Page 9 - DMEA Week 35 2022

DMEA PIPELINES DMEA

Lüdtke wrote: “I can now confirm that there is (ICOGU), had ensured that the project was fully
and will be no involvement in EACOP by Talanx insured and re-insured.
or any of its subsidiaries.” Steven Kaddu Mukasa, IRA’s manager in
According to the post, the message has wider charge of regulation, was more specific, saying
implications, as it indicates that the German that one of ICOGU’s member companies had
firm’s affiliates are also staying away from the been named as the lead underwriter for EACOP.
pipeline initiative. He declined to reveal the name of that company
“This statement implies that [the] Talanx when questioned by reporters.
subsidiary, Lloyd’s of London member Argenta EACOP is the midstream component of the
Insurance, will also stay away from the contro- Lake Albert Development Project (LADP), a
versial EACOP project,” #StopEACOP said. $10bn initiative that aims to monetise Uganda’s
“Including Talanx and Argenta, the total num- as-yet untapped crude oil resources. It envisions
ber of (re)insurers who have confirmed they the construction of a 1,443-km pipeline from
would stay away from EACOP is now 13.” Hoima in western Uganda to Tanga, a port on
#StopEACOP described Talanx’s decision as Tanzania’s Indian Ocean coast.
a victory for its cause, on the grounds that the The conduit will carry oil from the Tilenga
pipeline project would be complex and expen- and Kingfisher oilfields, which France’s TotalEn-
sive enough to require “substantial international ergies and China National Offshore Oil Corp.
insurance and re-insurance to proceed.” (CNOOC) are due to bring on line in 2025. The
It also challenged Ugandan media reports in fields will eventually see yields top 250,000 bar-
which Ibrahim Kaddunabbi Lubega, the CEO rels per day (bpd), with more than 200,000 bpd
of the country’s Insurance Regulatory Author- flowing to world markets via EACOP.
ity (IRA), was quoted as saying that the pipeline For its part, #StopEACOP opposes the pipe-
was fully covered, thanks to the establishment of line on environmental grounds, arguing that
a consortium of local insurance agencies. Uganda and Tanzania would be better served
Kaddunabbi was quoted by the Nile Post, by investments in renewable energy. It has also
the Independent and other sources as saying on expressed concern that the project will disrupt
August 25 that the alliance, known as the Insur- ecosystems, wildlife and communities along the
ance Consortium for Oil and Gas in Uganda entire 1,443-km route from Hoima to Tanga. ™

TERMINALS & SHIPPING
ZIM, Shell sign 10-year LNG bunkering deal

MIDDLE EAST ZIM Integrated Shipping Services (Israel) has note that Shell NA LNG had agreed to provide
secured fuel supplies for 10 new LNG-powered fuel for 10 LNG-powered container ships, each
ships that are due to enter its fleet in 2023-2024 of them a 15,000-TEU vessel capable of han-
under a long-term bunkering contract with a dling the equivalent of 15,000 standard 20-foot
subsidiary of Shell (UK). containers, over the 10-year period of the SPA.
The Israeli company announced the signing All of the ships will serve the Israeli company’s
of the contract with Shell NA LNG in a state- ZIM Container Service Pacific (ZCP) division,
ment dated August 31. It said the parties had which moves goods between Asia and the US
finalised a sales and purchase agreement (SPA) East Coast, it noted.
with a term of 10 years. “These 10 15,000-TEU vessels are expected
Additionally, it put the value of the deal at to enter into service during 2023-2024 and will
more than $1bn. be transporting goods from China and South
ZIM did not specify the exact volumes of Korea to [the] US East Coast and the Carib-
LNG involved in the transaction. However, it did bean,” the statement said.

Shell will supply fuel for LNG-powered ships entering ZIM’s fleet in 2023 and 2024 (Photo: ZIM)

Week 35 01•September•2022 www. NEWSBASE .com P9