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DMEA NEWS IN BRIEF DMEA

UAE LNG exports grow by The decision is based on the global price of advisory services of the multilateral institution
a barrel of Brent crude, the change in the
to Iraqi banks and businesses.
7.6% in Q2 of 2020 price of the dollar against the pound, and membership requirements before the
Iraq will have to meet some pre-
other fixed costs that are adjusted each year
The UAE’s liquefied natural gas exports in conjunction with the approval of the membership process concludes with
stood stable at 1.4mn tonnes in the second budget of the Egyptian General Petroleum the acquisition of shares in EBRD. As a
quarter of 2020, a growth of 7.6% compared Corporation for the previous fiscal year by shareholder, Iraq could subsequently make
to the same period in 2019, according to the Central Auditing Organisation. an application to change its status to that of
recent reports by the Organisation of Arab recipient country, benefiting from the EBRD’s
Petroleum Exporting Countries, OAPEC. finance and policy support. This request
The UAE has become a key player in the Renergen signs LNG supply would be addressed by EBRD shareholders in
global gas market after recently announcing a separate process.
major discoveries, which will strengthen its agreement with Logico EBRD accepted Iraq’s membership
future leadership in this sector, according to despite the fact that the current geographical
many specialist international organisations. LNG and helium producer Renergen (RLT) remit of the EBRD’s southern and eastern
The liquefied gas industry is gaining has signed a new natural gas supply agreement Mediterranean region does not include Iraq.
momentum each year, in light of the with niche market transport service provider The resolution adopted by the bank’s board
growing number of production and export Logico Logistics Group. of governors confirms EBRD’s interest in a
projects launched by countries in various Under the agreement, Logico will be able limited and incremental expansion to Iraq
global markets, amidst increasing demand to access RLT’s LNG via Total service stations during the next strategy period of 2021-2025.
for this strategic product. along the N3 route between Johannesburg and
In detail, OAPEC’s statistics showed Durban in South Africa.
that Emirati liquefied natural gas exports The transport solutions provider will also EBRD may provide $250mn
accounted for 1.6% of global gas exports become the first customer to access Renergen’s
and 5.5% of Arab exports in the second LNG gas at Total brand fuel stations — after sovereign loan to Egypt’s
quarter of 2020. the two companies signed a marketing and
The LNG industry witnessed an annual distribution deal signed earlier this year. Alexandria Petroleum
growth of 6% in the first quarter of 2020, RLT CEO Stefano Marani said signing
despite the slowdown witnessed by most Logico showed how sustainable solutions were The European Bank for Reconstruction
economic sectors due to the coronavirus, on the rise among businesses. and Development (EBRD) is considering
COVID-19, pandemic. “Adoption of sustainable solutions in providing a $250mn sovereign loan to Egypt
business has reached a tipping point, and to exclusively finance a package of energy and
partners like Logico are amongst those water efficiency investments at Alexandria
Egypt keeps fuel prices leading the pack,” he said. Petroleum Company (APC) to modernise and
upgrade the refinery with processes capable
“We are proud to be their supplier of clean
unchanged for 3 months fuel and look forward to a long relationship of producing higher value added products,
together,” he added.
improving energy efficiency and overall
Egypt’s fuel price indexation committee, Logico Managing Director Clint Brook performance. The loan is part of a $647mn
decided to keep fuel prices unchanged on said the switch to LNG where possible will total project funding needs.
October 7. reduce savings and reduce emissions. The project aims to modernise APC’s
The committee which reviews and “Dual Fuel trucks are undoubtedly the way facilities and improve the refinery’s efficiency,
determines the prices of some petroleum forward and the ability to implement is on our reduce its energy consumption and overall
products on a quarterly basis, maintained doorstep,” Clint said. environmental impact, while enhancing
the price of three types of petrol products in “Full gas trucks will become a reality in the plant productivity through saving emissions
the local market at EGP6.25 per litre of 80 medium term when Renergen expands it’s of greenhouse gases (GHG) in addition to
octane gasoline, 92 octane gasoline stands at production and footprint in South Africa and installing a continuous emissions monitoring
EGP7.5 per litre and at EGP8.50 per litre of the outlook for green energy is very exciting,” system. The project also plans to reduce fuel
octane 95 gasoline. he added. consumption through the installation of an
The committee also decided to keep the energy management system and a vapour
diesel price at EGP6.75 per litre and hold the recovery unit among other energy efficiency
selling price of mazut for non-electricity and EBRD’s shareholders accept investments. Lastly, it will decrease the
bakeries usage at EGP3900 per tonne. seawater pollution risk and reduce water
The committee’s recent decision is based Iraq’s membership usage through the installation of a waste water
on its commitment to what was announced treatment unit.
in July 2019 to apply the automatic pricing The European Bank for Reconstruction
mechanism to some fuel prices. and Development’s (EBRD) shareholders
The mechanism aims to adjust the selling approved Iraq’s request to become a member
prices of some petroleum products in the of the bank, potentially unlocking lending
local market, up and down every quarter. and investment facilities as well as technical

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