Page 13 - DMEA Week 45 2021

DMEA PETROCHEMICALS DMEA

Fertiglobe announces major profit increase

MIDDLE EAST THE Fertiglobe joint venture (JV) between two partners and companies EBIC, EFC, Sorfert
Dutch chemicals manufacturer OCI and Abu and Fertil (formerly ADNOC Fertilizers). At
Dhabi National Oil Co. (ADNOC) this week launch, the partners said Fertiglobe would be the
announced a 2,000% increase in Q3 net profit. largest export-focused nitrogen fertiliser plat-
In a filing to the Abu Dhabi Exchange on form globally, and the largest producer in MENA
November 8, the company said that net profit with an output capacity of 5mn tonnes per year
had risen to $137.7mn during Q3, up from of urea and 1.5mn tpy of merchant ammonia
$6.2mn a year earlier, citing improved margins from facilities in Algeria, Egypt and the UAE.
for ammonia and urea. In October, the company announced that it
On the back of the results, the company had joined forces with Norwegian renewables
increased its dividend guidance from $200mn firm Scatec and the Sovereign Fund of Egypt
to at least $240mn for the second half of 2021, (TSFE) to develop a 50- to 100-MW electro-
which will be payable in April next year. lyser in the North African country that will pro-
The positive results showing comes hot on the duce green hydrogen as a feedstock for green
heels of the company’s successful initial public ammonia.
offering (IPO), which raised $795mn, with the It said that Scatec would build, operate and
JV partners selling just under 13.8% to achieve a majority own the unit with Fertiglobe subsidiary
company valuation of $5.8bn. EBIC signing a long-term offtake agreement for
Investors included Singapore’s GIC sover- hydrogen that will enable it to add 90,000 tpy of
eign wealth fund and Inclusive Capital Partners green ammonia to its product slate. The parties
which committed a combined $150mn as ‘cor- are expected to take a final investment decision
nerstone investors’ before the final pricing was (FID) next year ahead of planned start-up in
announced. 2024.
ADNOC and OCI reduced their individual Ammonia’s role in ADNOC’s strategy
shareholdings by 8% minus one share and 5.8% appears to be significant, with the company
respectively, giving them 36.2% and 50% plus positioning itself to take a leadership position
one share respectively. in a global supply chain that will facilitate the
The Fertiglobe JV was formed in 2019 and transportation of blue and green hydrogen to
comprises the ammonia and urea assets of the consumer markets.™

TERMINALS & SHIPPING

Eni says Coral-Sul FLNG project is “on track”

AFRICA ITALIAN oil and gas major Eni has updated to become the first producer of LNG in Mozam-
Mozambique’s President Filipe Nyusi about the bique, as its project will reach the development
progress of work on the floating LNG (FLNG) stage next year. The consortium’s FLNG vessel
vessel that will be deployed by the Coral South will be capable of turning out 3.4mn tonnes per
LNG consortium and assured him that the pro- year (tpy) of LNG.
ject remains on schedule. Eni was the first international oil company
In a statement, Eni said its CEO Claudio Des- (IOC) to sign on to a major LNG scheme in
calzi had informed Nyusi during a meeting on Mozambique. The Italian major and its partners
November 5 that work on the FLNG unit was discovered Coral at Area 4 in 2012 and have
on track. The vessel has now been completed at estimated the field’s reserves at approximately
the Samsung Heavy Industries (SHI) shipyard in 16 trillion cubic feet (463bn cubic metres) of gas
South Korea, he said. in place (GIP). They made an FID in favour of
Descalzi did not say when the FLNG unit going forward with the $10bn Coral South LNG
might arrive at the Coral section of Area 4 off- project in 2017 and have said they will drill six
shore Mozambique, which will supply feedstock development wells in 2,000-metre-deep water to
for the Coral South LNG project. Work on the provide feedstock for the FLNG.
vessel’s hull and topside modules began at SHI in The shareholders in the project are Mozam-
September 2019. The hull was then launched in bique Rovuma Venture (MRV), a joint venture
January 2020, and the first topside modules were owned by Eni (the operator), ExxonMobil (US)
lifted into place the following May. and China National Petroleum Corp. (CNPC);
Coral South LNG will have the world’s first Galp (Portugal); KOGAS (South Korea), and
ultra-deepwater FLNG operation. It is also slated ENH, Mozambique’s national oil company.™

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