Page 14 - DMEA Week 30

DMEA
neWs in Brief
DMEA
diluted over time partly because Qatar Petroleum and EGPC have underwritten additional equity for the project.
Radwa El-Swaify, head of research at Pharos Securities Brokerage, said the share price fall was attributable to Qalaa’s reduced stake in ERC combined with the e ect of low oil prices on the re nery’s nancial outlook.
Qalaa’s shares have su ered steep losses in recent years, sinking as low as 0.66 Egyptian pounds in October 2016.
reUters
refininG
NNPC not competing with Dangote refinery
e Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mele Kyari, on Wednesday said the national oil company was not in contest for market share with the forthcoming Dangote Re nery but rather providing support to the promoters of the project to boost in-country re ning capacity. Speaking while receiving the President and Chief Executive O cer of the Dangote Group, Aliko Dangote, at the NNPC Towers in Abuja, Kyari explained that as the chief enabler of the Nigerian economy, the NNPC had a duty to rally industry players like Dangote Group to achieve the long held target of making Nigeria a net exporter of petroleum products.
A statement by NNPC spokesman, Ndu Ughamadu, said the NNPC GMD assured that the same level of support would be provided to other promoters of re neries, noting that the ultimate goal was to enhance in-country production to the point of self-su ciency and ultimately for export.
Earlier in his presentation, Alhaji Dangote emphasized that the business approach of the Dangote Re nery was to see NNPC as
a collaborator rather than a competitor. He noted that the re nery would rely heavily on the corporation’s invaluable knowledge of
the re ning business in Nigeria to achieve its central objective.
Dangote aligned his company with the Federal Government’s aspiration to ensure adequate in-country re ning capacity, stating that upon completion, the re nery would dedicate 53 percent of its projected 650,000 barrels per day re ning capacity to the production of petrol.
“ e most important thing for us is to see how we can partner with NNPC; it is not to see how we can compete with NNPC. We would like NNPC to be part of us and we also want to be part of NNPC. I think that is the only way we can achieve a win-win situation,” he said.
dAily trUst
Duqm refinery to be completed by 2022
A quarter of the construction in Duqm re nery has been completed, according to a re nery o cial.
Ahmed bin Khalfan Al-Abri, a process engineer at the re nery, said: “ e re nery is currently 25 per cent complete, with 7,500 people working on the construction at this point.” “By next year, the number will rise to 25,000 people working on the construction,” he added.
e project, all in all, is expected to cost near USD 6 billion. When operations begin, the re nery will become a highly Omanised facility for Oman’s youth.
“When this is completed in 2022, we aim to have over 850 operations employees with an Omanisation percentage over 70 per cent,” Al Abri said.
According to him, the re nery is currently being completed in three ‘bundles’, two of which are under active construction.
e re nery will provide several products, which can then be either sold or used to make other petrochemicals for the local and international markets.
times of omAn
PiPelines
NNPC promises 90%
pipeline recovery after
repairs
e Nigerian National Petroleum Corporation (NNPC) has said it will maintain current e orts to revamp Nigeria’s downstream oil and gas infrastructure and ensure there is at least 90 per cent pipeline availability.
It also said it would keep up its automation of processes in product distribution system, and growth in retail market share to 30 percent.
NNPC’s Group Managing Director, Mallam Mele Kyari, stated this recently in Abuja.
His disclosure of such commitment to revamping downstream oil infrastructure in the country coincided with the corporation’s disclosure that it spent N156,757,896,248 to repair broken parts of its pipeline between May 2018 and May 2019.
It noted that such expenditure in pipeline repairs also came along with it losing N27,487,429,826 and N4,557,736,528 worth of petroleum products and crude oil, perhaps to breakages on its pipeline systems.
In a statement from NNPC’s Group General Manager, Public A airs, Mr. Ndu Ughamadu, Kyari, said he would leverage
the corporation’s existing Direct-Sales- Direct-Purchase (DSDP) product supply arrangement to guarantee energy security for Nigeria.
NNPC’s latest operations report also indicated that within the periods of May 2018 and May 2019, a total of 20,713,070,922.24 litres of petroleum products were imported through the DSDP by the corporation with imported petrol standing at 20,402,103,495.01 while imported Dual Purpose Kerosene (DPK) was 310,967,427.23.
At the townhall meeting, Kyari, charged the workforce to support his management to deliver on all the objectives.
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Week 30 01•August•2019