500bn in becoming a global leader in green hydrogen
to stand at TRY75.1bn in 2019. economic zone and will be owned by the production and green fuels.
The combined net sales of the Top 500 government’s Public Investment Fund.
companies rose around 15% in 2019 from the Air Products would be the exclusive

Week 27 09•July•2020 www. NEWSBASE .com P19