Page 18 - DMEA Week 24 2021

DMEA NEWS IN BRIEF DMEA

product portfolio. Driven by research and TAQA to expand natural gas told S&P Global Platts on the sidelines of the
development, the integration of Chevron’s Gulf Petrochemicals and Chemicals Leaders
high-end formulas will allow for improved refuelling network Forum in Dubai June 16.
logistics cycles with better delivery times “We are looking at growth factors, at
and better inventory management, as well as TAQA Arabia Co., one of Egypt’s largest this point we don’t see any asset that we will
boosting the range of products available in the energy distribution companies, plans to invest dispose of. We have opportunities to grow,
region. the proceeds of a loan from National Bank of particularly domestically,” he said.
Mostapha Miri, Managing Director of Egypt expanding its network of natural gas Saudi Aramco in 2020 finalised its
Afriquia Lubrifiants division, said: “The vehicle refuelling stations, said CEO Pakinam acquisition of a 70% stake in SABIC for $69
new agreement allows the integration of Kafafi. TAQA Arabia, a unit of Qalaa Holdings billion. Since then, Aramco has been working
the high-end formulas of Chevron Marine (formerly Citadel Capital), will use the 916 to integrate SABIC into its downstream
Lubricants into local production, the export million Egyptian pounds ($58.4 million) loan business. The two companies are focusing
from Morocco of the range to 14 countries in to help it increase the number of compressed on selective integration synergies, including
Africa, the construction in the kingdom of an natural gas (CNG) refuelling stations to 200 in manufacturing, information technology,
African hub for the marketing of lubricants by 2023, up from 23 currently, Kafafi told project management and sales.
and the implementation of a new production CNBC Arabia. Repayment of the loan will be “Hopefully by third quarter, we will be
and logistics platform. With this agreement, over a 7-year period, she said. in a much better position to look at what is
Afriquia Lubricants consolidates its expertise Money from the loan will be primarily our target for 2030. We are reviewing some
and reputation as a preferred supplier.” dedicated to inaugurate 40 new natural growth opportunities,” said Benyan. “That will
The new roadmap includes the export of gas stations belonging to Master Gas, determine how much investment we will do,
lubricant products to 14 countries in North TAQA Arabia’s CNG company and a share and we will make that announcement in time.
and West Africa: Algeria, Cameroon, Côte of NBE’s investments will be assigned to This will include global investments.”
d’Ivoire, Burkina Faso, Togo, Tunisia, Senegal, TAQA Petroleum for building a new storage In addition to investments in Saudi Arabia,
Niger, Mauritania, Mali, Guinea Conakry, terminal in Alexandria Governorate, Sherif SABIC is looking to expand its footprint in the
Benin, Gabon, and the Democratic Republic Riad, corporate banking, debt and structured US, Asia, and Africa, Benyan said.
of Congo. Chevron Marine Lubricants finance CEO of National Bank of Egypt said Petrochemicals accounts for the bulk of
products will be available in ports across these in a statement June 3. SABIC’s business. It also produces metals and
countries. ARAB NEWS fertilizers and has facilities in the Americas,
Sotiris Meklis, Regional Manager, Europe, Asia and Africa.
Mediterranean & MEA Region, Chevron In April, SABIC said it would take over the
Marine Lubricants, said: “Extending this PETROCHEMICALS sales and marketing of about 5.4 million mt/
partnership gives Chevron Marine Lubricants year of Saudi Aramco’s chemicals and polymer
better access to several important and rapidly SABIC’s integration into products. The move will center SABIC’s
growing ports. Increased coverage in the commercial focus on petrochemical products,
region will make lubricant logistics even Aramco will not entail asset while Aramco’s trading arm will focus on fuel
more convenient and comprehensive, further products, SABIC said April in its Q1 earnings
simplifying business for our customers.” disposals report. As a result, SABIC said it will end
To support export plans, a platform to up with about 900,000 mt/year of additional
service premium quality base oils to North Saudi Basic Industries Corporation’s products for sale.
and West Africa will be commissioned at integration into Saudi Aramco will not entail Moreover, SABIC is not embarking on any
Jorf Lasfar in Morocco. The facility will be asset disposals, as the chemicals producer is fundraising at present, Benyan said. In recent
to receive high-capacity vessels and export looking to expand its production volumes, years it has gone to the bond market, selling
formulas from isotanks and flexitanks. The according to SABIC CEO Yousef Al-Benyan. $1 billion of bonds in September 2020, and $2
hub will be connected to the wharf through “We have made very good progress. It’s billion in October 2018.
two pipelines. collaborations, not necessarily integrations, “SABIC has a very strong balance sheet
The new agreement between Chevron and but there are some assets that we need to look and at this point we don’t have any plan to go
Akwa Group strengthens an alliance originally at how we will integrate them. We are looking to the debt market, but if our growth plans are
formed in 2000’s. at synergies that can be leveraged between confirmed then we will go to our normal way
CHEVRON both organisations, and we made some of doing things,” Benyan said.
announcements around those targets,” Benyan S&P PLATTS

P18 www. NEWSBASE .com Week 24 17•June•2021