Page 14 - MEOG Week 07 2021
P. 14
MEOG NEWS IN BRIEF MEOG
COMPANIES increasing EBITDA (earnings before interest, form of designing new projects in the oil
taxes, depreciation and amortization) to no industry, we will see widespread migration of
ADNOC net profit increased less than AED 3.67 billion by 2023. Iranian knowledge-based companies abroad.”
The company announced during the last
Mohammadpour went on to add that by
by 10% in 2020 quarter of 2020 that it would strengthen its signing the MoU with PGPIC, 60% of the
expansion in Saudi Arabia, agreeing to acquire capacity of the manufacturers of knowledge-
The UAE’s Abu Dhabi National Oil Company 15 service stations, following this month’s based companies active in the field of
(ADNOC) Distribution announced a net announcement of signing two additional equipment and goods supply required by the
profit growth for the past year 2020 of 9.7 agreements to acquire 20 other stations. oil industry would be exploited.”
percent, reaching AED 2.4 billion ($653.4 ADNOC opened 64 new stations and SHANA
million), compared to a profit of AED 2.2 increased its network in Dubai in 2020, with
billion in 2019, according to a statement on 20 new service stations opened in the emirate. Sapura nets deals worth
the Abu Dhabi Securities Market website. ARAB NEWS
ADNOC also achieved net profit growth $457mn
in the fourth quarter of 2020 to AED 851 SIPIEM signs deal with
million, compared to AED 671 million for the Malaysia’s Sapura Energy said last week that
same period in 2019. PGPIC its engineering and construction (E&C)
The board of directors of ADNOC and Drilling divisions have recently secured
Distribution approved the distribution of cash The head of the Society of Iranian Petroleum contracts with a combined value of about
dividends of AED 1.285 billion (equivalent to Industry Equipment Manufacturers (SIPIEM) RM1.85 billion (around USD 457 million).
10.285 fils per share) for the second half of the said the association had signed a 3.2-billion Clients include Saudi Aramco, Shell, Chevron,
year 2020, to be presented to the shareholders euro memorandum of understanding with PTTEP, and Petronas among others.
for approval during the general assembly the Persian Gulf Petrochemical Industries In Saudi Arabia, Sapura Fabrication and
meeting expected to be held on March 16, Company (PGPIC) with the aim of supplying Sapura Saudi Arabia Company, have been
2021. goods and equipment for petrochemical awarded contracts by Saudi Aramco involving
During the meeting, directors approved a projects and complexes. projects in the Zuluf, Ribyan, and Abu Safah
proposal to amend the dividend policy for the Majid Mohammadpour said on Monday oil fields, offshore Saudi Arabia.
year 2022 to reach at least AED 2.57 billion, that currently 80 to 85% of the equipment The scope of work includes the
equivalent to 20.57 fils per share, compared required in oil, gas, petrochemical and engineering, procurement, fabrication,
to at least 75 percent of the dividends refining projects were being supplied by transportation & installation, and pre-
distributable according to the current policy. domestic providers, adding localization of commissioning of jackets for three new
ADNOC CEO Ahmed Al-Shamsi said 10 groups of items are being considered by wellhead platforms at the three oil fields,
that the company was able to maintain government and private sectors in Iran. expected to be completed by the first quarter
its profitability during 2020, despite the He added: “In the current situation, an of the calendar year 2022.
circumstances and challenges faced by the acceptable capacity has been provided for In Thailand, Sapura Energy has secured
markets, according to the statement. localization and Iranianization of goods and a contract for the installation of wellhead
“We have set ambitious growth targets for equipment domestically, which is the most platforms and pipelines and the removal of
2020, and we have achieved and exceeded important support for Iranian companies to wellhead platforms from Chevron. The works
them, both in terms of the number of new strengthen demand.” are expected to be completed by the fourth
stations and retail stores that have been SIPIEM head further referred to the quarter of the financial year (FY) 2022.
modernized,” he added. membership of more than 200 Iranian Also, Sapura Energy said that In FY 2021
Al-Shamsi explained that the company knowledge-based companies in SIPIEM, it completed CTEP’s asset retirement offshore
would move toward achieving its goal of adding: “If demand is not stimulated in the removal campaign, involving the first ‘Rigs
P14 www. NEWSBASE .com Week 07 17•February•2021