Middle East

In Brief

Aramco reviews $10bn pipeline stake sale

DUBAI: Saudi Aramco has hired JPMorgan Chase & Co and Mitsubishi UFJ Financial Group as advisers to review a $10-billion pipeline stake sale, Reuters has said quoting a Bloomberg News report.

Aramco hasn’t yet started a formal sale process, the people said. It may wait until market turmoil caused by plunging oil prices and the impact of measures to halt the spread of the coronavirus eases before it begins soliciting interest in the asset, they said.

Chairman Yasir Al-Rumayyan is looking for ways to raise money from assets that are not central to the company’s operations. A sale could raise more than $10 billion, people familiar with the matter said last month.

The review comes amid a similar move by Abu Dhabi National Oil Company (Adnoc)., which is seeking to attract investors to its $15 billion gas pipeline after selling a portion of its oil pipelines for about $4 billion last year.

QP begins drilling in North Field East

DOHA: Qatar Petroleum has started the development drilling campaign for the North Field East Project, or NFE (previously known as the North Field Expansion Project.

The first of 80 NFE development wells was spudded by the jack-up rig "GulfDrill Lovanda", which is managed and operated by GulfDrill, a joint venture between the Qatar based drilling champion, Gulf Drilling International, and Seadrill Limited.

This phase will increase Qatar’s liquefied natural gas (LNG) production capacity from 77 million tons per annum (Mtpa) to 110 Mtpa. The second phase will further increase capacity from 110 Mtpa to 126 Mtpa.

Aramco, Adnoc high value brands

DUBAI: Oil and gas giant Saudi Aramco with a brand value of $46.8 billion has claimed the title of the Middle East’s most valuable brand, said Brand Finance.

Meanwhile, Abu Dhabi National Oil Company (Adnoc) is the Middle East’s second most valuable brand, up 29 per cent to $11.4 billion. The brand is also the first UAE brand to achieve a brand valuation of more than $11 billion, a testament to the success of the Group’s ongoing transformation strategy.

GP Global acquires Nigerian assets

LAGOS: GP Global, a leading global energy-to-agriculture conglomerate, said it had made a strategic acquisition of the lubricants assets of Grand Petroleum, Nigeria’s leading lubricants player and part of the Nosak Group, in order to expand and strengthen its presence in Nigeria and West Africa.

The acquisition includes assets such as – lubricants brand – HiSpeed and a state-of-the-art blending plant with an annual capacity of about 50,000 metric tonnes in Lagos, which includes storage tanks with a capacity of 6,000 kilolitres. The acquisition will position us one of the fastest-growing global lubricants and base oil businesses," said Sudip Shyam, Global Head- Lubricants & Base Oil, GP Global.

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