Page 10 - MEOG Week 45 2022

MEOG NEWS IN BRIEF MEOG

POLICY The Industrialization & Energy Services earlier.
Company (TAQA) and Services Petroliers Despite uncertainty in energy markets,
Kuwait appoints new CEOs Schlumberger S.A., owned by Schlumberger, China and Middle East oil companies
sold a 30% stake in the company in the IPO.
continue long term cooperation. In August,
for state oil companies REUTERS a memorandum of understanding was
signed between Saudi Aramco and Sinopec
Kuwait appointed new leaders for its state to partner on a wide range of joint venture
oil companies, state news agency (KUNA) OIL projects in both countries.
reported on Sunday. Saudi Arabia recently stated that in
Ahmed Jaber al-Aydan was appointed Aramco, ZPC agree crude addition to continuing in its role as China’s
as CEO of Kuwait Oil Co., and Wadha partner of choice in the oil market, the
al-Khateeb as CEO of Kuwait National purchase deal two countries would continue “close
Petroleum Company (KNPC). communication and strengthen co-operation
New leaders were also chosen for Kuwait Privately-owned Chinese refiner Zhejiang to address emerging risks and challenges,”
Integrated Petroleum Industries Company Petroleum & Chemical Co (ZPC) has signed according to a joint communique from Saudi
(KIPIC) and other state companies in the a purchase deal with Saudi Arabian state Energy Minister, Prince Abdulaziz bin Salman
sector. oil producer Saudi Aramco for 1.08 million and Beijing’s National Energy Administrator,
In an official comment, KPC CEO Sheikh tonnes (7.88 million barrels) of crude oil, Zhang Jianhua.
Nawaf Al-Sabah expressed full confidence in government-backed Chinese newspaper REUTERS
the ability of the new leaders to develop the Zhoushan Daily reported on Monday.
Emirate’s oil and gas sector. The 5.3 billion yuan ($735 million) deal NISOC Output to hit 3.28
REUTERS was sealed at the 5th China International
Import Expo in Shanghai over the weekend. mbd by 2027
The report did not disclose the timeframe
COMPANIES of the purchase deal. ZPC confirmed the deal The CEO of the National Iranian South Oil
without providing any details. Company (NISOC) said the company is
Arabian Drilling Co shares Saudi Aramco declined to comment. planning to bring its daily production capacity
The 800,000 barrel per day ZPC refinery
to 3.28 million cubic meters by the next 5
up 18% on market debut processed a total of 26.52 million tonnes years.
Alireza Daneshi stated today (Wednesday,
crude oil in 2021, the paper said.
Shares of Arabian Drilling Co., a Saudi China’s privately-owned refinery Zhejiang November 9) on the second day of the
oilfield services firm, were up 18% above its Petroleum & Chemical Co (ZPC) signed first national conference on increasing the
listing price on its market debut in Riyadh a purchase deal with Saudi Arabian state productivity of oil and gas wells, that NISOC
on Monday, in a sign that investors still have oil producer Saudi Aramco for supply of is responsible for the production of about 80%
appetite for local flotations despite a gloomy 7.88 million barrels of crude oil, Chinese of the country’s crude oil and 16% of natural
outlook for the world economy. government-backed newspaper Zhoushan gas.
The shares traded at 118 riyals ($31.40) Daily reported. “The scope of our activities in five
at Tadawul’s open, from an IPO price of 100 The deal, worth $735 million, was subsidiary companies is in the geographical
riyals a share. sealed during the weekend at the 5th China area of 400,000 square kilometers in seven
The flotation, the latest in a string of IPOs International Import Expo in Shanghai. provinces of the country,” he said.
from the Gulf that have defied global market According to Chinese Customs data, He pointed to 222 huge facilities in the
trends, raised 2.67 billion riyals. Saudi Arabia delivered 1.76 million bpd areas operated by NISOC, and added: “This
Arabian Drilling was priced at the top end in shipments to China over the January to company has about 48 production units, 22
of a range announced last month, valuing the August period, marking an increase in its desalination units, 17 liquefied gas plants,
company at 8.9 billion riyals. market share to 17.7% from 16.9% a year 30,000 kilometers of oil and gas pipelines, 39

P10 www. NEWSBASE .com Week 45 09•November•2022