Qatar Energy and Chevron Philips ink a US$ 6bn deal

n Qatar Energy and the US oil company Chevron Philips Chemical Company have signed a US$ 6bn deal for a petrochemical project.

This was announced by the Qatari company in a press statement. The two companies will invest in the Ras Laffan Petrochemicals Complex considered the largest project of its kind in the Middle East. The complex is expected to go into production in 2026.

Ras Laffan will double Qatar’s ethylene production capacity and increase its polymer output from 2.6 million tons to more than four million tons a year. Overall, Qatar’s petrochemical production capacity will rise to almost 14 million tons annually.

“The integrated site also includes two highdensity polyethylene derivatives units with a total capacity of 1.7 million tonnes per year,” commented Saad Al Kaabi, the Qatari Energy Minister and CEO, Qatar Energy.

The deal was signed joint by the Qatari Minister and Bruce Chinn, CEO, Chevron Phillips Chemical Company, at the Qatar Energy offices in Doha, Qatar. Under the deal, the complex will be 70 percent owned by Qatar Energy and 30 percent by ChevronPhilips.

IME doubles its number of barges

n International Marine & Energy (IME), a leader in the UAE’s bunkering industry and licensed supplier of petroleum products, has added three new barges to enhance its supply chain as it seeks to expand its footprint both regionally and globally.

IME has supported the maritime industry for over a decade through the trading and physical supply of fuel, contributing to the UAE’s reputation as a global bunkering hub, the company said in a press communique.

Since receiving the license to supply bunkering products in 2020, IME has been operating three barges within the UAE territory, focused on Sharjah and Khorfakkan. Now, three additional barges are operational, taking the total number to six, guaranteeing the timely availability and efficient fuel delivery for clients worldwide. The six barges will deliver marine gas and fuel oil conforming to ISO 8217 standards.

“Securing the license was a testament to our commitment to providing quality fuel services and our focus on ensuring the highest maritime safety standards. As a homegrown UAE company, we will continue to contribute towards the nation’s reputation as a trusted global bunkering hub, given that nearly 90 percent of goods traded globally are carried across our oceans,” explained Ali Fathi, Founder, IME.

“With regional economies poised for further growth in 2023 according to the World Bank, the UAE’s status as a hub for bunkering will gain further traction in 2023,” remarked Hamed Fathi, Director & General Counsel, IME.

With the addition of the new barges, IME will continue to work closely with local and international authorities and stakeholders to deliver tailored solutions that meet any supply challenge, the press statement concluded.

Hyundai appoints DH Park as Head of Middle East & Africa Regional HQ

n Hyundai Motor Company has announced the appointment of DH Park as its new Head of Hyundai Motor Company Middle East and Africa Regional HQ.

He will oversee operations across the Middle East Africa region.

“Thanks to the growing number of satisfied and loyal customers, we will work with our team to maintain our strong performance in this important region despite global challenges,” commented Park on his appointment.

DH Park brings over 27 years of automobile experience with global leadership roles in various positions at Hyundai Motor Company, a press communique concluded.