Aramco, one of the world’s leading integrated energy and chemicals companies, has signed a definitive agreement to acquire an additional 22.5 percent stake in Rabigh Refining and Petrochemical Co. from Sumitomo Chemical for $702 million. This acquisition will increase Aramco’s ownership in Petro Rabigh, a major refining and petrochemical complex on Saudi Arabia’s west coast, to approximately 60 percent.

Prior to the transaction, both Aramco and Tokyo-based Sumitomo Chemical each held a 37.5 percent stake in Petro Rabigh, which has been publicly listed on the Saudi Exchange since 2008. The acquisition, priced at SAR7 per share, will make Aramco the largest shareholder in Petro Rabigh, while Sumitomo Chemical will retain a 15 percent equity stake. The completion of the deal is subject to customary closing conditions, including regulatory and third-party approvals.

The transaction is part of a broader financial strategy to strengthen Petro Rabigh’s financial position. As part of the agreement, all proceeds from Sumitomo Chemical’s sale will be reinvested into Petro Rabigh. Additionally, Aramco will provide matching funds of $702 million, bringing the total financial injection into Petro Rabigh to $1.4 billion. This capital infusion is aimed at enhancing Petro Rabigh’s financial stability and supporting its future strategic initiatives.

Furthermore, Aramco and Sumitomo Chemical have agreed to a phased waiver of shareholder loans, amounting to $750 million each, which will result in a $1.5 billion reduction in Petro Rabigh’s liabilities. These measures are expected to improve the company’s balance sheet and cash liquidity as part of a broader remedial plan. The plan includes initiatives to upgrade the refinery, which aims to boost the profitability of Petro Rabigh.

Hussain A. Al Qahtani, Aramco’s senior vice president of fuels, stated, “Aramco continues to identify opportunities to strengthen its downstream value chain, secure placement of its upstream crude oil with affiliated refineries, and convert more of its hydrocarbons into high-value materials. By increasing our shareholding, we expect to achieve even closer integration with Petro Rabigh and facilitate its turnaround strategy.”

Seiji Takeuchi, senior managing executive officer of Sumitomo Chemical, added, “Amid the evolving business landscape in both the refining and petrochemical sectors, Aramco and Sumitomo Chemical have considered options to find an appropriate turnaround strategy for Petro Rabigh. We believe this transaction, which aligns with the strategic directions Aramco and Sumitomo Chemical are respectively pursuing, will significantly enhance Petro Rabigh’s financial position.”

The agreement aligns with Aramco’s downstream expansion strategy and Sumitomo Chemical’s shift from commodity chemicals towards specialty chemicals, positioning Petro Rabigh for future success.

For more information visit www.aramco.com

TotalEnergies has entered into an agreement to sell its 50 percent stake in Total PARCO Pakistan Limited to Gunvor Group, a prominent global commodities trading company. This transaction is part of TotalEnergies’ strategic focus on core geographies that offer growth and transition opportunities within its Marketing & Services division.

TPPL is a 50/50 joint venture between TotalEnergies Marketing and Services and Pak-Arab Refinery Limited in Pakistan. The venture operates a vast retail network of over 800 service stations, along with fuel logistics and lubricants businesses across the country.

Following the transaction, the new entity will continue its retail operations under the established “Total Parco” brand. Additionally, the lubricants business will retain the “Total” brand name for the next five years, ensuring continuity in service for its customer base in Pakistan.

The completion of this acquisition is contingent upon receiving the necessary authorisations from relevant authorities and the finalisation of related agreements.

For more information visit www.totalenergies.com

This week, Tank Pit R achieved a significant milestone with the arrival of ten new tanks at the facility. The shipment included five tanks with a capacity of 2,500 cubic metres and five tanks with a capacity of 3,000 cubic metres, all successfully transported from Rotterdam to Antwerp via two pontoons. The tanks were subsequently positioned in the tank pit using a 650-metric-tonne crane.

These stainless steel tanks are a valuable addition to the terminal, enhancing its operational capacity and solidifying its position within the Port of Antwerp-Bruges. For inquiries about tank availability, interested parties are invited to reach out to the commercial team, which includes Pieter de Graeff, Birgit Henderickx, and Bert Druyts.

For more information visit www.noordnatie.be

Geldof has announced a significant milestone in its ongoing project at the Ostend harbour, having successfully completed and shipped the first 12 of 28 advanced storage tanks to LBC Tank Terminals in Antwerp. These impressive tanks, standing 30 metres high, were meticulously assembled by the Geldof team and prepared for transport via pontoon to Antwerp. A photo of the tanks being loaded for their journey in Ostend highlights the scale and craftsmanship involved in this endeavor.

Once installed, these tanks will enhance LBC Antwerpen’s storage capacity by approximately 30,000 cubic metres, with an additional 50,000 cubic metres planned for future delivery. The completion of these tanks has instilled a sense of pride and excitement within the Geldof team as they look forward to the remaining phases of the project.

Geldof expressed satisfaction with the progress made thus far and appreciation for the collaboration with LBC Antwerpen. The company is eager to continue with the next phase of the project, encouraging stakeholders to stay tuned for further developments, as the best is yet to come.

For more information visit www.geldof.com

VTTI, a leader in energy infrastructure, has successfully completed the acquisition of a 50 percent stake in Dragon LNG Group Limited, also known as Dragon LNG. The remaining 50 percent of the terminal is owned by Shell. This acquisition follows the announcement made on May 8, 2024, regarding VTTI’s intention to acquire the stake from Ancala, a prominent infrastructure manager.

As part of its Strategy 2028, VTTI aims to enhance its role as an energy storage and service terminal operator at key ports worldwide. The company is focusing on investing in and developing additional energy infrastructure necessary for the energy transition. This includes liquefied natural gas regasification terminals, renewable natural gas and waste-to-value production facilities, as well as biofuel storage and ammonia and hydrogen infrastructure.

VTTI aims for 50 percent of its earnings to derive from transitional and sustainable energy sources by 2028, underscoring its commitment to accelerating growth.

The acquisition of Dragon LNG marks VTTI’s second investment in LNG regasification terminals, following the announcement in April 2024 of its intention to acquire a 70 percent equity stake in Adriatic LNG in Italy, which is expected to close by the end of 2024.

Guy Moeyens, CEO of VTTI, stated, “Facilitating the import and distribution of LNG aligns with VTTI’s strategy to support the global energy transition and ensure security of supply. As an energy infrastructure company with extensive storage industry experience, we are well-positioned to develop, operate, and manage LNG terminals worldwide. We look forward to working with Shell to ensure that Dragon LNG continues to operate safely and reliably while advancing its decarbonisation and growth initiatives.”

Dragon LNG’s regasification terminal is one of three LNG terminals in the UK, situated near Milford Haven in Wales. The facility includes LNG receiving, storage, reliquefaction, regasification, and send-out capabilities, with a maximum gas send-out capacity of up to 9 billion cubic metres, which supplies approximately 10 percent of the UK’s annual gas demand.

Dragon Energy Limited, a wholly-owned subsidiary of Dragon LNG Group Limited, has also developed a solar farm at the facility and is pursuing additional renewable power projects to support the decarbonisation of scope 2 emissions at the LNG terminal. Recently, the company announced the Milford Haven CO2 project, which will be executed in collaboration with RWE Pembroke Net Zero Centre. This initiative will explore carbon capture, pipeline transfer, liquefaction, temporary storage, and ship loading to facilitate CO2 shipping from a new Dragon jetty to sequestration sites across the UK.

Simon Ames, managing director of Dragon LNG, expressed enthusiasm about VTTI joining as a key shareholder alongside Shell, stating, “This partnership will strongly support our ongoing commitment to operational excellence and sustainable growth. By integrating VTTI’s expertise in energy infrastructure, we can further enhance the safety, reliability, and environmental performance of our terminal, ensuring our customers continue to provide secure and flexible energy supply into the UK. I am tremendously excited for our future through the energy transition as we look to further decarbonise and build a brighter future for our employees, business partners, and the community here in Milford Haven and throughout Wales.”

For more information visit www.vtti.com

PETRONAS has reported significant achievements in its exploration and appraisal activities both in Peninsular Malaysia and internationally during the first half of 2024.

A noteworthy discovery in Malaysia is the Bekok Deep-1 oil and gas exploration, which took place in May. This discovery is particularly notable due to its promising well testing results, indicating a strong hydrocarbon flow rate. The find emphasises substantial hydrocarbon potential in this new play, marking a significant milestone in Peninsular Malaysia’s energy sector over the past decade.

On the international stage, PETRONAS has made strides in Suriname with the successful drilling of the Sloanea-2 appraisal well in Block 52 in June. This achievement enhances PETRONAS’ prospects in the basin and paves the way for the potential development of a standalone Floating Liquefied Natural Gas (FLNG) project at the field in the future.

Currently, PETRONAS is evaluating the feasibility of an integrated development strategy for gas and oil extraction within Block 52.

According to Mohd Jukris Abdul Wahab, executive vice president and chief executive officer of upstream at PETRONAS, these breakthroughs reaffirm the company’s commitment and expertise in delivering exceptional value through significant discoveries both in Malaysia and globally, driven by strategic and innovative approaches. He further stated that these milestones highlight PETRONAS’ ongoing initiatives to enhance exploration efforts in targeted focus regions and pursue sustainable resource replenishment.

PETRONAS continues to focus on leveraging advanced exploration technologies to ensure the provision of cost-effective and reliable energy amid the rapid energy transition.

For more information visit www.petronas.com/europe

RegO^®, part of the OPW^® Propane Energy Solutions business unit, has entered into a partnership with the Southeast Propane Alliance Technical Education Center (SEPATEC) to expand the training facility at SEPATEC’s headquarters in Graham, NC. Upon completion, this new section of the facility will be known as the RegO Training Area.

“SEPATEC is honoured to have a great partnership and relationship with RegO and we look forward to expanding our efforts to provide industry training coupled with the latest clean-energy products and technology,” said John Pena, director of training for SEPATEC.
Specifically, the SEPATEC facility is dedicated to offering state-of-the-art training for propane professionals with a focus on hands-on training for students looking to start a career in the propane industry. This advanced training is essential as the use of propane continues to grow. The RegO Training Area will be utilised to provide training on the latest equipment that is used in Autogas, bobtail and bulk-storage applications. Additionally, RegO will use the facility as a base to conduct new product testing, with assistance from SEPATEC’s expert staff.

“RegO is dedicated to the propane and Autogas industry and this enhanced partnership with the Southeast Propane Alliance and SEPATEC is the next step in educating people on the best ways that these two eco-friendly commodities can find and maintain a prominent place in the clean-energy fuels market,” said Cody Reeves, LPG and NH3 product manager for RegO. “We are enthusiastic about the potential of the RegO Training Area and look forward to the positive impact it can have on the future of sustainable fuels.”

Ground was broken for the new RegO Training Center in spring and the construction phase is expected to conclude in late summer or early fall.

For more information visit www.regoproducts.com

Woodside has announced its agreement to acquire Tellurian, including its US Gulf Coast Driftwood LNG project. The acquisition is valued at US$1 per share, or a cash payment of US$900 million, resulting in an enterprise value of approximately US$1.2 billion when considering working capital and debt.

The core asset in this acquisition is the Driftwood LNG project, situated near Lake Charles, Louisiana. The current development plan for Driftwood LNG includes five LNG plants across four phases, with a total permitted capacity of 27.6 million tonnes per annum. The foundation development comprises two phases: an 11 Mtpa Phase 1 and a 5.5 Mtpa Phase 2.

Woodside’s decision to acquire Tellurian is seen as opportunistic, marking the first time a major portfolio player has taken full strategic control of a US project. Previously, companies have only taken strategic non-operated positions. This move indicates Woodside’s desire to control its own destiny by managing one of the best remaining LNG development sites on the Gulf Coast. The Driftwood LNG project has Federal Energy Regulatory Commission approval and a non-free trade agreement approval, which is set to expire in 2026 but has a strong chance of extension.

Woodside has consistently expressed its intention to expand its US LNG footprint, and this acquisition enhances portfolio diversity by reducing reliance on its existing Australian LNG business. Additionally, it adds a new option to a growth portfolio that currently includes Browse, Greater Sunrise, and the Calypso resource in Trinidad & Tobago.

This strategic acquisition signifies Woodside’s commitment to strengthening its position in the global LNG market and capitalising on the opportunities presented by the Driftwood LNG project.

For a detailed analysis of the Tellurian acquisition and the Driftwood LNG project, refer to the comprehensive LNG contract data within the Lens Gas & LNG data analytics platform.

For more information visit www.tellurianinc.com

Costain, the infrastructure solutions company, has been awarded a multimillion-pound front-end engineering and design contract by bp to develop a new hydrogen pipeline network in the Teesside area. This project marks a significant advancement in the UK’s efforts towards decarbonisation and the establishment of a hydrogen economy.

Costain’s in-house, multi-disciplinary engineering team will be responsible for delivering the FEED, which will facilitate the construction of a 31-kilometre onshore pipeline distribution network. This network is designed to transport purified and dehydrated hydrogen from bp’s new hydrogen production facility to various industrial end users in the region. The FEED project is scheduled for completion in 2025.

The pipeline will be a crucial component of H2Teesside (H2T), part of the East Coast Cluster, which is poised to become one of the largest blue hydrogen production facilities in the UK. Once operational, H2Teesside aims to produce approximately 160,000 tonnes of low-carbon hydrogen annually. This hydrogen will replace natural gas consumption among industrial users, driving the decarbonisation of the region and bolstering the development of the hydrogen economy.

Earlier this year, Costain successfully completed the FEED for the onshore CO2 pipeline and associated utilities for the East Coast Cluster. Building on this success, bp has selected Costain to continue into the next phase, overseeing and managing the engineering, procurement, and construction of the CO2 system. Subject to final investment decisions, detailed engineering design and preparatory work for the CO2 system are set to begin later this year.

Sam White, MD of Natural Resources at Costain, highlighted the transformative impact of the project: “This exciting project is a step change for UK decarbonisation. Our in-house engineering expertise will design a world-leading network that will safely transport hydrogen to provide industrial users with an alternative to natural gas, a key step in the development of the hydrogen economy.

“In addition to the environmental benefits, this is a project that will be transformative for Teesside and its people, creating jobs and developing skills throughout the region. In transportation, water, and energy, we’re committed to delivering critical infrastructure that improves lives and prosperity across the North-East of England.”

In parallel, Technip Energies has been selected by bp to deliver the FEED for the H2Teesside hydrogen production site. This work will involve establishing the execution methodology, developing a robust schedule, and determining the project cost, with FEED expected to be completed in 2025.

Andy Lane, VP for Hydrogen and CCUS at bp, UK, commented on the significance of these developments: “These agreements mark further critical milestones for H2Teesside as the project continues to move towards EPC contracts and then construction. The project could play a critical role in decarbonising industry on Teesside, helping to transform the region into a leading hydrogen hub and kickstart the UK’s low-carbon hydrogen economy.”

For more information visit www.costain.com

UK-based global engineering and reliability group, AES Engineering Ltd, has expanded its footprint in North America by acquiring a controlling stake in Condition Monitoring Services for an undisclosed sum. This acquisition enhances AES Engineering Ltd’s reliability services and product offerings in the region.

AES Engineering Ltd, the parent company of AESSEAL® in Rotherham, is renowned as the world’s largest homogeneous designer and manufacturer of mechanical seals. This strategic expansion follows similar acquisitions in the Netherlands, Canada, Australia, and the USA, marking a significant step in AES Engineering Ltd’s global market growth.

CMS, headquartered in Las Vegas, Nevada, operates primarily in California, Nevada, Arizona, Utah, and Colorado. The company specialises in the power generation and municipal sectors, offering expertise in reliability and vibration monitoring services. CMS is recognised for its proficiency in machinery, foundations, and structural problem-solving.

The acquisition will enable CMS’s existing customers to access a broader range of products and services from the AES Reliability Group of companies under AES Engineering Ltd. CMS customers will benefit from advanced reliability products such as Machine Sentry™, a cloud-based condition monitoring system, and EasyBrace™, a universal bracing system designed to reduce structural vibration in small bore pipes.

Kirk Cormany, president of CMS, stated, “The selection of AES Engineering Ltd as our partner was an easy decision due to their product technology, similar dedication to customer service, and reliability focus. This partnership allows us to immediately meet the demand from customers for an expanded product range and opens new opportunities in other markets.”

Chris Rea, group managing director of AES Engineering Ltd, commented, “The acquisition of CMS supports our strategic decision to globalise our reliability-focused businesses and further strengthens our customer reliability offering in the important North American market.”

The acquisition was finalised on 6th August 2024.

For more information visit www.aesseal.com

ADNOC announced the signing of a long-term Heads of Agreement with Osaka Gas, one of Japan’s largest utility companies, for the delivery of up to 0.8 million metric tonnes per annum of liquefied natural gas.

The LNG will primarily be sourced from ADNOC’s lower-carbon Ruwais LNG project, currently under development in Al Ruwais Industrial City, Abu Dhabi, and expected to start commercial operations in 2028. Under the agreement, LNG cargoes will be shipped to the destination ports of Osaka Gas and its Singapore-based subsidiary, Osaka Gas Energy Supply and Trading Pte. Ltd.

Rashid Khalfan Al Mazrouei, ADNOC senior vice president, marketing, said: “This landmark LNG agreement, our first long-term LNG deal with Osaka Gas, underscores the strong, long-standing energy partnership between the UAE and Japan. This agreement further enhances ADNOC’s position as a reliable and responsible global energy provider and reflects our commitment to help meet Japan’s energy needs with secure and sustainable energy solutions. The Ruwais LNG project supports our broader strategy to expand our global LNG footprint to enable the energy transition.”

The agreement with Osaka Gas is one of several long-term LNG sales commitments ADNOC has signed with international partners for Ruwais LNG, which take the long-term sales commitments to 70 percent of the project’s total production capacity.

Keiji Takemori, Osaka Gas executive vice president, said: “Osaka Gas is delighted to secure LNG from ADNOC, a reliable and responsible global energy supplier. This agreement will significantly enhance the stability of Osaka Gas’ LNG procurement. It will also strengthen the foundation of our stable energy supply to customers, transition to lower carbon energy, and acceleration towards our net zero target. We will continue working on the stable procurement, development, and supply of natural gas as a key transition fuel.”

The Ruwais LNG plant is set to be the first LNG export facility in the Middle East and Africa region to run on clean power, making it one of the lowest-carbon intensity LNG plants in the world. The facility will leverage artificial intelligence and the latest technologies to enhance safety, minimise emissions, and drive efficiency. The Ruwais LNG project will consist of two 4.8mmtpa LNG liquefaction trains with a total capacity of 9.6mmtpa, more than doubling ADNOC’s existing UAE LNG production capacity to around 15mmtpa, as the company builds its international LNG portfolio.

The agreement, ADNOC’s first long-term LNG deal with a Japanese energy company since the early 1990s, demonstrates the company’s renewed commitment to the Japanese market. ADNOC and Osaka Gas will work together to conclude a detailed sale and purchase agreement in the coming months based on the terms of the LNG agreement.

For more information visit www.adnoc.ae

Provaris has secured a third agreement to establish off-take demand for its hydrogen supply from Nordic countries using its proprietary hydrogen carriers. This new deal enhances previous agreements, notably expanding the partnership with Norwegian Hydrogen to expedite the development of new hydrogen export sites. While many hydrogen projects falter due to incomplete supply chains, Provaris is clearly overcoming this challenge, establishing a ready market for its hydrogen carrying vessels and storage barges. The company continues to build its market opportunities, even as it works to restart manufacturing in Norway.

Provaris has signed a memorandum of understanding with German energy major Uniper to develop the supply of green hydrogen from the Nordic countries to Germany. This partnership will utilise Provaris’ proprietary hydrogen carrying vessels, which are based on compression technology and offer the most efficient transport option for hydrogen within these ranges.

The agreement will explore the development of hydrogen trains that will transport green electrolytic hydrogen from local partner Norwegian Hydrogen, using the Provaris H2Neo carrier and stored in the H2Leo barges. This hydrogen supply will enable Uniper to meet the requirements of Renewable Fuels of Non-Biological Origin under the EU RFNBO Delegated Act, making the fuel eligible for support under the EU Renewable Energy Directives and qualifying towards EU renewable targets.

The interest from Uniper highlights the economic benefits of Provaris’ hydrogen transport solution. Compared to converting hydrogen to ammonia for transportation, Provaris’ compression solution for a 300MW grid-connected site can deliver 50 percent more hydrogen, with 20 percent lower capital intensity and a 20 percent lower delivered cost. This demonstrates the cost advantages and efficiency of using Provaris’ proprietary technology for hydrogen transport.

Provaris’ strategic partnerships and innovative technology position the company at the forefront of the hydrogen supply chain, driving forward the adoption of green hydrogen in Europe and reinforcing its role in the transition to renewable energy sources.

For more information visit www.provaris.energy

Nine gas transmission system operators in the countries surrounding the Baltic Sea have come together to sign a Memorandum of Understanding aimed at coordinating and facilitating the development of hydrogen infrastructure and fostering the growth of the hydrogen market in the region. The TSOs involved in the MoU include Polish GAZ-SYSTEM, Estonian Elering, Danish Energinet, Finnish Gasgrid Vetyverkot, Lithuanian Amber Grid, Swedish Nordion Energi, German GASCADE Gastransport, Latvian Conexus Baltic Grid, and German ONTRAS Gastransport.

The primary objective of this cooperation is to coordinate the activities of these collaborators in order to promote the development of the hydrogen economy in the Baltic Sea region. The companies will work together to coordinate the development of infrastructure projects for the transmission and storage of hydrogen in the region. They will also share information on developments in the hydrogen market and projects related to renewable hydrogen production and demand. This collaborative effort aligns closely with the EU’s Baltic energy market interconnection plan (BEMIP) group.

The Baltic Sea region is well-suited for clean hydrogen production due to its abundant renewable energy resources. It has the potential to supply up to 45 percent of the clean hydrogen production outlined in the REPowerEU plan by 2030. The region’s onshore and offshore wind resources can be utilized for hydrogen production, creating a clean hydrogen market in the near future. To unlock this potential, infrastructure and industrial companies operating in the Baltic Sea region are developing new hydrogen pipeline infrastructure. The aim is to deliver hydrogen from supply-rich regions to demand centre’s.

This infrastructure development supports the achievement of the REPowerEU plan and the targets set by the Marienborg declaration, signed by the prime ministers of the Baltic Sea countries in 2022. The signed MoU and active collaboration among the companies will concretely advance the objectives of the Marienborg declaration, particularly in terms of exploring joint cross-border renewable energy projects and identifying infrastructure needs. The development of new infrastructure for both hydrogen and electricity is crucial for accessing renewable energy sources, necessitating cooperation between TSOs in the Baltic Sea region.

Enhancing the safety and resilience of the European energy system is a key goal of the EU agenda and the Marienborg Declaration. Reducing Europe’s dependence on imported Russian fossil fuels and accelerating progress towards European climate targets are also important objectives. Developing the production and utilization potential of hydrogen is seen as a critical element in achieving these targets. By collaborating and rolling out hydrogen infrastructures, the gas TSOs aim to contribute to this process and help create a competitive and liquid hydrogen market with multiple suppliers and users.

The coordinated development of hydrogen infrastructure in the Baltic Sea region will support the creation of a flexible, safe, resilient, sustainable, and integrated pan-European energy system. The planned hydrogen infrastructures, in line with EU and regional targets, are expected to cover Finland, Sweden, the Baltic states, Poland, and Germany by 2030.

To advance these goals, the gas transmission operators have initiated several large-scale studies for the development of cross-border hydrogen infrastructure projects. These projects align with the REPowerEU plan, regional targets, national strategies, and the European Hydrogen Backbone vision. Currently, there are three cross-border infrastructure projects with Project of Common Interest status: the Nordic-Baltic Hydrogen Corridor, the Baltic Sea Hydrogen Collector, and the Nordic Hydrogen Route. Additionally, the gas infrastructure operators are planning to implement other projects in a coordinated manner, including cross-border interconnectors, domestic backbones, and hydrogen storage.

For more information visit www.gasgrid.fi/en/

In July, Exolum terminals reported deliveries of oil products to the Spanish market totalling 4.0 million cubic metres, marking an 8.4 percent increase compared to the same period in the previous year, after adjusting for seasonal effects.

When analysing the data by product type, gasoline deliveries showed a significant rise of 9.6 percent compared to July 2023, while diesel fuel outflows experienced an 8.2 percent increase over the same timeframe. In total, motor fuel outflows reached 2.8 million cubic metres, reflecting an overall growth of 8.7 percent from July 2023.

For diesel fuels, which include automotive, off-road, and heating oil, deliveries amounted to 2.5 million cubic metres, up by 6.6 percent compared to July 2023.

Additionally, kerosene deliveries surpassed 792,000 cubic metres, indicating a substantial increase of 12.8 percent relative to July 2023.

For more information visit www.exolum.com/en/

At a ceremony marking the 100th anniversary of the Walchensee power plant in Kochel am See, Bavarian minister president Dr Markus Söder praised the achievements of Germany’s oldest and most powerful high-pressure storage power plant. He emphasised the importance of hydropower in Bavaria, with 60 percent of Germany’s hydropower coming from the state. The power plant supplies electricity to around four million households and plays a crucial role in the expansion of renewable energies in Bavaria.

Uniper CEO Michael Lewis welcomed guests to the ceremony and expressed pride in the century-long history of power generation at Walchensee. He highlighted the sustainability efforts of the power plant, with continuous investments in environmental protection and nature conservation. Lewis also recognised the power plant’s role in the energy transition and its contribution to reducing carbon dioxide emissions.

The Walchensee power plant, officially put into operation in 1924, is the oldest and most powerful high-pressure storage power plant in Germany. With an output of 124 megawatts, it generates around 300 million kilowatt hours of electricity annually, equivalent to the consumption of 100,000 households. The power plant utilises the natural difference in altitude between Walchensee and Kochelsee to generate emission-free electricity.

The Walchensee power plant consists of six parallel pressure pipes that lead to the machine hall, where four Francis turbines supply electricity to the public grid and four Pelton free-jet turbines generate electricity exclusively for Deutsche Bahn. The power plant plays a crucial role in balancing out the fluctuating electricity demand and integrating renewable energies into the supply systems.

Uniper plans to celebrate the anniversary year with various events, including free presentations, an open monument day, and a special exhibition on the history of the power plant. The Walchensee power plant will continue to be a key player in the energy transition and the supply of green electricity for emission-free rail mobility.

For more information visit www.uniper.energy

H2O Midstream, LLC and EIV Capital, LLC have announced the execution of definitive agreements for the sale of H2O Midstream to Delek Logistics Partners, LP. H2O Midstream, based in Howard County, Texas, specialises in gathering, transportation, recycling, storage, and disposal solutions for produced water.

Jim Summers, co-founder and CEO of H2O Midstream, remarked, “The acquisition of H2O Midstream by Delek Logistics creates a fully integrated multi-commodity midstream platform in the Midland Basin and represents the realisation of our vision that produced water can be managed as a true midstream business. This successful eight-year venture was only possible thanks to the incredible support and partnership of EIV Capital and the professionalism and dedication of all H2O Midstream management and employees, who represent some of the best this industry has to offer. I am excited to welcome this new era for oilfield water management under the capable leadership of Delek Logistics.”

H2O Midstream and EIV Capital partnered in 2016 to explore produced water midstream opportunities in the Permian Basin. Through greenfield development, organic growth, and strategic acquisitions, H2O Midstream built a comprehensive system comprising over 250 miles of buried pipeline, approximately 4 million barrels of owned and third-party storage, and access to over 900,000 barrels per day of owned and third-party disposal capacity across a 400 square mile footprint.

David Finan, managing partner of EIV Capital, stated, “We valued the opportunity to partner with the H2O Midstream team as they executed a vision to build a leading water midstream platform in the Midland Basin. We’d like to thank Jim Summers and the entire H2O Midstream team for their hard work and dedication.”

The acquisition by Delek Logistics marks a significant step in integrating water midstream operations with broader midstream services in the Midland Basin, promising enhanced operational efficiencies and expanded capabilities.

For more information visit www.h2omidstream.com

Aramco, a globally recognised energy and chemicals company, and NextDecade Corporation have announced a significant development in their collaboration. The companies’ subsidiaries have signed a non-binding Heads of Agreement for a 20-year liquefied natural gas sale and purchase agreement for offtake from Train 4 at the Rio Grande LNG Facility in Texas, USA.

According to the terms of the HoA, Aramco plans to purchase 1.2 million tonnes per annum of LNG for 20 years on a free on board basis, with the price indexed to Henry Hub. Currently, Aramco and NextDecade are engaged in negotiations for a binding agreement. The effectiveness of the agreement will be contingent on a positive Final Investment Decision on Train 4.

Nasir K. Al-Naimi, Aramco Upstream president, expressed his anticipation for finalising a long-term LNG offtake agreement with NextDecade. He emphasised the company’s interest in expanding its presence in international energy markets and meeting the growing demand for secure and efficient energy through LNG.

Matt Schatzman, NextDecade chairman and CEO, expressed his satisfaction with the Heads of Agreement and highlighted Aramco’s objective to broaden its LNG portfolio. He also expressed eagerness to finalize the LNG SPA with Aramco and explore additional opportunities for collaboration.

NextDecade aims to reach the Final Investment Decision for Train 4 in the second half of 2024. This is subject to finalising an engineering, procurement, and construction contract, securing necessary commercial support, and obtaining sufficient financing for the construction of Train 4 and associated infrastructure.

For more information visit www.next-decade.com

Cheniere Energy, Inc.  has announced that its subsidiary, Cheniere marketing, LLC, has entered into a long-term liquefied natural gas sale and purchase agreement with Galp Trading S.A., a subsidiary of Galp Energia, SGPS, S.A.

Under the terms of the SPA, Galp will purchase approximately 0.5 million tonnes per annum of LNG for a duration of 20 years from Cheniere marketing on a free-on-board basis. The purchase price will be indexed to the Henry Hub price, plus a fixed liquefaction fee. Deliveries are slated to commence in the early 2030s, contingent upon a positive final investment decision regarding the second train of the Sabine Pass Liquefaction Expansion Project. The agreement also includes provisions for a limited number of early cargoes to be purchased by Galp prior to the commencement of Train Eight.

Jack Fusco, president and chief executive officer of Cheniere, expressed satisfaction with the agreement, stating, “We are pleased to enter into this long-term agreement with Galp, a leader across Iberia’s energy sector, which reinforces the critical role US natural gas is expected to play in Europe’s energy mix into the second half of this century. We look forward to providing our flexible, reliable and cleaner burning LNG to Galp under this new long-term agreement. This SPA is expected to provide further support for the SPL Expansion Project, and demonstrates continued momentum as we progress development of the project.”

The SPL Expansion Project aims to develop up to approximately 20 mtpa of LNG capacity, inclusive of estimated debottlenecking opportunities. In February 2024, certain subsidiaries of Cheniere Energy Partners, L.P. submitted an application to the Federal Energy Regulatory Commission for authorisation to site, construct, and operate the SPL Expansion Project. Additionally, an application was submitted to the Department of Energy requesting authorization to export LNG to Free-Trade Agreement and non-FTA countries.

This strategic agreement with Galp highlights the growing significance of US natural gas in Europe’s energy landscape and supports the advancement of Cheniere’s expansion projects, ensuring a stable supply of cleaner energy for the future.

For more information visit www.cheniere.com

Exolum has been included for the first time among the 100 most valued brands in Spain, occupying the 96th position according to the ranking prepared by Brand Finance.

This recognition is a testament to Exolum’s continuous effort and strategic growth, both internally and externally. The company’s dedication to excellence and innovation has paid off, earning it a prestigious spot among Spain’s top brands.

“We are proud and will continue striving to become an increasingly recognised brand!,” said an Exolum spokesperson.

Exolum’s inclusion in the Brand Finance ranking highlights its significant progress and the positive impact of its growth strategies. As the company looks to the future, it remains focused on maintaining its upward trajectory and further solidifying its position in the market.

This accomplishment not only showcases Exolum’s success but also sets a benchmark for continued innovation and leadership in the industry. With its eyes set on even greater heights, Exolum is poised to continue its journey toward becoming a leading and influential brand in Spain and beyond.

For more information visit www.exolum.com

Tree Energy Solutions, a global leader in producing e-NG, and Saibu Gas, a major Japanese gas utility, have signed a Memorandum of Understanding to promote e-NG as a key clean energy source. This partnership supports Japan’s goal to use e-NG for 90 percent of its City Gas consumption by 2050.

The agreement will help Saibu Gas provide stable, clean energy and achieve carbon neutrality in its city gas supply chain. The parties will explore opportunities including a long-term e-NG offtake contract by Saibu Gas from TES production projects, where captured CO2 is combined with green hydrogen to create e-NG that can be used as a drop-in fuel at consumer facilities.

This collaboration with Saibu Gas will enable TES to establish an overseas supply chain for e-NG into Asia and promote the introduction of e-NG into the Japanese market. TES and Saibu Gas aim to create a sustainable value chain, enabling Japan to meet its carbon neutrality goals by 2050 while ensuring a stable supply of clean energy.

Marco Alverà, CEO and co-founder of TES, stated, “We acknowledge the profound significance of the Japanese LNG market and its influence both locally and globally. Together with Saibu Gas, we have the opportunity to drive meaningful progress in the transition towards greener alternatives for Japan’s energy sector.”

For more information visit www.tes-h2.com

Baker Hughes, an energy technology company, has announced a significant award from the State Oil Company of Azerbaijan Republic to implement its electric submersible pump technology and the automated field production software solution, Leucipa, in Azerbaijan’s oilfields. The signing ceremony for this joint cooperation agreement took place in Baku, attended by Baker Hughes CEO and chairman Lorenzo Simonelli and SOCAR president Rovshan Najaf.

The initial shipment of 50 ESPs, out of a total of more than 150, is expected to arrive this year. This integrated solution aims to optimise SOCAR’s oilfield operations, significantly reducing the number of workovers and enhancing overall efficiency.

“Baker Hughes and SOCAR have long worked together to employ innovative approaches to the oil and gas industry in the Caspian,” Simonelli said. “Technology remains essential to achieve sustainable energy development, and our proven production solutions generate shorter-cycle, lower-cost, and lower-carbon barrels for our customer.”

This collaboration is poised to have a substantial local impact. The companies plan to establish a joint centre of excellence in Azerbaijan, which will be capable of manufacturing, assembling, repairing, and maintaining the ESPs. Additionally, Baker Hughes is committed to investing in local workforce training initiatives to support this endeavour.

The project underscores Baker Hughes’ commitment to leveraging advanced technology for sustainable energy development while fostering local economic growth and skills development in Azerbaijan.

For more information visit www.bakerhughes.com

United Molasses Group, the parent company of bulk liquid storage specialist UM Terminals, has announced two significant appointments. Phil McEvoy, the current managing director of UM Terminals, will assume the role of UM Group Terminals director. He will be succeeded as managing director of GB Terminals by commercial director Vic Brodrick.

In his new position, Vic Brodrick will oversee all facets of the GB Terminals business, with support from Phil’s team in asset management and health and safety matters.

Phil expressed enthusiasm for his new responsibilities, stating that it would enable him to take on broader strategic duties related to leveraging the group’s global terminal footprint to enhance tank storage offerings within the UM Group. He noted the ongoing substantial investment in the terminals business, both in the UK and worldwide, reaffirming the company’s commitment to solidifying its status as a leader in bulk liquid storage and logistical solutions.

Vic highlighted the progress made during Phil’s leadership over the past two years. His focus will be on ensuring that the returns on recent investments align with the company’s strategic growth plan while maintaining the highest standards of safety and quality assurance. He also emphasised the importance of the Group’s Environmental, Social, and Governance (ESG) programme, which aims to further reduce the company’s carbon footprint through initiatives such as the adoption of greener fuels.

Vic noted that several long-term customers have increased their storage needs, and new customers have been onboarded, bringing the terminals close to capacity, although some storage opportunities remain available at the Hull terminals. He reiterated the company’s commitment to investing in suitable opportunities to ensure that facilities and services meet customer requirements, boasting a rapid response time from customer inquiries to product availability.

UM Terminals’ strategic growth plan aims to maintain industry leadership in product expertise, bulk liquid storage capabilities, value-added services, and sustainability credentials. In the upcoming months, Phil and Vic will collaborate on advancing a series of terminal development projects in GB, with Phil also overseeing projects at various other terminals within the Group.

The GB company operates seven terminals located in Liverpool, Hull, and Portbury, all strategically positioned to address the logistical challenges and opportunities faced by customers. Value-added services provided include biofuel feedstock pre-treatment, blending, water dilution, product packing, HMRC bonded warehousing, and compliance with the Control of Major Accident Hazards (COMAH).

For more information visit www.umterminals.co.uk

TotalEnergies has entered into an agreement to sell its wholly-owned subsidiary, TotalEnergies EP (Brunei) B.V., to Hibiscus Petroleum Berhad, a Malaysian independent oil and gas exploration and production company. The deal, valued at $259 million, is expected to close in the fourth quarter of 2024.

TotalEnergies EP (Brunei) B.V. holds and operates a 37.5 percent interest in Block B, in partnership with Shell Deepwater Borneo (35 percent) and Brunei Energy Exploration (27.5 percent). Block B, situated 85 kilometres off the coast of Brunei, encompasses the Maharaja Lela/Jamalulam field. The MLJ field, which began production in 1999, contributed approximately 9,000 barrels of oil equivalent per day to TotalEnergies’ net production in 2023.

“This transaction fits with our strategy to actively manage our portfolio by monetizing mature assets and to allocate our talents to the most promising assets,” said Jean-Pierre Sbraire, chief financial officer of TotalEnergies.

The sale aligns with TotalEnergies’ strategic objective of optimising its asset portfolio by divesting mature properties and focusing on high-potential opportunities. Hibiscus Petroleum’s acquisition of TotalEnergies EP B.V. marks a significant expansion in the Southeast Asian region for the Malaysian company, furthering its ambitions in the oil and gas sector.

For more information visit www.totalenergies.com

OCI Global, a prominent global producer and distributor of hydrogen products, has entered into a binding equity purchase agreement for the sale of 100 percent of its equity interests in the OCI Clean Ammonia project currently under construction in Beaumont, Texas. The buyer, Woodside Energy Group Ltd, will acquire the project for a total consideration of USD 2.35 billion on a cash-free, debt-free basis.

Woodside Energy Group will acquire 100 percent of the equity interests in OCI Clean Ammonia. The agreed purchase price of USD 2.35 billion will be paid in two instalments: 80 percent at the closing of the transaction and the remaining balance upon project completion. OCI will remain responsible for managing the construction, commissioning, and start-up of the facility until it is fully operational and staffed, at which point Woodside will take over.

The transaction, subject to customary closing conditions and OCI shareholder approval, is expected to close in the second half of 2024. The OCI board of directors has already approved the transaction and recommended it to the shareholders.

OCI Clean Ammonia Project

The OCI Clean Ammonia project is recognised as the world’s first large-scale, low-carbon intensity hydrogen-based greenfield ammonia facility. Engineering began in late 2021, with construction starting in December 2022. The project is slated to produce its first ammonia in 2025. The facility represents a collaboration between OCI and Linde, integrating Linde’s low CI hydrogen production and carbon capture technology with OCI’s ammonia production, storage, and transportation infrastructure. Additionally, ExxonMobil is contracted for CO2 transportation and sequestration infrastructure.

The project’s first phase will capture and sequester 1.7 million metric tonnes of CO2 annually. OCI Clean Ammonia is poised to meet blue ammonia specifications and is the only blue ammonia facility under construction globally. It is designed to produce 1.1 million metric tonnes per year in its first phase, with infrastructure and utilities in place to double this capacity. This design philosophy is expected to yield significant savings in budget and timeline for future expansions.

Statements from OCI Leadership

Nassef Sawiris, executive chairman of OCI, expressed pride in launching the first FID’d blue ammonia project on a global scale, with first production expected in less than a year. He highlighted the project’s potential to reduce carbon emissions in various sectors and expressed confidence in Woodside as a custodian of the landmark asset.

Ahmed El Hoshy, CEO of OCI, acknowledged the efforts of the OCI team in developing the project and anticipated significant value addition by Woodside as the future owner and operator. He emphasised the importance of close collaboration with Woodside’s management to ensure successful project completion and transition.

Hassan Badrawi, CFO of OCI, reflected on OCI’s thirty-year track record as an investor, developer, and operator, expressing pride in the company’s journey and accomplishments across sectors and geographies.

For more information visit www.oci-global.com

Upwing Energy, a gas tech innovator and service company, has announced a new collaboration with Equinor, the Norwegian energy company. Equinor, through its investment arm Equinor Ventures, has invested in Upwing to qualify its Subsurface Compressor System™ at Equinor’s Kårstø test facility for offshore deployment. This partnership aims to conduct comprehensive testing, including endurance, performance, and functional assessments, to validate the SCS’s capabilities under representative conditions.

The SCS, partly derived from the proprietary technologies of former parent company Calnetix Technologies, offers significant advantages in gas production enhancement, reservoir optimisation, and emissions reduction. It is the first tool of its kind to create effective drawdown through a downhole compressor, paving the way for a more sustainable and reliable energy future.

Equinor’s Kårstø test facility, renowned for its state-of-the-art infrastructure and rigorous testing protocols, provides an ideal environment for assessing the SCS’s endurance, performance, and functionality. Upwing Energy and Equinor will collaborate closely to ensure the SCS’s readiness for commercial deployment and operation offshore.

“Equinor has always been visionary in its approach to energy technology and shares our belief that innovation holds the key to achieving the many economic and sustainability goals for our energy ecosystem,” said Herman Artinian, CEO at Upwing Energy. “This collaboration will provide an advanced testing ground simulating real-world offshore conditions, prime the SCS for wider commercial deployment, and significantly scale its impact.”

“Upwing Energy’s technology and its potential to accelerate and increase natural gas well production align with our commitment to long-term value creation for the Norwegian Continental Shelf,” said Torstein Grøstad, project leader at Equinor. “We are pleased to embark on the path towards qualification and offshore deployment of this powerful technology together with Upwing Energy.”

This partnership marks a significant step forward in enhancing natural gas production efficiency and sustainability, reinforcing both companies’ commitments to advancing energy technology and reducing environmental impact.

For more information visit www.upwingenergy.com

ExxonMobil Corporation reported second-quarter 2024 earnings of $9.2 billion, or $2.14 per share, reflecting industry-leading performance and highlighting the company’s portfolio strengths. The Pioneer merger, finalised ahead of schedule, contributed $0.5 billion to earnings and enhanced upstream production by 15 percent, including record outputs in Guyana and the Permian. The company achieved a cash flow from operating activities of $10.6 billion and a cash flow from operations, excluding working capital movements, of $15.2 billion. Shareholder distributions totalled $9.5 billion, comprising $4.3 billion in dividends and $5.2 billion in share repurchases.

Year-to-date earnings were $17.5 billion, a decline from $19.3 billion in the first half of 2023, mainly due to decreased refining margins and natural gas prices. Nonetheless, the company’s advantaged volume growth from record production in Guyana, Pioneer, and the Permian, along with cost savings, offset these declines. ExxonMobil achieved $10.7 billion in structural cost savings since 2019, with $1.0 billion saved this year. Cash flow from operations and asset sales, excluding working capital, was $29.5 billion.

ExxonMobil advanced its new businesses, including carbon capture and storage and virtually carbon-free hydrogen production. A new agreement increased total contracted CO2 offtake to 5.5 million metric tonnes per year. The company also signed an MOU with SK On for lithium supply for electric vehicle batteries and progressed ProxximaTM, a high-performance resin, projected to address a $30 billion market by 2030.

Upstream earnings rose to $12.7 billion, driven by increased production and cost savings. The Energy Products segment reported $2.3 billion in earnings despite lower refining margins. Chemical Products earnings increased to $1.6 billion due to strong sales and cost advantages. Specialty Products delivered consistent earnings of $1.5 billion, bolstered by higher volumes and cost savings.

ExxonMobil declared a third-quarter dividend of $0.95 per share and maintained a robust financial position with a debt-to-capital ratio of 14 percent. The company plans to repurchase over $19 billion of shares in 2024, supporting its commitment to delivering shareholder value.

For more information visit www.exxonmobil.com

Speed, reliability, and versatility are essential in today’s demanding worksites. HYTORC’s new 48v battery-operated LIGHTNING™ PUMP Series is designed to meet these needs, delivering unparalleled speed, accuracy, and reliability.

Key Features Across Both Models:

• Brushless DC Variable Speed Motor: Enhanced performance for demanding tasks.
• Water and Dust Resistant: Built for tough environments.
• Single-Port and Multi-Port Configurations: Flexibility to suit various needs.
• 12-Month Warranty: Peace of mind with every purchase.
• Hard Shell Protective Transport Case: Optional extra for the Standard model, standard with the Smart version.

Exclusive to the SMART Model:

• 7” Touch Screen Interface: Intuitive control at your fingertips.
• Fully Automatic Bolting Mode: Select the tool on the 7” screen, enter the torque value, push the button, and the pump handles the rest.
• HDMI Output: For easy data display.
• Vibration, Optical & Audio Feedback Remote Control: Ensures clear communication and control.
• BOLTING DOCUMENTATION®: Quality compliance documentation for assurance and records.

HYTORC’s LIGHTNING™ PUMP Series is designed to prevent project delays and ensure structural integrity with reliable, high-performance equipment. Equip your team with the HYTORC LIGHTNING™ PUMP Series and stay ahead of the curve.

For more information visit www.hytorc.com

The Northern Territory Government and Vopak have signed a memorandum of understanding to develop a common-user infrastructure, including a CO2 import terminal, in the Middle Arm Sustainable Development Precinct in the Northern Territory, Australia. This MoU outlines the cooperation between the government and Vopak to advance the development of common-user CO2 import, storage, and handling infrastructure in Darwin.

“The Lawler Labour Government is committed to developing the Middle Arm Sustainable Development Precinct, a strategic industrial area designed to accommodate advanced manufacturing and green energy production. CCUS capability is a core component of the circular economy design of this Precinct. I am excited to be partnering with Vopak, who have contributed to the energy security and economic development of the Northern Territory with their operations in East Arm for almost 20 years. This project contributes to the NT’s goal of a $40 billion economy by 2030 and our transition to net zero by 2050. This agreement leverages Vopak’s global expertise in developing infrastructure solutions to accelerate the energy transition worldwide,” said Eva Lawler, chief minister of the Northern Territory.

“For nearly 20 years, Vopak has been contributing to the energy security and economic development in East Arm near Darwin city. This project not only signifies our ongoing commitment to growth but also contributes to playing a role in decarbonisation ambitions for both the Northern Territory and Australia. Together with the Northern Territory Government, we look forward to playing a key role in Australia’s transition to net zero. This development of CO2 infrastructure is fully in line with Vopak’s global strategy to develop infrastructure solutions to accelerate the energy transition,” said Paul Kanters, managing director, Vopak Terminals Australia.

The CO2 import, storage, and handling infrastructure will be designed to manage the import, storage, and distribution of carbon dioxide efficiently and accessibly. This shared facility will be available to various companies to help manage CO2 emissions. The imported CO2 can originate from different sources, such as industrial plants that capture CO2 to prevent its release into the atmosphere, and from neighbouring countries. Once imported, the CO2 will be safely stored in large tanks before being transferred to a permanent destination, such as underground facilities for carbon capture and storage, or recycled for utilisation.

For more information visit www.vopak.com

Neste has begun supplying sustainable aviation fuel to Emirates for flights departing from Singapore Changi Airport, marking Emirates as the first international visiting carrier to use SAF supplied at the airport from Neste’s Singapore refinery. To meet Emirates’ needs, over 2,600 tonnes (3.3 million litres) of blended SAF have been integrated into the fueling system at Changi Airport over the past few weeks.

This SAF supply is part of the partnership announced between Neste and Emirates in October 2023. Earlier this year, Neste also supplied over 6,000 tonnes of blended SAF to Emirates at Amsterdam Airport Schiphol.

Photo: Emirates using Neste SAF at Singapore Changi Airport. Source: Emirates

Adel Al Redha, deputy president and chief operating officer at Emirates, commented on the development: “Emirates’ investment into Neste-produced SAF in Singapore marks the first step forward in our SAF adoption in Asia, a region that is primed to become a leading supplier of SAF, which continues to be in short supply. While the activation of this agreement marks a milestone in our SAF journey in a new region, there’s still a lot of work to do. And as we procure SAF for the short term, we’ve got our sights set on longer-term agreements to help scale up a steady supply of SAF for our operations.”

Alexander Kueper, vice president of the renewable aviation business at Neste, expressed his enthusiasm: “We are excited Emirates has started using Neste MY Sustainable Aviation Fuel at Changi Airport as the newest step in our cooperation. It makes Emirates the first international visiting carrier using SAF at the airport produced at our Singapore refinery and supplied into the airport via our integrated supply chain. We are looking forward to continuing to work together on scaling up the supply of SAF for Emirates’ operations.”

Sustainable aviation fuel is a renewable aviation fuel providing a more sustainable alternative to conventional, fossil-based jet fuel. Using Neste MY Sustainable Aviation Fuel™ reduces greenhouse gas emissions by up to 80 percent* over the fuel’s lifecycle, compared to using conventional jet fuel. Neste’s SAF is made from sustainably sourced, 100 percent renewable waste and residue raw materials, such as used cooking oil and animal fat waste. SAF is blended with conventional jet fuel before use and works seamlessly with existing aircraft engines and fueling infrastructure.

For more information visit www.neste.com

Evos, through Evos Finance B.V., is pleased to announce the successful completion of a EUR 950 million debt raise. This strategic move refinances a major part of Evos’s current debt facilities under existing loan conditions, achieving a more staggered, diversified, and long-term maturity profile.

The refinancing was executed with a mix of US Private Placement Notes and bank debt. As part of the process, Evos obtained an investment-grade rating, enabling the company to refinance and extend most of its outstanding debt.

This strategic refinancing underpins the long-term future of Evos, a leading liquid tank storage business, ensuring that the company can continue its successful growth and development.

Harry Deans, CEO, stated, “This is a great achievement and will help us to execute our strategy even more effectively. We are excited about the opportunities this refinancing brings to further grow, develop and evolve our business with our customers as we navigate the energy transition together.”

Koert Schouten, CFO, commented, “We are looking forward to continuing to work with our existing lenders and welcome our new financial partners. We are very excited about Evos and have now implemented a stable long-term funding base that allows the business to operate, grow, and invest in its future.”

Evos was advised on the refinancing by Evercore (financial advisor), CIBC and NAB (joint US PP agents), Latham & Watkins (legal), and the lenders were advised by Simpson Thacher & Bartlett (legal).

For more information visit www.evos.eu

SPG Steiner, a German-based EPCM contractor for the energy, petrochemical, and chemical industries, has signed an agreement with Allied Green Ammonia, an Australian-based company, to supply two large-scale 40,000-tonne cryogenic full containment double-wall ammonia storage tanks and an associated refrigeration system. These tanks will store 950,000 tonnes per year of green ammonia produced by AGA and shipped to its offtake partner.

SPG Steiner is a world-leading company in ammonia storage solutions, with successful projects across Europe, the Middle East, Central America, and Asia. Philippe Steiner of SPG Steiner stated, “Our extensive track record, state-of-the-art design, advanced welding techniques, and comprehensive knowledge of ammonia’s stress corrosion cracking ensure the highest safety and quality. Our partnership with AGA extends our commitment to clean energy solutions worldwide, now including Australia.”

AGA is developing a green ammonia production facility in Northern Territory, Australia, set to be one of the largest globally. The facility will produce green hydrogen as a reliable, secure source of ammonia based on renewable energy, aiming to reduce 1.8 million tonnes of carbon emissions annually from the global ammonia industry.

Alfred Benedict, founder & MD of AGA, commented, “This agreement with SPG Steiner builds on our progress and strategically positions AGA as we advance towards FEED and FID. Partnering with global leaders like SPG Steiner validates our plans for world-leading clean energy initiatives and strengthens our list of highly credentialed partners.”

For more information visit www.alliedgreen.com.au

JGC Holdings Corporation (representative director and CEO Masayuki Sato) is pleased to announce that JGC Corporation, in partnership with Technip Energies and NMDC Energy, has been awarded a contract by ADNOC for the engineering, procurement, and construction of the lower-carbon Ruwais LNG project, located in Al Ruwais Industrial City, Abu Dhabi.

The project will consist of two natural gas liquefaction trains with a total LNG production capacity of 9.6 Mtpa. The plant will use electric-driven motors instead of conventional gas turbines and will be powered by clean energy, making it the first LNG export facility in the Middle East and North Africa region to run on clean power. This innovation positions it as one of the lowest-carbon intensity LNG plants in the world.

The Ruwais LNG project will more than double ADNOC’s LNG production capacity, aligning with global natural gas demand and the shift towards decarbonisation.

Farhan Mujib, representative director and president of JGC, commented, “We are highly honoured to have been awarded this innovative lower-carbon LNG project, which represents the next generation of energy security and sustainability. We commit to leveraging our capabilities and experience for the lower-carbon Ruwais LNG project, bringing our proven track record in the LNG field. We are convinced this will contribute to the success of the project and enhance economic growth in the UAE.”

Arnaud Pieton, CEO of Technip Energies, remarked, “We are honoured to have been awarded the Ruwais LNG project by ADNOC. This pioneering initiative in the LNG sector, powered by electrified LNG trains using nuclear energy, sets a new standard for energy security and sustainability. By leveraging our low-carbon and electrified LNG leadership, we will support ADNOC’s position as a reliable global natural gas supplier and its commitment to decarbonisation.”

Ahmed Al Dhaheri, CEO of NMDC Energy, stated, “We are proud to be entrusted by ADNOC with the Ruwais LNG project, which strengthens our position in the UAE’s energy landscape and underscores our dedication to advancing the country’s sustainable development. Utilising nuclear energy for LNG production not only sets a new international standard for low-emission energy but also aligns with the UAE’s strategy for a sustainable future.”

For more information visit www.jgc.com

Technip Energies, a leading Engineering & Technology company for the energy transition, announced its unaudited financial results for the first half of 2024.

Arnaud Pieton, CEO of Technip Energies, commented:“Technip Energies delivered a strong first half performance, which puts us well on track to achieve our full-year guidance. Our revenues grew by double digits year-over-year, driven by positive backlog evolution and strong demand for our offerings, while robust execution ensured continued margin strength. Our consistent underlying free cash flow generation and balance sheet support ongoing investments into strategic growth initiatives, our people, and our assets, preparing T.EN for the future.”

“We achieved significant commercial success with two major LNG project awards in the Middle East, which enhance our leadership in low-carbon, electrified plants – a strategic objective for T.EN – and evidence this industry’s clear intent to decarbonise. We also benefited from sustained strength in TPS orders, which grew by nearly 15 percent year-over-year, reflecting high demand across our offerings and our ability to deliver innovative and reliable solutions to our customers. This momentum in orders is reflected in a very healthy backlog position, up 8% year-to-date, and equivalent to around three years of revenue.”

“The excellent visibility offered by our backlog combined with the breadth and quality of our commercial pipeline underpins our strong outlook. We continue to see natural gas playing an important role in securing a low-carbon world. This includes LNG, with high-quality opportunities, notably in East Africa, North America, and the Middle East. We are also experiencing strong engagement in the decarbonised markets for blue molecules, which use gas as a feedstock, and where T.EN offers a differentiated portfolio of technologies and solutions. Combined, these markets represent a €45 billion opportunity for T.EN through 2026, for which we are well positioned.”

“Beyond our commercial successes, we have made strong progress in executing our other strategic objectives to reinforce our longer-term growth outlook and open up new plays for T.EN. This includes the launch of Rely Clear100+, a productised solution for a 100 megawatt, pre-engineered green hydrogen plant, as well as launching the eMAX series – a suite of electric and automated loading arms. In addition, our technology development programs are progressing well, supported by our network of labs. We are accelerating economic solutions for green and circular polyester. This includes the commissioning of our Reju company’s state-of-the-art demonstration plant for textile-to-textile recycling.”

“Finally, I would like to thank our teams for their outstanding performance and dedication in the first half of the year. I am proud of what we have achieved together, and I look forward to building on our momentum in the second half of the year and beyond.”

Key Financials – Adjusted IFRS

Key Financials – IFRS

H1 2024 and H1 2023 diluted earnings per share have been calculated using the weighted average number of outstanding shares of 181,459,062 and 179,325,740 respectively.

2024 Full Company Guidance – Adjusted IFRS

Financial information is presented under adjusted IFRS (see Appendix 8.0 for complete definition). Reconciliation of IFRS to non-IFRS financial measures are provided in appendices.

(1) Diluted earnings per share growth indication excludes potential enhancement from share buyback programme.

For more information visit www.ten.com

The rapid advancement of the energy transition in shipping underscores the critical importance of methanol as a marine fuel. Essential to its smooth adoption is the necessary supply chain infrastructure.

Green Marine Fuels Trading is thrilled to unveil a strategic collaboration with Royal Vopak Terminals in the key ports of Shanghai Caojing and Tianjin Lingang, China. This milestone agreement marks the next phase of methanol supply chain infrastructure expansion for Green Marine Fuels Trading, securing necessary port storage capacity to accommodate the projected supply of green methanol from Chinese business partners.

Green Marine Group will undertake a similar cooperation plan with Vopak Singapore as well.

Gavin McGrath, director at Green Marine, expressed: “This is an important milestone in the evolution of Green Marine Fuels Trading and further underscores our preparedness to supply green methanol to the imminent green transition within the shipping industry.”

“Our leadership in the global methanol marine fuel sector uniquely positions us to bridge the gap between methanol producers and buyers, with storage and supply infrastructure being a crucial link in the chain. We eagerly anticipate leveraging our expertise in these domains to enrich the Shanghai and Tianjin green port and marine fuel ecosystems.”

As the world’s leading third-party terminal storage operator, Vopak aims to help the world flow forward by accelerating its portfolio investments towards new energies and sustainable feedstocks. Vopak (China) Management Company, the management company of Vopak Group in China and North Asia, has already established terminals with a capacity of more than 3 million cubic metres in China’s major coastal provinces.

In the process of the maritime industry’s energy transition, Vopak China expects to leverage existing facilities, supply chain expertise, and terminal network to help business partners and clients accelerate the low-carbon energy transition. The letter of intent indicates the desired collaboration between Vopak China and Green Marine, aiming to secure storage facilities for green methanol in the ports of Tianjin Lingang terminal and Shanghai Caojing terminal from Vopak China.

For more information visit www.greenmarine.dk

The VTTI Bio-Energy Tilburg team has successfully injected the first green gas into the local gas grid, marking a significant milestone in the commissioning of their state-of-the-art biogas production facility.

At VTTI Bio-Energy Tilburg, waste is converted into biogas by removing impurities and moisture, transforming it into high-quality biomethane that meets the stringent gas specification requirements set by the government. This purified gas is then blended into the local gas grid network of the Brabant province in the Netherlands.

Congratulations to VTTI Bio-Energy Tilburg for this outstanding achievement!

For more information visit www.vtti.com