Page 14 - DMEA Week 50

DMEA
neWs in brief
DMEA
ComPanies
Aramco acquires 17% of
South Korean Hyundai
Oilbank
Saudi Arabian Oil Company (Saudi Aramco) has completed, through its subsidiary
Aramco Overseas Company B.V. (AOC),
the acquisition of 17% of hyundai Oilbank from hyundai heavy industries holdings, for approximately US$1.2 Billion. The completion follows receipt of all necessary regulatory consents and approvals.
The investment in South Korea’s
hyundai Oilbank supports Saudi Aramco’s Downstream growth strategy of expanding its global footprint in key markets in profitable integrated refining, chemicals and marketing businesses which enable Saudi Aramco
to place crude oil and leverage its trading capabilities.
hyundai Oilbank is a private oil refining company established in 1964. The Daesan Complex, where hyundai Oilbank’s major facilities are located, is a fully integrated refining plant with a processing capacity
of 650,000 barrels per day. The business portfolio of hyundai Oilbank and its five subsidiaries includes oil refining, base oil, petrochemicals and a network of gas stations. aramCo
Oman Oil, ORPIC integrate
core businesses under a
new brand ‘OQ’
Under the patronage of Dr. Mohammed bin hamed Al Rumhi, Oman’s Minister of Oil and
Gas, and Chairman of its Board of Directors, Oman Oil and Orpic Group announced the culmination of a year of integrating nine core businesses under a new brand identity called ‘OQ’.
Reflecting the motion of energy and the colours of courage and compassion, the
new brand brings together the legacy of
these companies in one voice and as one community to unlock a prosperous and integrated future for the nation and its people.
The letter ‘O’ stands for Oman and opportunity while the letter ‘Q’ pays tribute to his Majesty Sultan Qaboos bin Said for providing the wisdom and bold leadership behind the success of a modern Oman. it also represents quality and the company’s essence of questioning the norms on its quest to pursue a new and exciting tomorrow.
Kickstarted in December 2018, an experienced integration Leadership Team (iLT) led by Group CEO Musab Al Mahruqi, embarked on an integration programme, code-named nakhla, which has already generated over $280 million in Quick Wins, translating to cost savings and revenue uplift in 2019.
“his Majesty Sultan Qaboos bin Said set the strategic objectives for Oman’s oil and gas industry with the creation of the first refinery in 1982 and subsequently Oman Oil Company in 1996.
“Today, we are building on the incredible precedents that have been set over the last few decades, based on the principle that
we are stronger as one. Our aim with this new company is to develop a unique model for integration, one which will be used as a business case study by organisations all over the world”,Group CEO Musab Al Mahruqi said.
times of oman
refining
Mammoet in Sohar refinery revamp
Mammoet has removed a residual fluid catalytic cracking (RFCC) reactor at Oman Oil Refineries and Petroleum industries Company’s (Orpic) refinery in Sohar, Oman.
On behalf of Larsen & Toubro (L&T), Mammoet removed the existing reactor in one piece and completed the installation of a replacement unit, an external riser and associated components.
According to Mammoet, the company was awarded the contract because of its expertise in refinery turnarounds and shutdowns. Mammoet’s knowledge of the site also played an important role in the decision; in 2005
the company supported the construction of the refinery and installed the original reactor using its PTC 35 crane.
For the removal of the reactor, Mammoet once again utilised the heavy lift crane. The new 37 m-long reactor, which weighed 740 tons (671.3 tonnes), was also positioned using the PTC 35.
The components were manufactured at L&T heavy Engineering’s facilities in hazira, india.
heaVy lift Pfi
Alfa Laval wins refinery order
Alfa Laval has won an order for air cooled heat exchangers, to be installed in a refinery in the Middle East. The order has a value of approximately SEK60 million and is booked in the Welded heat Exchangers unit of the Energy Division. Deliveries are scheduled for
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Week 50 19•December•2019