Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Favour and Akinola Ajibade
Saudi Aramco have partnered with two Chinese Companies to build a 600,000 barrels refinery capacity in China.
The project, a major investment for Saudi Aramco, is expected to cost $10 billion and completed in the next three years.
Billed to help refine more crudes and produce petrochemical products, the the idea is conceived in order to take advantage of China's growing demand for energy.
Armaco said in a statement that the refinery will have a capacity of 300,000 barrels of crude daily and out of this, it will supply 201,000 barrels per day to the facility.
The project, the statement added, will be carried out in partnership between Aramco and two Chinese companies. Construction works should begin in the second half of this year, with the project scheduled for completion in 2026.
“This important project, the firm said, will support China’s growing demand across fuel and chemical products. It also represents a major milestone in our ongoing downstream expansion strategy in China and the wider region, which is an increasingly significant driver of global petrochemical demand,” said Aramco’s head of downstream, Mohammed Al Qahtani.
Recall that Aramco struck a deal with China’s Sinopec to build a 320,000-bpd refinery and petrochemical cracker in China, a development, which signifies the decision of China to play a major role in global oil consumption yet again.
Coupled with this is the fact that Aramco is seeking long-term demand for its main product, even as it expands local refining capacity as well.
In a related development, the International Energy Agency and other forecasters, have a long term bet on petrochemicals amid expectations of a decline in oil demand for transport fuels.
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