Gordon Stein, CFO of CleanTech Lithium, explains why CTL acquired the 23 Laguna Verde licenses. Watch the video here.
On your custody account there are 310’000 units share of Petrofac Rg GB00B0H2K534.
We could lend these shares at a net commission for you of indicative 60% pa., with a security lending. UBS takes the guarantee.
The security is NOT blocked. You can buy – sell whenever you want.
The commission can change daily.
The net commission for you would be today indicatively with 60%p.a. USD 240.9 per day.
I received this from my bank. I have no idea what that means. Anyone can help explain or advise?
Let us not forget, if a bank provides bonds on behalf of the contractor, he must be confident of the financials, the profitability and the performance on the job. Otherwise , they will not. For the banks to offer such bonds , tells us that they are confident of the performance of the contractor.
An advance bond is equal to the advance payment that the contractor receives from the client, usually 10 % of the contract value. This reduces proportionally as when interim monthly payments is received until its value becomes null at the end of the project. Banks who finance a particular project reserve 10 % of the bond value as security and the contractor receives this back as I said on monthly progress payment. That is normally 9 % is retained by the contractor and 1 % is on hold until the contractor starts to recover it bases on progress of the project. A performance bond is normally 10 % of contract value and is valid one year after the completion of the project. So the 9 % received will serve as a liquidity in the company to start financing the particular project.
Petrofac, a leading international service provider to the energy industry, has been awarded an Engineering, Procurement and Construction (EPC) contract by ADNOC Gas for its Habshan Carbon Capture, Utilisation and Storage (CCUS) project, one of the largest carbon capture projects in the Middle East and North Africa region.
The contract is valued at more than US$600 million and involves the delivery of carbon capture units, associated pipeline infrastructure and a network of wells for carbon dioxide (CO2) recovery and injection. Located at the Habshan gas processing plant, 150 kilometres southwest of Abu Dhabi, the project is part of ADNOC’s accelerated decarbonisation pla
Press Release
3 OCTOBER 2023
ADNOC GAS AWARDS PETROFAC CONTRACT FOR LANDMARK CARBON CAPTURE, UTILISATION AND STORAGE PROJECT
Petrofac, a leading international service provider to the energy industry, has been awarded an Engineering, Procurement and Construction (EPC) contract by ADNOC Gas for its Habshan Carbon Capture, Utilisation and Storage (CCUS) project, one of the largest carbon capture projects in the Middle East and North Africa region.
The contract is valued at more than US$600 million and involves the delivery of carbon capture units, associated pipeline infrastructure and a network of wells for carbon dioxide (CO2) recovery and injection. Located at the Habshan gas processing plant, 150 kilometres southwest of Abu Dhabi, the project is part of ADNOC’s accelerated decarbonisation plan.
Tareq Kawash, Petrofac's Group Chief Executive, said: “By accelerating plans to make energy cleaner, the UAE is investing in its future. We look forward to combining our CCUS expertise and UAE project delivery experience to support ADNOC Gas in delivering on their decarbonisation plans, maximising energy output while minimising emissions, and helping to support the UAE’s energy transition.”
Elie Lahoud, Chief Operating Officer, Petrofac Engineering & Construction, commented: “Petrofac is committed to supporting ADNOC Gas in delivering lower-carbon growth. We have over 30 years’ experience of successful delivery here in the UAE and continue to put In-Country Value at the centre of our operations, utilising the local supply chain, developing capabilities and creating new opportunities for UAE Nationals.”
Petrofac has been deploying its expertise in gas processing, transport, and storage, to support the early development and definition of large-scale CCUS projects since 2015. The company first established a presence in the UAE in 1991 and has developed a large workforce to support both regional and international energy projects. With a commitment to deliver In-Country Value, Emiratisation is a key business priority and Petrofac is actively promoting current career opportunities.
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For further information contact:
Petrofac:
James Boothroyd, Head of Investor Relations
James.boothroyd@petrofac.com