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Chinese companies have expressed significant interest in partnering with Pakistan Refinery Limited (PRL) for its ambitious Refinery Expansion & Upgrade Project (REUP). PRL's senior management recently visited China to engage with Engineering, Procurement, and Construction (EPC) contractors and financial institutions, resulting in productive discussions. The REUP project aims to double PRL's crude processing capacity from 50,000 to 100,000 barrels per day, incorporating advanced technology to meet EURO V environmental standards. This upgrade is crucial for enhancing the refinery's efficiency and reducing its environmental impact. PRL plans to award the EPC contract by the end of the year and achieve financial closure by mid-next year. In addition, PRL is actively engaging with the Oil and Gas Regulatory Authority (OGRA) to secure regulatory support, ensuring the project's successful implementation. Visit https://lnkd.in/dYepVRg8 to know more about us #PRL #RefineryExpansion #ChinaPartnership #EPC #EnvironmentalStandards #EnergyInfrastructure #PakistanGrowth #EUROV #SustainableDevelopment

🚨🇨🇦Cedar LNG issues Notice to Proceed for state-of-the-art floating LNG production unit; commercial offtake secured. Cedar LNG today announced that it has issued a Notice to Proceed (NTP) to the engineering, procurement, and construction (EPC) contract following the finalization of long-term commercial offtake agreements. These critical milestones allow the project to proceed to secure financing, which is required prior to making a final investment decision (FID), expected by the middle of 2024. "Today's achievements mark an exciting time for our Nation as we seek to make Cedar LNG - the world's lowest carbon and first Indigenous majority-owned LNG Facility - a reality in the coming months," said Crystal Smith, Chief Councillor for Haisla Nation. "I am incredibly grateful to our Nation, all levels of government, Pembina and all our partners who have supported our journey to advance a project that protects our environmental and cultural values, while delivering prosperity for decades to come." The issuance of today's NTP directs our EPC Contractor, Samsung Heavy Industries and Black & Veatch, to finalize engineering and design for, and commence construction of, Cedar LNG's state-of-the-art floating LNG facility (FLNG). Subject to a FID, once complete, the FLNG unit will be transported from Korea to the Cedar LNG site in Haisla traditional territory in the Douglas Channel, signaling a step change for the LNG industry and Indigenous people everywhere. #CedarLNG #SHI #BlackandVeatch #FLNG #EPC https://Inkd.in/ddT-pkPB

Korean Builders See Mixed Results: Overseas Boom, Domestic Downturn Major Korean construction companies reported mixed results for the first quarter of 2024. While some companies thrived on large-scale overseas projects, others struggled with a sluggish domestic market and rising costs. Winners: • Hyundai Engineering & Construction (Hyundai E&C): Their profits soared thanks to projects in Panama, Iraq, and Saudi Arabia. • Samsung C&T's construction unit: They achieved record highs in sales and operating profit, driven by projects in Qatar and the United Arab Emirates. Losers: • Daewoo Engineering & Construction (Daewoo E&C): Their earnings were squeezed by high interest rates and material costs. • GS Engineering & Construction (GS E&C): They saw a significant drop in profits due to a weak domestic market. Key Takeaways: The Korean construction industry is heavily reliant on overseas projects for growth. Domestic construction is facing challenges due to rising costs and a lack of new projects. Companies that can successfully navigate the global market are likely to perform better. [ The Korea Economic Daily, 1 May 2024 ]

This marks the commencement of the next phase of the project: commissioning the FPSO and hooking up the 23 wells that make up the Sangomar Field Development Phase 1. https://lnkd.in/dXjSYMd8

🇵🇬🛢️ TotalEnergies and partners postponed Papua New Guinea LNG's Final Investment Decision (FID) by one year due to high initial EPC bids, aiming to secure commercially viable contracts. FID is now expected in 2025. Papua LNG's revised bidding process includes an enlarged panel of Asian contractors comprising LNG trains, upstream and pipeline contracts, etc., targeting the first production in 2027- 2028. 🚢 TotalEnergies CEO highlights strong LNG buyer interest, discussing project status with PNG's Prime Minister. Despite delays, early works in PNG planned for 2024 remain unaffected. The company plans its first deepwater exploration well in 2025 on licence PPL 576, targeting significant oil prospects. Success could establish a new offshore play in PNG.

Japanese engineering and construction giant #JGC has issued a profit warning due to multiple project execution challenges which is forcing the company to rethink the roles of its overseas subsidiary, among other measures. JGC is one of the world's leading major energy project contractors, with #oilandgas, and #LNG, accounting for 65% of its orderbook of 1.3 trillion yen (US$8.3 billion) at the end of 2023. In a profit warning on Tuesday, JGC said it expects to "decrease significantly" its profit in the financial year ending 31 March 2024. Operating profit is now expected to fall to a loss of 19 billion yen (US$121 million) from a previous forecast of 16 billion yen profit. Instead of the previously forecast net profit of 16 billion yen, there will be a net loss of 8 billion yen. JGC had cost troubles with a chemicals project in #Thailand, and had re-evaluated the execution plans and profitability forecasts for other major overseas projects, particularly in the Middle East. The company recorded a loss provision for an oil and gas project in Saudi Arabia plus one other overseas project, as well as recording additional charges on another separate overseas contract. Its major projects include LNG Canada, a nearshore floating LNG project in #Malaysia (#Petronas ZLNG), a gas oil separation unit in Saudi Arabi, an oil refinery project in Iraq, and a dew point control unit in Saudi Arabia, as well as LNG terminal facilities in Taiwan. The company said it is revising its business management frameworks, and rethinking the roles of its overseas operation. 🔆♻️ [ "It's fine to celebrate success but it is more important to heed the lessons of failure." ― Bill Gates ] ♻️⚕️

Safety leadership implies a commitment to Injury and incident Free work environment. It aims to stand out to IDLH airbone. it takes Every one Safe Everyday Goal and reliability. Great Safe system approach and an Outstanding Safe evolvement cascaded Zero Incident lever. Envision the Stop WorK Authority principle.SC

Moving in the right direction.

The investment of the Ministry of Oil in the country's priority oil and gas projects was determined According to Shana's report, quoted by Khane Mellat news agency, the representatives in the public meeting on Tuesday (3rd of February) of the Islamic Council during the review of the expenditure part of the budget bill for the year 1403 of the whole country, agreed with the supplementary clause (2) of note (4) of the single article of this bill. they did According to this additional clause approved by the parliament, the Ministry of Oil is obliged to invest in the following priority projects from the resources of the "Country Oil and Gas Investment Account": 1- Through the National Oil Company to the extent of 70%, in order to increase the pressure of the South Pars gas field, the development and production of the Kish, Di, Tos, Khartang and Eram gas fields. 2- Through the related subsidiary company in gas affairs by 10%, to increase the country's natural gas storage capacity 3- Through the relevant subsidiary companies in the amount of 5%, for the implementation of the integrated system of real-time measurement and monitoring of the exchange of petroleum products. 4- Through the National Oil Company to the extent of 15%, in order to build, retrofit, renovate and rebuild the basic infrastructure needed for storage, transfer, distribution and export of crude oil and completion of oil product transfer lines. Also, the sources of the subject of clause (b) of article (14) of the 7th five-year plan of the law of progress in the relevant subsidiaries of the Ministry of Petroleum, at the discretion of the said ministry, only within the framework of the approved budget of the relevant subsidiaries of that ministry for the refining, transmission and distribution of natural gas and the maintenance of related facilities and Gas supply to the remaining cities and villages of the country is charged. #oilinvestment #marketing #oilnews #oilandgas #petrolinkmarketing #aminmahtabi www.petrolinkmarketing.com