Page 24 - DMEA Week 01 2021

DMEA NEWS IN BRIEF DMEA

UAE’s ADNOC Distribution percentage of dividend to the share book Mineral Resources Tarek al-Molla added
value reaching 15%, a company statement
“Today’s signing is a remarkable example
plans to buy fuel stations in said. of the continuous strategic partnership
between Egypt and the United States. I am
The eligibility of Cash dividend will be to
Saudi Arabia Shareholders who own the company shares confident that these agreements are another
on the Eligibility date and enrolled in the
step in our continuous path of modernising
The Board of Directors of ADNOC Company’s register at Securities Depository Egyptian refineries, opening new horizons
Distribution, the fuel distribution arm of Center Company (Edaa) by the end of the towards upgrading and development of
the Abu Dhabi National Oil Company, second trading day of the day of the General projects with the Egyptian refineries in line
plans to acquire fuel distribution assets in Assembly of the company, which will be with the Egyptian Ministry of Petroleum
Saudi Arabia. announced later, the statement added. and Mineral Resources’ vision and will be
The board plans to consider and adopt a The dividend paid is subject to a a building block in our mutual cooperation
resolution on December 30 2020 in relation withholding tax of 5% upon transfer to non- for the benefit of both countries.”
to an acquisition of fuel distribution assets resident investors or credited to their bank And the USTDA’s Chief Operating
in the kingdom for $10mn, the leading fuel accounts according to the provisions of the Officer Todd J. Abrajano said “These
retailer in the UAE, said in a statement. Income Tax Law and Article (63), it noted. grants are a part of the USTDA’s ongoing
Last year UAE state news agency collaboration with the Ministry of
reported that the company’s board of Petroleum and Mineral Resource to make
directors decided to construct three more Egypt signs agreements Egypt a leading energy hub.”
stations in Saudi Arabia, following the “These grants to APRC and SOPC will
success of two stations launched earlier in with USTDA to upgrade increase the efficiency and profitability
2018, which attained profits of over 30%. In of their refineries, while reducing
February 2019, the company opened a fuel major refineries environmental impacts. USTDA’s
station in Riyadh-Dammam highway. involvement will also create significant
ADNOC Distribution accelerated the Egypt’s Ministry of Petroleum and Mineral business opportunities for American firms,”
delivery of its strategic smart growth plans Resources signed two grant agreements Abrajano added.
during the first nine months of 2020. with the US Trade and Development A statement from the US embassy
Thirty-seven new stations were opened in Agency on December 17 worth US$1.4mn in Cairo said that the APRC study aims
the UAE as at the end of September 2020, 11 enabling the Amreya Petroleum Refining to improve overall the efficiency and
of which we re in Dubai. Company (APRC) and Suez Oil Processing profitability of the APRC refinery by up
Company (SOPC) to conduct feasibility to 25% and reduce its greenhouse gas
studies to modernise each company’s emissions by approximately 20$.
Sabic to distribute $1.2bn in refinery. intended to increase gasoline production
It added that the SOPC study is also
US Ambassador to Egypt Jonathan R.
H2 dividends Cohen said that: “These grant agreements and production capacity, as well as enhance
underscore the mutual focus of Egypt and
gasoline quality from the SOPC refinery to
Saudi Basic Industries Corporation (Sabic) the United States on expanding the robust meet more stringent current fuel standards.
has announced the Board recommendation trade and investment relationship between SOPC has selected Illinois-based UOP to
to distribute cash dividends amounting to our countries. They will also help Egypt carry out its study.
SAR4.5bn ($1.2bn) to shareholders for the achieve its goal of becoming a regional
second half of 2020. energy hub, which is also a priority for the
Each of eligible 3bn shares will be United States.”
entitled to a dividend of SAR1.5, with the Egypt’s Minister of Petroleum and

P24 www. NEWSBASE .com Week 01 07•January•2021