Page 15 - DMEA Week 39 2022

DMEA NEWS IN BRIEF DMEA

business new africa bna/IntelliNews

REFINING & FUELS

GASCO connects BP’s

offshore Raven natural gas
field to butane extraction

plant in Al-Amirya

Egyptian Natural Gas Co. (GASCO) has com-
pleted the pipeline linking up BP’s Raven nat-
ural gas field in the offshore Mediterranean to
the butane extraction plant in Al-Amirya within
the framework of the petroleum sector strategy,
which aims to maximise the benefit from the
production of natural gas and its derivatives
to achieve the highest added value from the
country’s natural gas resources, media sources
reported.
The project will feed Al-Amirya gas plant
with up to 100mn cubic feet (2.83mn cubic
metres) per day of natural gas from the Raven
field. This project represents the second phase of
the project to link Raven to GASCO’s production
facilities.
The first phase, which began operating in looking to expand its fertiliser business. News of the potential deal comes two weeks
May 2021, connected a 70-km pipeline from the Borealis is majority-owned by Austrian oil, after FitchRatings revised its price outlook for
Raven field in the Rashid area to the Western gas and petrochemicals group OMV. fertilisers upwards due to the continuing sup-
Desert gas complex with up to 350mn cubic feet Yildirim Group bills itself as one of the fast- ply constraints and the expected recovery in
(9.91mn cubic metres) transportation capacity. est-growing Dutch-Turkish industrial conglom- demand.
In the third phase, to be complete in the third erates. It is headquartered in Istanbul. In its latest report, Fitch concluded that
quarter of 2023, the quantity supplied to the Yildirim is active in nine sectors, with a pres- Moroccan-sourced phosphate rocks are set to
Western Desert gas complex is expected to be ence in 54 countries on five continents, employ- average $270 per tonne at the end of 2022, up
increased even further. ing more than 20,000 people. The conglomerates from $200 per tonne in the previous outlook,
bna/IntelliNews, September 27 2022 main business sectors are port management, Morocco World News reported.
metals & mining, fertilisers & chemicals, ship- “The prices of Moroccan-sourced phosphate
ping & logistics, energy & power and energy rocks could take a downward trajectory in 2023,
PETROCHEMICALS commodities. Fitch indicated, adding that it expects prices
The group also owns 24% shares of CMA to average $160 per tonne, up from $150 per
Yildirim to acquire stake CGM Group, the world’s third biggest shipping tonne in the previous outlook,” the publication
& logistics company.
writes. “Regarding Morocco’s phosphate rocks,
of Austria’s Borealis in ers Ali Riza Yildirim and Robert Yuksel Yildirim. the American rating agency argues that the
Yildirim Group is wholly owned by the broth-
increased phosphate rock forecasts for 2022 and
Belgium-based fertiliser bna/IntelliNews, September 26 2022 2023 are due to OCP’s policy of limiting export
to maintain a price premium.”
producer Rosier Morocco’s fertiliser utility of phosphate rock, has expanded its partner-
OCP, which owns 75% of the globe’s reserves
Austria’s Borealis and Turkish-Dutch indus- OCP set to acquire 50% ships globally contributing to food security.
trial conglomerate Yildirim Group have inked a OCP’s investments to expand its operations
binding agreement for the latter’s acquisition of stake in GlobalFeed jumped by 83% y/y in H1 2022 to MAD7.85bn
Borealis’ 98.09% stake in Belgium-based fertil- ($726.35mn).
iser producer Rosier, the two companies said on Morocco’s fertiliser and chemical group OCP The group posted $5.29bn in revenues in the
September 26. has signed an initial agreement to buy a 50% period. In 2021, the group generated a revenue
The offer valued the business at €35m. That stake in GlobalFeed from Spanish fertiliser of $9.4bn.
resulted in a valuation of around €11.65 per producer Fertinagro Biotech, the OCP said in a The increased sales are attributed to the high
share, the buyers added in a joint statement. press release. The value of the potential deal was demand for phosphate and derivatives, higher
Borealis in August announced its intention to not disclosed. sales of natural fertilisers, and a significant
launch a squeeze-out offer for Rosier’s remaining The move is part of OCP’s strategy to grow increase in fertiliser prices due to disruptions
shares at a price of €20 per share. in animal nutrition and phosphate-based in global supply chains because of the Rus-
Borealis acquired a majority stake in Rosier commodities to address growing demand and sia-Ukraine war.
in 2013 from France’s Total, at which point it was expand customised products. bna/IntelliNews, September 27 2022

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