Page 16 - DMEA Week 11 2021

DMEA NEWS IN BRIEF DMEA

POLICY OPEC+ agreement that has accelerated the Revenue (IGR), budgetary provisions and
pace of moves to rebalance the global market. Afreximbank.
Saudi energy minister action and continuing bilateral consultations presented a memo on the rehabilitation of
They also stressed the importance of joint
“The Ministry of Petroleum Resources
holds talks with Kuwaiti in efforts to preserve the gains that have been Port Harcourt refinery for the sum of 1.5
made, and to achieve further advancements.
billion, and that memo was $1.5 billion and it
counterpart ARAB NEWS was approved by council today.
“So we are happy to announce that the
Saudi Minister of Energy Prince Abdul rehabilitation of productivity refinery will
Aziz bin Salman and Mohammed Al-Fares, REFINING commence in three phases. The first phase is
Kuwait’s oil minister, met in Riyadh and to be completed in 18 months, which will take
discussed ways in which cooperation could FEC approves $1.5bn for the refinery to a production of 90 percent of
be enhanced in a number of energy-related its nameplate capacity.
fields, the Saudi Press Agency reported on repair of Port Harcourt PREMIUM TIMES
Wednesday.
“The energy minister and his Kuwaiti Refinery Fujairah Uniper refinery
counterpart reviewed the positive
developments that were reflected in The Federal Executive Council (FEC) has restarts partially, yet
cooperation between the two countries,” approved $1.5 billion (about N600 billion)
according to the report. for the rehabilitation of the Port Harcourt marine fuel premiums stay
The meeting comes a little over a year refinery.
after the Kingdom and Kuwait signed a new The FEC approved the amount at its virtual high
border agreement to resume production at meeting held Wednesday and presided by
their shared oil fields in the neutral zone President Muhammadu Buhari. German energy trader Uniper’s one of two
along their border. The countries also signed The approval comes amidst a controversial crude processing units at Fujairah came back
a memorandum of understanding (MoU) price increase in the pump price of petrol that online on March 12 after an unexpected
in December last year relating to procedures was later reversed. outage early in the week ended March 13, a
for resuming petroleum production “which Although Nigeria has four refineries, all company spokesman told S&P Global Platts.
embodied the distinguished relationship government-owned, it currently imports “We [have] informed our customers that
between the two countries, and pushed virtually all its refined petroleum products. the unit which went into shut down, ramped
toward achieving the common interests of The Minister of State for Petroleum, up again Friday last week,” he said in an email
both parties.” Timipre Sylva, who briefed reporters after the reply March 17.
The ministers discussed the next steps in FEC meeting said the rehabilitation will be The outage, which has crimped product
efforts to consolidate the successes achieved done in three phases of 18, 24 and 44 months. availability at the port, has however led
as a result of implementing the agreement He said the contract was awarded to marine fuel premium at the port to reach
and the MoU, and ways to develop them to an Italian company, Tecnimont SPA, who, multi-month highs in the recent days.
achieve further progress in the interests of according to the minister, are experts in The premium for Fujairah-delivered
both countries. refinery maintenance. marine fuel 0.5%S bunker over FOB
They talked about the state of the oil Mr Sylva said the funding of the Singapore marine fuel 0.5%S cargo surged
market, joint cooperation between the two repairs will be from many components $17.84/mt on the day at $47.03/mt on March
countries to support and maintain market including the Nigerian National Petroleum 16, a 13-month high. The premium was last
stability, and their active roles within the Corporation (NNPC), Internally Generated higher on Feb. 11, 2020, when it was assessed

P16 www. NEWSBASE .com Week 11 18•March•2021