Page 11 - AfrOil Week 37 2021

AfrOil POLICY AfrOil

Oil storage facility in Libya (Photo: Total)
LERCO, which is a joint venture between NOC LERCO to pay NOC more than $115mn plus
and a subsidiary of the UAE’s Al Ghurair Group, interest, which amounted to $132mn as of Feb-
operates the 200,000 barrel per day (bpd) facil- ruary 28. The court also confirmed LERCO’s
ity. The appeal relates to an arbitration ruling in obligations under a take-or-pay contract and
2018 relating to a complex dispute between the ordered the company to pay $120,000 in costs.
parties which led to the refinery being closed. Sanalla said: “NOC is the trusted guardian of
Attempts to restart the plant faltered and the Libyan oil wealth. It has not and will never
plans to invest $2bn in the refinery had to be hesitate to take the steps necessary to protect and
shelved, leading to disagreements over the preserve that wealth.”
financial management of the plant. The company added that it would “take all
Via social media, NOC said that the Paris necessary steps to enforce its rights under the
court had upheld the ruling that instructed award and the court’s decision.” ™

PROJECTS & COMPANIES
DNG Energy, Imperial Logistics

unveil plan for pilot LNG project

SOUTH AFRICA DNG Energy of South Africa has teamed up
with Imperial Logistics, another local company,
for a pilot project that will test the use of LNG as
an alternative to diesel in the transport sector.
The partners unveiled their plans earlier this
month, saying in a joint statement that they were
working together to “proactively respond to the
drive towards a net-zero carbon transport sector
in South Africa.” They added: “The results of the
pilot will go a long way towards ensuring that
LNG is adopted as a credible transition fuel that
will take South Africa towards a cleaner future.”
In the statement, DNG and Imperial said
that the pilot project would be carried out over
a period of six months. They did not say how Imperial and DNG will use LNG as transport fuel (Photo: Imperial Logistics)
much the project was likely to cost, but they
did note that DNG would be responsible for include the cryogenic tanks that keep LNG at
designing, manufacturing and delivering the the proper cold temperatures, they noted.
equipment needed to dispense and store LNG As of press time, it was not clear when the
designated for use as transport fuel. This will partners intended to launch the pilot project.

Week 37 15•September•2021 www. NEWSBASE .com P11