Sinopec aims for carbon neutrality
SINGAPORE: China's Sinopec Corp, Asia's largest oil refiner, aims to be carbon neutral by 2050, with its near-term strategy focused on natural gas development and a long-term pivot to hydrogen, top executives said on Monday.
As China's largest hydrogen producer, Sinopec will focus on fossil fuel-based hydrogen production over the next five years and also start introducing "green" hydrogen using solar and wind power, Chairman Zhang Yuzhuo said.
Sinopec plans to build 100 hydrogen filling stations this year, part of the firm's goal to set up 1,000 stations by 2025, including standalone hydrogen kiosks and those combined with traditional fuels.
It is also planning to cap its carbon emissions at peak levels prior to a national timeline set by the government for 2030, both through its work to increase hydrogen output and the treatment and capture of carbon dioxide.
Iraq, Total discuss $7bn energy deal
DUBAI: Iraq is discussing a giant agreement with French oil giant Total to build large infrastructure installations, develop oil fields and produce gas.
Oil Minister Ihsan Abdul Jabbar said he expected the contract to be finalised before July. The relationship with Total will be based on targeting low-carbon industry and capturing all flaring gas, and is set to produce 1GW of solar energy in the first stage. A specialized team from the oil ministry is leading these discussions with Total.
"The agreement is giant, and the volume of the investment exceeds $7 billion," the minister said.
QP signs long-term LNG deal
BEIJING: Qatar Petroleum has entered into a 10-year LNG Sale and Purchase Agreement (SPA) with China Petroleum & Chemical Corporation (Sinopec) for the supply of 2 million tons per annum (MTPA) of liquefied natural gas (LNG) to China.
LNG deliveries will commence in January 2022, and will be delivered to Sinopec’s LNG terminals in China.
Since the first LNG delivery in September 2009 to date, Qatar has supplied China with more than 62 million tons of LNG.
Shell links exec pay to green efforts
LONDON: Royal Dutch Shell has proposed linking its directors' pay more closely to the group's climate performance and severing the link between bonuses and liquefied natural gas (LNG) production volumes.
The weighting of Shell's energy transition performance on its targeted path to net zero emissions by 2050 would double to 20 per cent of the directors' long-term incentive plan calculation if shareholders vote for the plan at a meeting on May 18.
This places Shell's efforts to curb its planet-warming emissions on an equal footing with financial metrics such as free cash flow generation when it comes to remunerating directors in Shell shares.
Mubadala buys Petrobrasto refinery
ABU DHABI: Petrobras has signed an agreement for the sale of its Landulpho Alves Refinery (RLAM) and its associated logistics assets, in the state of Bahia, to Abu Dhabi-based Mubadala Capital for $1.65 billion.
The refinery will be the first of the eight that are being divested by Petrobras to have its sale and purchase agreement signed. The sale of RLAM is in line with a resolution of the National Energy Policy Council, which established guidelines for the promotion of free competition in the national refining sector, and is reflective of the commitment signed between Petrobras and CADE in June 2019 to open the refining sector in Brazil. RLAM has a processing capacity of 333,000 bpd and its assets include four storage terminals and pipelines that connect the refinery and the terminals totalling 669 km in length.
RigQuip, Zamil plan KSA plant
RIYADH: Global drilling equipment service group RigQuip Drilling Services has signed an agreement with Zamil Shipyards to set up its drilling equipment service facility in Dammam, Saudi Arabia.
The partnership will see RigQuip’s API Q2 certified drilling equipment service team establish a workshop base at Zamil’s Dammam shipyard and quayside facility, providing inspection and service of complete drilling packages and equipment, including top drives, drawworks, mud pumps, iron roughnecks, pipe handling equipment and pressure control equipment.
For Zamil, this announcement is part of its wider strategy to develop an integrated drilling and marine centre of excellence as part of Saudi’s Vision 2030.
Spark Phase 1 80pc complete
RIYADH: Nearly 80 per cent of the work on the infrastructure, land paving, road construction, service delivery and administrative office buildings within the Phase One of King Salman Energy Park (Spark).
This announcement coincides with the completion of a project connecting the city to the main Shedgum Gas Plant, 64 km away, allowing Spark to meet the electric power needs of its investors.
Its near-completion means that the allotted land is now ready for investment, and 35 investment applications have been approved for companies and their support services,.
Contracts have already been signed with 23 other companies. Last month, Spark inked two agreements with the Industrialisation and Energy Services Company (Taqa) and the Arab Minerals Company (Amco).
Under the agreement, Taqa is seeking to expand its local operations through the Taqa Industrial Complex, with an initial investment of up to SR300 million ($80 million). Amco is investing SR260 million to develop a new centre.
