Evero Energy Group Limited, a leading low-carbon waste-to-energy company, has announced that it will be partnering with Mitsubishi Heavy Industries, Ltd., one of the world’s leading industrial groups, to deliver its InBECCS (Ince Bioenergy with Carbon Capture and Storage) project.

The InBECCS project will be retrofitted on Evero’s Ince Bio Power site, a waste wood to energy facility located in the North-West of England, with excellent proximity to the Hynet industrial cluster.

Greg Williams, head of external affairs at Evero, said “Installing carbon capture on Ince Bio Power will result in a BECCS project with excellent sustainability credentials, and the ability to deliver engineered removals at scale. Its feedstock is locally sourced waste wood that would otherwise be landfilled or exported. It is also well positioned on the Protos energy park in close proximity to HyNet’s prospective CO2 pipeline.”

The project would generate as much as 250,000 tonnes of engineered carbon removals a year, once operational in 2029 and deliver ~5 percent of the Government’s 2030 Greenhouse Gas Removals target, due to the project’s high biogenic content waste wood feedstock.

BECCS will have an important role to play in helping to achieve the UK’s net-zero targets, as the most scalable technology available today, to remove CO2 from the atmosphere. The UK Government’s recently published Biomass Strategy identified that BECCS using end of life waste wood – as used in Ince Bio Power – is a highly sustainable form of BECCS.

Simon Hicks, CEO of Evero, said: “The project will play an important role in developing additional skills, knowledge, and export opportunities for carbon capture – enabling the North West to grow the green economy.”

Kenji Terasawa, CEO and head of engineering solutions at MHI, said: “BECCS will be a key instrument to decarbonise our power systems on the way to net zero. We look forward to applying our extensive expertise on CO2 capture in Evero’s innovative InBECCS project, helping the UK reach its ambitious decarbonisation targets.”

The project will utilise MHI’s amine solvent technology, the Advanced KM CDR Process™ (Kansai Mitsubishi Carbon Dioxide Recovery Process), which the company has been developing in a collaborative partnership with Kansai Electric Power that dates back to 1990. As of November 2023, MHI has delivered 16 plants adopting its technology, and two more are currently under construction.

For more information visit www.evero.energy

Advario Singapore is thrilled to announce its participation in Enterprise Singapore’s Sustainability Open Innovation Challenge 2023. As a company that values curiosity and innovation, Advario aims to challenge the status quo and reinvent the way businesses operate.

The Open Innovation Challenge invites innovative minds to devise sustainable solutions for industry challenges. Advario has chosen to focus on optimising the design of floating photovoltaic platforms to address operational and safety risks while maximising solar energy generation.

With Advario’s terminals covering vast spaces on land and sea, the company recognises the potential of utilising the unused sea spaces for the deployment of FPVs. This approach aligns with Singapore’s national target of deploying at least 2 gigawatt-peak of solar energy by 2030.

Through collaboration and the inclusion of external perspectives, Advario hopes to become partners for progress in overcoming the obstacles that impede the wider adoption of FPV systems in Singapore. By leading this challenge, Advario aims to contribute to the industry and Singapore at large, while also supporting national and Jurong Island’s local decarbonisation efforts.

For more information visit sustainability.innovation-challenge.sg/en/

Recently, Falcker had the opportunity to collaborate with Unabhängiger Tanklager Verband in Germany. UTV is a representative body for independent tank storage operators in Germany, advocating for favourable legislative and regulatory conditions for the industry. They also provide insights to their members on technical, energy tax, and customs law matters. With a collective storage capacity of around 12.5 million cubic metres spread over 100 locations within Germany, UTV plays a significant role in the tank storage industry.

Falcker was thrilled to be invited to present their offerings to UTV’s members and share best practices for maintenance and safety. During their presentation, they discussed their experience working with esteemed customers like Vopak, BP, and SABIC, and their vision for a more efficient and safer asset inspection system for tank storage operators. The audience, including one of their customers, UNItank, responded positively to their message.

Collaborating with industry associations like UTV allows them to engage in discussions and share knowledge. While they aim to showcase their work and potential to help members, their primary focus is on providing value and insight to improve maintenance and asset inspection practices for the entire industry. Following their presentation, they held a Q&A session, enabling experts in the room to exchange best practices, discuss challenges, and explore ways to overcome them. This collaborative approach exemplifies the strength that comes from working together within industry associations.

For more information visit www.falcker.com

In a transformative move for port operations, NSW Ports has adopted the cutting-edge Smartflow Digital ISGOTT Solution, signalling a significant digital shift in how ship-to-shore activities are managed.

In this candid interview, Platform8 CEO Lauren Salisbury discusses the recent changes with NSW Ports’ Wayne Ashton, operations manager, and Josh Davidson, IT manager.

ABOUT NSW PORTS

NSW Ports holds long term leases to manage Port Botany and Port Kembla, which together handle millions of tonnes of diversified trade each year.

With over 42 percent of goods in a Sydney household imported in containers through Port Botany, and 100 percent of motor vehicle imports arriving through Port Kembla, NSW ports are an essential part of maintaining the Australian way of life.

SMARTFLOW AND PLATFORM8

Smartflow and Platform8 aim to provide a seamless and efficient exchange of information, enhancing the tank storage industry’s safety, productivity, and sustainability. With real-time monitoring and analytics, the two solutions optimise vessel loading and unloading, reduce waiting times, and minimise the risk of accidents and environmental incidents.

Smartflow and Platform8 enable collaboration and communication between ship and shore operators, ensuring smooth and timely operations. With these digital solutions, tank storage companies can improve their operational efficiency, reduce costs, and enhance their environmental and safety performance, ultimately delivering more excellent value to their customers and stakeholders.

THE CHALLENGE

The push towards digitisation was catalysed by the COVID-19 pandemic, which highlighted the inefficiencies of NSW Ports’ traditional paper-based processes.

Josh Davidson, IT manager at NSW Ports, reveals that the initial response was a bespoke solution during COVID-19, but the need for a more robust system was evident as they moved forward. The search for a resilient platform led them to NxtPort International, who pointed them toward Platform8, which in turn introduced them to Smartflow’s ISGOTT solution.

THE NEED

The driving force behind the shift, as Wayne Ashton, operations manager at NSW Ports, points out, was the need for a standardised, user-friendly, and transparent system.

With five tenants at the port, multiple chemical users, and the Port Authority of New South Wales to consider, the platform had to accommodate diverse needs while ensuring inclusivity for non-native English speakers involved in the processes.

THE SOLUTION

Digitisation has already begun to bear fruit, providing consistency with international standards and facilitating a universal document process for terminals, ships, and port use. Josh Davidson emphasises that data has become an invaluable asset, ensuring high-quality, consistent, and auditable data critical for assessing risk, performance, and billing.

Collaboration has markedly improved post-implementation. Stakeholders now enjoy real-time transparency and have abandoned the constant need for updates. The feedback from ship captains has been overwhelmingly positive, praising the simplicity and effectiveness of Smartflow.

The implementation journey, while complex due to the coordination across time zones and unique operational models, was seamless. Both Wayne Ashton and Josh Davidson laud the support from Platform8 and Smartflow’s responsiveness to customisation needs. The ease of transition is a testament to the robustness of the Smartflow system, which allowed for a pain-free IT implementation and a quick delivery of the standard product.

THE FUTURE

The success at NSW Ports has set a precedent, with plans to introduce Smartflow Digital ISGOTT Solution to Port Kembla. The first stage has set the groundwork for further digital enhancements, with API capabilities that promise to streamline additional operational processes.

Both NSW Ports and Platform8 look back at the project with satisfaction, reflecting on the collaborative spirit that made this digital leap possible. The expectation is high for the upcoming implementation at Port Kembla.

If the experience at NSW Ports is anything to go by, the maritime and tank storage sectors can expect a smoother, more efficient future thanks to digital innovation.

For more information visit www.smartflowapps.com

The Australian market remains a top destination for global investors with a record volume of upstream and LNG M&A deals in 2023, despite the last 12 months having been the most unstable legal and fiscal landscape seen in Australia for over a decade, according to Wood Mackenzie.

Angus Rodger, vice president, SME Upstream APAC & Middle East said, “By October this year, we have seen more than US$7 billion spent on upstream transactions. It is particularly interesting that such a strong vote of confidence in the upstream sector be delivered against a backdrop of the most unstable legal, regulatory and fiscal landscape seen in Australia for over a decade.”

Recent M&A deals in Australia

Recent M&A deals in Australia include EIG and Brookfield’s acquisition of Origin Energy, a bidding war in Perth for Warrego Energy, won by mining giant Hancock Energy, and Taiwanese firm CPC’s purchase of a stake in Dorado. bp also acquired Shell’s interest in the Browse development.

Angus said “most Australian deals are focused on LNG and domestic gas, such as EIG/MidOcean Energy’s move on APLNG, ConocoPhillips subsequently acquisition of an additional stake in the project, and Saudi Aramco then acquiring an interest in MidOcean. It’s interesting to note that Aramco made its first move towards becoming a global LNG player in an Australia-focused deal.”

And despite recent criticism from Tokyo that Australia’s investment climate was deteriorating, Japanese companies still closed two back-to-back upstream deals in August. LNG Japan (a 50/50 Sojitz and Sumitomo joint venture) acquired a 10 percent share in Woodside’s Scarborough gas project, and TotalEnergies and Japan’s INPEX acquired PTTEP’s interest in the Cash/Maple fields, indicating continued investment in high-quality LNG assets and commitment to the country.

“Despite a more volatile risk environment, Australia is still attracting investment for a few key reasons,” said Angus. “Firstly, we can see companies are focusing on strengthening their LNG portfolios, demonstrating confidence that Australia’s world-class LNG assets will continue to play a key in the energy transition for decades to come. Secondly, tight conditions in domestic gas markets also creates opportunities, such as in the Perth basin hotspot. Lastly, it is worth noting that companies are not selling under current or perceived future duress – for deals with an announced consideration the asset pricing is at levels equivalent or higher than the global upstream average.”

In 2023, new companies have entered Australia’s upstream sector while existing players such as TotalEnergies, ConocoPhillips, and INPEX have strengthened their positions in the country. “During our discussions with buyers and bankers, one message has been consistently conveyed – while Australia may not be as attractive as it used to be, it is still much less risky than most other countries on their radar”, said Angus.

Increased M&A activity in Australia also comes at a time when the overall global market is picking up. The Majors, NOCs and North Asian players have all been more active buyers in 2023 than in previous years. This has in-part been driven by the invasion of Ukraine, which underlined the importance of energy security and the need to develop oil and gas supply for many years to come.

Anticipated deal landscape and potential challenges

Looking ahead, Wood Mackenzie anticipates more deals in the pipeline. Equity sell-downs of key assets, such as Scarborough, Crux, Narrabri, and Dorado, will likely be targeted by operators. Additionally, non-core and mature assets located offshore of Western Australia are likely to be put up for sale. M&A activities in the Perth basin are also expected to continue.

“We believe the asset market will continue to be active, but primarily for bigger, higher-quality and lower-risk assets – primarily in gas and LNG. The market for mature fields appears less competitive as decommissioning regulations tighten up,” said Angus.

It is important to consider the political, legal, and fiscal risks in the background. There is a high probability of increased government intervention in domestic gas markets and further delays in securing environmental approvals. If the regulatory volatility continues to increase, it will inevitably impact the M&A market.

For more information visit www.woodmac.com

Registration is now open for StocExpo 2024, the internationally recognised meeting-place for 3,700+ tank storage and energy infrastructure professionals.

In partnership with the Federation of European Tank Storage Associations (FETSA), the conference & exhibition will feature two conference theatres, a terminal tour, the Global Tank Storage Awards ceremony and a packed exhibition floor full of the latest storage innovations.

Once a year the industry comes together in Rotterdam to learn new approaches to improve operations, discover innovative solutions to make storage infrastructure safer, and to network with leading industry professionals.

Margaret Dunn, portfolio director at StocExpo, says, “We’re always excited at this time of year, when the countdown to StocExpo begins. It’s the single most important event for the tank storage industry, where ideas are shared, deals are brokered, and decisions are made which influence the future of the sector.”

With the energy transition well underway, StocExpo aims to address the industry’s ongoing challenge to develop safe and cost-effective future fuels storage infrastructure.

This year’s conference programme will feature a range of expert speakers including Bowen Xu, director of corporate development & investments at OCI, Tamme Wekkes, business development director for Koole Terminals, Aivars Starikovs, member of the board for European Hydrogen Council, Bruni Hayem, CEO of Rubis Terminal and many more.

Topics covered include tackling the energy trilemma, what the energy transition looks like in Asia and the Middle East and the impact of the evolving geopolitical landscape on the storage sector. A second conference theatre geared towards asset and maintenance managers will feature engaging speakers covering a variety of topics including safety best practices, digitilisation and how to future-proof your terminal.

“The floorplan is packed with disruptive technologies as well as equipment that is essential to every terminal operator,” Dunn adds. “With late-night networking opportunities, the Global Tank Storage Awards ceremony and the iTanks pitch lunch, there are countless opportunities to network and celebrate excellence in our industry. We can’t wait to see you there.”

For more information visit www.stocexpo.com

Ondas Holdings Inc., a leading provider of private industrial wireless networks and commercial drone and automated data solutions, announced that its wholly-owned subsidiary, Airobotics LTD, has received a $2.6 million order for immediate delivery of additional Optimus Systems from a local governmental entity in Dubai for public safety and emergency response operations. Since 2020, the Optimus System has been extensively utilised by this local governmental entity in Dubai which has carried out thousands of operational drone flights without human intervention under challenging environmental conditions in densely populated areas demonstrating urban drone infrastructure for public safety and emergency response use cases.

“We continue to provide Optimus Systems to this governmental entity as they expand the fleet of installed infrastructure in Dubai,” said Eric Brock, chairman and CEO of Ondas. “The Optimus drone is demonstrating its reliability, having already completed thousands of flights over densely populated areas. The recent receipt of a first of its kind Airworthiness Type Certification from the US Federal Aviation Administration demonstrates the high level of maturity, automation, and aerial capabilities of our Optimus System.”

“We are proud to receive an additional order for Optimus Systems from our customer in Dubai,” said Meir Kliner, Airobotics’ CEO and president of the Ondas Autonomous Systems business unit. “We are working to grow our Optimus deployments in Dubai and fulfill the vision of a fully automated urban drone infrastructure for public safety and emergency response. Together with Ondas’ American Robotics, we are bringing these capabilities to the United States where we can leverage the Optimus drone FAA Type Certificate required to enable similar operations.”

Ondas has established a leadership position in developing, maturing, and commercialising automated drone systems through its OAS business unit comprising of American Robotics Inc. and Airobotics LTD. Through American Robotics, Ondas is at the forefront of a pivotal moment in the aviation, drone, and data industries, with its leadership in expanding automated BVLOS operations. Airobotics’ Optimus System is being commercially deployed as Urban Drone Infrastructure in cities where automated fleets of Optimus drones are installed and remotely operated for smart city and public safety applications. The Optimus drone recently achieved an Airworthiness Type Certification from the Federal Aviation Administration and is the first small UAS developed for aerial security and data capture to receive a Type Certificate. The Type Certificate allows for more expanded operations in urban settings including the operation over people, roads and highways and critical infrastructure. With unique FAA approvals for BVLOS operations, the expected garnering of Type Certification for its Optimus drone and the proven safety and high reliability of the Optimus System in urban settings, Ondas is paving the way for the future of commercial drones.

For more information visit www.ondas.com

Congratulations to Odfjell Terminals Korea (OTK) for receiving the prestigious Safety Award from the Korean National Fire Agency. This recognition is a testament to the outstanding commitment and results of the Ulsan terminal in ensuring safety.

For over a decade, OTK has consistently demonstrated exceptional safety records, reflecting their unwavering dedication to prioritising safety above all else. This achievement is a direct result of their adherence to the principle of never compromising on safety.

Odfjell would like to extend their gratitude to the National Fire Agency for acknowledging OTK’s efforts and inspiring others in the industry. This recognition is a great accomplishment for the entire OTK team.

In the attached photo, see Yong-Chan Gill and Donghee Lee from OTK’s QHSE department, who have undoubtedly played a crucial role in upholding the highest safety standards at the terminal.

For more information visit www.odfjell.com

BB Energy Asia, a subsidiary of BB Energy Group Holding Ltd, has successfully closed its inaugural Secured Digital Borrowing Base facility worth USD 210 million. The facility, guaranteed by BB Energy Group, will provide support for the working capital requirements of BB Energy Asia’s trading business in Asia.

This digital borrowing base facility, the first of its kind for the Group outside the USA, encompasses import finance and funding for inventory, receivables, and hedging positions. The facility was oversubscribed and closed at USD 210 million, exceeding its initial launch amount of USD 150 million.

Natixis CIB Singapore has been appointed as the facility and security agent, with other participating banks including Arab Petroleum Investments Corporation (APICORP), MUFG Bank Ltd Singapore, Abu Dhabi Commercial Bank PJSC, Arab Banking Corporation B.S.C. Singapore, and Credit Agricole Corporate and Investment Bank Singapore.

This successful closing represents a significant milestone for BB Energy Asia, demonstrating the unwavering confidence in BB Energy Group’s creditworthiness and business prospects. The Regional CFO, APAC, at BB Energy Asia, expressed gratitude for the commitment and support from existing and new banking partners, emphasising the robust confidence built on financial strength, strategy, governance, and responsible trading.

BB Energy Group’s commitment to transparency and operational integrity is reflected in the cutting-edge digital trade platform developed through partnerships with KOMGO and SGTraDex. This digitalisation initiative enhances governance and provides liquidity providers with increased confidence in extending financing more securely and efficiently.

The Head Global Trade Asia Pacific at Natixis Corporate and Investment Banking expressed pride in leading, arranging, structuring, and executing this inaugural Secured Digital Borrowing Base facility, highlighting the bank’s ability to offer innovative and tailored financing solutions while supporting clients’ digital transformation journeys. The Managing Director of Komgo highlighted the enhanced integrity and transactional security achieved through digitalisation, while the head of business development and operations at SGTraDex emphasised the development’s significance in fostering trust, transparency, and enhanced connectivity in the industry. Collectively, BB Energy Asia, Natixis, Komgo, and SGTraDex call for a new era of digitalisation in the trading and financing sector.

For more information visit www.bbenergy.com

Burns & McDonnell is consolidating its expansion across the UK transmission market, having been selected as a preferred bidder by SSEN Transmission to deliver onshore transmission infrastructure across Scotland. SSEN Transmission’s £10 billion framework will be pivotal to help the UK and Scottish Governments reach their 2030 renewable energy and energy security targets.

As a result of this selection, Burns & McDonnell have been awarded a contract by SSEN Transmission to engineer, procure and construct a proposed new substation in Aberdeenshire, Scotland. This project is part of Ofgem’s Accelerated Strategic Transmission Investment (ASTI) programme, which represents a streamlining of 26 projects across the electricity grid, in pursuit of the UK Government’s target to reach the total decarbonisation of the power system by 2035.

The creation of the proposed new substation, which will be 400kV capable, marks a significant step towards achieving the UK and Scottish Government offshore wind targets for 2030, and securing the country’s future energy independence.

The contract continues the growth of Burns & McDonnell in the UK and adds to the portfolio of work it is undertaking. The business, which has been operating in the United States for 125 years, opened its first European office in Birmingham in 2017. Since then, the team in the UK has more than tripled in size. It added a business practice in London focusing on mission-critical projects in 2020 and opened its new Scottish office in June 2022.

Jonathan Chapman, UK managing director, Burns & McDonnell, says:

“I’m delighted that SSEN Transmission has once again chosen to partner with Burns & McDonnell on a major transmission framework, and it is a testament to the quality of our work as a team. It is fantastic to have been awarded the new EPC project as part of the ASTI programme, and we are committed to using local content, which will bolster the economic impact of this project on the local community in Aberdeenshire. We are also proud to be part of the work being done to support the UK’s transition to net zero.”

For more information visit www.burnsmcd.com

Air Products has made an exciting announcement regarding the construction of Europe’s largest blue hydrogen plant. They will be building a carbon capture and CO2 treatment facility at their existing hydrogen production plant in Rotterdam, the Netherlands. This state-of-the-art facility is expected to be operational in 2026 and will produce “blue” hydrogen for ExxonMobil’s Rotterdam refinery and other customers through Air Products’ hydrogen pipeline network.

The carbon capture retrofit will capture CO2 emissions from Air Products’ hydrogen plant and ExxonMobil’s Rotterdam refinery. This captured CO2 will be connected to the Porthos system, a consortium that is developing a large-scale CO2 transport and storage system in the Netherlands. The CO2 will then be transported to depleted gas fields in the North Sea and permanently stored at a depth of over three kilometers beneath the seabed.

By implementing the Porthos system, Air Products will be able to reduce their CO2 emissions in the port of Rotterdam by more than half. This is a significant step towards meeting the Dutch National Climate Agreement targets and reducing direct emissions in the short term. Additionally, Air Products is actively working on decarbonising its own operations and those of its customers by planning to offer green hydrogen sourced from imported renewable energy in the port of Rotterdam.

This project is part of long-term agreements with ExxonMobil and the Dutch State. The blue hydrogen produced by Air Products’ plant will support the transition to cleaner energy sources in various industries and mobility while also creating and maintaining jobs in the important industrial area.

Chief operating officer Dr. Samir J. Serhan highlighted Air Products’ commitment to realising synergies, driving energy efficiencies, and ultimately decarbonising. Through the sequestration of CO2 via the Porthos system and the provision of blue hydrogen to ExxonMobil and other customers, Air Products aims to contribute to a cleaner future.

ExxonMobil, with its goal of achieving net-zero Scope 1 and Scope 2 emissions from its operated assets by 2050, expressed their enthusiasm for collaborating with Air Products to reduce their environmental footprint. They recognised the importance of Carbon Capture and Storage in achieving climate goals and praised this project as an example of how industries can work together to reduce carbon dioxide emissions in the Rotterdam port area.

Overall, this initiative by Air Products is a significant step towards decarbonisation and sustainability in the energy sector. It demonstrates their dedication to creating a cleaner future and their commitment to collaborating with key stakeholders to achieve climate goals.

For more information visit www.airproducts.com

United States Representative Mary Gay Scanlon (D-PA-05) visited STI/SPFA member Fisher Tank Company’s Chester, Pennsylvania location. The visit included a tour of the facility and operations.

Fisher Tank Company recently celebrated their 75 year anniversary, and shared with Representative Scanlon the company’s rich history in the region, how they have expanded over several decades, and continue to invest and provide economic opportunity to the Chester, Pennsylvania community.

Several important industry issues were highlighted during the visit including steel tariffs and the economic impact of the steel fabrication industry.

Visits with Representatives and Senators help showcase members’ involvement in and impact on the surrounding community, and educate them about key issues affecting the industry.

For more information visit www.stispfa.org

ELAFLEX HIBY group, headquartered in Hamburg, has recently acquired a majority stake in the German supplier and manufacturer, ditec. The acquisition allows ELAFLEX HIBY to expand its product offerings in the expansion joint market.

Founded in 1973, ditec is well-known for its production of rubber and fabric expansion joints. They have established themselves as a global leader in developing and manufacturing expansion joints that cater to various industries and customer requirements. Their expansion joints find applications in power plant technology, industry and plant engineering, water treatment technology, chemical, paper and pulp industry, food industry, and shipbuilding industry. Additionally, ditec has also added innovative expansion joints for hydrogen applications to their product portfolio.

The partnership between ELAFLEX HIBY and ditec is seen as a strategic move to further enhance their product concepts and offerings. ELAFLEX HIBY, as an internationally active system supplier of expansion joints, hoses, hose assemblies, couplings, and nozzles, sees this collaboration as an opportunity to strengthen their position in the market.

Despite the acquisition, ditec will maintain its operational independence and distribution channels. This ensures that their existing customers and partners will continue to receive the same level of quality, innovation, and service that they have come to expect from ditec.

The cooperation between ELAFLEX HIBY and ditec is built on a longstanding business relationship and shared values as family-owned companies with a rich history. Both companies are looking forward to working together and leveraging their strengths to shape the future of the expansion joint industry.

For more information visit www.elaflex.de

QatarEnergy and China Petrochemical Corporation (Sinopec) have made a significant announcement, signing a partnership agreement for the North Field South expansion project. This partnership marks a historic milestone in the bilateral relations between the People’s Republic of China and the State of Qatar, as well as the collaboration between Sinopec and QatarEnergy.

As part of the partnership agreement, QatarEnergy will transfer a 5 percent interest to Sinopec in a joint venture company that holds a substantial 6 million tonnes per annum of LNG production capacity within the NFS project. In addition, a long-term sales and purchase agreement was also signed, outlining the delivery of 3 MTPA of LNG from the NFS project to Sinopec’s receiving terminals in China over a span of 27 years.

This is not the first collaboration between QatarEnergy and Sinopec. They previously signed a similar partnership agreement in Doha, which saw Sinopec become a shareholder in one of the North Field East joint venture companies involved in the critical NFE project within the global LNG industry. Importantly, these agreements do not impact the interests of other shareholders.

Moreover, the long-term LNG SPA signed between QatarEnergy and Sinopec is particularly noteworthy, as it represents the longest LNG supply agreement in the history of the industry. This demonstrates the strong and mutually beneficial relationship between the two companies, as well as their commitment to advancing the LNG sector.

Overall, these agreements highlight the remarkable progress made by QatarEnergy and Sinopec in further developing the energy industry, particularly in the field of LNG. They signify the importance of collaboration and underline the significance of Qatar’s role as a leading global supplier of LNG.

For more information visit www.qatarenergy.qa

Enbridge’s recent acquisition of seven operating landfill gas-to-RNG facilities from Morrow Renewables is a significant step in their efforts to manufacture and transport renewable natural gas. This acquisition, valued at $1.2 billion, instantly establishes Enbridge as a North American midstream leader in RNG volume.

The landfill gas-to-RNG facilities collect gas produced by waste decomposition in landfills and treat and compress it to pipeline specifications. The gas is then upgraded into pipeline-grade methane, which can be easily blended into existing natural gas distribution and transmission networks. This allows it to be used as a fuel for transit fleets, power industry facilities, and heating homes and businesses, reducing the need for traditional natural gas and minimising waste by preventing the release or flaring of the gas.

The Morrow facilities, located in six Texas locations and Fort Smith, Arkansas, have strong partnerships with local municipalities and are situated in regions with growing demographics and ongoing landfill growth. With a current annual production of approximately 5 billion cubic feet of RNG, these facilities have commercial structures supported by long-term contracts with municipalities and offtake agreements with customers, ensuring their contribution to Enbridge’s EBITDA by 2024.

Enbridge’s acquisition of these assets reflects their commitment to energy transition leadership and their goal of advancing new low-carbon sources of energy. The fundamentals for RNG are promising, with increasing demand over the long term as gas utilities set RNG blending targets. This move positions Enbridge as a key player in the cleaner energy future, contributing to society’s goals of reducing carbon emissions and promoting sustainable energy solutions.

For more information visit www.enbridge.com

Advanced Polymer Coatings is proud to announce the promotion of two exceptional professionals, Mr. Daniel Liu and Mr. Sudhir Kaushal Tiwari, who have taken on important leadership positions within the organisation. These promotions underscore APC’s commitment to recognising and fostering talent within the company.

Daniel Liu has been appointed as the technical services manager for the Far East and Western Pacific Region at APC. Daniel joined APC in October 2007 and has shown remarkable dedication and professional growth during his 16-year tenure. He is a certified NACE Inspector Level 3 / FROSIO Level 3 and began his career as a coating inspector. Through his hard work and contributions, he was promoted to the technical service manager for the China region in July 2009. This promotion reflects APC’s trust in his capabilities and leadership.

When asked about his favorite part of the job, Daniel highlighted the challenges and the opportunity to communicate and coordinate with people of different backgrounds. He expressed his gratitude for the promotion and his commitment to continue contributing to the team’s success in his new role.

Sudhir Kaushal Tiwari has assumed the role of regional technical services manager for Turkey, Europe, Middle East & Central Asia at APC. Sudhir brings significant expertise in corrosion management, project management, and coating inspection. With over 18 years of experience in the blasting and coating field for marine and offshore structures, Sudhir has made valuable contributions to projects worldwide.

Sudhir’s qualifications include a post graduate programme in corrosion management and technology and a post graduate diploma in project management. He is also a NACE certified coating inspector – Level 2. His ability to understand projects from various perspectives and work with stakeholders has been instrumental in his success.

Sudhir joined APC almost three years ago as a lead inspector in the technical services department. He played a crucial role in various projects across Turkey and the Middle Eastern region. Reflecting on his promotion, Sudhir expressed his enthusiasm and eagerness to take on new challenges and responsibilities in his new role.

Joe Fortman, APC’s technical services manager, expressed his excitement about the promotions of Daniel Liu and Sudhir Kaushal Tiwari. He emphasised APC’s commitment to nurturing and promoting talent within the organisation and delivering exceptional technical services to clients across different regions. Both Daniel and Sudhir are valued team members, and their growth and leadership within their new roles are highly anticipated.

For more information visit www.adv-polymer.com

JET Infrastructure has recently announced its acquisition of five fuel terminals from International-Matex Tank Terminals (IMTT), the largest independent bulk liquids storage and logistics provider in North America. This strategic move aims to expand JET’s presence in the US Southeast and better cater to the needs of the aviation community in the region.

The acquisition of these IMTT assets allows JET to operate a total of 12 strategically located terminals across the United States. With a combined capacity of over 2.1 million barrels and an extensive network of 145 miles of pipeline, JET is well-positioned to meet the growing demands of the aviation industry and provide top-notch service to its customers in the US Southeast.

Chad Edinger, the chief executive officer of JET, expressed his satisfaction with the acquisition, emphasising the shared commitment to safety, integrity, and service between JET and the talented team joining the company. The expansion into Georgia, Alabama, and New Mexico aligns with JET’s focus on high-growth service regions and its goal of becoming a premier operating partner for airports and other customers.

JET’s primary focus will be on enhancing the newly acquired terminals, increasing their capacity and connectivity to better accommodate the needs of military and fixed base operators in the US Southeast. Moreover, this expansion brings about economic opportunities and sustainable solutions for the communities in the region.

Overall, this acquisition marks a significant milestone for JET Infrastructure and reinforces its dedication to providing cost-effective and responsible infrastructure solutions for jet fuelling and biofuels while serving a wider customer base across the US Southeast.

For more information visit www.jet-infrastructure.com

Exciting news AMPP has a NEW website. The redesign is a result of listening to member feedback and aims to serve the needs of the industry.

With sleek designs and direct access links, the new interface sounds will provide a seamless and user-friendly experience for members. AMPP encourage everyone to dive in and explore the transformative features that have been implemented.

If you have any specific questions or need assistance with navigating the new AMPP Homepage, feel free to reach out to them.

For more information visit www.ampp.org

Emerson has announced its innovative new Fisher™ Whisper™ Trim Technology for use in both rotary and globe valves, providing an extension to Emerson’s current portfolio of Whisper noise solutions. This next generation of Fisher Whisper Trim technology addresses noise issues by using additive manufacturing and other advanced techniques to create trim designs with increased capabilities.

Control valve noise is often problematic in industrial applications. It is created by high pressure drops across a valve, which generate high velocities as the fluid moves through the narrowed passages in the valve body. This aerodynamic noise has a strong dependence on the gas velocity, so high flow and high pressure drop applications tend to reach high sound levels very quickly. This type of noise can damage hearing, and over time it can destroy tubing, sensitive equipment, nearby piping connections, and valve components.

Rotary valves are typically less expensive than globe valves, but they are inherently prone to higher noise levels due to their trim configuration. It is difficult to incorporate a large amount of noise reduction into the trim because of the limited available space and other factors, so rotary valves are not usually employed in high noise applications.

The new rotary style Fisher Whisper Trim Technology addresses this issue, with additive manufacturing used to provide up to 20 A-weighted decibels (dBA) of sound level reduction, a 10 dBA improvement compared to traditionally manufactured solutions. These noise reduction levels are achieved while largely maintaining the high flow capacities common with rotary valves, and this solution saves significant costs as compared to globe valve alternatives.

A wide selection of low noise trims is currently available in globe valves, each using a progressively more complicated trim configuration to produce higher levels of noise reduction. Usually, the more complex the trim style, the higher the noise reduction and cost, and the lower the flow capacity. If high flow capacities are required, a much larger valve body has been necessary when using traditional low noise trim designs.

The new globe style Fisher Whisper Trim Technology addresses this issue by using additive manufacturing to create trim designs with increased flow capacity. Globe valves using this technology have a 20 percent increased flow capacity as compared to traditional trim designs, while still offering up to 30 dBA noise reduction. This enables the use of smaller valves where larger sizes were previously required, saving space and cost.

Each of these solutions provides significant noise reduction without the drawbacks of traditional designs, giving end users more choices to solve issues related to valve installations where noise is problematic.

For more information visit Emerson.com/Whisperrotary and Emerson.com/Whisperglobe.

Phillips 66 executive leaders will participate in a fireside chat at the BofA Securities Global Energy Conference 2023 at 3 p.m. CT on Tuesday, November 14, 2023.

The Phillips 66 leaders will discuss the company’s plans to continue advancing strategic priorities to deliver shareholder value, as well as its ongoing commitment to disciplined capital allocation.

To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, phillips66.com/investors. A replay will be archived on the Events and Presentations page the day after the event, and a transcript will be available at a later date.

For more information visit www.phillips66.com

LyondellBasell, a leader in the chemical industry, today revealed its new brand identity aligned to its purpose, “creating solutions for everyday sustainable living.” The new brand includes a logo, tagline and visual identity and affirms the company’s new strategy announced earlier in 2023.

“With our new strategy firmly in place, our employees are adopting new ways of working to generate innovative, value-enhancing solutions to support our goals,” said Peter Vanacker, LyondellBasell (LYB) CEO. “I am especially proud of our teams’ recent accomplishments. This includes accelerating our value enhancement program targets and increasing our access to circular and renewable feedstocks through the development of integrated recycling hubs centered in Houston, Texas and Cologne, Germany. I believe our new brand identity will inspire employees by giving them a visual representation of our vision for the future and a sense of unity toward our purpose and values.”

As part of its new brand identity, LYB has also launched a new tagline, “Solutions for a better tomorrow”. This tagline captures the company’s dedication to creating products and solutions for applications in support of modern living, such as food packaging, healthcare, and transportation, and technologies that enable a circular and low carbon economy.

The new brand identity will be rolled out across the company’s website, marketing materials and social media channels, and includes the release of a new anthem video.

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

IMTT have announced that it has closed on the sale of the company’s bulk liquids storage terminals located in Alamogordo, NM; Bremen, GA; Macon, GA; Montgomery, AL; and Moundville, AL to JET Infrastructure. These terminals collectively represent approximately one million barrels of storage capacity, leaving IMTT with 41 million barrels of storage capacity at its terminals on the East, West, and Gulf Coasts and in the Great Lakes and Canada.

“The proceeds from this sale will be reinvested into current and future growth projects, allowing us to continue executing our Greener and Cleaner strategy,” said IMTT chairman and CEO Carlin Conner. “As of today, over half of IMTT’s revenue in 2023 is expected to be generated from the storage and handling of non-petroleum products, such as renewable diesel feedstocks, renewable diesel, vegetable and tropical oils, and chemicals. At the same time, we remain committed to supporting our legacy petroleum positions in advantaged markets across the US and Canada.” New Orleans-based IMTT will continue to own and operate its 11 other terminals across North America, all of which can facilitate marine product movements, including eight terminals with deep water dock capabilities.

For more information visit www.imtt.com

Enterprise Products Partners L.P. has recently announced four new capital projects to support the increasing production growth in the Permian Basin. These projects aim to enhance the transportation and processing capabilities of crude oil and natural gas liquids in the region.

One of the significant projects is the return of the Seminole Pipeline to NGL transportation service. With a capacity of 210,000 barrels per day of crude oil, the pipeline will be converted to transport NGLs starting from December 2023. This move aligns with Enterprise’s forecast of significant growth in crude oil, natural gas, and NGL production in the Permian Basin.

The partnership expects crude oil production to increase by over 700,000 BPD in 2023 and reach a growth of approximately 1.5 million BPD by 2025. Looking ahead, Enterprise predicts an additional increase of 15 percent post-2025, surpassing 7.5 million BPD by 2030. Similarly, NGL production in the Permian Basin is projected to grow by more than 200,000 BPD in 2023 and by 700,000 BPD by 2025. By 2030, NGL production could reach nearly 4.0 million BPD.

To support these projections, Enterprise is constructing two natural gas processing plants: Mentone 4 in the Delaware Basin and Orion in the Midland Basin. Each plant will have the capacity to process over 300 million cubic feet per day (MMcf/d) of natural gas and extract more than 40,000 BPD of NGLs. Mentone 4 is expected to begin service in the second half of 2025, while Orion is projected to be in service in the same period.

Additionally, the partnership is building the Bahia NGL pipeline, a 550-mile pipeline that will transport up to 600,000 BPD of NGLs from the Delaware and Midland basins to Enterprise’s fractionation complex in Chambers County. The pipeline is planned to be in service in the first half of 2025.

Enterprise is also constructing the NGL fractionator 14 in Chambers County, with a capacity to fractionate up to 195,000 BPD of NGLs. The associated deisobutanizer (DIB) unit will have the capability to separate up to 100,000 BPD of butanes. The completion of this project is scheduled for the second half of 2025.

The investments made by Enterprise in these projects, totaling $6.8 billion, demonstrate the company’s commitment to supporting the growing energy production in the Permian Basin. These expansions will not only facilitate increased production but also strengthen the company’s downstream pipelines and marine terminals, enabling the delivery of energy products to domestic and international markets.

As a leading provider of midstream energy services, Enterprise Products Partners L.P. continues to contribute to US energy security and dominance. The company’s investments in the Permian Basin will generate increasing cash flow, support distribution growth, and provide attractive returns for investors. With their extensive pipeline network and storage capacity, Enterprise is well-positioned to meet the rising demand for natural gas, NGLs, crude oil, refined products, and petrochemicals.

For more information visit www.enterpriseproducts.com

Howden has renewed its national partnership with Primary Engineer after a successful year of bringing engineering into classrooms across Scotland with their Leaders Award Competition during the 2022 – 2023 academic year.

Primary Engineer is an educational not-for-profit organisation founded in 2005 which aims to engage both primary and secondary school pupils and teachers with the vast and inspirational world of engineering and technology. They work with businesses and industry across the UK to help develop a future, diverse generation of engineering and technology professionals.

The competition asks pupils aged 3-19 “If you were an engineer, what would you do?” and is free to every school in the UK. The initiative encourages pupils to identify problems in the world around them and come up with creative solutions, embedding within them that innovative problem solving is a key part of being an engineer. Primary Engineer just celebrated its 10th year anniversary of running this competition which original began in Scotland and has grown across the UK reaching 48,000 pupils during 2022 – 2023 academic year.

The Primary Engineer partnership will help Howden achieve their environmental and social strategy which promotes diversity of a global workforce and positive community impact.

Since the implementation of the ‘Bright Futures’ programme in 2021, Howden has successfully connected with primary and secondary schools, community groups and organisations across Scotland. With a particular focus on supporting under represented and disadvantaged people within communities, they have hosted workshops both on and off-site to encourage young people to explore Engineering and STEM subjects. Howden’s team of volunteers seek to inspire the future generations of Engineers and Scientists, to break down barriers and stigmas in the industry and to encourage everyone to learn something new and have fun.

A big part of the Primary Engineer competition is linking schools with engineering professionals to provide meaningful engineer engagement, first-hand introduction to the world of engineering and supporting schools with getting started on the competition. Over the past year the partnership has seen Howden directly inspire 465 pupils from site visits with schools and Howden volunteers visiting local schools. Howden’s ‘Bright Futures’ community volunteering programme was launched to aligned with their social commitments to champion diversity, fairness and equality of opportunity.

“I had the privilege of attending two schools for the Primary Engineer initiative to tell them about my journey in industry so far and what I do every day as an engineer. It is so important to encourage and inspire young people to embrace creativity and continue to dream big – the Leader’s Award is a fantastic way to harness this creativity and put it into context to allow pupils to understand the innovation aspect of an engineering role.

Volunteering in schools for this initiative was so rewarding – seeing the excitement of the pupils as they turned their thoughts, problems and curiosities into a potential idea or invention, reiterated the importance of outreach and how vital it is to encourage young people to pursue STEM subjects and careers.” Morgan Swan, mechanical design engineer and STEM bright futures volunteer.

Rowan MacLean, Primary Engineer’s head of partnerships for Scotland said “Primary Engineer is delighted to be continuing our partnership with Howden on the Leaders Award Competition into the 2023/24 academic year. It was wonderful seeing the inspiration and excitement pupils got from visiting the Howden site over the last year, interviewing engineers face-to-face and learning about the rich history of Howden in the local area. Primary Engineer celebrated 10 years of Leaders Award last year, and with over 12,000 pupils in Scotland alone having participated, we can’t wait to grow the competition further this year with our inspirational partners and inspire the next generation of engineers”

Joanne Moore, product development manager and STEM bright futures volunteer said “STEM outreach is at the heart of Howden’s Bright Futures Communities programme. Primary Engineer’s Leader’s Award competition ignites so much enthusiasm from the participants, it was a pleasure to be involved with last year and a no brainer for Howden to sign up to get involved with the competition again for the 2023-2024 academic year. I am looking forward to involving even more of our STEM ambassadors in on-site visits, school visits and grading days. Seeing the spark of ingenuity from the children is very rewarding, as they solve problems that will help others and make the world a better place. The next generation of engineers are out there, I am proud that. Howden are involved in inspiring them through this great competition”

For more information visit www.chartindustries.com

Gibson Energy Inc. has announced that its Board of Directors has approved a quarterly dividend of $0.39 per common share payable on January 17, 2024, to shareholders of record at the close of business December 29, 2023.

This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson’s dividends are subject to Canadian withholding tax.

For more information visit www.gibsonenergy.com

Vopak are thrilled to announce that Vopak Terminals Singapore has signed a Memorandum of Understanding with the Singapore Agency for Science, Technology and Research A*STAR to explore research opportunities in low carbon energy solutions.

This strategic partnership aims to address the current challenges associated with hydrogen and ammonia, such as scalability, safety, storage, and transportation. By leveraging Vopak’s expertise and assets in importing, storing, and handling ammonia on large scales, and combining it with A*STAR’s research capabilities in energy transition and low carbon energy, the collaboration will focus on the development of cutting-edge low-carbon energy technologies.

The joint efforts of Vopak and A*STAR will pave the way for innovative solutions in the field of low-carbon energy, contributing to a sustainable and greener future. By harnessing the potential of hydrogen and ammonia, this partnership aims to unlock new opportunities and address the pressing challenges in the energy sector.

SIEW are excited to witness the positive impact that this collaboration will have on the industry, as it brings together the expertise of Vopak and A*STAR to drive advancements in low-carbon energy technologies. Stay tuned for updates on the progress and achievements of this groundbreaking partnership.

For more information visit www.vopak.com

LBC Tank Terminals has achieved the 5-star rating in the 2023 GRESB benchmark, a widely respected assessment of environmental, social, and governance performance in real estate and infrastructure assets.

GRESB offers valuable insights into a company’s sustainability initiatives, risk management, and long-term value creation by assessing various aspects of ESG performance, including energy and water efficiency, carbon emissions, environmental management, stakeholder engagement, governance, health and safety, and more. This 5-star rating is the highest level of recognition for an organisation’s approach to environmental and social responsibility.

LBC Tank Terminals journey toward this achievement is marked by their team’s dedication to corporate social responsibility across all their operations, ensuring their business practices are aligned with global objectives. They remain committed to continuous improvement of their initiatives, leading them to a sustainable future.

For more information visit www.lbctt.com

Following significant progress in implementing its ONE VARO Transformation strategy, VARO Energy Group have announced changes to its executive board. Since launching the strategy in July 2022, VARO has significantly grown its existing business, refinanced US$3.3 billion – including its first green loan – and announced investments in sustainable energies with a value in excess of US$1 billion. The leadership changes will better support the scaling and integration of its strategic growth pillars in biogas, biofuels, e-mobility, carbon removal and hydrogen, while maintaining the scale, efficiency and delivery of its existing manufacturing, trading and distribution businesses.

Effective from the 1st of December 2023 Georges Menane becomes EVP and chief financial officer. Georges joins from ADNOC Refining, where he is currently CFO. He previously spent more than 20 years at Shell in a variety of senior financial positions, including vice president of investor relations, financial controller, and finance director of Brunei Shell Petroleum. Georges brings to VARO world class financial and capital markets expertise and experience in transforming and scaling multi-national finance functions. He will play an important role in ensuring that VARO has the financial capability as well as the necessary infrastructure and capacity in place for the next phase of growth.

Rick Klop, currently EVP and chief financial officer, will become EVP and chief operating officer – markets and commercial. In this newly created position, Rick will oversee VARO’s trading and supply chain, sales and marketing, and commercial activities. He will play a lead role in integrating VARO’s new business divisions to maximise commercial synergies between our conventional and sustainable energies activities. Julian Stoll will become EVP and chief operating officer – operations and infrastructure. In this role, Julian will continue to oversee VARO’s manufacturing businesses, with a focus on safety and operational excellence, manufacturing and logistics, and major project management of new infrastructure investments.

Jeremy Baines, currently EVP customers, trading and commercial optimisation, will be leaving VARO to take up an external position. His new appointment will be announced.

These leadership changes enhance VARO’s ability to integrate its new businesses, manage large-scale construction projects, focus on operational delivery and optimise its offer of sustainable and reliable energy solutions to its customers.

Dev Sanyal, CEO of VARO, commented: “These organisational changes support the next phase of growth for VARO and I am delighted to welcome Georges. He brings with him a wealth of financial expertise and experience of building best-in-class financial functions in multinational companies that will be of great benefit to VARO. I am looking forward to continuing to work with Rick, who takes on the responsibility for trading, supply chain, sales and marketing as well as integrating our new businesses, while Julian will continue to ensure our safety and operational excellence as we invest further in our businesses. VARO now has an enhanced executive team in place to support the continued execution of our ONE VARO Transformation strategy.”

For more information visit www.varoenergy.com/en/home/

Navigator Gas have announced entry into an investment alongside Yara Growth Ventures AS, a subsidiary of Yara International, in which Navigator and Yara will each acquire a 14.5 percent interest in AZANE Fuel Solutions AS, the world’s first provider of ammonia bunkering solutions, based in Norway.

Azane, a joint venture between ECONNECT Energy AS and Amon Maritime AS, both of Norway, was founded in Norway in 2020 as a company that develops proprietary technology and services for ammonia fuel handling, to facilitate the transition to green fuels for shipping. Azane intends to build the world’s first ammonia bunkering network, with Yara Clean Ammonia, one of the largest ammonia players globally, already pre-ordering 15 units from Azane.

Navigator’s investment of EUR 2.7 million is expected to enable Azane to begin construction of its first bunkering unit for ammonia supply in Norway, aiming to kickstart the transition to zero-carbon fuels for maritime transportation, while future value creation is expected to come through international expansion with its bunkering solutions and broadening of its offerings in ammonia fuel handling technology.

Mads Peter Zacho, CEO of Navigator, commented, “Global ammonia demand is expected to triple by 2050, with majority of that need for ship fuel. In an increasingly strong regulatory environment towards greener fuels in the shipping industry, I am very pleased Navigator is not only making efforts to become a more sustainable business itself, but also investing in scale-ups that we believe can support and expedite the transition across our industry.”

Stian Nygaard, investment director, Yara Growth Ventures, commented, “Currently ammonia fuel bunkering does not exist. With this investment it is expected to become a reality in a year, starting in Scandinavia. This is anticipated to be a huge milestone for reducing emissions from the shipping industry. By enabling Azane to be the first mover on providing this key part of the infrastructure, our goal is to fill a gap in the ammonia chain needed for fuelling ships.”

André Risholm, chairman, Azane, commented, “It will be a great strength for our company to partner with two of the leading ammonia players in the world, one from industry and another one from gas shipping, both entering as strategic investors and joining the board to help build the company. The fresh funds will help accelerate the company’s growth ambitions in Scandinavia and internationally. As a first mover, Azane’s bunkering solutions will enable ship owners across the world to make the transition to carbon free shipping by showcasing full scale commercial bunkering projects.”

For more information visit www.navigatorgas.com

Royal Vopak, a leading global provider of storage and terminal services, has reported impressive financial results for Q3 2023. The company achieved an EBITDA of EUR 241 million and has increased its FY 2023 EBITDA outlook to around EUR 970 million. This growth is a testament to Royal Vopak’s strong market demand and commitment to improving financial and sustainability performance.

In addition to its financial success, Royal Vopak has reached an agreement on the sale of its chemical terminals in Rotterdam, the Netherlands. This strategic move will streamline the company’s portfolio and allow it to focus on its core growth and acceleration initiatives.

Royal Vopak is actively pursuing growth opportunities. The company has commenced construction on the fourth LNG tank at the port of Rotterdam, solidifying its position as a leader in the industry. Furthermore, Royal Vopak is expanding its industrial terminal presence in Singapore with additional pipeline connections, enhancing its capabilities and providing better services to its customers.

In line with its commitment to sustainability, Royal Vopak is collaborating on the development of a large-scale, low-carbon ammonia production and export project on the Houston Ship Channel. This project highlights the company’s dedication to new energies and sustainable feedstocks. Additionally, Royal Vopak has commissioned repurposed infrastructure in the port of Los Angeles, United States, specifically designed for storing low-carbon fuels.

Dick Richelle, the CEO of Royal Vopak, expressed his satisfaction with the strong demand for the company’s services, as reflected in the improved proportional occupancy rate of 92 percent. Richelle emphasised the company’s focus on long-term value creation through disciplined and balanced capital allocation. He also highlighted Royal Vopak’s well-diversified portfolio and streamlined organisational structure, which position the company well to execute its growth strategy effectively.

Financially, Royal Vopak reported increased revenue of EUR 1,073 million, despite divestment impact and unfavorable currency translation effects. The company’s EBITDA increased by 12 percent compared to the previous year, driven by organic growth. With a net debt to EBITDA ratio of 2.27x, Royal Vopak remains below its target range of around 2.5-3.0x.

Royal Vopak’s impressive performance and strategic initiatives demonstrate its commitment to delivering exceptional services, driving sustainable growth, and contributing to a greener future in the storage and terminal industry.

For more information visit www.vopak.com

Congratulations to Puma Energy on its acquisition of OGAZ, a leading Zambian Liquid Petroleum Gas supplier. This announcement reflects Puma Energy’s dedication to offering lower carbon alternatives to traditional fuels and demonstrates its commitment to sustainability.

With the acquisition of OGAZ’s assets, Puma Energy will establish itself as a major player in the Zambian LPG sector. OGAZ’s current market share of approximately 18 percent in the LPG market in Zambia will significantly contribute to Puma Energy’s presence and influence in the region.

The challenges faced by Sub-Saharan Africa in terms of energy are unique, with a large percentage of the population relying on solid fuels like wood, charcoal, or kerosene. These fuels not only contribute to health issues but also lead to deforestation. By providing LPG as a safe, cost-effective, and more sustainable alternative, Puma Energy aims to address these challenges and promote cleaner cooking solutions.

This acquisition marks an exciting step for Puma Energy in its mission to provide lower carbon energy options to customers and make a positive impact on communities. By expanding its presence in the Zambian LPG sector, Puma Energy is well-positioned to drive positive change in the region’s energy landscape.

For more information visit www.pumaenergy.com

Exolum garnered the highest possible five-star rating in the 2023 GRESB sustainability index with a score of 97 points out of 100. The company also obtained a leading position among energy and water transportation companies, was ranked first in maintenance and operation and obtained the best score in management among all 687 participating entities.

GRESB is one of the world’s leading sustainability benchmarks and is used as an assessment and comparison tool by private and institutional investment funds to measure and rate the quality of their investments in terms of sustainability. The index assesses the Environmental, Social and Governance performance of real assets.

In 2023 this benchmark assessed and rated 172 infrastructure funds and 687 assets globally across 37 sectors based on a global ESG standard. Infrastructures assessed based on GRESB must provide data, evidence and key metrics on emissions, environmental protection, energy consumption, waste management and employee engagement, among other matters.

Exolum is Europe’s leading logistics company for liquid products and one of the largest in the world. Its core business is the transport and storage of a wide range of bulk liquid products, particularly refined and chemical products and biofuels, in a sustainable and efficient manner. The company operates in new sectors, such as eco-fuels, the circular economy and the development of new energy vectors.

Exolum employs over 2,000 professionals and operates in nine countries (Spain, the United Kingdom, Ireland, Germany, the Netherlands, Portugal, Panama, Ecuador and Peru) where it manages a pipeline network of over 6,000 kilometres, 68 storage terminals and 47 airport facilities, and a total storage capacity of more than 11 million cubic metres.

For more information visit www.exolum.com

Venture Global LNG, Inc. have announced that it has closed its offering of $4 billion aggregate principal amount of senior secured notes which have been issued in two series: a series of 9.500 percent senior secured notes due 2029 in an aggregate principal amount of $2.5 billion and a series of 9.875 percent senior secured notes due 2032 in an aggregate principal amount of $1.5 billion. Venture Global’s $4.5 billion senior secured notes offering in May 2023 and the offering of the Notes, represent the first and second largest high yield bond offerings in 2023, respectively.

The 2029 Notes will mature on February 1, 2029 and the 2032 Notes will mature on February 1, 2032. The 2029 Notes were issued at par and the 2032 Notes were issued at 99.214 percent of the principal amount thereof. The Notes are secured on a pari passu basis by a first-priority security interest in substantially all of the existing and future assets of Venture Global and the future guarantors, if any, subject to customary exclusions.

The Notes were not registered under the Securities Act of 1933, as amended or the securities laws of any state or other jurisdictions, and the Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This article shall not constitute an offer to sell or a solicitation of an offer to buy the Notes, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

For more information visit www.venturegloballng.com

Brooge Energy Ltd, a Cayman Islands-based infrastructure provider, which is currently engaged in clean petroleum products and biofuels and crude oil storage and related services, announced that it has engaged the services of Freshfields Bruckhaus Deringer, a renowned global law firm, as its legal advisor to advise on the acquisition transaction proposed by Gulf Navigation Holding PJSC.

The announcement comes following GULFNAV’s proposal to acquire all of the businesses and assets of Brooge Energy Limited, which was publicly disclosed in a press release on October 3, 2023.

Freshfields, with its unrivalled cross-border expertise and leading public M&A practice, make them an ideal partner for guiding the company through the complexities of this proposed transaction. Freshfields frequently acts on the most challenging and complex global client mandates. As a top-ranked law firm in the jurisdictions that matter most for the transaction, the UAE and the US, Freshfields is well-positioned to provide expert legal guidance throughout the proposed acquisition process.

“We are excited to have Freshfields on board as our legal advisor for this proposed transaction with GULFNAV, the vast experience and global reach of Freshfields will be invaluable in ensuring that the proposed acquisition process proceeds smoothly and efficiently,” said Paul Ditchburn the chief financial officer and chair to the office of the chief executive officer of Brooge Energy.

For more information visit www.broogeenergy.com

Chevron Corporation have announced that it has entered into a definitive agreement with Hess Corporation to acquire all of the outstanding shares of Hess in an all-stock transaction valued at $53 billion, or $171 per share based on Chevron’s closing price on October 20, 2023. Under the terms of the agreement, Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The total enterprise value, including debt, of the transaction is $60 billion.

The acquisition of Hess upgrades and diversifies Chevron’s already advantaged portfolio. The Stabroek block in Guyana is an extraordinary asset with industry leading cash margins and low carbon intensity that is expected to deliver production growth into the next decade. Hess’ Bakken assets add another leading U.S. shale position to Chevron’s DJ and Permian basin operations and further strengthen domestic energy security. The combined company is expected to grow production and free cash flow faster and for longer than Chevron’s current five-year guidance. In addition, John Hess is expected to join Chevron’s Board of Directors.

“This combination positions Chevron to strengthen our long-term performance and further enhance our advantaged portfolio by adding world-class assets,” said Chevron chairman and CEO Mike Wirth. “Importantly, our two companies have similar values and cultures, with a focus on operating safely and with integrity, attracting and developing the best people, making positive contributions to our communities and delivering higher returns and lower carbon.”

“Building on our track record of successful transactions, the addition of Hess is expected to extend further Chevron’s free cash flow growth,” said Pierre Breber, Chevron’s CFO. “With greater confidence in projected long-term cash generation, Chevron intends to return more cash to shareholders with higher dividend per share growth and higher share repurchases.”

“This strategic combination brings together two strong companies to create a premier integrated energy company,” CEO John Hess said. “I am proud of our people and what we have achieved as a company, which has one of the industry’s best growth portfolios including Guyana, the world’s largest oil discovery in the last 10 years, and the Bakken shale, where we are a leading oil and gas producer. Chevron has a world-class diversified portfolio of assets and one of the industry’s strongest balance sheets and cash return profiles. I believe our strategic combination creates a company that is stronger in every respect, with the leadership, asset portfolio and financial resources to lead us through the energy transition and deliver significant shareholder value for years to come.”

Transaction Benefits

• Strong strategic fit:
  Guyana – 30 percent ownership in more than 11 billion barrels of oil equivalent discovered recoverable resource with high cash margins per barrel, strong production growth outlook and potential exploration upside.
• Bakken – 465,000 net acres of high-quality, long-duration inventory supported by the integrated assets of Hess Midstream.
• Complementary Gulf of Mexico assets and steady free cash flow from Southeast Asia natural gas business.
  Accretive to cash flow per share and extends growth into 2030s:
• Expected to be accretive to cash flow per share in 2025 after achieving synergies and start-up of the fourth floating production storage and offloading (FPSO) vessel in Guyana.
• Increases Chevron’s estimated five-year production and free cash flow growth rates and expected to extend such growth into the next decade.
  Increases cash returned to shareholders:
• In January, Chevron expects to recommend an increase to its first quarter dividend per share of 8 percent to $1.63, which will be subject to the approval of the Chevron Board of Directors.
• Post closing, Chevron intends to increase share repurchases by $2.5 billion to the top end of its guidance range of $20 billion per year in a continued upside oil price scenario.
  Capital and cost efficient:
• The combined company’s capital expenditures budget is expected to be between $19 and $22 billion.
• With a stronger portfolio after closing, Chevron expects to increase asset sales and generate $10 to $15 billion in before-tax proceeds through 2028.
• The transaction is expected to achieve run-rate cost synergies around $1 billion before tax within a year of closing.

Transaction Details

The acquisition consideration is structured with 100 percent stock utilizing Chevron’s equity. In aggregate, upon closing of the transaction, Chevron will issue approximately 317 million shares of common stock. Total enterprise value of $60 billion includes net debt and book value of non-controlling interest.

The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to close in the first half of 2024. The acquisition is subject to Hess shareholder approval. It is also subject to regulatory approvals and other customary closing conditions.

The transaction price represents a premium of 10.3 percent on a 20-day average based on closing stock prices on October 20, 2023.

Advisors

Morgan Stanley & Co. LLC is acting as lead financial advisor to Chevron. Evercore also advised Chevron. Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to Chevron. Goldman Sachs & Co. LLC is acting as lead financial advisor to Hess. J.P. Morgan Securities LLC also advised Hess. Wachtell, Lipton, Rosen & Katz is acting as legal advisor to Hess.

Conference Call

Chevron will discuss its proposed acquisition of Hess with security analysts in a call today, Monday, October 23, 2023, at 7:30 a.m. ET. A webcast of the meeting will be available in a listen-only mode to individual investors, media, and other interested parties on Chevron’s website at www.chevron.com under the “Investors” section. Prepared remarks and presentation materials for today’s call will be available prior to the call at approximately 5:15 a.m. ET and located under “Events and Presentations” in the “Investors” section on the Chevron website.

For more information visit www.chevron.com

Stolthaven Terminals, a global storage provider, has received high praise from customer Covestro in its 2023 supplier audit. Covestro, a leading provider of high-tech polymer materials, conducts regular audits of its suppliers to assess their performance in areas such as safety, health, environment, and quality. Stolthaven Terminals’ facility in Santos, Brazil, achieved its highest-ever score of 98 out of 100 in this year’s audit.

The audit highlighted Stolthaven Santos’ strong customer service, ability to meet operational demands, and effective SHEQ management system. The terminal’s focus on risk management and process safety ensures business continuity and provides employees with a safe working environment. The audit also recognised the terminal’s efforts in maintaining assets and implementing ongoing site upgrades.

Stolthaven Santos has been a supplier to Covestro since 2002, and its top score in the audit reaffirms Covestro’s satisfaction with the services provided. The terminal’s sustainability initiatives, including its silver EcoVadis rating and participation in the Abiquim Responsible Care® Program, were also commended. These initiatives demonstrate Stolthaven Santos’ commitment to responsible chemicals management and performance excellence.

Marcelo Schmitt, general manager of Stolthaven Santos, expressed his pride in the team’s achievement and emphasised the importance of the audit in reinforcing Covestro’s satisfaction. He stated that the outstanding result reflects Stolthaven Terminals’ ambition to be the most respected global storage provider and highlights their dedication to continuous improvement.

Ana Lucia Sancho, Covestro’s head of credit management, LATAM & logistics procurement, expressed gratitude to both the Stolthaven Terminals and Covestro teams for their commitment and collaboration in achieving this high level of qualification.

The recognition from Covestro serves as a testament to Stolthaven Terminals’ commitment to delivering exceptional services and maintaining the highest standards of safety, quality, and environmental responsibility. It also reinforces the strong partnership between the two companies and highlights Stolthaven Terminals’ position as a trusted and reliable supplier in the industry.

For more information visit www.stolt-nielsen.com