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DMEA NEWS IN BRIEF DMEA

Bupa Arabia renews should register more on their upward trend is handling the fire, without elaborating.
Kuwait currently has a refining capacity
since prices are rising slowly, but surely on the
insurance deal with SABIC international markets. of around 730,000 bpd, mainly from Mina
al-Ahmadi and Mina Abdallah, its largest
Prices of fuel at the pump vary according
Bupa Arabia for Cooperative Insurance to several parameters such as the price of a refineries.
Company received a confirmation from the barrel of oil, the euro-dollar exchange rate, The incident on Monday comes one year
Saudi Basic Industries Corporation (SABIC) the level of stocks of petroleum products and after another fire that broke out in a kerosene
to renew its cooperative insurance services demand, as well as taxes.. production unit in Mina Abdullah’s refinery.
contract for one year effective as of July 4
2020.
The insurer expects the contract revenues Namibia’s total fuel Two killed, 7 injured in Cape
to exceed 5% of the gross written premiums
(GWP) achieved during 2019, according to consumption decreases in Town refinery explosion
a bourse filing on July 2.
A positive impact is likely to reflect on Q1 A massive explosion occurred at the Astron
Bupa’s financial statements for 2020, the Energy refinery in Cape Town.Two people
statement noted. Namibia’s total fuel consumption decreased by died and seven were injured.A visit to the
12.5 percent and 4.1 percent, year-on-year and scene revealed severe damage to one unit.
quarter-on-quarter, respectively to 262,992 Sirens wailed after a massive explosion at
Sidpec books loss in Q1-20 liters during the first quarter of 2020, the the Astron Energy refinery in Cape Town,
central bank stated.
shortly after 04:00 on July 2.
on lower sales in the consumption of both diesel and petrol casualty picture involved nine people. Two
At 10:00, News24 was advised that the
The year-on-year decrease reflects declines
Egypt’s Sidi Kerir Petrochemicals (Sidpec) by 10.8 percent and 20.9 percent, respectively, died - a man and a woman - and a seven
succumbed to net losses of EGP31.28mn in partly due to the subdued economy as well people - four men and three women - were
the first quarter of 2020, versus net profits of as the COVID-19 pandemic, the Bank of lightly injured.
EGP193.09mn a year earlier. Namibia (BoN) said in a recent economic The situation was described as a live
The company’s sales retreated to quarterly report. operation with possible changes to the human
EGP951mn during the January-March period According to the BoN, the decrease in cost of the incident.
from EGP1.22bn in the corresponding period fuel consumption started to inhibit travel and Earlier on July 2, damage could be seen on
in 2019, according to a bourse disclosure on tourism, especially after a State of Emergency one of the units closest to the Plattekloof side
July 2 was officially declared at the end of the third of the sprawling Milnerton plant, north of the
It is worth mentioning that during week of March 2020. city centre. The unit was partially collapsed
2019, the company achieved net profits of The central bank said on a quarterly basis, and mangled.
EGP487mn, down from EGP1.3bn in 2018. consumption of diesel decreased by 10.8 “Astron Energy South Africa can confirm
percent, while that of petrol declined by 20.9 that an incident occurred at its Milnerton
percent during the quarter under review. refinery at approximately 04:00 on July 2
Fuel prices rise in Morocco the Ruacana hydropower plant during the 2020,” a company statement read.
“Following adequate inflow of water into
“Astron Energy immediately activated its
Fuel prices have risen since the end of period under review, less electricity was emergency response procedures and notified
containment, from 25 to 35 cents per liter, required from the diesel-fired power plants, the relevant authorities.
according to the distribution network. which in part explains the decline in diesel “The resultant fire has been contained
The deconfinement gave way to the rise in consumption,” the report noted. and the plant is now stable. Our priority is
fuel prices at service stations. Thus the Diesel Meanwhile, the Ministry of Mine and to ensure the safety of all those onsite and
shows a price of 8.25 dirhams/liter while Energy Wednesday announced that that fuel further information will be provided as soon
gasoline is at 9.24 dirhams. prices for July will remain unchanged.en oil as we have confirmed the details.”
The fuel prices change every month from reserves and is pumping 2.8mn bpd. The refinery has undergone a massive
the 1st to the 15th, and from the 16th to the expansion since its purchase by Astron.
30/31. This variation should logically tilt
between upward and downward, except that Fire erupts west of Kuwait’s
the trend has been tilting more towards the
rises in recent times. Mina Abdullah oil refinery:
This increase seems to be set to continue
given several factors, in particular, the crisis port authority
due to the spread of the coronavirus or the
limitation of production in 2020 signed Fire has erupted west of Kuwait’s Mina
between the main oil producing countries. Abdullah, Kuwait port authority (KPA) said in
The prices of fuels sold at service stations a Twitter post on June 29, adding fire service

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