Page 14 - MEOG Week 07 2021
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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





























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