Page 21 - DMEA Week 29 2020

DMEA NEWS IN BRIEF DMEA

encountered. Mubadala, OMV extend ADNOC will hold a 60% equity stake
This data will help optimise the jacket in the venture, while Abu Dhabi’s ADQ, a
platform pile foundation design, and pipeline cooperation state-owned holding company, will have the
and cable-route engineering at the North remaining 40%, the statement said.
Field. Austrian state-run OeBAG and Abu Dhabi’s ADNOC and ADQ’s investment platform
Mubadala agreed to expand collaboration as will evaluate and invest in anchor chemicals
key shareholders in oil and gas group OMV projects in the Ruwais park in Abu Dhabi.
Probe ongoing at Cape Town until 2030, OeBAG said on July 23, extending part of a strategy to develop the United Arab
ADNOC CEO Sultan al-Jaber said this was
a deal that would have expired in a year and
refinery after blast half. Emirates’ (UAE) derivatives sector and attract
The two long-time anchor shareholders are
foreign investment.
Astron Energy, majority owned by global backing the Austrian company at a time when The two companies will conduct a
commodities trader Glencore, said it was low energy prices and a global economic crisis comprehensive feasibility study of projects for
too early to say when full production at its are challenging the industry. Ruwais. The results of the study are due before
100,000 barrels per day Cape Town refinery Representatives of OeBAG, which has the end of 2020 and will include opportunities
would resume as investigations continue into a 31.5% stake, and Mubadala, with 24.9%, for prospective investors.
the cause of an explosion this month that plan to meet twice a year to coordinate on The joint venture will be incorporated
killed two workers, Reuters has said. strategy, including discussing the make up of in the Abu Dhabi Global Market free zone,
The early morning explosion and fire on the management and supervisory boards, a pending approvals, with both companies
July 2 at South Africa’s third biggest crude oil person familiar with OeBAG’s position said. jointly determining the management team
refinery also injured seven workers before Their existing agreement would have and board.
the plant was shut down just as it had been allowed either of the two parties to exit the
restarting after an extended maintenance deal in about 18 months, the person said.
programme. The United Arab Emirates has been an Algeria’s Skikda LNG plant
“It is too early to determine when the investor in OMV since 1994. “OMV remains
refinery will be able to resume full operations a strong and important part of our portfolio,” returns after maintenance
but we continue to import products to ensure said Musabbeh Al Kaabi, Mubadala’s chief
no interruption to supply,” said a company executive for petroleum and petrochemicals. Algeria’s Sonatrach has resumed liquefied
spokeswoman. natural gas (LNG)production from its Skikda
Two employees hospitalised following plant after planned maintenance works, the
the accident have been discharged and are ADNOC, ADQ to form JV for state energy firm said on July 23, according to
recovering at home, Astron said on July 23. Reuters.
“The investigation into the incident is chemical projects Operations resumed five days ago, and the
well under way, with an external lead and country’s output and exports were not affected
combined team of internal and external Abu Dhabi National Oil Company (ADNOC) during the maintenance as Sonatrach’s
subject matter experts,” the spokeswoman said and holding company ADQ have signed complex in Arzew increased production,
in a statement. a joint venture deal to invest in chemicals Sonatrach said in a statement.
projects in the planned Ruwais Derivatives
Park, a statement from ADNOC said on July
22.

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