Page 16 - MEOG Week 27 2021

MEOG NEWS IN BRIEF MEOG

offset shortfalls, we proactively launched also generated and shipped during the year. light, we need not be dispirited. What is more,
substantial cost saving initiatives, optimised Harib Abdullah al Kitani, who retired as our OPEX cost-savings for 2020 were worth
shipping routes and revisited our market CEO of Oman LNG at the end of 2020, noted an impressive $45 million – no mean feat – all
positioning. These initiatives successfully that the revenue and NIAT for the year were the more so given that our business operations
helped close the gaps and enabled us to lower only by 17 per cent from estimates set suffered no hiccups.”
remain agile and profitable.” out in the Business Year for 2020. Among the highlights of the past year was
These efforts were reflected in Oman He added: “Few companies would the successful completion of the shutdown
LNG’s success in delivering a total of 155 highlight their finances as a positive feature / turnaround of Train 1. Furthermore, the
LNG cargoes (equivalent to 10.2 million tons of 2020 business. There are times when ongoing debottlenecking and power upgrade
of LNG) last year, versus 166 cargoes (10.6 protection of assets is sufficient success to projects enabled the production of four
million tonnes) in 2019. While the two trains celebrate, and although revenue and NIAT additional LNG cargoes during the year as a
belonging to Oman LNG contributed 114 of were down by 17 per cent for the year, much result of the capacity increase and enhanced
these cargoes, the remaining 41 came from the of this can be attributed to the collapse in efficiency contributed by these initiatives.
third train owned by Qalhat LNG. A further oil prices, subsequently compounded by the OEPPA
32 cargoes of natural-gas liquids (NGLs) were economic effects of the pandemic. Seen in this

P16 www. NEWSBASE .com Week 27 07•July•2021