Page 5 - GLNG Week 27

GLNG NEWSBASE’S ROUNDUP GLOBAL (NRG) GLNG

McConville said: “Interestingly, the statis- year (tpy) should be operational by March 2021.
tics show countries with the highest gas prices Iran has found it easier to sells fuels and petro-
including Chinese Taipei, South Korea, Japan, chemicals discretely abroad than oil, amid the
Singapore and China – well above Australia – all US’ ongoing sanctions regime.
have successful major manufacturing sectors.” Tehran has a reputation for making bold and
While acknowledging that Australia’s whole- unrealistic predictions. But some progress is
sale prices were higher than in other major already being seen, with authorities announcing
producers such as the US, Canada, Russia and last week the launch of the 140,000 tpy Mian-
in the Middle East, McConville the difference doab petrochemicals plant. A new hexane-pro-
reflected the “high cost of doing business in ducing unit was also brought on stream at the
Australia, and increasingly the impact of restric- Imam Khomeini oil refinery.
tions on the development of natural resources”. South Africa’s Sasol is continuing its divest-
ment drive, striking a deal last week to sell its
If you’d like to read more about the key events shaping 10% share in a Chevron-operated gas-to-liquids
Asia’s oil and gas sector then please click here for (GTL) plant in Mozambique. It is also seeking
NewsBase’s AsianOil Monitor . a buyer for its share of a pipeline that brings
Mozambican gas to South Africa.
DMEA: Storage in vogue Like many South African state-owned enter-
At the height of coronavirus (COVID-19) lock- prises, Sasol is up to its eyes in debt, meaning the
downs, oil and fuel storage was more in demand COVID-19 crisis has left it in a difficult position
than it has been in decades. The operators of this financially. It has responded by fast-tracking its
storage therefore enjoyed record earnings during divestment plans.
the crisis.
Brooge Energy, which manages capacity at If you’d like to read more about the key events shaping
the UAE’s Fujairah hub, was already achieving the downstream sector of Africa and the Middle East,
strong results before COVID-19. The company then please click here for NewsBase’s DMEA Monitor .
said last week it had earned $44mn in revenues
in 2019, up 23% year on year. It has both its Phase Upstream antipathy in Europe
1 and Phase 2 facilities fully booked, the latter Times are changing, and more and more coun-
group due to start coming into operation in the tries in Europe are clamping down on upstream
second half of this year, meaning it can look for- development. Ireland’s new coalition govern-
ward to a further surge in turnover. ment has pledged to outlaw new licences for gas
Brooge aims to have eight new oil storage exploration, less than a year after banning new
tanks with a combined capacity of 3.8mn barrels oil licences. This marks a shift in Irish policy, as
up and running by the end of the year. the former government last year had defended
Iran is targeting an ambitious ramp-up in its gas as a “transition fuel.”
petrochemicals capacity over the next year. Offi- e drastic changes to their outlooks for oil
cials say projects worth $11.5bn with a combined and gas prices, and some early-stage upstream
annual production capacity of 25mn tonnes per projects previously seen as safe bets now risk

Week 27 10•July•2020 www. NEWSBASE .com P5