Page 12 - MEOG Week 29 2022

MEOG NEWS IN BRIEF MEOG

POLICY French President Emmanuel Macron, during decarbonization, as well as progressive climate
the UAE President’s state visit to France. It was action ahead of COP28 (28th Session of the
France, UAE sign energy signed by His Excellency Dr. Sultan Ahmed Conference of the Parties) take place in the
Al Jaber, Minister of Industry and Advanced
UAE in 2023.
cooperation deal Technology and ADNOC Managing Director ADNOC
and Group CEO, and Patrick PouyannE,
The governments of France and the United Chairman and CEO of TotalEnergies. Lamprell bidders extend
Arab Emirates signed on Monday a strategic Under the terms of the agreement,
agreement to cooperate in the energy sector, ADNOC and TotalEnergies will explore financing, agree to make
the French government said. opportunities to collaborate in areas of mutual
The partnership aimed to identify joint interest including in gas growth, carbon takeover offer
investment projects in France, the UAE capture utilization and storage (CCUS) and
or elsewhere in the sectors of hydrogen, trading and product supply. A consortium of potential buyers has
renewable and nuclear energy, the French H.E. Dr. Al Jaber said: “TotalEnergies provided a loan to the cash-strapped UAE-
government said in a statement. is a longstanding strategic partner and we based oil rig builder Lamprell Plc that will
“In the currently uncertain energy context, are very pleased to build on our successful help it dodge bankruptcy and agreed to make
this agreement will pave the way for a stable partnerships through this agreement as a formal takeover offer of approximately
long-term framework for cooperation, the UAE and France strengthen energy GBP38.8 million ($46 million).
opening the way for new industrial contracts,” cooperation. The agreement offers the Blofeld Investment Management and
it added. potential to accelerate growth and create AlGihaz Holding, which make up the
The deal coincides with the visit to Paris greater and more sustainable value for consortium named Thunderball Investments
of UAE President Sheikh Mohammed bin our mutual benefit. We look forward to Ltd., currently have a 45% combined
Zayed al-Nahyan between July 17-19, his first working with TotalEnergies to unlock the shareholding in Lamprell. Following the
overseas state visit since taking over from his opportunities presented by the agreement takeover, Blofeld will have a 60% stake and
half-brother in May. across the energy value chain to enable more AlGihaz a 40% stake.
REUTERS secure, affordable and sustainable energy for The takeover offer from Thunderball
our countries and the world.” Investments--which shareholders will receive
TotalEnergies is a significant international within 28 days from today--also include a
COMPANIES partner for ADNOC and has been active in $145 million secured bridge finance facility
Abu Dhabi’s oil and gas sector since 1939. to Lamprell, which will help the rig builder
ADNOC, TotalEnergies TotalEnergies is reaffirming and expanding its from filing for an insolvency by the end of
PouyannE said: “I am pleased that
July, according to a filing on the London Stock
sign strategic partnership strategic collaboration with the United Arab Exchange, where Lamprell’s shares trade.
Emirates through a multi-energy cooperation
The loan will terminate on the earlier
agreement with ADNOC, our long-standing partner in of three months after the offer is declared
unconditional, or three months after the offer
the UAE. Our partnership across the entire
Abu Dhabi National Oil Company (ADNOC) energy value chain allows our two companies lapses or is withdrawn.
and TotalEnergies signed a strategic to join forces to contribute to the energy The bridge will be available for drawdown
partnership agreement to deepen their supply of global markets, while reducing in three tranches at 12% rate of interest.
long-standing partnership and explore new carbon emissions from our operations.” Blofeld Investment Management is
opportunities for growth across the energy This strategic partnership agreement owned by Osama AlSayed, a controlling
value chain. follows the signing of the UAE-France shareholder and the chairman of the Jeddah-
The agreement was signed in the presence Comprehensive Strategic Energy Partnership based Asyad Holding Group. AlGihaz is a
of the UAE President His Highness Sheikh (CSEP) which is focused on enhancing holding company based in Saudi Arabia with
Mohamed bin Zayed Al Nahyan and the energy security, energy affordability and investments in infrastructure, renewable

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