Page 17 - DMEA Week 34 2021

DMEA NEWS IN BRIEF DMEA

COMPANIES to NIS 304mn. Revenue from the company’s to the domestic market. Libya, an OPEC
refining activity also rose steeply, from NIS member, has managed to maintain its output
Paz Q2 revenue doubles but 700mn in the second quarter of 2020 to NIS above 1mn barrels per day since November
2020 and production hit 1.3mn bpd in April.
2bn in the second quarter of this year, thanks
oil refinery causes loss to a rise in the price per barrel and to a rise been boosted with the formation of a national
Hopes of a recovery in production have
in sales volume. Nevertheless, the oil refinery
Paz plans to spin off its oil refinery and made a loss of NIS 83mn in the quarter, unity government in mid-March ending a
distribute the shares in it as a dividend in which compares with a loss of NIS 76mn in split between duelling eastern and western
kind. the corresponding quarter, and mainly stems administrations. NOC aims to raise daily
This morning, Paz Oil Company Ltd. from exchange rate effects. output to 1.45mn bpd by the end of 2021 and
(TASE:PZOL) published its second quarter EBITDA totalled NIS 186mn in the to 1.6mn bpd within two years and 2.1mn bpd
results, showing revenue double that of the quarter, which compares with NIS 175mn within four years.
second quarter of 2020, but because of losses in the corresponding quarter. Excluding The NOC plans to start new oilfields in the
at its oil refinery, the company posted a net the refining segment, EBITDA totalled coming months in the basins of Sirte, in the
loss for the quarter of NIS 32mn. NIS 213mn, versus NIS 191mn in the central part of the country, and Ghadmis in
Paz’s board of directors has decided to spin corresponding quarter, representing growth the west.
off the oil refinery and distribute the shares of 12%. BNE
in it as a dividend in kind to its shareholders. The net loss for the quarter was NIS 32mn.
The decision to spin off the oil refinery, which Were it not for the oil refinery’s losses, Paz
has weighed on Paz and caused it heavy losses would have posted a net profit of NIS 51mn. REFINING
in recent years, was already known. Paz wants In the second quarter of 2020, the company
to expand in retail, and at the beginning of posted a net loss of NIS 4mn. Oman invites Saudi JV bids
this month it announced the acquisition GLOBES
of the neighbourhood supermarkets chain for 51km Duqm road project
Freshmarket for NIS 2.1bn. NOC revenues reach $2bn in
Paz will set up a new subsidiary to Oman’s Public Authority for Special Economic
which the shares in the oil refinery will be July Zones and Free Zones (OPAZ) has announced
transferred. The company explained that that a new road project planned in Duqm SEZ
the aim of the spin-off was “to reinforce the Revenues of Libya’s oil champion the National will be open to bidding only for joint venture
company’s business and management focus Oil Company (NOC) from crude oil and gas partnerships set up between construction
on its core retail and services activity and to as well as petrochemicals hit $2.05bn in July firms of Saudi Arabia and the sultanate, said
set up a real estate arm, in order to implement 2021 on growing output and favourable oil a report.
the company’s strategic plan and create prices. The 51-km dual carriageway will link
cumulative value for its shareholders.” The vast majority of hydrocarbon revenues, Duqm with a Crude Oil Storage Terminal
Second quarter revenue rose by 105% in amounting to $1.96bn, came from crude oil nearing completion at Ras Markaz just south
comparison with the corresponding quarter sales. A further $81mn was generated from of the Special Economic Zone.
of 2020 to NIS 2.8bn, and sales of fuels at the sales of natural gas and condensates. The scope of work includes the
company’s fuel stations were up 30%. NOC’s revenues from oil by-product development of a 42.7-km-long dual
The return to routine after the lockdowns sales in July stood at $3.37mn, and from carriageway (with two lanes on either side)
caused by the coronavirus pandemic led to a petrochemicals at $2.79mn. and 6km of single carriageway (one lane
rise in sales at Paz’s Yellow convenience store Locally refined petroleum by-products or either side). Further, as many as eight
and Super Yuda supermarkets chains of 24%, produced in June were entirely channelled roundabouts will be constructed along the

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