Intero Integrity Services is pleased to announce that Rivean Capital, a pioneer in European mid-market private equity, has entered into a definitive agreement to acquire the company from First Reserve. Since 1982, Rivean has been supporting ambitious management teams in achieving their plans. With offices in the Benelux, DACH regions, and Italy, Rivean is known for partnership, pragmatism, and performance. This collaboration will support Intero’s operational excellence, expand its global energy hub presence, and fast-track technology developments with key customers. Rivean’s expertise and Portfolio Enhancement Programme are set to deliver exceptional value creation for Intero.

Intero’s dedication to becoming the preferred partner for the critical infrastructure sector requires ongoing investments in the organisation and the advancement of its technology and capabilities. With Rivean’s support, Intero aims to maintain its international growth momentum and accelerate its strategic initiatives, including the development of enhanced technologies, global expansion primarily in North America, and assisting clients in managing their emissions and complying with current regulations.

Rienk de Vries, CEO of Intero, said: “With the backing of our partners at Rivean, I am confident that Intero will accelerate growth, expand and diversify our service offerings, and become a vital partner helping drive success for our customers. We look forward to this exciting new phase for Intero, where we will continue to expand our unique blend of technological innovations, critical inspection, advanced environmental services, and industrial services. This will ensure safety, integrity, and enhanced performance of mission-critical infrastructure around the world. We would also like to thank First Reserve for their invaluable support over the course of our partnership.”

Maurits Boomsma, senior partner at Rivean Capital, commented: “We are very impressed by what Intero’s management team has achieved in recent years with the backing of First Reserve. Rienk de Vries and the rest of the team have transformed the business into the clear technology leader in the difficult-to-inspect market and they have built a solid platform for future growth. We are very much looking forward to supporting Intero in the next phase of growth.”

Jeff Quake, managing partner at First Reserve, added: “We’re proud of Intero’s incredible growth during our ownership period. There continues to be a critical need for businesses like Intero which provide cutting-edge integrity solutions for essential infrastructure around the world. We look forward to following Intero’s continued success with their new partner as they continue to execute on their growth plan.”

Intero’s head office will remain in Tricht, the Netherlands, and the company will continue to serve its customers out of its various offices in Europe including Belgium, France, Germany, Italy, Spain, Romania, Serbia as well as from its global locations in North America, South America, Middle East, Africa, Southeast Asia and Australia. As Intero’s focus is on growth, the company plans to continue to invest in and develop its employee talent in each of its core geographies.

Baird served as financial advisor and Freshfields Bruckhaus Deringer LLP served as legal counsel to First Reserve. Completion of the transaction is subject to regulatory approvals.

For more information visit www.intero-integrity.com

Minister of Energy and Natural Resources Alparslan Bayraktar recently participated in a strategic signing ceremony during his visit to the United States. The ceremony, held in Washington, marked the signing of a cooperation agreement between BOTAŞ and the US energy giant ExxonMobil. Under this agreement, Turkey aims to import up to 2.5 million tonnes of LNG annually for the next decade.

Expressing his thoughts on the agreement via social media, minister Bayraktar underscored its significance in diversifying Turkey’s energy resources. He highlighted the nation’s robust re-gasification capacity, positioning Turkey as a key player in the global energy landscape.

During his visit, minister Bayraktar engaged in discussions with various stakeholders, including members of the Caspian Policy Centre board of directors and senator Joe Manchin, chairman of the Energy and Natural Resources Committee. These discussions aimed to bolster energy relations between Turkey and the US.

Furthermore, minister Bayraktar met with US secretary of energy, Jennifer Granholm, to launch the Energy and Climate Dialogue Programme between the two nations. This programme seeks to facilitate ongoing discussions and collaboration on energy and climate-related matters, with both public and private sector representatives participating.

Additionally, minister Bayraktar held talks with Romanian minister of foreign affairs, Luminita Odobescu, to explore opportunities for cooperation in natural gas trade and renewable energy projects between Turkey and Romania. These discussions underscored the commitment of both nations to strengthen bilateral ties and advance mutual interests in the energy sector.

For more information visit www.botas.gov.tr

The cotac Group, as a service network of the HOYER Group, supports the global logistics provider’s integrated services for cleaning, workshops and depots. cotac’s extensive portfolio at the Antwerp site has now been expanded into the coatings area – including for new customers. cotac has long years of experience in repairing tanks and technical components by using spray-on and rubberizing coatings. Now, complete tank containers are being upgraded to special tanks by applying APC tank linings. Thus, with the cotac site in Antwerp, two specialists in Europe offer this service.

At the cotac workshop in Antwerp, a standard stainless-steel container is transformed into a tank container with a special coating for highly-corrosive products. Harry Pepels, cotac’s director, says, “Only a few service providers offer repair facilities for these special tanks. We have already been carrying out repairs of spray-on and rubber coatings for six years. We can now offer APC tank coatings as a full-service provider. This is something special, and is in demand worldwide. We are delighted that we can expand our service offer for the HOYER Group, and are also able to offer it to new customers at the Antwerp site.”

The spray coating is applied in a three-stage process conforming to the highest standards and quality. Coating technical components rounds off the service offered by cotac. This means that the production line is fully represented by a one-stop solution in Antwerp: modification, coating and repairs can be implemented entirely at a single location.

Servicing and repair work are already long-established at the cotac site in Antwerp. The cotac Group specialifes in ISO tank containers, but also provides services for road tankers and IBCs. The offer extends from heating, cooling and cleaning to modifications and repairs. These are combined with depot services before and after­wards. According to Harry Pepels, “We are professionals in everything we do, and we design our business to be safe, secure and simple for our customers. That is our concern.” As a result of receiving approval from the material manufacturer Advanced Polymer Coatings, APC, we can now fully offer APC´s tank linings completely here, thus doubling the offer and capacities for this special service in Europe from the previous situation of one provider to the current two. This newly-arrived, first-class polymer lining technology now helps our customers to safely store, protect and transport highly corrosive chemicals.”

The full-service offer provided by cotac Antwerp is located in the immediate vicinity of the Benelux Ports and Chemical Cluster in North Rhine-Westphalia. Andreas Essinger, executive director global sales of the HOYER Group, says, “First-class material from APC, the technical experience of cotac, and the engineering and operational staff of the HOYER Group round off the comprehensive service being offered, and create added value for our customers.”

With services from a single source, and uniformly standardised quality standards, cotac ensures smooth workflows along the supply chain. Twelve global cotac sites at logistics hubs in Europe, Asia and the USA support reliable, quality-assured services relating to tank containers. cotac stands for “COmplete TAnk Care”, is regularly audited in accordance with DIN EN-ISO 9001, and undergoes various country-specific safety and quality audits. Staff training courses are standard worldwide, as are analyses and internal know-how by cotac experts about cleaning processes for a variety of products. cotac technical services guarantee the smooth, efficient, sustainable, and safe transport logistics of the HOYER Group and of other customers – and do so globally.

For more information visit www.hoyer-group.com

EET Fuels, formerly known as Essar Oil UK, commemorates the 100th anniversary of the Stanlow Refinery with a series of celebrations and initiatives. Established in 1924 as a bitumen production site, Stanlow has evolved into one of Europe’s most advanced refineries, playing a vital role in the UK’s energy sector.

The centenary celebration will span several months and include various events and activities honouring Stanlow’s profound contribution to the Cheshire community, the North West region, and the UK as a whole. These initiatives aim to express gratitude to the communities connected to Stanlow while reinforcing EET Fuels’ long-term commitment to support them.

Stanlow has been pivotal in powering growth and innovation across the UK’s manufacturing and transportation industries over the past century. EET Fuels will recognise the dedication of past and present colleagues who have operated the refinery, contributing to the nation’s economic prosperity.

Prashant Ruia, Chairman of EET, remarked, “Stanlow has been the cornerstone of Britain’s energy landscape for a century. We celebrate the refinery’s rich heritage and its relentless commitment to providing high-quality products and fuels. Looking ahead, our ambitious strategy aims to position Stanlow as the world’s first low carbon refinery and a leading producer of hydrogen, ensuring its significance for the next 100 years and beyond.”

Established by Shell in 1924, Stanlow expanded its operations over the years, with Essar Group acquiring it in 2011. Since then, Essar has invested over $1 billion in improvement initiatives, solidifying Stanlow’s position as a key national asset.

EET Fuels is dedicated to accelerating the UK’s low-carbon transformation, with plans to invest US$3 billion in developing low-carbon energy projects at Stanlow. This commitment aligns with the government’s decarbonisation policy, creating employment opportunities and securing the refinery’s long-term future.

Deepak Maheshwari, CEO of EET Fuels, affirmed, “Stanlow’s resilience and innovation have been its hallmark over the past century. As we embark on the next phase of our journey, we remain steadfast in our commitment to sustainability and decarbonisation, ensuring Stanlow’s continued success for generations to come.”

For more information visit www.eetfuels.com

INERCO has been awarded a significant EPC project to expand the storage capacity of the Bío Bío Refinery, operated by ENAP in Hualpén, Concepción, Chile. This project, executed in collaboration with the Chilean construction company Vial y Vives, underscores INERCO’s robust capabilities in managing large-scale turnkey projects.

The initiative involves constructing and commissioning two new 50,000 m³ crude oil tanks, along with a series of electrical supply, control, and security installations for the refinery complex operated by the Chilean state hydrocarbons company. The project, valued at approximately $44 million (with $20 million direct for INERCO), is expected to be completed within 30 months.

Pedro Marín, general director of INERCO, highlighted the significance of this contract, marking it as the largest in INERCO’s history. “This contract reinforces our positioning and solvency as a global engineering company, showcasing our human and technical capacity to undertake major turnkey projects in key sectors such as oil & gas, chemical, petrochemical, and electrical,” said Marín. He emphasised that this project is a critical support for the company’s operations, still influenced by the pandemic’s impacts.

Marín also noted INERCO’s extensive experience in engineering and technology over the past four decades, with successful projects across Europe, Latin America, and Asia. This experience has equipped INERCO with essential know-how to guarantee the success of complex projects like this one.

Additionally, Marín emphasised the strong connection between INERCO and Chile, where the company has maintained an office since 2013. INERCO has developed several notable projects in Chile, focusing on environmental, safety, and risk prevention consultancy, emission control and reduction technologies, and energy optimisation. INERCO aims to continue leveraging its expertise in these fields to contribute to Chile’s industrial growth and sustainability.

The collaborative project with Vial y Vives will distribute roles of responsibility within a joint structure, with INERCO handling a significant portion of the engineering work and consulting tasks in the region. This strategic partnership and project will bolster INERCO’s presence and operational capabilities in the South American market.

For more information visit www.inerco.com

Exolum, Europe’s leading logistics company for liquid products, is set to invest 12 million euros in the construction of a new aviation fuel storage terminal and a loading area for refuelling units at the Lanzarote airport. This significant investment aims to enhance service quality for various operators at the airport and improve overall efficiency.

The new facility will boast a storage capacity of at least 6,000 cubic metres, distributed among three above-ground tanks, with provisions for a future fourth tank. Additionally, it will feature two positions for simultaneous discharge of road tankers and a loading position for emergency situations.

Complementing the storage terminal, the new loading area for refuelling units will offer four positions for Jet A1 loading and will be seamlessly connected to the storage facility through underground pipes. Furthermore, an airside loading and unloading facility, along with a 3,000-litre AVGAS 100LL storage tank, will be incorporated.

Enhancements in energy efficiency are a key focus of the project, with the installation of a photovoltaic power plant and electric vehicle charging points. State-of-the-art safety and environmental protection systems will also be integrated into the infrastructure.

Upon completion of the project, which is expected to take approximately three years, Exolum will operate the new facility for a period of 12 years. This initiative aligns with Exolum’s commitment to expanding its presence in the aviation fuel storage and distribution infrastructure management sector, leveraging its extensive experience gained from operations across Europe and Latin America.

As a leading player in the industry, Exolum manages various fuel storage and distribution infrastructures, including hydrant networks, both on and off airport sites. The company, which operates in eleven countries across the globe, boasts a vast pipeline network spanning over 6,000 kilometres, 69 storage terminals, 48 airport facilities, and a total storage capacity exceeding 11 million cubic metres.

For more information visit www.exolum.com

Shell Canada Products, a subsidiary of Shell plc, has announced the final investment decision for Polaris, a carbon capture project located at the Shell Energy and Chemicals Park in Scotford, Alberta. Polaris is designed to capture approximately 650,000 tonnes of CO2 annually from the Shell-owned Scotford refinery and chemicals complex.

In addition to the Polaris FID, Shell has also announced FID for the Atlas Carbon Storage Hub, developed in partnership with ATCO EnPower. The first phase of Atlas will provide permanent underground storage for CO2 captured by the Polaris project.

“Carbon capture and storage is a key technology to achieve the Paris Agreement climate goals,” said Huibert Vigeveno, Shell’s Downstream, Renewable, and Energy Solutions director. “The Polaris and Atlas projects are important steps in reducing emissions from our own operations.”

Polaris and Atlas will build on the success of the Quest carbon capture and storage facility at Scotford, which has safely captured and stored more than nine million tonnes of CO2 since 2015 that would otherwise have been released into the atmosphere.

Both projects are expected to begin operations toward the end of 2028.

For more information visit www.shell.com

Aramco, one of the world’s leading integrated energy and chemicals companies, and Sempra, a prominent North American energy infrastructure company, have announced that their subsidiaries have executed a non-binding heads of agreement for a 20-year sale and purchase agreement for liquefied natural gas offtake of 5.0 million tonnes per annum from the Port Arthur LNG Phase 2 expansion project. Additionally, the HoA includes Aramco’s potential 25 percent participation in the project-level equity of Phase 2.

The parties anticipate finalising a binding LNG SPA and definitive equity agreements with terms substantially equivalent to those outlined in the HoA. These agreements will be subject to a number of conditions.

At the signing ceremony, from left: Aramco executive vice president of Gas Abdulkarim A. Al-Ghamdi, Sempra chairman and CEO Jeffrey W. Martin, Aramco president & CEO Amin H. Nasser, Aramco upstream president Nasir K. Al-Naimi, and Sempra Infrastructure president of LNG Martin Hupka.

Nasir K. Al-Naimi, Aramco upstream president, commented: “We are excited to take this next step into the LNG sector. As a potential strategic partner in the Port Arthur LNG Phase 2 project, Aramco is well placed to grow its gas portfolio with the aim of meeting the world’s growing need for lower-carbon sources of energy. This agreement is a major step in Aramco’s strategy to become a leading global LNG player.”

Jeffrey W. Martin, Sempra chairman and CEO, stated: “The planned expansion of Port Arthur LNG would help facilitate the broad distribution of US natural gas across global energy markets. By expanding the global reach of the Port Arthur LNG facility, we have the opportunity to improve energy security, while providing a lower-carbon alternative to coal for electricity production.”

Port Arthur LNG is a natural gas liquefaction and export terminal in Southeast Texas with direct access to the Gulf of Mexico. The Port Arthur LNG Phase 1 project is currently under construction and consists of trains 1 and 2, two LNG storage tanks, and associated facilities. The Phase 2 project aims to expand the site with up to two additional trains capable of producing up to 13 Mtpa.

Located at the core of Sempra Infrastructure’s flagship Port Arthur Energy Hub, Port Arthur LNG has the potential to expand to a total of eight trains, positioning it as one of the world’s most significant LNG export facilities. The facility is expected to play a crucial role in enhancing global energy security and resilience. Additionally, Sempra Infrastructure is advancing infrastructure projects within the Port Arthur Energy Hub, addressing the rising demand for lower-carbon fuels and emissions reduction. This includes the proposed Titan Carbon Sequestration project.

For more information visit www.aramco.com

CapturePoint LLC and its affiliate CapturePoint Solutions LLC, headquartered in Allen, Texas, have announced the signing of a revised Letter of Intent with an Energy Transfer LP affiliate, based in Dallas, Texas, for the joint development of a carbon capture and permanent deep underground storage project in Louisiana. Additionally, the companies have penned a definitive CO2 offtake agreement, committing CO2 from Energy Transfer’s Haynesville natural gas treating facilities to the project.

The revised LOI and CO2 Offtake Agreement allocate CO2 emissions from Energy Transfer’s Haynesville natural gas midstream facilities to CapturePoint’s Central Louisiana Regional Carbon Storage Hub, granting Energy Transfer the option to participate in a joint venture overseeing the CENLA Hub’s ownership and operation. Furthermore, the LOI outlines a collaboration framework for capturing and sequestering additional CO2 from other Energy Transfer facilities in Louisiana.

The CENLA Hub, among the largest onshore deep underground carbon storage centres under development in the United States, has the capacity to permanently secure millions of tonnes of CO2 annually that would otherwise be released into the atmosphere. The agreements establish the groundwork for capturing and storing up to two million tonnes of CO2 annually at the CENLA Hub.

“Energy Transfer is one of the largest and most diversified midstream energy companies in North America,” remarked Tracy Evans, CEO of CapturePoint. “The revised LOI and the CO2 Offtake Agreement reflect Energy Transfer’s recognition of the CENLA Hub as one of the most promising deep underground CO2 storage sites in the nation. We are excited to have this significant commitment from Energy Transfer.”

Recent test well data from the CENLA Hub demonstrates the region’s unique geology could permanently sequester several hundred million tonnes of CO2. The Louisiana Department of Natural Resources is currently reviewing CapturePoint’s permit applications for CENLA Hub Class VI CO2 injection sites in Vernon and Rapides Parishes.

“We want to thank our partners in the local CENLA Hub communities for their strong support for this important economic and environmental development,” concluded Mr. Evans. “Our team at CapturePoint is working to deliver a leading-edge project that will define the future of carbon management in the United States.”

CapturePoint LLC and CapturePoint Solutions LLC are privately held affiliated companies with offices in Allen, Texas, focusing on carbon capture and storage projects, including the development of regional deep underground storage hubs for large scale capture of CO2 emissions from industrial sources. Apart from the CENLA Hub, CPS has projects under development in Colorado, Oklahoma, and Texas, with potential ventures being evaluated in several other states. CapturePoint’s funding includes an affiliate of Mercuria Energy, other institutional investors, and management.

For more information visit  www.capturepointllc.com.

Yara has officially inaugurated its renewable hydrogen plant at Herøya, Norway. The facility produces hydrogen through the electrolysis of water using renewable energy, replacing natural gas as feedstock. This transition is set to cut 41,000 tonnes of CO2 emissions annually from the site.

The company has already delivered the first tonnes of fertiliser made from renewable ammonia produced at the plant. These low-carbon footprint fertilisers are part of a new portfolio called Yara Climate Choice. This portfolio includes fertilisers produced with electrolysis of water and renewable energy, as well as those based on low-carbon ammonia produced using carbon capture and storage.

Low emission ammonia, both produced with renewable energy and through CCS, is essential for meeting the goals of the Paris Agreement. CCS is a critical step for rapid and profitable decarbonisation. Yara is uniquely positioned to deliver decarbonised solutions quickly and at scale. However, the green transition will require investments, predictable framework conditions, funding, affordable renewable energy, and a maturing market where demand and supply are developed simultaneously.

For more information visit www.yara.com

VTTI announced its acquisition of 50 percent of Dragon LNG in the United Kingdom, marking a significant expansion in LNG regasification infrastructure. Dragon LNG and Dragon Energy regasification terminal stand as one of the three LNG terminals in the UK, with a gas send-out capacity to the UK national transmission system of up to 9 billion cubic metres, supplying approximately 10 percent of the UK’s annual gas demand.

“As part of VTTI’s Strategy 2028, we are committed to expanding and enhancing LNG regasification infrastructure globally. Our aim is that half of our portfolio is in transitional and sustainable energy sources by 2028. Following the recent agreement in Italy to acquire a 70 percent equity stake in Adriatic LNG and the ongoing development of a new LNG import facility in Vlissingen in the Netherlands, this acquisition reflects our commitment to diversify into LNG as a transitional energy source. We are looking forward to partner with Shell to ensure that Dragon LNG continues to operate in a safe and reliable manner while accelerating its decarbonisation and growth path,” said Guy Moeyens, CEO of VTTI.

The terminal encompasses LNG receiving, storage, reliquefaction, regasification, and send-out facilities. VTTI’s agreement entails acquiring Ancala’s 50 percent shareholding, while the remaining shareholding remains held by Shell.

For more information visit www.vtti.com

The Haisla Nation and Pembina Pipeline Corporation, partners in Cedar LNG Partners LP , have announced a positive final investment decision on the Cedar LNG Project. This floating liquefied natural gas facility, with a nameplate capacity of 3.3 million tonnes per annum, will be located in the traditional territory of the Haisla Nation on Canada’s West Coast.

“Together with our partner, the Haisla Nation, we are honoured to have made Cedar LNG a reality. This is a historic moment, and we are proud to be moving forward with a project that will deliver industry-leading, low-carbon, cost-competitive Canadian LNG to overseas markets and contribute to global energy security, while delivering jobs and economic prosperity to the local region,” said Scott Burrows, Pembina’s president and chief executive officer. “Cedar LNG aligns perfectly with our strategy and where we want to be as a company moving forward. The Cedar LNG Project will enhance the resiliency of Pembina’s business, provide much needed new egress and greater access to global markets for our customers, and reflects the Haisla Nation and Pembina’s shared values and commitment to supporting a more sustainable future.”

Doug Arnell, chief executive officer of Cedar LNG, added, “As a result of the Haisla Nation’s vision and determination, today we are demonstrating Canada’s ability to sustainably grow its LNG export sector to support the global clean energy transition. Moreover, the Haisla Nation and Pembina, as true partners, are demonstrating a new model for how industry and Indigenous communities can work together for mutual benefit.”

The Honourable David Eby, premier of British Columbia, commented, “This decision shows not only the perseverance of the Haisla Nation in achieving this historic milestone, but also confidence of investors in B.C.’s economy, and how the future for the natural resources sector is bright and will continue to support B.C.’s strong economic performance, which has led Canada’s large provinces in GDP growth since 2017. Cedar LNG is a shining example of how natural resource development should work in our province—in full partnership with First Nations and with the lowest emissions possible. By working together, we can build a stronger and cleaner economy that creates opportunities and benefits for all.”

For more information visit www.cedarlng.com

CB&I, an unrestricted subsidiary of McDermott, has secured a noteworthy contract from Marsa Liquefied Natural Gas LLC, a collaboration between TotalEnergies and OQ, for the engineering, procurement, and construction of a full containment concrete liquefied natural gas storage tank situated in Oman’s Port of Sohar.

The project entails CB&I providing turnkey EPC services for a 165,000m3 full containment concrete LNG storage tank and associated piping to grade. Project execution will take place in Oman, where CB&I has maintained a continuous presence since 1968, with support from its Dubai office.

Cesar Canals, president & CEO of CB&I, expressed the significance of this project in contributing to the construction of one of the lowest greenhouse gas emissions intensity LNG plants ever developed, aligning with the energy transition objectives in Oman. Canals highlighted CB&I’s commitment to constructing storage facilities for projects that facilitate the provision of reliable energy to markets while minimising environmental impact. He also noted that this project sets the stage for similar storage opportunities in the future, underscoring CB&I’s track record of execution excellence in the Middle East, particularly in Oman.

Construction activities for the project are slated to commence in the fourth quarter of 2024, with a targeted completion date in 2028.

For CB&I, a significant contract is defined as falling within the range of USD $100 million to $250 million.

For more information visit www.mcdermott-investors.com

ExxonMobil has signed a non-binding memorandum of understanding with SK On, a global leading electric vehicle battery developer. This agreement paves the way for a multiyear offtake agreement for up to 100,000 metric tonnes of Mobil™ Lithium from ExxonMobil’s first planned project in Arkansas. SK On intends to use this lithium in its EV battery manufacturing operations in the United States. This initiative supports ExxonMobil’s goal, announced in late 2023, of supplying lithium for about 1 million EV batteries annually by 2030 and aids in the buildout of a US EV supply chain.

Lithium demand is expected to grow sharply in the coming years, being an essential component for EVs, consumer electronics, energy storage systems, and other clean energy technologies. The planned project in Arkansas will extract lithium from underground saltwater deposits and convert it into battery-grade material onsite. This approach aims to produce lithium more efficiently and with fewer environmental impacts than traditional hard rock mining.

“The world needs more lithium to support its emissions goals, and we’re doing our part to drive solutions forward in the United States,” said Dan Ammann, president of ExxonMobil Low Carbon Solutions. “This collaboration with SK On demonstrates the leading role we play in the growing market for domestically sourced lithium, a market that’s advancing energy security and climate objectives, as well as supporting American manufacturing.”

Planned production of Mobil™ Lithium will leverage ExxonMobil’s core capabilities in subsurface exploration, drilling, and chemical processing, offering US EV battery manufacturers a more secure, lower-carbon lithium supply option. Through the appraisal drilling programme and technology pilot using Direct Lithium Extraction technology, ExxonMobil has successfully produced lithium carbonate from the Smackover formation in southern Arkansas.

In the US, SK On currently operates two battery plants in Commerce, Georgia, and is building four more plants through joint ventures with Ford Motor Co. and Hyundai Motor Group. After 2025, the annual production capacity of SK On in the US alone is expected to reach more than 180 GWh, enough to power about 1.7 million EVs a year.

“SK On has been working with global partners to secure key battery raw materials in a move to support our growing US manufacturing base and lead electrification in the region,” said Park Jong-jin, executive vice president of Strategic Procurement at SK On. “Through this partnership with ExxonMobil, we will continue strengthening battery supply chains in the US”

For more information visit www.exxonmobil.com

Trafigura Group Pte Ltd. and Greenergy today announced that Trafigura has expanded its agreement with Brookfield Asset Management and its listed affiliate Brookfield Business Partners to include Greenergy’s Canadian supply operations for an undisclosed sum. This complements Trafigura’s proposed acquisition of Greenergy’s European operations, announced on March 4, 2024. The acquisitions are subject to customary closing conditions and regulatory approvals.

Founded in 1992 to supply diesel with lower emissions, Greenergy is today one of Europe’s largest suppliers of biofuels, with manufacturing plants in the UK and the Netherlands and a leading distributor of road fuels in the UK. Greenergy entered the Canadian market in 2013 and supplies commercial and wholesale customers with a range of road fuels, including higher-percentage biodiesel blends, from its rail-fed terminals in Ontario and British Columbia.

Ben Luckock, global head of oil at Trafigura, said: “Greenergy’s Canadian business has strong commercial synergies with our global distillates, gasoline, and biofuels businesses and our well-established commercial relationships across North America.”

Christian Flach, Greenergy CEO, said: “Following the earlier announcement of Trafigura’s proposed acquisition of Greenergy’s European operations, we are delighted to now include our Canadian supply operations as part of the transaction. Trafigura’s financial strength will provide us with a robust platform for growth across Canada, helping us to expand our infrastructure facilities in strategic locations and bring road fuels closer to our customers.”

For more information visit www.trafigura.com

Hydrogen Solutions AS has acquired a 33 percent stake in HyFuel AS, marking a significant step towards expanding green hydrogen production. An investment decision for a 20 MW green hydrogen production plant is planned for Q1 2025, in collaboration with the existing owners, Fjord Base Holding and Sogn og Fjordane Energi. While GASNOR has divested its share, it will continue to collaborate with HyFuel as a strategic partner within sales and distribution.

Over the past few years, HyFuel has been developing a green hydrogen production project at Fjord Base in Florø. This initiative aligns with authorities’ efforts to meet climate targets for the maritime sector. HYDS values the opportunity and recognition of being invited into this strategic project and looks forward to collaborating with project partners, suppliers, and regional hydrogen end-users.

Florø, a major maritime hub with over 5,000 annual ship calls, makes Fjord Base an ideal location for local production of hydrogen-based fuels and offers cost-efficient bunkering for ships. As part of the project partners’ sustainability strategies, HyFuel will contribute to local industrial symbiosis and the circular economy by offering its by-products, oxygen and heat, to the onshore aquaculture project located at Fjord Base.

The HyFuel hydrogen production plant will have an electrolyser capacity of 20 MW. Project development will continue with the aim of participating in the ENOVA program “Hydrogen Production for Maritime Transport 2027.” HyFuel’s target is to reach an investment decision by Q1 2025, with construction scheduled for 2026 and commercial production starting in 2027.

HyFuel has built extensive knowledge of hydrogen-based fuels, production, market dynamics, and customer needs. HYDS has joined the project as a key partner, leveraging substantial project management and operational experience from its portfolio of hydrogen production plants. GASNOR, having divested its share in the HyFuel hydrogen production plant, will focus on its role in the hydrogen value chain within sales and distribution and will continue collaborating with HyFuel.

“This acquisition offers numerous advantages. Combining our expertise in developing, building, and operating hydrogen production plants with the existing knowledge in HyFuel will create a robust and effective team. We are eager to collaborate with the current owners on this project. Our mutual commitment to safety and dedication to decarbonisation strengthens our partnership, and the cooperation underscores the confidence that several influential entities have in the green hydrogen market,” stated Thor Henrik W. Hagen, CEO of HYDS.

Anders Rød, CEO of GASNOR, commented, “Together with our project partners SFE and Fjord Base, GASNOR is proud to have been involved in developing a great project at Fjord Base over the past few years. While we have made the strategic decision to divest our share in the hydrogen production plant, we will continue to support HyFuel as a strategic partner in sales and distribution. This collaboration aligns with our commitment to sustainable energy solutions and advancing the maritime sector’s climate goals. As part of the Molgas Group, we aim to expand our presence in Europe and, in addition to LNG, lead the way in the development of biogas, hydrogen, and other alternative fuels.”

Ole Schanke Eikum, chairman of HyFuel, added, “HYDS will significantly strengthen HyFuel, bringing their competence and experience in both constructing and operating commercial hydrogen production facilities. HyFuel now has a strong and committed ownership able to make hydrogen available at Fjord Base, which is important for reducing the climate footprint from the maritime sector.”

For more information visit www.hydrogensolutions.no

ADNOC announced today the signing of a 15-year Heads of Agreement (LNG agreement) with EnBW Energie Baden-Württemberg AG, one of the largest energy companies in Germany, for the delivery of 0.6 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. 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 and will leverage the latest technologies and artificial intelligence tools to minimise emissions and drive efficiency.

This agreement marks the third long-term LNG supply agreement from the project. The deliveries are expected to start in 2028, upon commencement of commercial operations.

Fatema Al Nuaimi, ADNOC executive vice president, Downstream Business Management, said: “The Ruwais LNG project continues to gain momentum, reinforcing ADNOC’s position as a reliable global natural gas provider. This new agreement builds on the UAE-Germany Energy Security and Industry Accelerator and will support Germany as it strives to diversify its energy sources and enhance its energy security.”

The UAE-Germany Energy Security and Industry Accelerator, signed in 2022, aims to advance cooperation in energy security, decarbonisation, and lower-carbon fuels.

Peter Heydecker, EnBW’s board member for sustainable generation Infrastructure, said: “We are delighted that EnBW has signed its first LNG contract in the Middle East with our experienced partner ADNOC. In doing so, we are taking the next step in terms of diversifying our procurement portfolio and establishing our own LNG value chain. We can also use the experience gained here for our medium-term goal of establishing an import structure for green gases, since the two business fields are very similar.”

The LNG agreement is contingent upon a final investment decision on the project, including regulatory approvals, and the negotiation of a definitive sale and purchase agreement between the two companies. When completed, the project, which consists of two 4.8 mmtpa LNG liquefaction trains with a total capacity of 9.6 mmtpa, will more than double ADNOC’s LNG production capacity to around 15mmtpa.

For more information visit www.adnoc.ae

Vopak celebrates SHE Day each year, reaffirming its commitment to safety, health, and the environment across the global organisation. This special day allows for reflection on safety performance, recognition of achievements, and striving for continuous improvement, all of which are essential to maintaining a safe and sustainable workplace for everyone.

The focus for this year is “My role and behaviour as a safety leader.” Vopak aims to emphasise the importance of individual responsibility and leadership in fostering a culture of safety. By understanding and embracing their roles, employees can collectively enhance safety practices and ensure a secure environment for all.

By encouraging each individual to act as a safety leader, Vopak seeks to embed a proactive safety culture where everyone takes ownership of their actions and their impact on the broader team. This initiative not only highlights the significance of personal accountability but also promotes a sense of shared purpose and collective responsibility towards safety and well-being.

Through a series of activities, workshops, and discussions, Vopak intends to provide employees with the tools and knowledge they need to lead by example in their daily operations. This year’s SHE Day is not just about reinforcing existing safety protocols but also about inspiring a deeper commitment to safety and health standards that go beyond regulatory compliance.

As Vopak marks this important day, it acknowledges the dedication and hard work of its employees in upholding these values. The organisation recognises that fostering a strong safety culture requires continuous effort and unwavering commitment from everyone. By focusing on the theme of individual leadership in safety, Vopak hopes to cultivate an environment where safety is intrinsic to every action and decision made within the company.

In celebrating SHE Day 2024, Vopak continues to demonstrate its dedication to creating a workplace that prioritises the safety, health, and well-being of its employees, ensuring a sustainable future for the organisation and the communities it serves.

For more information visit www.vopak.com

Odfjell SE has announced its first-quarter 2024 results, showcasing a record-breaking quarter buoyed by robust markets. The rerouting of vessels away from the Red Sea has further elevated freight rates, contributing to the company’s success.

Here are the highlights from the first quarter of 2024:

The company achieved a record net result of USD 68 million. The net result, adjusted for one-off items, amounted to USD 69 million, compared to USD 50 million in the fourth quarter of 2023.
Time charter earnings in Odfjell Tankers reached USD 195 million, up from USD 182 million in the fourth quarter of 2023.
EBIT stood at USD 89 million, showing a significant increase from USD 71 million in the fourth quarter of 2023.
Rates on renewed COAs in the quarter experienced a 14 percent increase on average, covering 22 percent of the estimated annual contract volume.
The net result contribution from Odfjell Terminals increased to USD 3.2 million, compared to USD 2.4 million in the fourth quarter of 2023.
Fleet carbon intensity for the first quarter of 2024 was 7.14, slightly better than the fourth quarter of 2023.
During the quarter, Odfjell took delivery of one newbuild on long-term time charter and signed an agreement for one owned newbuilding. Additionally, the company concluded agreements for a further four newbuildings on long-term time charter in April. These vessels are scheduled for delivery in 2026 and 2027, bringing Odfjell’s total number of newbuildings on order to 16 vessels. This accounts for approximately 20 percent of the order book in the chemical tanker segment.

Harald Fotland, CEO of Odfjell SE, commented on the results, stating, “Odfjell delivered a record result in the first quarter of 2024. This reflects the tightened market situation due to the increased tonne-mile demand. We also continued to increase the rates in our COA portfolio. This, in combination with a very professional and dedicated organisation, gives a solid basis for future earnings. We expect our earnings to further increase in the second quarter of 2024.”

For more information visit www.odfjell.com

Air Liquide has announced the launch of the “Air Liquide Baytown Low Carbon Platform,” a project poised to create the largest low-carbon oxygen platform in the Americas. This initiative aims to significantly contribute to the decarbonisation of the industry.

The Air Liquide Baytown Low Carbon Platform will support ExxonMobil’s production of low-carbon hydrogen and low-carbon ammonia at their Baytown, Texas facility. Upon final investment decision, this would mark Air Liquide’s largest industrial investment to date.

Addressing climate change is a critical challenge of our time, and businesses play a crucial role in this effort. At Air Liquide, over 40 percent of investment opportunities are already geared towards the energy transition. This new platform represents a major leap forward, offering unprecedented potential:

• Investment up to $850 million: This project marks the largest industrial investment in Air Liquide’s history, driven by ExxonMobil’s substantial need for oxygen at their low-carbon hydrogen project in Baytown, Texas.
• Over 50 percent increase in oxygen capacity in Texas: The platform will significantly boost oxygen production capabilities in the region.
• Two-thirds reduction in CO2 footprint per tonne of oxygen produced: Utilising innovative technologies and renewable electricity sourcing, the project will dramatically lower carbon emissions associated with oxygen production.

These figures highlight the enduring relevance of Air Liquide’s core business in facilitating today’s and tomorrow’s energy transitions. The new low-carbon platform will not only meet clients’ needs for rare gases but will also leverage Air Liquide’s existing pipeline network to promote low-carbon hydrogen development.

The “Air Liquide Baytown Low Carbon Platform” is committed to creating sustainable value through long-term partnerships with clients, engagement with employees, and contributions to the energy transition.

Air Liquide extends its gratitude to the teams who made this milestone possible and to ExxonMobil for their trust in Air Liquide as a partner in this transformative project. The journey has just begun, and together, they are set to succeed in this groundbreaking endeavour.

For more information visit www.airliquide.com

Glenfarne Group, a developer, owner-operator, and industrial manager of energy and infrastructure assets, has announced three promotions to its senior executive team, effective immediately, recognising their integral contributions across the firm’s core businesses and positioning the company for continued growth as it plays a critical role in the global energy transition.

“We are excited to announce promotions for Bryan Murphy, Vlad Bluzer, and Enrique Reus, recognising their importance to the Glenfarne business,” said Brendan Duval, Glenfarne Group CEO and founder. “I’ve worked with all three for many years, and in fact, we’ve been together, on average, in excess of a decade. All have excelled as leaders in the firm and have been instrumental in our growth, and I look forward to seeing their further success under these new titles. On behalf of the whole Glenfarne team, congratulations to Bryan, Vlad, and Enrique on this career milestone.”

The promotions include:

• Bryan Murphy, partner & president: Bryan has been promoted to partner and president of Glenfarne, reflecting the leadership and capabilities he has demonstrated over the last ten years with the firm. He joined the firm in 2013 to lead legal activities as general counsel and was then promoted to managing director. In 2020, Bryan was named President of EnfraGen, a developer, owner, and operator of specialised sustainable and renewable power and grid stability assets in Latin America, jointly owned by Glenfarne. Under his leadership, there has been tremendous growth in the company’s capabilities in Chile and Colombia and, most recently, the expansion of EnfraGen’s Central America business with the acquisition of six assets in Panama and Costa Rica.
• Vlad Bluzer, partner: Vlad has been promoted to partner of Glenfarne, highlighting the key role he has played for the firm’s Gas and LNG business. He started with Glenfarne soon after the company’s founding in 2011 and initially led the firm’s project financing efforts, during which he was promoted to managing director. He then moved on to launch Glenfarne’s Gas and LNG business – where he currently serves as co-president, overseeing core projects like Texas LNG, a four million tonnes per annum LNG liquefied export terminal to be constructed in the Port of Brownsville, Texas, and a subsidiary of Glenfarne.
• Enrique Reus, managing director & CFO: Enrique will be adding managing director to his title, in addition to his standing title as chief financial officer. He joined the firm in 2015 and has been an important leader in the growth of Glenfarne’s company as the head of the accounting and finance team. In recent years, he’s also taken on the role of head of the human resources team.

Together, these individuals bring decades of experience to the leadership teams of Glenfarne Group and our subsidiaries, across a broad expanse of expertise. They each embody our values, and their elevation to their new roles reaffirms Glenfarne’s commitment to excellence at every level.

For more information visit www.glenfarnegroup.com

The Tank Storage Association today published its ninth annual review of the UK’s bulk storage and energy infrastructure sector. The publication provides a broad range of statistics and valuable insights on terminals, process safety, occupational health and safety as well as the industry’s contribution to the UK economy.

This year’s Annual Review includes a new dedicated section on global tank storage assets and introduces data on global expansions and construction projects, regional capacity and market share as well as regional throughput data in collaboration with Insights Global. It also introduces new data on the products handled by terminals and tank farms, including low emissions fuels such as biofuels, methanol, ammonia and sustainable aviation fuels.

Peter Davidson, chief executive of the Tank Storage Association, said: “I am pleased to launch the 2024 edition of TSA’s Annual Review. The bulk storage and energy infrastructure sector makes a significant contribution to complex supply chains, ensuring that products for the energy, manufacturing, food and agriculture, and transport sectors are supplied when they are needed and in the quantities required. Against this backdrop, this year’s report has been enhanced to provide further information on global tank storage assets, highlighting current trends in the global tank storage industry. It also aims to shine a light on the crucial role our sector plays in our everyday lives.”

For more information visit www.tankstorage.org.uk

Shell Singapore Pte Ltd, a subsidiary of Shell plc, has sealed an agreement to divest its Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd., a joint venture entity between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd. This transaction entails the transfer of all of Shell’s stakes in Shell Energy and Chemicals Park Singapore to CAPGC.

Huibert Vigeveno, Shell’s downstream, renewable and energy solutions director, commented, “This agreement signifies a significant stride in Shell’s ongoing endeavours to enhance our Chemicals and Products business, underscoring our dedication to delivering increased value with reduced emissions, as delineated during our Capital Markets Day last year. We take pride in our legacy at Bukom and Jurong Island and our role in Singapore’s economic advancement in this sector over the past decades. Our commitment to Singapore remains unwavering, and its significance as a regional hub for our marketing and trading business remains paramount. As Singapore continues its decarbonisation journey, Shell eagerly anticipates a continued partnership with the country and our customers in the region.”

Shell conducted a competitive bidding process to reach this significant juncture. Employees at Shell Energy and Chemicals Park Singapore will transition to CAPGC under the new ownership, ensuring continuity for staff and contributing to ongoing operational reliability and safety.

Subject to regulatory clearance, the transaction is anticipated to conclude by the conclusion of 2024.

For more information visit www.shell.com

JERA Co. Inc. has announced that its subsidiary, JERA Cross, has formed a strategic partnership with Flexidao, a Barcelona-based company specialising in clean energy management. This partnership will pilot a renewable energy data management technology that tracks and certifies renewable energy consumption on an hourly basis, aligning with the international standards set by EnergyTag.

The Greenhouse Gas Protocol revision proposal has highlighted the need for precise management of renewable energy sources. This has led to an increased focus on “hourly matching,” which aligns electricity consumption with generation on an hourly basis. JERA has been active in promoting the tracking and certification of 24/7 carbon-free energy, including renewable energy.

Through the partnership with Flexidao, JERA Cross will use blockchain-based technology to track the type of power source and the time of power generation hourly. This will provide clients with real-time visibility of electricity, enhancing transparency as they pursue decarbonisation and support their corporate GX efforts.

Takao Miki, president & CEO of JERA Cross, stated, “Collaboration with Flexidao, renowned for 24/7 CFE tracking, will enable us to offer valuable services to progressive clients, significantly advancing CO2 reduction initiatives.”

Flexidao’s CEO, Simone Accornero, added, “This trial can serve as a model for hourly tracking of renewable energy sources in Japan. We hope our partnership with JERA Cross will drive significant advancements in Japan’s renewable energy sector.”

EnergyTag, an independent non-profit organisation, promotes a global standard for 24/7 carbon-free electricity, ensuring that electricity consumption aligns with the supply of renewable and green energy hourly.

The Greenhouse Gas Protocol’s revision proposal includes over 70 suggestions, with “hourly matching” being a key focus. This initiative aims to provide 100 percent of electricity from CO2 zero-emission sources, as outlined in the Ministry of Economy, Trade and Industry’s guidelines for retail electricity sales.

For more information visit www.jera.co.jp

Fort Vale is thrilled to announce its receipt of a King’s Award for Enterprise for International Trade, a prestigious honour bestowed upon a select few national organisations. This marks the fifth time Fort Vale has been recognised with such a distinguished award, having previously received four Queen’s Awards since its establishment in 1967.

Employing a workforce of over 360 individuals, Fort Vale stands as the world’s leading designer and manufacturer of equipment dedicated to the safe transportation of bulk liquids, powders, and gases.

Graham Blanchard, Fort Vale’s global sales & marketing director, expressed pride in receiving the company’s inaugural King’s Award. He remarked on the significance of this achievement for a UK-based family-owned company, particularly one with deep roots in Lancashire. Blanchard attributed Fort Vale’s success over its 50-year history to the combination of hard work, dedication, and innovation, coupled with the company’s unwavering commitment to industry-leading safety, precision, and quality. He also extended gratitude to Fort Vale’s hardworking and dedicated employees for their contribution to this achievement.

The King’s Awards for Enterprise, formerly known as The Queen’s Awards for Enterprise, were renamed last year to honour His Majesty The King’s desire to uphold the legacy of HM Queen Elizabeth II by acknowledging outstanding UK businesses. Now in its 58th year, the Award programme stands as the most prestigious business accolade in the nation, granting successful businesses the privilege of utilising the esteemed King’s Awards Emblem for the ensuing five years.

Fore more information visit www.fortvale.com

Colonial Terminals’ vice president, Pratt Summers, had the privilege of interviewing former president George W. Bush at the International Liquid Terminals Association Conference in Houston.

As the chairman of the ILTA’s board, Summers conducted the interview as part of his responsibilities. The interview, which lasted for 90 minutes, covered a wide range of topics, including the former president’s entry into politics, American energy policy, world leaders, and his book of portraiture, “Portraits of Courage: A Commander in Chief’s Tribute to America’s Warriors.”

ILTA is an advocate and valuable resource for the liquid terminal industry, representing over 85 companies operating liquid terminals in the US and abroad. Colonial Terminals, a subsidiary of the Savannah-based Colonial Group, is a leader in the handling and storage of liquid and dry bulk products. Their facilities provide essential logistics services for various commodities, further cementing their position as a pivotal player in the industry.

For more information visit www.ilta.org

On the occasion of the state visit to France by the president of the People’s Republic of China, TotalEnergies, represented by Patrick Pouyanné, chairman and CEO, and China Petroleum and Chemical Corporation, represented by Ma Yongsheng, chairman, sealed a strategic cooperation agreement aimed at deepening their collaboration, particularly in the realm of low-carbon energies.

TotalEnergies and SINOPEC have a longstanding partnership, having collaborated for many years, notably in Angola and Brazil in upstream operations, as well as in various domains such as oil, LNG, oil product trading, and engineering. Recently, the companies have united their efforts to establish a sustainable aviation fuel production unit with a capacity of 230,000 tonnes per year at a SINOPEC refinery in China.

This strategic cooperation agreement is geared towards further enhancing the partnership between TotalEnergies and SINOPEC, with the intention of capitalising on their respective expertise and seizing new opportunities. Specifically, the two entities plan to merge their research and development capabilities in biofuels, green hydrogen, carbon capture, utilisation, and storage, and decarbonisation.

Patrick Pouyanné, chairman and CEO of TotalEnergies, expressed satisfaction with reinforcing the partnership with SINOPEC, highlighting the shared determination to leverage their multi-energies expertise to address the burgeoning global demand while concurrently shaping the decarbonised energy landscape of the future.

Dr. Ma Yongsheng, chairman of SINOPEC, underlined the robust partnership established between the two companies. He noted that signing this strategic cooperation framework agreement on TotalEnergies’ 100th anniversary marks another significant milestone in their collaboration. Dr. Ma highlighted the extensive cooperation between the two companies over the years in various sectors and expressed their intent to strengthen the partnership further by exploring opportunities in sustainable aviation fuel, green hydrogen, CCUS, and other areas, in line with their commitment to low-carbon, green, and sustainable industry growth.

For more information visit www.totalenergies.com

Advario Singapore is proud to announce its achievement of ISO 14001 certification ahead of schedule. Aligned with its sustainability strategy and Horizon 2030 strategy into action programme, Advario Singapore initially aimed for ISO 14001 certification by 2025. Thanks to the dedication of its team, this goal has been reached ahead of time for all three local terminals—Advario Singapore, Advario Singapore Chemical, and Advario Helios Singapore—adding to the five other certified terminals in the Advario group.

Commitment to Environmental Standards

ISO 14001 is an international standard that specifies requirements for an effective environmental management system. Achieving this certification underscores Advario Singapore’s commitment to maintaining high environmental standards and practices in its terminal operations. This certification provides internationally recognised standards to customers and the community, ensuring ecologically responsible practices, improving efficiency, reducing waste, and promoting sustainability.

Importance in Energy Transition

In the evolving energy landscape, adhering to ISO 14001 standards is crucial for handling new energy derivatives. Advario Singapore’s commitment to safety, process safety standards, and operational excellence is supported by stringent internal systems and procedures that meet these requirements. This commitment aligns with the company’s ambition to provide outstanding services sustainably, leveraging technology to drive positive change.

Future Outlook

Advario Singapore continues to focus on advancing projects that promote sustainability and efficiency. The company’s early achievement of ISO 14001 certification demonstrates its proactive approach to environmental management and its dedication to contributing positively to the community and the energy sector.

For more information visit www.advario.com

Neste and the Singapore Airlines Group have inked a significant agreement for the procurement of 1,000 tonnes of neat Neste MY Sustainable Aviation Fuel™. This landmark deal positions SIA and Scoot as trailblazers, being the first carriers within the Group to receive sustainable aviation fuel produced at Neste’s refinery located in the country, at Changi Airport.

Neste will meticulously blend the SAF with conventional jet fuel in adherence to requisite safety standards and deliver the blended jet fuel to Changi Airport’s fuel hydrant system in two installments – the first in the second quarter of 2024 and the second in the fourth quarter of the same year.

This development not only signifies the premier direct supply of Neste’s SAF to airlines at Changi Airport but also underscores their comprehensive end-to-end SAF supply chain capabilities in Singapore. This achievement follows the successful expansion of Neste’s Singapore refinery in May 2023, boasting a staggering capacity to churn out a million tonnes of SAF annually, thus solidifying its status as the world’s largest SAF production facility.

Neste’s SAF, derived entirely from renewable waste and residue raw materials, carries the potential to slash greenhouse gas emissions by up to 80% throughout its life cycle. When blended with conventional jet fuel, it seamlessly integrates with existing aircraft engines and fuelling infrastructure.

Ms Lee Wen Fen, chief sustainability officer at Singapore Airlines, underscored the significance of the agreement with Neste in advancing the SIA Group’s commitment to incorporate a minimum of 5 percent sustainable aviation fuel in its total fuel uplift by 2030. She emphasised the pivotal role of collaborative partnerships with stakeholders, both domestically and globally, in realising long-term decarbonisation objectives and ensuring the sustainability of the aviation industry.

Alexander Kueper, vice president renewable aviation at Neste, expressed pride in Neste’s partnership with Singapore Airlines and Scoot, heralding them as the inaugural beneficiaries of Neste’s integrated supply capabilities at Changi Airport. He hailed the local delivery of SAF to Changi Airport as a significant milestone in Neste’s mission to support the aviation sector and regional governments in their emissions reduction endeavours. Kueper also voiced optimism that Singapore’s status as a leading aviation hub in the Asia-Pacific region, coupled with the national SAF target and the delivery of SAF, would catalyse broader adoption of sustainable aviation fuel across the region. Looking ahead, he expressed eagerness to expand collaboration with Singapore Airlines and extend SAF supply to visiting carriers at Changi Airport.

For more information visit www.neste.com

TotalEnergies, as a shareholder of Offshore Wind One GmbH, has been granted the maritime concession N-11.2 by the German Federal Network Agency following recent auctions in Germany. This concession, located in the North Sea approximately 120 kilometres northwest of the German island of Heligoland, spans an area of around 156 square kilometres and will support a 1.5 GW offshore wind project.

This achievement complements the 2 GW concession N-12.1 won last year, allowing TotalEnergies to develop a 3.5 GW offshore wind hub in the German North Sea, capitalising on the synergies between the two leases.

Financial and Environmental Commitments

Under the terms of the award, Offshore Wind One GmbH will pay €196 million to the German Federal government by June 2025. These funds will be allocated to marine conservation and the promotion of environmentally friendly fishing. Additionally, an annual contribution of €88 million will be paid to the electricity transmission system operator responsible for connecting the project, over a period of twenty years from the site’s commissioning. The concession is set for a term of 25 years, extendable to 35 years.

Strategic Development

Stéphane Michel, president of gas, renewable, and power at TotalEnergies, highlighted the significance of the award: “Building upon the successful award of concession N-12.1 in the German North Sea last year, the award of the N-11.2 site will enable TotalEnergies to establish a 3.5 GW offshore wind energy hub. This marks a new step for the deployment of TotalEnergies’ Integrated Power strategy in Germany, following the acquisition of Quadra Energy and Kyon Energy. TotalEnergies is also very pleased to contribute to Germany’s decarbonisation targets.”

TotalEnergies’ Renewable Energy Ambitions

TotalEnergies is committed to achieving net zero by 2050 and is actively building a cost-competitive portfolio that combines renewables, including solar and wind, with flexible assets such as CCGT and storage. By the end of 2023, TotalEnergies’ gross renewable electricity generation capacity reached 22 GW. The company aims to expand this to 35 GW by 2025 and achieve more than 100 TWh of net electricity production by 2030.

For more information visit www.totalenergies.com

In the first quarter of the 2024 financial year, Uniper reported an adjusted EBITDA of €885 million, reflecting a decline from the prior-year period figure of €991 million.

Beginning this financial year, Uniper has transitioned to reporting across three segments: green generation, flexible generation, and greener commodities, aligning with its revised strategic direction. Adjusted EBITDA has supplanted adjusted EBIT as the company’s primary financial performance metric.

The Green Generation segment posted an adjusted EBITDA of approximately €278 million, down from the prior-year earnings of €298 million. While the nuclear energy business in Sweden saw increased earnings due to successful hedging transactions and higher output, this was offset by reduced margins in the hydropower sector in Sweden and Germany stemming from lower prices.

Flexible Generation witnessed a decrease in adjusted EBITDA from €901 million in the prior year to €656 million, primarily attributable to diminished positive earnings from successful hedging transactions in the fossil portfolio, reflecting the overall decline in prices. However, lower expenses related to provisions for carbon allowances had a positive impact year-on-year.

Uniper’s direct Scope 1 carbon emissions in the first three months of 2024 amounted to 5.5 million metric tonnes, down from 6.3 million metric tonnes in the prior-year period. This decline is attributed mainly to reduced electricity output at certain coal-fired power plants in Germany, influenced by less favourable market conditions.

Greener Commodities saw an improvement in adjusted EBITDA compared to the prior year, albeit remaining negative at -€13 million, a significant improvement from the prior-year figure of -€242 million. This improvement was driven by a more positive contribution from the gas business compared to the exceptionally adverse performance in the first quarter of 2023.

Adjusted net income for the first quarter of 2024 amounted to €570 million, surpassing the prior-year figure of €458 million, primarily due to favourable interest earnings.

Uniper maintains its earnings forecast for the full-year 2024, expecting adjusted EBITDA to range between €1.5 to €2 billion and adjusted net income to range between €0.7 to €1.1 billion.

Jutta Dönges, Uniper CFO, expressed satisfaction with the company’s performance, noting positive market acknowledgment and successful financial initiatives. These include the confirmation of Uniper’s long-term credit rating by S&P and the successful early refinancing of its syndicated credit line, which was increased to €3 billion. Dönges affirmed Uniper’s confidence in meeting its earnings forecast for the 2024 financial year.

for more information visit www.uniper.energy

Energean plc has entered into a binding agreement to sell its portfolio in Egypt, Italy, and Croatia to Carlyle International Energy Partnersfor an enterprise value of up to $945 million, with $820 million being firm. The transaction is expected to close by the end of 2024, subject to regulatory and antitrust approvals.

Compelling Transaction Metrics

• The EV of up to $945 million represents more than a threefold return on the portfolio, which was acquired for $284 million in 2020.
• A firm EV/2P multiple of $5.4/boe, a significant increase from approximately $1.2/boe at the time of acquisition.
• The transaction is expected to be immediately accretive to free cash flow.
• Energean plans to use the proceeds to repay the $450 million PLC Corporate Bond and distribute a special dividend of up to $200 million.
• The transaction is projected to yield at least $7.5 million per annum in G&A savings.

Strategic Rationale

This sale allows Energean to streamline its portfolio, focusing on its gas development strategy, primarily centred on the Karish Field in Israel and the Anchois field in Morocco. This approach aims to maximise asset monetisation, free cash flow generation, and shareholder returns.

• The transaction optimises the portfolio by divesting later life assets, reducing over 60 percent of the Group’s decommissioning liabilities, and enhancing free cash flow in the short to medium term.
• Energean will maintain and seek to grow its footprint in the Mediterranean and explore opportunities in the EMEA region, particularly where there is long-term policy support for gas and coal displacement.
• The Group will also focus on creating a Carbon Storage Hub in Greece and the wider Mediterranean via its EnEarth subsidiary.
• Post-closing, Energean’s scope 1 and 2 emissions intensity will reduce by around 40%, accelerating its 2035 target by 10 years.

Leadership Comments

Mathios Rigas, CEO of Energean, highlighted the significant return on investment and the transaction’s alignment with Energean’s strategic objectives, including enhanced value creation from Israeli assets and new opportunities fitting the company’s core business drivers: reliable dividends, deleveraging, growth, and a commitment to Net Zero.

Bob Maguire, co-head of Carlyle International Energy Partners, expressed enthusiasm for acquiring the high-quality assets in Egypt, Italy, and Croatia, which are well-positioned to support the energy transition.

Transaction Terms and Consideration

Carlyle’s offer includes:

• $504 million upfront cash consideration.
• Working capital/cash adjustments from the effective date to closing.
• A $139 million vendor loan with a 6-year, 3-month tenor, and interest at SOFR + 7 percent in year one, plus 0.5 percent for each subsequent year.
• $125 million capped contingent consideration, varying based on production and commodity prices over 2025-2028.
• An uncapped contingent payment linked to the recent Location B well in Egypt, based on reserves and production exceeding pre-drill estimates.

Sale Portfolio

Energean acquired Edison E&P in 2020, which included assets in Egypt, Italy, and Croatia. The portfolio has 150 mmboe in net working interest 2P reserves (70 percent gas) and 2023 net working interest production of 34 kboe/d (37 percent gas), generating an adjusted EBITDAX of $264 million in 2023. The gross assets attributable to the transaction were $1.67 billion, with liabilities of $1.27 billion, including $516 million in decommissioning provisions.

Use of Proceeds and Dividend Policy

Energean expects to use the transaction proceeds to repay the $450 million PLC Corporate Bond and facilitate a special dividend of up to $200 million. The Board will review the company’s dividend policy post-transaction close.

Conditionality and Timing to Completion

The transaction is subject to customary regulatory approvals in Italy and Egypt, antitrust approvals in Italy, Egypt, and COMESA, and Energean shareholders’ approval, which might be influenced by upcoming changes to the FCA’s listing rules. The transaction is expected to complete by year-end 2024, with a longstop date of 20 March 2025.

Employment Continuity

Staff employed by Energean Italy (including Croatia) and Energean Egypt will continue their employment under Carlyle’s ownership, which is committed to guaranteeing employment for 18 months post-completion, ensuring continuity and operational reliability.

For more information visit www.energean.com

In an agreement surpassing $100 million, the Oyo State Government and Shell Nigeria Gas have embarked on a transformative venture to establish a robust gas supply and distribution infrastructure aimed at serving industrial and commercial entities within the state.

A statement released by Abimbola Essien-Nelson, Shell Nigeria’s media relations manager, on Friday revealed the comprehensive scope of the collaboration. SNG is slated to spearhead the construction and operation of a gas distribution network spanning Oyo State for a duration of two decades.

Commencing with the laying of groundwork for a 15-kilometre pipeline route, the initiative is projected to escalate, facilitating the delivery of up to 60 million standard cubic feet of gas daily across the state. Ralph Gbobo, the managing director of SNG, underscored the agreement’s significance in fortifying economic pursuits within Nigeria. He emphasised the pivotal role natural gas plays as a dependable, cost-effective, and environmentally sustainable energy source for industries and manufacturers.

Governor Seyi Makinde, in a statement shared via his official channel, highlighted the landmark deal signed in London, affirming its substantial investment of approximately $100 million. The project entails the establishment of a pressure reduction and metering station and pipeline installation by SNG under a Build-Own-Operate-Transfer framework. Makinde articulated the anticipated benefits, including enhanced revenue generation, job creation, and accelerated industrialization across Oyo State.

Further insights were provided by Osagie Okunbor, managing director of the Shell Petroleum Development Company of Nigeria Ltd and chairman of Shell Companies in Nigeria. Okunbor reiterated Shell’s commitment to advancing Nigeria’s energy landscape, leveraging strategic partnerships to deliver cleaner and more accessible energy solutions to commercial and industrial stakeholders. He expressed enthusiasm for deploying gas distribution innovations to support power generation and industrial operations nationwide, building upon Shell’s extensive presence and expertise in Nigeria dating back to the 1960s.

For more information visit www.shell.com.ng

In partnership with the ministry of economic affairs and Climate Policy, Gasunie and Vopak are exploring options to utilise the EemsEnergyTerminal for longer than initially planned at the port of Eemshaven. This market consultation will not only look at LNG but is also intended to explore ways to bring about a future, rapid transition to a more sustainable energy system, one where hydrogen and carbon capture and storage play key roles.

Following the loss of Russian gas and the end of gas extraction from the Groningen gas field, security of energy supply for the Netherlands and its neighbouring countries has changed drastically. Currently, roughly 75 percent of Netherlands gas needs are met by its imports. As LNG imports are expected to continue to be needed over the coming years, the LNG terminal is set to play a key role in the transition to renewable energy.

Vision for the future

Gasunie and Vopak are keen to affirm their joint ambition to harness this LNG infrastructure to contribute to security of energy supply in Europe. The partners are also making plans for further hydrogen development at the Eemshaven site and exploring options for carbon capture and transport in line with the transition to a more sustainable energy system. One of the options on the table is to keep EemsEnergyTerminal at Eemshaven for longer than initially planned. To assess the viability of this option, Gasunie and Vopak have now launched a market consultation to gauge the market’s interest in hydrogen and CO2 and to see what would be possible.

Consultation on extending EemsEnergyTerminal

The consultation is intended to gauge market interest in importing LNG through EemsEnergyTerminal beyond 2027, as well as to get an idea of the conditions market parties would set. It will also look at permit regulations and the required technical aspects. The results of the consultation may lead to an ‘open season’ where the required capacity is offered to the market in a transparent manner.

For more information visit www.vopak.com

UAB-Online is delighted to share the momentous news of the successful integration of our liquid bulk handling software into the sea shipping operations at Shell Energy and Chemicals Park Rotterdam, effective May 3rd! This seamless integration stands as a significant milestone in Shell’s ongoing efforts to enhance their operational efficiency and optimise their processes.

This achievement underscores the commitment of both UAB-Online and Shell to innovation, safety, and sustainability within the energy and chemicals sectors. By leveraging cutting-edge technology and industry expertise, Shell is poised to streamline its sea shipping operations, leading to improved performance and resource utilisation.

The collaboration between UAB-Online and Shell represents a strategic partnership aimed at driving continuous improvement and delivering tangible value to stakeholders. With a shared vision of prioritising safety, efficiency, and environmental responsibility, both companies are aligned in their pursuit of excellence.

Looking ahead, “UAB-Online is excited about the prospects of this collaboration and the positive impact it will have on Shell’s operations and the broader industry. By combining our expertise and resources, we are confident in our ability to drive positive change and shape a more sustainable future for all.”

As they embark on this journey together, UAB-Online remains committed to providing best-in-class solutions and support to Shell and other partners in their quest for operational excellence and environmental stewardship.

For more information visit www.uab-online.com