GTT Strategic Ventures, the investment fund of GTT Group dedicated to supporting sustainable technology champions, has announced its participation in a €4 million financing round to support the development of CryoCollect, a French engineering company specialising in gas handling technologies. This investment was made in collaboration with Engie New Ventures, Engie’s investment fund for innovative start-ups that help accelerate the energy transition. The new investors join the founder and historic shareholders of CryoCollect.

CryoCollect, founded in 2017, has built a reputation for its expertise in the design and engineering of gas treatment, liquefaction, and separation technologies for gases such as bio-methane, carbon dioxide, and hydrogen. The company has assembled a multidisciplinary team of engineers and researchers, combining high-level scientific expertise with robust industrial know-how.

A notable innovation by CryoCollect is its pioneering work in capturing, purifying, and liquefying carbon dioxide from anaerobic digestion exhaust gases. This process enables the production of liquid biogenic CO2, which is part of the natural short carbon cycle and can replace fossil CO2 in industrial processes requiring CO2 as a feedstock, such as in the food and beverage industry or the production of synthetic fuels. With more than a dozen references already marketed, CryoCollect’s CO2 capture technology for biogas is the most widely deployed in its field.

Beyond biogas, CryoCollect applies its expertise in gas processing and liquefaction to other areas to accelerate the energy transition. This includes industrial CO2 capture on-board vessels, re-liquefaction of CH4 boil-off, BioLNG liquefaction for bio-methane transport, and its use as a sustainable fuel.

Philippe Berterottière, chairman and CEO of GTT, remarked, “Investing in CryoCollect aligns with GTT’s commitment to innovation and pioneering smart technologies that contribute to building a sustainable world. We are thrilled with this investment, which is poised to accelerate CryoCollect’s developments in sustainable gas production, thereby expanding the availability of bioLNG and bioCO2. This advancement will play a pivotal role in producing low-carbon fuels for the maritime industry. CryoCollect marks the sixth minority investment for GTT Strategic Ventures, our investment fund dedicated to future climate tech champions.”

Haytham Sayah, CEO and co-founder of CryoCollect, commented, “At CryoCollect, we are passionate about innovation. Since our inception in 2017, we have been committed to developing cutting-edge technologies in the field of energy, focusing on purification, liquefaction, and the valorisation of natural resources to reduce environmental impacts. Engie and GTT are natural partners for us, and we are delighted to welcome them on board. GTT has decades of experience in building a robust and efficient engineering and technology company, while Engie embraces a large array of activities (in biogas production, energy efficiency in the industry, bioLNG, etc.) that have a great fit with our portfolio of technologies. Both investors are strongly committed to accelerating the energy transition.”

This strategic investment underscores the commitment of GTT Strategic Ventures and Engie New Ventures to foster innovation and support technologies that advance the global energy transition, positioning CryoCollect as a key player in the sustainable gas technology sector.

For more information www.gttventures.com

Stolthaven Terminals, in collaboration with Global Energy Storage, has been selected as the potential operator for Brazil’s first green ammonia export terminal in Pecém, Brazil. The Port of Pecém Authority awarded the partnership the rights following a competitive 15-month tender process that included several global storage providers. The next phase of the project will involve developing the terminal’s basic engineering before finalising the contract with the Port of Pecém Authority.

Located in the Industrial Export Zone of the Pecém Complex, the green ammonia terminal will support the production and export of green hydrogen and ammonia. This facility aims to provide offshore markets with a competitive source of renewable energy. Both Stolthaven Terminals and GES, recognised for their global presence and expertise in large-scale storage projects, are well-suited to manage this initiative. Stolthaven Terminals has a notable presence in Brazil, with 42 years of experience as a storage provider in the Port of Santos.

Green ammonia is being explored as a solution for decarbonising the shipping industry and reducing greenhouse gas emissions in power and heat generation. It has the potential to serve as a hydrogen carrier over long distances due to its easy liquefaction and higher hydrogen density compared to other low-carbon hydrogen carriers. Ammonia is expected to play a significant role in meeting the EU target of importing 10 million tonnes per year of renewable hydrogen by 2030.

Guy Bessant, president of Stolthaven Terminals, expressed gratitude to the Port of Pecém Authority for awarding the tender and looks forward to working with GES, the Port of Pecém Authority, and future potential customers in developing a world-class terminal that will contribute to the energy transition. Peter Vucins, CEO of GES, also expressed pride in the role they played in the process and the joint development of a solution aligned with their vision and global operations.

Marcelo Schmitt, general manager of Stolthaven Santos, emphasised the importance of being chosen as the right partner for the Hydrogen Hub and supporting customers in transitioning to green energy. He highlighted Brazil’s growing role as an export powerhouse for biofuels and renewable energies and the successful and exciting development it will bring to the storage industry.

For more information visit www.stolt-nielsen.com

Qpinch, a leading innovator in heat transforming technology, has successfully secured €6M additional funding. The capital increase, supported by Qpinch’ lead investors Capricorn, SFPIM, SABIC Ventures, Oak3Capital and Port of Antwerp Bruges underscores the shareholders’ confidence in Qpinch’s groundbreaking approach to utilising industrial waste heat for the generation of carbon neutral steam. This investment will enable Qpinch to accelerate the commercial deployment of its transformative technology globally, advancing its mission to enable energy efficiency, reduce carbon emissions, and promote environmental sustainability for the industry.

“We are delighted to have secured this additional investment, in a round which was significantly oversubscribed. This will allow us to further enhance the application scope of our heat transforming technology, introduce new business models and advance our goal of providing carbon neutral steam at the lowest variable cost in the industry,” said CEO Valerie Dejaeghere. “This capital increase represents a significant milestone for Qpinch as we are demonstrating robust operations and able to offer the process industry a solution to economically decarbonise industrial heat production. It will also enable us to advance the technology for generating energy efficiency in carbon capture plants, thereby addressing the primary cost obstacle for large-scale implementation.

In addition to our direct go-to market and offerings via global technology providers, we are introducing decarbonised heat as a service, where customers will only pay for the carbon neutral steam off-take. This business model will still enable our customers to decarbonise economically without having to deploy capex nor resources”.

“In the three years of Capricorn’s shareholding, Qpinch has truly transformed from an innovation leader to a technology and industry leader in its kind, ready to scale its business globally. Its heat transforming technology is unsurpassed in terms of performance and carbon reduction potential. Moreover, Qpinch’s wide operational window makes it a readily adoptable solution to various markets that require a strong reduction in carbon emissions” Ludwig Goris of Capricorn Partners, says.

For more information visit www.qpinch.com

Azule Energy has successfully completed the transfer of its 12 percent participating interest in Block 3/05 and its 16 percent participating interest in Block 3/05A, both located in the prolific Lower Congo Basin, to Afentra. This significant transaction marks a notable shift in the ownership landscape of these key assets. The sale and purchase agreement governing this transfer was initially signed on 18 July 2023, setting the stage for a series of regulatory and approval processes.

The completion of this transfer was contingent on receiving the necessary regulatory approvals, which have now been granted by Angola’s Ministry of Mineral Resources, Petroleum, and Gas. This approval underscores the transaction’s alignment with national regulatory standards and strategic interests.

The terms of the SPA are particularly noteworthy. Azule Energy secured a firm consideration of $48.5 million for the transfer of its stakes in the blocks. This amount reflects the immediate value of the assets and the strategic importance of the Lower Congo Basin in the region’s oil production landscape. Furthermore, the agreement includes provisions for deferred contingent payments. These payments could total up to $36 million, depending on future conditions related to oil prices, production levels, and specific development milestones. This structure allows for flexibility and ensures that the final financial outcome reflects the dynamic nature of the oil market and the performance of the assets involved.

Block 3/05 and Block 3/05A are significant for their contributions to Angola’s oil output, and their transfer to Afentra is expected to influence the operational strategies and development plans in these areas. Afentra’s acquisition of these interests demonstrates its commitment to expanding its footprint in the region and leveraging the potential of these assets.

This transaction is also indicative of the broader trends in the energy sector, where companies are strategically realigning their portfolios to optimise value and focus on core operations. For Azule Energy, the sale aligns with its strategic objectives, potentially freeing up resources for investment in other priority areas.

In conclusion, the completion of this transfer marks a milestone for both Azule Energy and Afentra. It reflects the robust regulatory framework in Angola and highlights the dynamic nature of asset management in the oil and gas industry. The deferred contingent payments structure ensures that both parties remain invested in the future performance of the assets, aligning their interests with the ongoing developments in the Lower Congo Basin.

For more information www.azule-energy.com

The Prax Group has announced the completion of an agreement for exclusive crude oil supply for Prax Lindsey Oil Refinery with Glencore Energy UK Ltd, a subsidiary of Glencore plc, one of the world’s largest globally diversified natural resource companies.

Prax has selected Glencore as its supply partner to build on the substantial investment the Group has made since acquiring the refinery in 2021, which included the first major turnaround & inspection of the refinery under Prax ownership.

Under the terms of the agreement, the Prax Group will purchase crude oil and refinery feedstocks from Glencore for its requirements at Prax Lindsey Oil Refinery, located near Immingham in the Humber estuary, in the North-East region of the United Kingdom. Glencore will leverage its extensive global reach in the international energy markets to source the optimal range of crude oil and other feedstocks for the refinery.

The Prax Group is committed to continuing its investment in Prax Lindsey Oil Refinery for the long term, with the aim of transforming it into a next-generation, low-carbon refinery that contributes to the UK’s energy security.

For more information visit www.prax.com

For more information visit www.centrica.com

NexGen Energy Ltd. is pleased to announce that on May 21st, the company submitted responses to the remaining 49 technical review comments to the Canadian Nuclear Safety Commission. These comments are part of the Federal Environmental Assessment review process for NexGen’s 100 percent owned Rook I Project.

These 49 technical comments represent the final aspects of the initial 274 questions from the CNSC, stemming from their technical review of the Draft Environmental Impact Statement submitted by NexGen in June 2022. Alongside the responses, NexGen has also submitted a revised Federal EIS to the CNSC.

Leigh Curyer, NexGen’s chief executive officer, remarked, “The company received provincial EA approval in November 2023 and subsequently responded to the full Federal technical review comments, with approximately 80 percent accepted in the first round. The submission of these remaining 49 responses marks another significant milestone in advancing the Federal EA for the Rook I Project.”

Curyer further noted, “The Federal EA process, which began five years ago with the submission of the project description, validates the technical robustness of the project. Once approved, the Rook I Project will be the world’s largest and lowest-cost uranium fuel producer, providing outstanding environmental, social, and economic benefits for current and future generations.”

The federal licence application for the project was accepted by the CNSC in September 2023, and NexGen has received full support and consent from the four local rights-bearing Indigenous Nation partners. These partners include the Clearwater River Dene Nation , Birch Narrows Dene Nation, Buffalo River Dene Nation, and Métis Nation – Saskatchewan on behalf of MN-S Northern Region 2. All have formally confirmed their consent and strong support through the signing of industry-leading benefit agreements and have fully endorsed the Federal EA process.

In accordance with the established Federal EA process, the CNSC will now conduct a completeness check of NexGen’s most recent submission, to be completed within 30 days. Following this, a technical review of the responses and the revised EIS will be conducted by the CNSC through the Federal-Indigenous Review Team, which is prescribed to take 60 days. Upon confirmation that all technical comments are resolved and the EIS is accepted as final, the CNSC will establish a Federal Commission hearing date.

NexGen looks forward to the successful conclusion of the Federal EA technical review process and the establishment of a Federal Commission hearing date, which will pave the way for the construction and operation of this environmentally elite and fully supported green energy project.

For more information visit www.nexgenenergy.ca

The Association for Materials Protection and Performance, the global authority in materials protection and performance, announced a new chair of the AMPP board of directors. Pursuant to the AMPP Bylaws, former AMPP vice chair Kimberly-Joy Harris, Ph.D., PMP, has succeeded to fill the unexpired term of former AMPP chair Paul Vinik, who has resigned from the Board. The term concludes at the end of 2024.

Dr. Harris, a seasoned professional with over 30 years of experience in the energy sector, steps into this role with a comprehensive background in asset integrity, sustainability, and efficiency. She is the president and principal energy consultant at LIL Energy Consulting LLC, where she provides strategic guidance, technical expertise, and leadership development across the oil, gas, refinery, and pipeline industries.

“Kimberly is a long-standing, experienced, and well-respected member of the pipeline industry, whose passion for chapter support and recognition of our volunteers has continually driven our mission forward,” said AMPP CEO Alan Thomas. “Her leadership and expertise are invaluable, particularly when our industry faces significant technological and environmental challenges. I am confident that Kimberly’s vision and strategic approach will greatly benefit AMPP and its community.”

Dr. Harris holds master’s degrees in energy transition from the University of Texas at Austin and organisational leadership from Colorado Christian University. Her career includes key roles in corrosion and integrity engineering programmes at EnLink and Enbridge, where she was instrumental in leading diverse teams, fostering best practices, and crafting technical standards and training.

“Taking on this role is both an honour and a responsibility that I accept with a deep commitment to our mission and community,” said Dr. Harris. “I am grateful to Paul for his leadership and steadfast dedication to AMPP. His contributions have been pivotal in shaping the direction of our organisation, and I hope to build upon his legacy of integrity and innovation. Together, with the support of our members and volunteers, we will continue to advance our industry’s standards and practices.”

Dr. Harris will lead the AMPP Board as it continues its work with the AMPP Global Centre Board, led by Juan Caballero, to consolidate AMPP’s governance into one board in January. This important project will, by design, lead to a more agile and innovative organisation.

For more information visit www.ampp.org

BW Energy announce a substantial oil discovery with good reservoir quality in the DHIBM-7P pilot well, drilled to appraise the northern flank of the Hibiscus field. The company plans to complete the well as a production well later in 2024.

The DHIBM-7P pilot was drilled from the MaBoMo production platform to a total depth of 3,941 metres. The target area is located approximately 1.5 kilometres north-northwest of MaBoMo and was drilled by the Borr Norve jack-up rig. Evaluation of logging data, sample examination, and formation pressure measurements confirm approximately 24 metres of pay within an overall hydrocarbon column of 37 metres. Notably, the hydrocarbon column extends across the boundary between the Gamba and the underlying Dentale formation, marking the first example of a common Gamba-Dentale hydrocarbon accumulation in the Hibiscus Field.

“This is yet another confirmation of the significant potential of the Dussafu licence, which BW Energy is rapidly unlocking through low-cost and low-risk development activity,” said Carl K. Arnet, CEO of BW Energy.

Preliminary evaluation indicates a notable increase in both the volume of oil in place and gross recoverable reserves. As final data becomes available, technical personnel will update the analysis for publication of the uplift at a future date.

The next operation will involve placing a production well (DHBSM-2H) in the northern flank of the Hibiscus South field, which was recently successfully appraised.

For more information visit www.bwenergy.no

LBC Tank Terminals, an international storage company specialising in liquid bulk goods such as chemicals and base oils, is expanding its storage capacity by 80,000 m³ in Antwerp. The company, known for its strategically located terminals in Europe and the United States, has embarked on a significant development project to enhance its operational capabilities.

The expansion project involves constructing 28 new storage tanks, each standing 29 metres high, making them the tallest tanks in Antwerp. Additionally, the project includes the development of an advanced loading station for trucks and railcars, along with a brand-new loading quay for maritime transport. KH Engineering has been selected as the engineering partner for this ambitious project, ensuring a smooth and efficient execution.

“With high energy prices, chemical production in Northwestern Europe is under increasing competitive pressure, while Middle Eastern and US-based producers have an advantage with access to lower-priced feedstock,” says Erik Kleine, general manager Europe. “We see healthy and consistent growth in the import of base oils and chemicals into Europe, where Antwerp is a prime location for these expanding product flows.”

KH Engineering quickly translated the project objectives into a feasible design, capable of being constructed within LBC’s operational environment. This involved demolishing old tanks to create space for the new ones and integrating complex piping systems, a new loading station, and an ergonomic distribution station at the new loading quay. A crucial aspect of the project was to integrate existing external engineering parties into the design process, ensuring multidisciplinary coordination. Acting as an interface on behalf of LBC, KH Engineering maintained an overarching steering role, facilitating seamless collaboration between all involved parties.

The expansion not only increases LBC’s storage capacity but also enhances operational efficiency. The new ship loading facility and thoughtfully designed infrastructure allow for quicker switching between different types of products, boosting the terminal’s overall loading capabilities. Product flows are being redirected to other loading positions to minimise disruption and continue facilitating terminal operations for LBC’s customers.

KH Engineering’s extensive knowledge of tank terminals and multidisciplinary approach played a key role in the project’s success. Known for their expertise in designing and supervising construction in operational environments, KH Engineering fully developed LBC’s Basis of Design, created an innovative loading station and quay, and provided solutions to minimise terminal downtime. The meticulously detailed 3D design also anticipates future environmental requirements, ensuring long-term sustainability.

For more information visit www.lbctt.com

Siemens Energy and Danish state-owned Energinet have announced a substantial EUR 1.4 billion framework agreement aimed at renewing Denmark’s energy infrastructure. This strategic partnership will accelerate the green energy transition in Denmark, with Siemens Energy delivering transformers and switchgears for high-voltage substations to expand the country’s electricity grid.

The agreement targets the Western part of Denmark, where approximately 50 new or reinforced 150 kV high-voltage substations are planned for construction or expansion over the next eight years. The initial four years of this agreement are estimated to be worth up to EUR 800 million (DKK 6 billion), underscoring the urgency to accelerate the energy transition. These new substations will feature automated, state-of-the-art grid technologies provided by Siemens Energy.

Denmark aims to achieve net-zero emissions by 2045, heavily relying on renewable energy sources. By 2030, Denmark must quadruple its electricity generation from wind and solar power to meet the increasing electricity demand driven by the adoption of electric vehicles, heat pumps, and the conversion of solar and wind power to hydrogen and green fuels for industries. This ambitious goal requires massive investment and the expansion of the electricity grid to ensure the future electrification of Danish society.

Tim Holt, member of the executive board for Siemens Energy, emphasised the critical role of transmission in the energy transition, stating, “There is no energy transition without transmission, and that can only happen with the availability of switchgears and transformers. Grid investments are accelerating dramatically in Europe and worldwide, and customers are competing for manufacturing slots. This agreement enables Siemens Energy to plan its capacities, which will benefit both Danish and European energy infrastructure. We are excited to be trusted to deliver on the grid acceleration in Denmark.”

Henrik Riis, CEO of Energinet Electricity Transmission, highlighted the necessity of external suppliers for the rapid and significant expansion of the electricity transmission grid, saying, “The task is enormous. In the coming years, several high-voltage substations on the ‘high-ways’ of the Danish electricity grid are needed to secure that renewable electricity can be connected to the grid and transported around the country. We are incredibly pleased that with Siemens Energy we get a long-term, strategic partnership, thus ensuring that we can keep up with the dramatic development in Denmark.”

As renewable energy increasingly contributes to the electricity mix, grids must adapt to transport this electricity efficiently. Wind and solar energy generation often occurs far from consumption sites, necessitating long-distance electricity transport at high voltages to minimise losses. Power transformers are crucial for this process, enabling the conversion between high-voltage for transport and lower-voltage for consumer use.

Siemens Energy has a century-long history of manufacturing power transformers. This new agreement continues a longstanding partnership with Energinet, which owns, operates, and develops Denmark’s transmission systems for electricity and gas. This partnership also includes projects like the recently inaugurated Viking Link, the world’s longest interconnector between Denmark and the UK.

This collaboration between Siemens Energy and Energinet is poised to significantly bolster Denmark’s energy infrastructure, supporting its ambitious renewable energy targets and the broader European energy transition.

For more information visit www.siemens-energy.com

Rubis Terminal is excited to announce a strategic rebranding initiative that will see us operate under our new brand name—Tepsa. This change demonstrates our evolution and our commitment to leading sustainable storage solutions in Europe. With a strengthened focus on energy transition and innovation, we reaffirm our dedication to supporting critical infrastructure needs while driving environmental responsibility and operational excellence. This milestone marks a new chapter for our company as we continue to expand our capabilities and deliver enhanced value to our stakeholders.

“We’re building on our legacy and continuing to evolve for the future. Our transition to Tepsa signifies our forward-looking approach and dedication to meeting the needs of a rapidly evolving industry. This rebranding testifies to our agility and our innovative spirit. It’s more than just a change in appearance. It reflects our ongoing commitment to our values, to our people and to our clients. We believe that this new identity will inspire us all to continue striving for excellence and innovation in everything we do here at Tepsa.” Bruno Hayem, CEO

Tepsa is an independent leader in the storage of industrial liquid bulk products and gases including as chemicals, fertilisers, biofuels, and fuels that are fundamental to the economy. Our geographical footprint covers Western Europe where we operate 15 terminals with a total storage capacity of more than 4 million cubic metres, strategically positioned near key transportation and infrastructure hubs across France, Netherlands, Belgium and Spain. Headquartered in Paris, France, Tepsa Infra is jointly owned and controlled by Rubis SCA (55 percent) and Cube Storage Europe Ltd managed by I Squared Capital (45 percent)

For more information visit www.tepsa.com

Orcadian Energy is pleased to announce the signing of a non-binding Heads of Agreement with a potential farm-in partner concerning its recently awarded SNS Licence.

Summary:

• The agreement outlines a potential farm-in to Orcadian’s proposed SNS licence, providing the Partner with a period of commercial exclusivity. Orcadian announced the offer of the SNS Licence on 7 May 2024.
• The HoA details the key terms of a proposed long-term loan of $1.4 million payable to Orcadian by an affiliate of the Partner.
• The agreement also delineates further opportunities to collaborate on generating low-carbon electricity for customers.

Farm-in Deal

The SNS licence includes the Earlham discovery, with a P50 contingent resource of 114 bcf of sales gas, a potential redevelopment project for the now-decommissioned Orwell gas field, which Orcadian believes can deliver over 30 bcf of gas, and the Clover prospect, which has a P50 prospective resource of 153 bcf of gas.

• The Partner will acquire an interest in all or part of the SNS licence, with Orcadian remaining as the operator until the assessment phase for the Earlham project is complete. Afterward, the partner is expected to become the operator to prepare the field development plan and deliver the project.
• Upon completion of the transaction, the Partner will pay Orcadian an agreed fee and fund all development costs for Earlham and Orwell, the SNS Licence work programme, and other licence costs until first gas production.
• Orcadian has granted the Partner commercial exclusivity until 31 December 2024 to complete definitive documentation for the overall deal.
• This provisional agreement is subject to execution of licence documentation, completion of due diligence, negotiation of documentation, various regulatory consents, and Board approvals from both parties. There is no guarantee that the transaction will be completed.

Long-term Loan

An affiliate of the Partner has agreed in principle to loan Orcadian $1.4 million for up to two years. The loan is intended to be settled from the completion payment due under the proposed farm-in arrangement. If the farm-in deal completes, there will be no fees or interest payable.

• Should the farm-in deal not complete for any reason, including the Partner’s withdrawal, interest will be payable at a rate of 6 percent, and Orcadian will provide the Partner with security over its 18.75 percent interest in the Pilot field.
• The loan documentation is expected to be completed to allow drawdown before 13 June 2024. The loan’s purpose is to enable Orcadian to repay an outstanding loan to Shell, pay certain corporate liabilities, and meet general and administrative costs.

Steve Brown, Orcadian’s CEO, commented: “We have been approached by a partner that shares our vision of developing Earlham. We have been very impressed with the maturity of our potential partner’s concept and are keen to explore this and other opportunities to work with them. We are delighted that the partner also intends to provide a loan facility as part of this overall deal, and it is our intention to use the proceeds of that loan to settle our outstanding debt to Shell.”

For more information visit www.orcadian.energy

Stolt-Nielsen Limited today announced its unaudited results for the second quarter and first half ending May 31, 2024. The Company reported a second-quarter net profit of $100.2 million on revenue of $741.1 million, a notable increase from the $8.3 million net profit and $721.9 million revenue recorded in the second quarter of 2023, which included a loss provision of $155 million ($115.0 million after tax) related to the MSC Flaminia incident.

For the first six months of 2024, Stolt-Nielsen reported a net profit of $204.1 million with revenue reaching $1,448.5 million. This compares favourably to the first six months of 2023, where a net profit of $108.1 million (net of the MSC Flaminia loss provision) was reported alongside revenue of $1,430.6 million.

Highlights of the second quarter of 2024 include:

• Consolidated EBITDA of $207.9 million, up from $82.5 million in Q2 2023.
• Earnings per share increased to $1.87, up significantly from $0.15.
• Stolt Tankers reported an operating profit of $106.5 million, up from $96.8 million.
• STJS average time-charter equivalent revenue rose to $32,862 per operating day, marking a 6.4 percent increase from $30,880.
• Stolthaven Terminals reported an operating profit of $28.2 million, up from $27.8 million.
• Stolt Tank Containers reported an operating profit of $12.5 million, a strong recovery from the operating loss of $115.3 million in Q2 2023.
• Stolt Sea Farm reported an operating profit before fair value adjustment of biomass of $8.2 million, up from $4.4 million.
• Stolt-Nielsen Gas reported an operating loss of $5.2 million, compared to a loss of $2.7 million.
• Corporate and Other reported an operating cost of $14.3 million, contrasting with a gain of $2.0 million due to higher profit-sharing accruals and other non-divisional expenses.

Udo Lange, CEO of Stolt-Nielsen Limited, commented on the results: “I am very pleased with the overall strong performance of the Company, and our ability to deliver on our strategy and initiatives across the board as we aspire to be Simply the Best for our shareholders, customers and people. Stolt Tankers had another strong quarter, buoyed by higher spot freight rates due to the ongoing transit restrictions in the Red Sea, resulting in record high average TCE earnings. Stolthaven Terminals’ solid performance continued, supported by a focus on margin improvement. Stolt Tank Containers saw shipment volumes rise significantly year-on-year, reflecting our growing market share.”

“Stolt Sea Farm also delivered robust performance with increases in revenue and operating profit driven by firming prices for turbot and sole. Looking ahead, we remain focused on sustaining this momentum and capitalising on growth opportunities across our diversified portfolio.”

For more information visit www.stolt-nielsen.com

Energy transition infrastructure manager White Summit Capital has agreed to acquire a majority stake in Ferbgas Renewable, a leading independent biomethane producer in Portugal. Ferbgas is dedicated to the development, construction, and operation of biomethane plants, and this acquisition marks a significant step forward in both companies’ ambitions to enhance Portugal’s renewable energy landscape.

Ferbgas holds a project pipeline that requires an investment of approximately €200 million, with its first two projects expected to commence operations by 2026. This pipeline is projected to generate a combined output capacity of around 500 GWh, which would account for approximately 15 percent of Portugal’s estimated biomethane production by 2030. This increased production capacity is anticipated to lower the country’s emissions by approximately 100,000 tonnes of CO2-equivalent through reduced natural gas consumption.

Rafael Ferrari, CEO of Ferbgas, expressed his enthusiasm about the partnership: “We are excited to join forces with White Summit Capital in the development of cutting-edge biomethane projects in Portugal. With this partnership, we are confident in our ability to expand our portfolio of projects and drive the sustainable transformation of the Portuguese energy market. We look forward to leveraging our combined expertise to accelerate the development of innovative and impactful biomethane projects.”

This acquisition positions White Summit Capital as a key independent player in Portugal’s burgeoning biomethane industry. The firm will collaborate with Ferbgas and its experienced management team to expedite investments, mitigate risks, and foster collaboration opportunities with other portfolio companies.

Pablo Pallás, managing partner at White Summit Capital, highlighted the importance of the biomethane sector: “The biomethane sector is expected to play a crucial role in producing competitive domestic green renewable gas and to contribute to EU security of supply. Green molecules are a key pillar of our investment strategy to decarbonise those industrial processes difficult to be electrified. Portugal offers a great opportunity for sustained growth, and Ferbgas is the ideal partner given its track record of successfully identifying and originating promising projects. White Summit Capital and Ferbgas, leveraging their extensive experience, can create a strong foundation for long-term success.”

The transaction underscores the commitment of both companies to advancing sustainable energy solutions and supports Portugal’s goal of enhancing its renewable energy capacity while reducing greenhouse gas emissions.

For more information visit www.whitesummitcap.com

The new Pipeclad™ Frac-Shun ERC from Sherwin-Williams Protective & Marine establishes a new coatings category with a system that resists erosion inside pipes located near fracking wellheads, thereby reducing downtime maintenance costs and enhancing drilling productivity. This patent pending erosion-resistant coating technology protects pipe interiors from the inherent sandblasting action of grit moving rapidly through the pipes. The applied powder coating remains intact far longer than other options, protecting the steel pipes from the significant metal loss that otherwise leads to potential leaks and early pipe replacements in many operations.

The inner walls of pipes, especially elbows, located near wellheads can be eroded by fracking sandflows within six to 18 months, or sooner. Such erosion also occurs inside storage vessels and tanks where gritty, multiphase fluid flows strike interior surfaces. To date, no other coating category – whether liquid or powder – has been able to successfully mitigate this erosion. Instead, well operators are accustomed to frequent unexpected maintenance shutdowns following pipe wall thickness inspections.

The new Pipeclad™ Frac-Shun ERC from Sherwin-Williams Protective & Marine is a patent pending erosion-resistant coating technology that protects pipe interiors from the inherent sandblasting action of grit moving rapidly through the pipes, thereby reducing downtime maintenance costs and enhancing drilling productivity.

“High velocity fluids containing sand, rocks and other debris moving through a coated fracking pipe create a sandblasting action that’s akin to removing coatings when preparing a surface for a new application,” says Kristin Leonard, energy segment director, Sherwin-Williams Protective & Marine. “Once those coatings are gone, the steel will begin to erode instead. The new erosion-resistant coating system is able to withstand the impact of multiphase flows striking it without eroding or chipping away like most coatings. The ERC essentially spits the bullet back out after it’s fired at the surface. With the coating intact, abrasive fluids have no chance at eroding the steel.”

With Pipeclad Frac-Shun ERC providing a longer performance window for coated pipes, well operators are much more likely to surpass the first 12 months of operation on a new wellhead before needing to replace pipes. Erosive exposures are especially present in that first year, as drilling content is particularly abrasive during early well operations.

Pipeclad Frac-Shun ERC is applied to the inside of large- and small-diameter steel pipes to deliver maximum erosion protection. The applied system forms a molecular-level composite that provides an ultra-high erosion-resistant barrier that extends the service life of pipeline and elbow sections; minimises lost production time by extending maintenance cycles; and reduces steel loss, damage, and leakage during energy extraction.

Various lab testing and long-term field trials have confirmed the adhesion and chemical and erosion resistance characteristics of the new Pipeclad Frac-Shun ERC technology. Autoclave testing – which uses a blend of water and hydrocarbons at elevated temperatures and pressures representative of wellhead conditions – showed excellent resistance to operating stresses and chemical exposures. In addition, ultrasonic testing performed on steel pipes coated with the Pipeclad Frac-Shun ERC system confirmed no loss of wall thickness after six months of operation at an active wellhead. Pipes used at the same wellhead that featured a control coating technology showed the expected wall thickness erosion. Pipeclad Frac-Shun ERC has therefore remained on the pipe’s surface at a sufficient thickness to maintain protection.

For more information visit www.protective.sherwin-williams.com

Woodside has signed a sale and purchase agreement with CPC Corporation, Taiwan for the long-term supply of liquefied natural gas to Taiwan. Under the SPA, Woodside will supply approximately 6 million tonnes of LNG on a delivered basis over 10 years, commencing in July 2024. Additionally, Woodside may deliver approximately 8.4 million tonnes of LNG to CPC for a further 10 years, from 2034 to 2043, subject to conditions and agreement on terms for this period. The LNG delivered to CPC under the SPA will be sourced from volumes across Woodside’s global portfolio.

Woodside CEO Meg O’Neill welcomed the SPA, marking the company’s first long-term agreement for sales to Taiwan. She stated, ““This agreement with CPC for long-term supply to Taiwan is a first for Woodside and another demonstration of the ongoing demand for Australian LNG in Asian markets. It also reinforces the value our customers place on Woodside’s ability to maintain safe and reliable supply of energy into the 2030s.”

The deal reflects Woodside’s strategic focus on expanding its presence in key Asian markets and underscores the importance of LNG as a transitional energy source in the region. Taiwan, which is aiming to reduce its carbon footprint and increase energy security, views LNG as a critical component in its energy mix. The long-term supply agreement aligns with Taiwan’s energy policy goals, ensuring a steady and reliable source of LNG to meet its growing energy needs.

CPC Corporation, Taiwan, a state-owned petroleum, natural gas, and gasoline company, has been instrumental in the development of Taiwan’s energy infrastructure. By securing this long-term supply agreement with Woodside, CPC aims to enhance the stability of Taiwan’s energy supply and support the country’s efforts to transition towards cleaner energy sources.

The LNG supplied under this agreement will contribute to reducing Taiwan’s reliance on coal and oil, thereby lowering greenhouse gas emissions and supporting global climate goals. The SPA highlights the collaborative efforts between Woodside and CPC to address energy security and environmental sustainability.

With this agreement, Woodside continues to demonstrate its leadership in the LNG market, leveraging its expertise and robust portfolio to meet the evolving needs of its customers and contribute to a more sustainable energy future.

Fore more information visit www.woodside.com

ADNOC has made an important announcement regarding its investment in NextDecade Corporation’s Rio Grande LNG project in Texas, United States. ADNOC has acquired an 11.7 percent stake in Phase 1 of the project, which includes Trains 1-3. This investment aligns with ADNOC’s international growth strategy and its focus on expanding its lower-carbon LNG portfolio.

The acquisition was made through Global Infrastructure Partners (GIP), a renowned infrastructure investor. NextDecade will retain its expected economic interest in Phase 1, as well as its interests in Train 4 and Train 5 expansion capacity.

In addition to the stake acquisition, ADNOC and NextDecade have entered into a 20-year LNG offtake agreement for Train 4 of the Rio Grande LNG project. This agreement is for an annual volume of 1.9 million tonnes of LNG on a free on board (FOB) basis, with pricing indexed to Henry Hub, pending a Final Investment Decision (FID).

ADNOC’s Executive Director for Low Carbon Solutions and International Growth, Musabbeh Al Kaabi, expressed enthusiasm about the partnership and highlighted the importance of expanding ADNOC’s energy portfolio to meet global demand while prioritising sustainability. The Rio Grande LNG project, which covers a significant 984-acre site near Brownsville, Texas, stands out for its innovative carbon capture and storage (CCS) project. It is expected to achieve emissions reduction of over 90 percent and permanently store more than 5 million metric tonnes of carbon dioxide (CO2) annually.

NextDecade’s Chairman and CEO, Matt Schatzman, expressed excitement about the partnership with ADNOC, emphasising the role of LNG from their facility in increasing ADNOC’s global presence while providing affordable and environmentally friendly fuel options. ADNOC’s equity stake in Phase 1 also grants it the option for future equity participation in Trains 4 and 5 of the project. NextDecade aims to reach a Final Investment Decision for Train 4 in the latter half of 2024, subject to various conditions such as finalising contracts and securing adequate financing.

For more information visit www.investors.next-decade.com

Chevron Corp’s $53 billion deal to acquire Hess Corp. has garnered a mixed reception from major proxy advisory firms. Glass Lewis & Co. issued a report on Thursday recommending that Hess shareholders vote in favour of the merger. Despite acknowledging that some aspects of the deal are less than ideal, Glass Lewis highlighted that Hess shareholders could benefit from the potential future upside of the combined company through newly issued Chevron shares, deeming the merits “sound and reasonable.”

In contrast, Institutional Shareholder Services Inc. released a report on Monday advising Hess shareholders to withhold their votes. ISS raised concerns about the transaction’s valuation and uncertainties surrounding the timeline of an ongoing arbitration case between Exxon Mobil Corp. and Chevron regarding a stake in a Guyanese oil project.

These conflicting recommendations have created uncertainty about the outcome of Chevron’s largest deal in decades. The transaction still requires approval from the US Federal Trade Commission and must navigate the arbitration with Exxon, which is expected to extend through at least the end of the year.

On Friday, Chevron shares rose 0.4 percent, while Hess shares climbed 0.5 percent. However, HBK Capital Management, Hess’s fifth-largest investor, has aligned with ISS’s position and plans to abstain from voting on May 28.

The strategic impetus behind Chevron’s pursuit of Hess lies in acquiring a 30 percent stake in a massive oil field offshore Guyana, which is the world’s largest and most profitable crude discovery of the past decade. Exxon, which owns 45 percent of the site and operates it, filed for arbitration in March to block Chevron’s takeover, asserting a right of first refusal over Hess’s stake in the Stabroek Block offshore Guyana.

Chevron and Hess argue that this right does not apply in the context of a corporate merger. However, ISS pointed out that investors remain uncertain about the issue due to the private nature of the contract. The outcome of this arbitration and the varying recommendations from advisory firms will be crucial in determining the fate of Chevron’s ambitious acquisition.

For more information visit www.glasslewis.com

The European Investment Bank and Cepsa have signed a €285 million loan agreement for the construction of an advanced biofuels plant near the “La Rábida Energy Park” in Palos de la Frontera, Andalusia.

This plant, developed by Cepsa in collaboration with Bio-Oils, will produce sustainable aviation fuel and renewable diesel from organic waste, such as used cooking oil and agricultural waste, promoting the circular economy. Upon completion, the facility is expected to process up to 600,000 tonnes of waste annually, producing up to 500,000 tonnes of second-generation biofuels.

These biofuels will cater to industries like aviation, maritime transport, and heavy-duty road transport, where decarbonisation and electrification pose challenges. Biofuels provide an immediate solution to reduce CO2 emissions from these sectors without requiring changes to existing engines.

“This loan is a clear example of how the EIB promotes the energy transition, including in hard-to-abate sectors. This project will contribute to making Spain one of the leading countries in biofuels production,” said Gilles Badot, Director of EIB operations for Spain and Portugal. “Supporting private companies like Cepsa, which are investing in this transition and advancing their own decarbonisation strategies, is one way the EIB is accelerating the transition to a more sustainable energy model that promotes EU energy autonomy.”

The investment by Cepsa and Bio-Oils is concentrated entirely in Andalusia, a cohesion region with a per-capita income below the EU average. Given the project’s scope, it is expected to positively impact the local economy by boosting growth and job creation. As a result, the loan signed with Cepsa significantly contributes to the EIB’s commitment to economic, social, and territorial cohesion.

“We are grateful for the EIB’s support for this project, which is key to our Positive Motion strategy and to Spain’s and Europe’s progress towards necessary energy independence. This plant will enable us to take a giant step forward in producing green molecules, with the aim of facilitating the immediate decarbonisation of land, sea, and air transport by reducing CO2 emissions by up to 90 percent compared with traditional fuels,” said Maarten Wetselaar, Cepsa’s CEO.

This project aligns with the European Green Deal’s decarbonisation objectives. It is also part of the EIB’s action plan to support REPowerEU in ensuring energy security and reducing EU dependence on fossil-fuel imports.

Supported by InvestEU, an EU programme aiming to mobilise over €372 billion in additional investment from 2021 to 2027, the project furthers the programme’s goal of developing the energy sector and the sustainable bioeconomy.

With this new arrangement, the EIB continues to support Cepsa’s decarbonisation strategy. It marks the third financing operation with Cepsa in the past two years to accelerate this strategy. Previous financings included an €80 million loan for photovoltaic plants in Andalusia and a €150 million loan for Cepsa’s network of electric charging stations in Spain and Portugal.

For more information visit www.cepsa.com

Shelton Services, Inc. is honoured to announce its receipt of the Gold Award in the Environmental Small category at the Health and Safety Council® and Industry Business Roundtable Safety Excellence Awards. This prestigious accolade is a testament to the company’s unwavering commitment to environmental protection and workplace safety. Shelton Services, Inc. extends its heartfelt gratitude to Enterprise Products and LBC Tank Terminals for their nominations, which have been instrumental in achieving this recognition.

The award underscores the critical importance of maintaining rigorous safety protocols and environmentally friendly practices across all operations. Shelton Services, Inc. has consistently prioritised the wellbeing of its employees and the safeguarding of the environment, recognising that safety and environmental stewardship are integral to the company’s success and sustainability.

In receiving this award, Shelton Services, Inc. reaffirms its dedication to continuous improvement and excellence in safety standards. The company’s initiatives are designed to minimise environmental impact while ensuring a safe and healthy working environment. This recognition serves as an encouragement for Shelton Services, Inc. to further enhance its safety measures and environmental strategies, reinforcing its role as a leader in the industry.

Shelton Services, Inc. is committed to upholding these values and looks forward to future endeavours that will contribute to the advancement of safety and environmental protection within the industry. The Gold Award is not just an achievement but also a motivation to continue striving for the highest standards in all aspects of its operations. This accolade highlights the essential role of safety in creating sustainable business practices and reflects Shelton Services, Inc.’s steadfast dedication to fostering a culture of safety and environmental responsibility.

By continuing to innovate and implement best practices, Shelton Services, Inc. aims to set a benchmark in the industry, inspiring others to follow suit. The company acknowledges that such recognition is a collaborative effort, made possible through the commitment of its employees, partners, and stakeholders. Shelton Services, Inc. will persist in its mission to enhance safety and environmental performance, driving forward with the same passion and dedication that earned it this distinguished honour.

For more information visit www.sheltonservices.com

The Engineering Equipment and Materials Users Association (EEMUA) has launched EEMUA Publication 238 (Edition 1), ‘A guide to civil, structural, and building asset management in process, industrial, and production environments’.

EEMUA 238 provides a systematic risk-based approach to raise awareness and criticality of civil infrastructure and defines a suitable method to manage civil infrastructure assets.

The new guide details how a systematic civil and structural facilities management process based on inspection, asset planning, assigning of roles and responsibilities, determining asset criticality and conducting risk evaluations, allows civil and structural facilities to be robustly managed. It covers:

1. Guidance on likelihood of failure of specific civil and structural infrastructure types
2. Guidance on classification of detected defects
3. Detailed guidance on degradation mechanisms and consequences for structural integrity
4. Guidance on inspection criteria
5. Guidance on common requirements for risk assessment.

EEMUA 238 emphasises that proper management of civil infrastructure assets is as important as management of all other assets, equipment and components of an industrial plant.

For more information visit www.eemua.org

Leading LNG terminals and downstream infrastructure company, AG&P LNG, a subsidiary of Nebula Energy, along with its partner, Hai Linh Company Limited, a prominent petroleum product import terminal and trader in Vietnam, today announced the start of the commissioning of the Cai Mep LNG Terminal. This announcement was made during an elaborate ‘Cai Mep LNG Terminal Commissioning Symposium’ hosted at the terminal. The symposium detailed the milestones of the commissioning phase, leading up to the start of commercial operations of the Cai Mep LNG Terminal, targeted for September 2024.

The symposium showcased AG&P LNG’s integrated LNG ecosystem with participation from customers, LNG suppliers, gas aggregators, and network partners, highlighting the end-to-end LNG value chain, from sourcing to last-mile delivery.

Mr. Karthik Sathyamoorthy, CEO of AG&P LNG, expressed his excitement, stating, “I am thrilled to announce the start of the commissioning of the Cai Mep LNG Terminal. We are now also on track to start the commercial operations of the Terminal in September 2024. The hard work and can-do spirit of the team from Hai Linh, AG&P LNG, and Nebula Energy to meet our commitment of LNG delivery by Q3 2024 has been nothing short of extraordinary. In a testament to our remarkable team, I am equally delighted to share another exciting development. Today, at our Cai Mep LNG Terminal Commissioning Symposium, we signed our second definitive LNG offtake agreement with one of the demand aggregators in Vietnam. We had signed our first definitive agreement for 1 MTPA offtake with HPP power plant earlier this year in March. Very soon, we will be able to provide reliable LNG supply and immediately serve power and nearby industrial customers.”

AG&P LNG has six additional executed Letters of Intent with six more demand aggregators for downstream LNG distribution since it acquired a 49 percent stake in the Terminal in March earlier this year. The Cai Mep LNG Terminal is connected to the nearby Phu My industrial zone and has pipeline connectivity to Vietnam’s largest power generation complex, Phu My, which has a gas-fired capacity of 3.9 GW. The Terminal is strategically located near the Mekong River Delta and boasts 220,000 m³ of LNG storage and LNG break-bulk capabilities, allowing it to reload LNG into smaller vessels. The Cai Mep Terminal, initially set at 3 MTPA and expandable to 6 MTPA, features 14 truck-loading bays for LNG and CNG filling.

Mr. Le Van Tam, CEO of Hai Linh Company Limited, commented, “I am excited to announce the commissioning of our Cai Mep LNG Terminal. We at Hai Linh are privileged to have AG&P LNG and Nebula Energy as our partners as we work towards unlocking the potential LNG demand across multiple sectors and help reinforce energy security in the country.”

Earlier this week, Cai Mep LNG launched the Expression of Interest for supplying commissioning LNG cargo to the Terminal. The tender for the commissioning cargo is to be issued in early June and awarded by the end of June 2024.

For more information visit www.agplng.com

Shell Trinidad and Tobago Ltd., a subsidiary of Shell plc, has announced its Final Investment Decision on the Manatee project, an undeveloped gas field in the East Coast Marine Area in Trinidad and Tobago.

The Manatee project will enable Shell to expand its Integrated Gas business by leveraging development efforts in the ECMA, one of the nation’s most prolific gas-producing areas. The ECMA is already home to Shell’s largest gas-producing fields in the country, including Dolphin, Starfish, Bounty, and Endeavour.

The gas field at Manatee will provide backfill for the country’s Atlantic LNG facility, increasing utilisation at existing LNG plants, which is crucial for maximising the potential from Shell’s current assets.

“This project will help meet the increasing demand for natural gas globally while also addressing the energy needs of our customers domestically in Trinidad and Tobago,” said Zoë Yujnovich, Shell’s Integrated Gas and Upstream Director. “The investment bolsters our world-leading LNG portfolio in line with our commitment to invest in competitive projects that deliver more value with fewer emissions,” she added.

Shell aims to grow its LNG business by 20-30 percent by 2030 compared to 2022, with LNG liquefaction volumes expected to increase by 25-30 percent relative to 2022, as outlined at Shell’s Capital Markets Day in 2023.

Manatee is scheduled to begin production in 2027. Once operational, the project is anticipated to reach peak production of approximately 104,000 barrels of oil equivalent per day.

For more information visit www.shell.com

Operators at UM Terminals’ Gladstone Dock Terminal in Liverpool have been stepping up to the Great Molasses Challenge. The 10-strong team at the company’s biggest and busiest terminal have been diligently counting their steps during their hectic working days, contributing to the Challenge’s overall total mileage.

This unique Challenge aims to cover the distance of the first-ever UM molasses shipment in 1912 – a total of 4,820 miles (7,712 km) from the Dominican Republic to Hull. The Challenge will culminate in Hull on June 9th, with several colleagues participating in the Hull 10K.

Colleagues across the group are actively fundraising, with all proceeds ultimately being donated to the charity Farm Africa.

The Gladstone team consists of Les Culverston, Colin Hook, Lewis Chambers, Dave Garvey, Jamie Clintworth, Tate France, Nigel Bills, Martin Irigoyen, Luke Rochell, and Madison France.

A massive thank you to all of them for diligently logging their daily miles and either adding them directly to the Challenge App or passing them through to head office for uploading. Every single mile walked, run, jogged, or cycled brings the team closer to their target.

Les remarked, “You sometimes take for granted just how many miles the operators are walking each day, probably in the region of up to 19,000 steps a day (or 9.5 miles/15.2 km).

“For example, we can be walking 250 metres to discharge a ship and the same back several times a day. The terminal is around 1 km from one side to the other. Some days, it can be non-stop.

“We were keen to get involved in the Challenge and do our bit, and colleagues have either been adding the steps to the app at the end of the day or sending screenshots through each week to be added.

“It’s been a real team effort, not just the operators but also supervisors, site controllers, and others are getting involved.

“Hopefully, this will encourage colleagues at our other terminals to get involved too – every mile really is making a difference in getting us to our target by June 9th.”

The efforts by the Gladstone Dock terminal team are the latest example of colleagues across the UM Group coming together to support the Challenge.

Other activities have included the London Marathon, Liverpool Half-Marathon, cycling in the mountains of Majorca, lunchtime walks, weekend hikes, and the Great Limerick Run.

Some colleagues have simply been keeping track of their miles on their evening dog walks.

Please keep up the great work and continue spreading the word about the Great Molasses Challenge.

For more information visit www.umterminals.co.uk

Yara Brasil Fertilizantes S.A. and Petróleo Brasileiro S.A. – Petrobras have signed a non-binding Master Agreement, marking the next step forward in their negotiations to structure a potential business partnership. This follows the Memorandum of Understanding signed on February 29, 2024.

In the upcoming phase, Yara and Petrobras will jointly finalize their analysis of potential synergies between their operations. This collaboration aims to increase efficiencies in the local fertilizer and industrial products market, with a particular focus on exploring possible decarbonization paths.

Brazil is a significant market for both agricultural and industrial applications, emphasizing domestic production growth and future decarbonization efforts. Yara is at the forefront of addressing the food crisis and is committed to decarbonizing the food value chain, essential industrial and air-quality applications, and providing zero-emission shipping fuel and energy solutions. Successful collaboration across the entire value chain is deemed essential for achieving these goals.

Relevant updates regarding the partnership and its progress will be shared with the market in due course.

For more information visit www.yara.com

Arabian Chemical Terminals LLC in Abu Dhabi (ACTAD) has recently commenced operations at its state-of-the-art chemical tank storage terminal in Khalifa Port, Abu Dhabi, UAE. This groundbreaking terminal, the first of its kind in the Emirate, is strategically situated in the prestigious Khalifa Port and adjacent to the expansive Khalifa Economic Zone Abu Dhabi (KEZAD), aiming to contribute to the growth of new industries in the region.

Designed and constructed in accordance with the highest international standards, ACTAD features a remarkable array of 40 tanks with diverse specifications. These include 20 Carbon Steel tanks, 10 of which are equipped with Internal Floating Roofs (IFR), and 20 Stainless Steel tanks, with 10 of them insulated and equipped with a heating/cooling system. With a total storage capacity of 100,000 CBM, each tank is connected to a dedicated pipeline and a berth with a draft of 16 meters, ensuring the elimination of cross product contamination and promoting optimal operational efficiency and flexibility for customers. Furthermore, the terminal includes dedicated truck loading bays and a 500 sqm warehouse for dangerous goods, as well as provisions for drums/IBCs filling.

To guarantee the highest standards of quality, ACTAD operates an independently operated third-party surveyor laboratory on-site, equipped for sampling and testing. The terminal adheres to an Integrated Management System following international standards, including ISO-9000, 14000, 18000, CDI-T, and ISGOTT.

The establishment of this terminal will not only facilitate the import and export of liquid chemical products for local industries but also serve as a storage hub and break-bulk operation for international companies. Its strategic location within a bonded zone in Khalifa Port enhances its appeal as a central logistics hub.

ACTAD is an extension of Arabian Chemical Terminals LTD in Saudi Arabia (ACT-KSA), which operates two other terminals in Yanbu on the Red Sea coast and Jubail Commercial Port on the Arabian Gulf. ACT-KSA, founded in 1986 in Yanbu, was the first commercial tank farm in Saudi Arabia, initially offering 13,000 CBM of storage capacity. In 2012, the company expanded its operations by constructing the first commercial bulk storage facility in Jubail, adding an additional 70,000 CBM of storage capacity with tanks of varying specifications and sizes. The Jubail terminal is currently undergoing expansion to accommodate an extra 70,000 CBM of capacity, further solidifying ACT-KSA’s position in the market.

For more information visit www.act-uae.com

NextDecade Corporation announced today that its subsidiary, Rio Grande LNG, LLC, has issued $1.115 billion of senior secured notes in a private placement. These senior secured notes will accrue interest at a fixed rate of 6.58 percent. The proceeds from the notes will be used to reduce outstanding borrowings and commitments under Rio Grande LNG’s existing term loan facilities for Phase 1 at the Rio Grande LNG Facility.

The senior secured notes will be amortised over a period of 18 years, beginning in September 2029, with a final maturity in September 2047. The senior secured notes rank pari passu with Rio Grande LNG’s existing senior secured financings.

Including this transaction, the Company has now refinanced a total of over $1.85 billion of the original $11.1 billion Rio Grande LNG term loan facilities since a positive final investment decision was reached on Phase 1 at the Rio Grande LNG Facility in July 2023.

For more information visit www.next-decade.com 

Aegis Vopak Terminals Ltd, a joint venture between Aegis Logistics Limited and Royal Vopak, is actively exploring various options to secure funding for its future growth. These options may include a potential fund raise through a public issue, a preferential issue, or a combination of both equity shares and debt. The AVTL board will determine the best course of action in accordance with applicable laws and regulations.

As India’s largest independent tank storage company, AVTL specialises in the storage of LPG and chemicals. This exploration of funding options aims to support AVTL’s continued expansion and strengthen its market position.

At this stage, no final decisions have been made, and the outcome of these funding explorations remains uncertain. Further updates will be provided as necessary. Unfortunately, additional details cannot be disclosed at this time.

For more information visit www.vopak.com

OMV Petrom, the largest integrated energy producer in Southeastern Europe, has recently commissioned a new crude oil tank on the Petrobrazi refinery platform in Romania. This tank, designed and built according to the latest standards, is the largest of its kind in the country and enhances safety during its use.

The tank boasts several key features, including double walls and a double base, an aluminum dome cover, and an inner floating lid to retain vapour emissions. These design elements contribute to increased safety and protection. The construction of the tank took approximately two years, with investments exceeding EUR 23 million.

According to Radu Caprau, a member of OMV Petrom’s Executive Board, responsible for Refining and Marketing, the completion of the new oil tank is a significant achievement for the Petrobrazi platform. This project, along with other modernisation initiatives such as the installation of new coke drums, strengthens the refinery’s ability to operate smoothly and safely. Additionally, it ensures an ample supply of fuel for both the Romanian market and the region.

One noteworthy aspect of the project is its positive environmental impact. By reducing vapor emissions to near zero, the new tank contributes to a cleaner and more sustainable operation. Its total capacity of 60,000 cubic metres allows for the storage of raw material equivalent to 1.2 million fuel fills.

The aluminum dome, the largest structure of its kind in Romania, is an impressive construction weighing 53 tonnes. It stands at a height of 15 metres and has a diameter of 72 metres. The dome was lifted into position using a pneumatic system consisting of 28 lifting devices, which was a first in Romania.

Since 2005, OMV Petrom has invested over EUR 2 billion in the Petrobrazi refinery, with a significant portion of these investments dedicated to reducing the refinery’s environmental impact. These ongoing efforts underline OMV Petrom’s commitment to sustainable practices and responsible energy production.

For more information visit www.omvpetrom.com/en

Blastr Green Steel, an Oslo-based company founded in 2021 with the mission to set new standards in green steel production, has selected Primetals Technologies as its technological partner for the development of a new steel production complex. This facility, with an annual capacity of 2.5 million tonnes, will be located in Inkoo, near Helsinki, Finland. Once operational, the steel plant and an integrated hydrogen production facility will create approximately 1,000 direct and 4,600 indirect jobs in Finland.

Primetals Technologies, a market leader in environmental and energy-efficiency solutions for the metals industry, will ensure that the new facilities meet the latest industry standards. The company will supply the technology for the DRI plant, electric steelmaking meltshop, Arvedi ESP line, and continuous pickling and galvanising line.

The DRI plant will be provided through a collaboration between Midrex Technologies and Primetals Technologies. The MIDREX H2 plant, powered by 100 percent green hydrogen, will produce hot DRI for direct charging to the steel mill, as well as hot briquetted iron, enabling Blastr to decarbonise other value chains by providing ultra-low-carbon iron feedstock for customers.

Photo by: Christof Huemer

Primetals Technologies will also supply an electric arc furnace-based meltshop with a 300-ton EAF Ultimate, designed for the direct charging of hot DRI. This meltshop will feature fully automated operation, advanced control systems, and a comprehensive secondary metallurgy scope, including a ladle furnace and an RH plant. The secondary metallurgy equipment will allow Blastr to produce top-quality steel grades for the highly demanding automotive sector.

In addition, the production process will be augmented by digital technologies, enhanced use of robot technology, and advanced solutions for remote control, enabling the highest possible level of autonomous operations and enhancing occupational safety.

The partnership includes an Arvedi ESP thin slab casting and hot-rolling line, as well as a state-of-the-art continuous pickling and galvanising line to produce a variety of hot-rolled steel products, including coated steel sheets for various industrial applications. These technologies are essential for Blastr’s ultra-low CO₂ targets, ensuring net-zero direct CO₂ emissions from steel production.

Mark Bula, CEO of Blastr Green Steel, commented, “This partnership marks a significant milestone in our journey toward sustainable steel production and decarbonising the steel value chain. By combining our strengths with industry leaders, we are poised to drive innovation and shape the future of steel production.”

K.C. Woody, president and CEO of Midrex Technologies, added, “We are pleased and excited by the selection of MIDREX H2 as the DR technology by Blastr. The combination of 100 percent hydrogen-based HDRI and HBI production positions Blastr to be a major force in the decarbonisation of European iron and steelmaking.”

Andreas Viehböck, head of upstream technologies at Primetals Technologies, emphasised the importance of digitalization and autonomous operations, saying, “The production process will be augmented by digital technologies, feature the enhanced use of robot technology, and employ advanced solutions for remote control to enable the highest possible level of autonomous operations enhancing occupational safety, a top priority for the project.”

Blastr Green Steel’s chief technology officer, Mikael Lindvall, highlighted the company’s commitment to achieving net-zero emissions, stating, “Blastr’s ultra-low CO₂ targets require technology that ensures net-zero direct CO₂ emissions from steel production. The MIDREX plant and the Arvedi ESP technology are two key technologies needed on the path to meet our ambitious emission targets.”

Blastr Green Steel’s project represents a significant step towards a more sustainable future in the steel industry, combining cutting-edge technology, innovative processes, and a strong commitment to environmental responsibility.

For more information visit www.primetals.com