Aramco announces record second quarter and half-year 2022 results

Source: Saudi Aramco

The Saudi Arabian Oil Company (“Aramco” or “the Company”) today announced its financial results for the second quarter of 2022, posting a 90% year-on-year (YoY) increase in net income and declaring a dividend of $18.8 billion to be paid in the third quarter.

The results set a new quarterly earnings record for the Company since its Initial Public Offering in 2019, and were primarily driven by higher crude oil prices and volumes sold, and higher refining margins.

Commenting on the results, Aramco President & CEO Amin H. Nasser, said:
“Our record second-quarter results reflect increasing demand for our products — particularly as a low-cost producer with one of the lowest upstream carbon intensities in the industry.

“While global market volatility and economic uncertainty remain, events during the first half of this year support our view that ongoing investment in our industry is essential — both to help ensure markets remain well supplied and to facilitate an orderly energy transition.

“In fact, we expect oil demand to continue to grow for the rest of the decade, despite downward economic pressures on short-term global forecasts.

“But while there is a very real and present need to safeguard the security of energy supplies, climate goals remain critical, which is why Aramco is working to increase production from multiple energy sources — including oil and gas, as well as renewables, and blue hydrogen.

“We are progressing the largest capital program in our history, and our approach is to invest in the reliable energy and petrochemicals that the world needs, while developing lower-carbon solutions that can contribute to the broader energy transition.”

Financial Highlights
Aramco achieved a record quarterly and half-year net income of $48.4 billion in the second quarter and $87.9 billion in the first half of 2022, compared to $25.5 billion and $47.2 billion, respectively, for the same periods in 2021. The increase in both periods was primarily driven by higher crude oil prices and volumes sold, as well as strong refining margins during the second quarter and higher downstream margins in the first half of 2022.

Free cash flow* increased by 53% to $34.6 billion in the second quarter and was $65.2 billion during the first half of 2022, compared to $22.6 billion and $40.9 billion, respectively, for the same periods in 2021. This increase was mainly driven by higher cash from operating activities.

Return on average capital employed* (ROACE) for the second quarter and half year ended June 30, 2022, was 31.3%, compared to 16.7% for the same periods in 2021, reflecting stronger crude oil prices and volumes sold, and improved downstream margins.

The Company continues to strengthen its balance sheet to maintain a high investment grade credit rating across market cycles. The gearing ratio* was 7.9% on June 30, 2022, compared to 14.2% on December 31, 2021, primarily due to higher operating cash flows, mainly reflecting stronger earnings, as well as improved downstream margins.

Funding costs continue to be optimized and the Company made a partial prepayment to the Public Investment Fund of the debt related to the Company’s acquisition of a 70% stake in SABIC in 2020. This reduced the principal amounts of the promissory notes outstanding by $12 billion, in addition to the $8 billion reduction in Q1 2022.

Aramco declared a dividend of $18.8 billion for the second quarter, to be paid in Q3 2022. In addition, and as previously disclosed in its 2021 Annual Report, the Company distributed bonus shares to shareholders in Q2 2022, at a rate of one share for every 10 shares held. Aramco aims to maintain a sustainable and progressive dividend in line with future prospects and underlying financial results.

Capital expenditure increased by 25% to $9.4 billion in the second quarter and by 8% to $16.9 billion for the first half of 2022, compared to the same periods in 2021. Aramco continues to invest to capture growth opportunities, progressing the strategic integration of its upstream and downstream segments, expanding its chemicals business, and developing prospects in low-carbon businesses.

Operational Highlights
The Company also demonstrated its reliable upstream performance, with average total hydrocarbon production of 13.6 million barrels of oil equivalent per day in the second quarter of 2022. The Company continues to work on increasing its crude oil Maximum Sustainable Capacity from 12 million barrels of oil per day to 13 million barrels of oil per day by 2027.

Aramco continued its strong track record of reliable supply, achieving 99.8% reliability in the delivery of crude oil and other products in the second quarter of 2022.

The Company’s gas expansion program is progressing towards increasing production with initial construction and design of the Jafurah Gas Plant ongoing. The facility has a planned processing capacity of 3.1 billion standard cubic feet per day (bscfd) of raw gas, expected to be completed in two phases by 2027. The Jafurah field is expected to commence production in 2025 and will gradually increase natural gas deliveries to reach a sustainable rate of 2.0 bscfd by 2030, which will provide feedstock for hydrogen and ammonia production and will help meet expected growing local energy demand.

Meanwhile, construction of the Hawiyah Unayzah Gas Reservoir Storage has reached an advanced stage, with the injection phase nearing completion. This is expected to provide up to 2.0 bscfd of natural gas to be injected into the Master Gas System by 2024. It is the first underground natural gas storage project in the Kingdom, which helps to manage seasonal changes in demand and in turn improves asset utilization and cost efficiency.

Aramco successfully deployed the Ghawar-1 supercomputer for reservoir simulation. It is the second largest supercomputer in the MENA region and is expected to increase the number of completed simulation runs, enabling Aramco to explore more opportunities within its existing resources.

Most recently, the Company announced an equity purchase agreement to acquire Valvoline Inc.’s global products business (Valvoline Global Products) for $2.65 billion. This strategic acquisition will complement Aramco’s line of premium branded lubricant products, optimize its global base oils production capabilities, and expand its own R&D activities and partnerships with OEMs. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

The integration of SABIC into Aramco is progressing ahead of schedule and the Company continues to capture synergies in multiple areas, including procurement, stream integration, feedstock optimization and maintenance activities, among others. Aramco further completed the transfer of offtake rights for PRefChem polymers and monoethylene glycol to SABIC.

In May, Aramco’s refining and petrochemical joint ventures with PETRONAS in Malaysia, collectively known as PRefChem, started operations and will reach full capacity of 300,000 barrels per day by the end of the year. Aramco’s investment in PRefChem provides an expansion opportunity in an important growth market and offers new geographies for its crude oil production.

On June 15, Aramco published its inaugural Sustainability Report, which outlines ways the Company plans to achieve net-zero Scope 1 and Scope 2 greenhouse gas emissions across its wholly-owned operated assets by 2050. Objectives outlined in the report include capturing, utilizing, or storing 11 million metric tons of CO2 equivalent annually by 2035; investing in renewables that aim to generate 12 gigawatts of solar and wind power by 2030; reducing or mitigating more than 50 million metric tons of CO2 equivalent annually by 2035, and reducing upstream carbon intensity by at least 15% by 2035 compared to a 2018 baseline. Additionally, the Company aims to produce 11 million tons of blue ammonia, a carrier of hydrogen, annually by 2030.

To accelerate the development of lower-carbon solutions in the energy industry, on June 27 Aramco inaugurated the Aramco Research Center at the King Abdullah University of Science and Technology, which uses artificial intelligence and machine learning to develop innovative ways to enable a Circular Carbon Economy.

Aramco also announced a major expansion of its Namaat industrial investment program with 55 agreements and Memoranda of Understanding now in place across the sustainability, digital, industrial, manufacturing, and social innovation sectors, aiming to create jobs and expand the Kingdom’s energy and chemicals value chains. Through Namaat, Aramco seeks to localize its supply chain and ensure its long-term cost and productivity leadership, sustainability, and resilience.

Debt-for-Climate Swaps: Analysis, Design, and Implementation

Source: International Monetary Fund

Debt-for-Climate Swaps: Analysis, Design, and Implementation

Author/Editor:

Marcos d Chamon ; Erik Klok ; Vimal V Thakoor ; Jeromin Zettelmeyer

Publication Date:

August 12, 2022

. Use the free Adobe Acrobat Reader to view this PDF file

Disclaimer: IMF Working Papers describe research in progress by the author(s) and are published to elicit comments and to encourage debate. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

This paper compares debt-for-climate swaps—partial debt relief operations conditional on debtor commitments to undertake climate-related investments—to alternative fiscal support instruments. Because some of the benefits of debt-climate swaps accrue to non-participating creditors, they are generally less efficient forms of support than conditional grants and/or broad debt restructuring (which could be linked to climate adaptation when the latter significantly reduces credit risk). This said, debt-climate swaps could be superior to conditional grants when they can be structured in a way that makes the climate commitment de facto senior to debt service; and they could be superior to comprehensive debt restructuring in narrow settings, when the latter is expected to produce large economic dislocations and the debt-climate swap is expected to materially reduce debt risks (and achieve debt sustainability). Furthermore, debt-climate swaps could be useful to expand fiscal space for climate investment when grants or more comprehensive debt relief are just not on the table. The paper explores policy actions that would benefit both debt-climate swaps and other forms of climate finance, including developing markets for debt instruments linked to climate performance.

Series:

Working Paper No. 2022/162

Frequency:

regular

English

Publication Date:

August 12, 2022

ISBN/ISSN:

9798400215872/1018-5941

Stock No:

WPIEA2022162

Pages:

41

Inflation Expectations and the Supply Chain

Source: International Monetary Fund

Inflation Expectations and the Supply Chain

Author/Editor:

Elías Albagli ; Francesco Grigoli ; Emiliano Luttini

Publication Date:

August 12, 2022

. The views expressed in IMF Working Papers are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary:

We show that firms rely on price changes observed along their supply chain to form expectations about aggregate inflation, and that these expectations have a complete pass-through to sales prices. Leveraging a unique dataset on Chilean firms merging expectation surveys and records from the VAT and customs registries, we document that changes in prices at which firms purchase inputs inform their forecasts of the economy’s inflation. This is the case even if changes in input costs do not determine the inflation outcome. These findings reject the full-information rational-expectations hypothesis and are consistent with firms’ disagreement about future inflation and inattention to macroeconomic news, which we document for Chile. Our results from a firm-level Phillips’ curve estimation suggest that firms’ beliefs about inflation are a key determinant for their price-setting decisions. Therefore, we argue that the channel we highlight in this paper has the potential to lead to dispersion in inflation expectations, price dispersion, and weaken the expectation channel of policies.

Series:

Working Paper No. 2022/161

Frequency:

regular

English

Publication Date:

August 12, 2022

ISBN/ISSN:

9798400214752/1018-5941

Stock No:

WPIEA2022161

Pages:

43

GE Bringing Instrumentation to “Flex” Hydropower’s Muscle

Source: GE

  • GE Research awarded $4.3 million project from the U.S. Department of Energy to develop cost-effective, easy-to-implement method to enable more flexible operation of hydro turbines. 
  • Will outfit hydro plants with smarter tools to extract more plant data and improve overall operating capacity 
  • Will develop a hybrid joint controller to enhance the operation of hydro plants with the support of batteries
  • Would enable extended operation and faster ramp up of hydro plants to support more renewables and stabilize the grid
  • Will demonstrate new technologies at three plants with two major hydro plant operators, Eagle Creek Renewable Energy, and FirstLight Power

NISKAYUNA, NY – August 12, 2022 – With a focus on enhancing hydropower’s role as a grid stabilizer to support other renewables assets coming online, GE Research, the technology development arm for the General Electric Company (NYSE: GE), has been awarded a 30- month, $4.3 million project through US Department of Energy’s Water Power Technologies Office to improve both the operating capacity and flexibility of hydropower assets.

A multi-disciplinary team of engineers from GE Research will work with GE Renewable Energy’s Hydro business, and two major hydro plant operators, Eagle Creek Renewable Power, and FirstLight Power, to outfit three plants with minimal sensors and other tools to enhance the existing operational flexibility by more effectively ramping electricity generation up or down with their hydro assets. 

Arvind Tiwari, Advanced Technology Platform leader in the Electrical Systems group at GE Research and Principal Investigator on the project, says the pioneering approach will allow hydro plant operators to unlock previously untapped flexibility to help address the transition to a more renewables-intensive grid.

Tiwari said, “Hydro power today already is the most flexible and dispatchable renewable resource, but the growth of other variable renewables, such as wind and solar, will require it to become even more flexible and keep the grid in balance, especially as other traditional forms of base load generation come offline or retire.  We believe this can be accomplished at minimal cost and disruption by outfitting hydro plants with sensors and other tools that allow hydro units to expand their capabilities.”

Tiwari added, “Working together with Eagle Creek Renewable Energy, and FirstLight Power, we will have the opportunity to demonstrate our methods in three grid connected hydro plants.”

          

Caption: Pictured at top is Eagle’s Creek’s High Rock hydro facility in North Carolina, and pictured below is FirstLight’s Stevenson Generating Station in Connecticut. Both are among the Eagle Creek and FirstLight facilities being considered for the flexible hydro project demonstrations.

Justin Trudell, FirstLight’s Chief Operating Officer, said “We are very excited to work with our institutional partners to help find new ways to enhance hydropower’s already critical contributions to the fight against climate change. Hydro’s flexibility is vital to our efforts to create a cleaner, more sustainable energy future, ensuring that the growing renewable sector is both reliable and resilient.” 

Eagle Creek’s Sr. Advisor, Jose Zayas said, “As we continue to decarbonize our electricity system, hydropower can provide significant system benefits to accelerate the transition to a cleaner grid.  This research project is a critical step in identifying novel and cost-effective ways to unlocking hydropower’s true potential.”

Guillaume Rudelle, senior hydro product manager at GE Renewable Energy, said this project is in lock step with the Hydro businesses’ staunch commitment to advance more affordable solutions that can be widely deployed and harness the untapped flexibility potential of the existing hydropower fleet.

Tiwari explained that a key objective of the demonstration is to show the increased flexibility and operating capacity of hydro plants with existing components, without compromising the life of plant equipment.  Certain hydro plants were initially designed for stable, constant operations with limited flexibility.  The GE Research team believes that with more data and great visibility of plant behavior, they can introduce more variability in operations such as fast ramp ups of hydro units without compromising the life of their components.

GE Research’s hydro plant partners, FirstLight and Eagle Creek Renewable Energy, each have significant hydro footprints in the United States. FirstLight’s portfolio includes nearly 1400MW of pumped-hydro storage, hydroelectric generation, battery storage, and solar generation in the New England region. Eagle Creek Renewable Energy owns and operates 86 hydroelectric facilities across the U.S, and GE Renewable Energy’s hydro business has one of the largest installed bases globally— 400GW of turbines and generators—totaling 25% of the world’s hydro capacity.

As part of the $4.3 million project ($3 million from the DOE, $1.3 million in cost share from GE and its project partners), Tiwari said the GE team will look at a variety of operating scenarios, including the combination of batteries with hydropower and operational improvements for pumped storage hydropower.

“As the nation moves through the energy transition, we will need to introduce more resiliency and flexibility into the grid to handle the changes that are coming,” Tiwari concluded. “Hydro is a key renewable asset and tool for not only producing more clean, renewable electricity, but serving as a stable partner in welcoming other renewables generation to the mix as well.”

About GE Research

GE Research is GE’s innovation powerhouse where research meets reality. We are a world-class team of scientific, engineering and marketing minds working at the intersection of physics and markets, physical and digital technologies, and across a broad set of industries to deliver world-changing innovations and capabilities for our customers. To learn more, visit our website at https://www.ge.com/research/.


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The Take: U.S. Poised to Enact Historic Climate Legislation

Source: SAP

Headline: The Take: U.S. Poised to Enact Historic Climate Legislation

What’s News

The U.S. House of Representatives is voting today on the Inflation Reduction Bill, which includes historic climate and energy provisions that will speed greenhouse gas emission cuts and supercharge the clean energy industry.

SAP’s Take

The Bill puts the U.S. on a path to reduce greenhouse gases by 40% below 2005 levels by 2030. This makes strides towards meeting the goal set under the Paris Climate Agreement for the U.S. to cut emissions by at least half by that date.

To meet the stated U.S. objective to achieve a net-zero carbon economy by 2050, climate experts believe that an all-in approach addressing both the consumer and business side of the energy utilization equation is needed.

The Bill, which passed the Senate by 51:50 with the Vice President casting the deciding vote, provides a road map to smooth out the energy transition in a business-friendly, nondisruptive way by offering stimulus to the energy sector to move towards renewables. At the same time, it provides incentives for consumer-facing innovations and investments in low-carbon technologies.

“From a global perspective, energy security is at the core of transnational security,” says Vivek Bapat, SVP, Marketing, Purpose, and Sustainability Solutions at SAP. Global energy use across supply chains, which includes the manufacturing, transportation and commercialization of industrial and consumer products, contributes to about 75% of CO2 emissions.

“Since we power close to 88% of the world’s supply chains, we are privileged to be working with global business leaders across every industry sector,” says Bapat, who adds that arming business leaders with data-enabled technology and solutions enables them to gain detailed, auditable transparency into their emissions.

“With these insights, companies can make business process changes to reduce their carbon footprint, optimize the use of resources such as water, raw materials, and energy, and drive social responsibility across their supply chains,” he says.


Contact:
Paul Taylor, Editorial Director and SAP News Network, SAP
+1 (212) 653-9607, paul.taylor04@sap.com, EDT

New World Economic Forum ESG initiative looks to improve socioeconomic conditions in Northern Central America

Source: World Economic Forum

Alem Tedeneke, Public Engagement, World Economic Forum, alem.tedeneke@weforum.org

  • The initiative aims to work with leaders in Guatemala, Honduras and El Salvador on environmental, social and governance metrics.
  • The adoption of ESG metrics and disclosures can enhance the private sector’s contribution to improving socioeconomic conditions and environmental resilience, attracting investment and fostering trade opportunities.
  • ESG reporting can contribute locally to benefit the people and the planet, advance prosperity and improve governance in accordance with the objectives of the Partnership for Central America.
  • The Guatemalan Grupo Mariposa adopted the World Economic Forum global metrics framework, the first company in Central America to incorporate the metrics in its reports.
  • Learn more about the initiative here.

Switzerland, Geneva, Friday, 12 August 2022 – The World Economic Forum announced a new initiative in three Central American countries that will support the private sector apply Stakeholder Capitalism Metrics and better environmental, social and governance (ESG) reporting to improve local socioeconomic conditions and environmental resilience.

The announcement was made at events convened by the Forum with CentraRSE in Guatemala, COHEP in Honduras and Fundemas in El Salvador. These were attended by leaders from the public and private sector, civil society and international organizations who discussed the benefits and opportunities of implementing structured ESG reporting metrics, practices and global corporate trends. National and regional efforts and best practices were also showcased.

The Measuring Stakeholder Capitalism initiative has identified a set of 21 core and 34 expanded universal metrics and disclosures drawn from existing standards. The metrics and disclosure seek to improve how companies measure and demonstrate their performance against environmental, social and governance indicators and consistently track their positive contributions towards achieving the UN Sustainable Development Goals (SDGs).

Strengthening sustainability credentials and building the capacity to report this information will represent a significant advantage for businesses and the economy as a whole, particularly to attract foreign investment and integrate into regional and global value chains.

“Amid an increasingly challenging context confronted with overlapping global crises, public-private collaboration and the decisive action of local leadership are even more necessary to improve economic, social, environmental and governance conditions. All sectors must work together to build a prosperous and resilient ecosystem, offering hope and real opportunities for people in the region to develop their potential at home,” said Marisol Argueta, Head of Latin America at the World Economic Forum.

The initiative is a response The initiative is a response to US Vice President Kamala Harris’s Call to Action, which calls on businesses and social enterprises to promote economic opportunities for people in the region as part of a comprehensive strategy to address the root causes of migration. Vice President Harris has announced a total of more than $3.2 billion in new commitments to the region in coordination with the Partnership for Central America since the effort was launched in May 2022.

“As we look to multi-sector approaches to solve the social challenges facing our communities globally, the World Economic Forum’s ESG framework provides a structure for businesses to drive greater economic development. Working with public and private sector partners, this can translate into quality jobs, environmental protections and better lives for families,” said Jonathan Fantini-Porter, Executive Director of the Partnership for Central America.

The areas of focus, led by the Partnership for Central America (PCA), intend to support the region’s long-term development through digital and financial inclusion, food security and climate-smart agriculture; climate adaptation and clean energy; education and workforce development; and public health access. The planned ESG metrics and corporate reporting activities also aim to motivate local leaders to take measurable action on their contributions to enhancing socioeconomic conditions and environmental resilience in the region.

Based on existing standards, this framework provides a set of metrics that can be reported by all companies, regardless of industry or region. These metrics also offer comparability, which is particularly important for creating a systemic and globally accepted set of common standards for reporting corporate sustainability performance.

As part of the activities carried out in Central America, the Guatemalan company, Grupo Mariposa announced the adoption of the global metrics framework promoted by the World Economic Forum (Stakeholder Capitalism Metrics) and declared its commitment to include them in future reporting cycles. Grupo Mariposa is the first company in Central America to incorporate the metrics in its reports.

ARB to spin off its IoT Business via a listing on NASDAQ

Source: Media Outreach

The listing aims to accelerate the expansion and growth of its IoT business, raising a minimum gross proceeds of USD4 million (based on the issue price of at least USD4 per issue share)

Its IoT-business arm, ARB IoT Group Limited (“AIGL”) would enable the Group to unlock the value of its investment in the IoT business and efficiently allocate resources for its next phase of growth< > AIGL Group has built up an IoT development ecosystem to help customers seize opportunities brought by new digital technologies with 4 business lines in IoT segment.< > The proposed listing is expected to be completed tentatively by 4Q 2022, barring any unforeseen circumstances and is subject to all required approvals.

KUALA LUMPUR, MALAYSIAMedia OutReach12 August 2022 – Main Market-listed information technology (“IT”) software and platform provider ARB Berhad (“ARB” or “Group”) proposes to list ARB IOT Group Limited (“AIGL”), an indirect wholly-owned subsidiary of ARB Berhad on the NASDAQ Stock Exchange as a spin-off exercise of its IoT business arm (“Proposed Listing”).< >< >AIGL provides a wide range of IoT system services, such as system integration and system support service. A filing with Bursa Malaysia today shows that the Proposed Listing will unlock the value of its investment in the IoT business and efficiently allocate resources to accelerate the expansion and growth of its IoT business.

ARB Berhad Executive Director Dato’ Sri Larry Liew Kok Leong (拿督斯里刘国良) said: “This Proposed Listing will be a new milestone for the Group. AIGL has a robust growth prospect given the evolving demand for new technology trends such as Artificial Intelligence (AI), cloud computing, robotic process automation, Internet-of-Things (IoTs) and hyper-connectivity, which continues to gain momentum.

Driven by favourable factors such as rapid urbanisation, a proliferation of technology and mobile devices and a shift from traditional agriculture to IoT agriculture in ASEAN countries, AIGL aims to be one of the top IoT players in the ASEAN region, particularly in agriculture, property development and logistics industries. “We intend to set up a regional hub for IoT technology in Singapore to support this initiative,” Dato’ Sri Larry said.

“To remain competitive in this fast-paced and ever-evolving industry, we need to invest strongly in the business operation, strategic acquisition and our research & development activities. The spin-off of our IoT business through a listing on the US NASDAQ Stock Exchange will help to provide us with the funding to pursue these expansion and growth opportunities.”

Dato’ Sri Liew also added that a successful listing of AIGL on the NASDAQ Stock Exchange will allow the Group to gain better recognition as a separate listing status, enhancing its corporate reputation, business profile and visibility which in turn will enable it to achieve greater market penetration.

“It’s not just financial flexibility that we are looking at with the listing of AIGL. As a standalone entity, AIGL will achieve greater market penetration and a wider customer base,” Liew said.

He also pointed out that the AIGL’s investor base could be widened through the participation of the global investing community, given the prominence of the NASDAQ Stock Exchange among global investors.

As for ARB, it would unlock the value of its investment through the share offering exercise under the Proposed Listing, thus enhancing the value for its shareholders.

AIGL expects to continue to deliver profitable growth, generate robust cash flow, and return capital to shareholders while maintaining a strong balance sheet. The Company will continue to prioritise opportunities by collaborating with the potential M&A targets to expand its geographical presence by taking advantage of cross-border business opportunities from 2022 onwards.

The filing with Bursa also shows that AIGL has built up an IoT development ecosystem to help customers address the challenges and opportunities of new digital technologies. Accordingly, AIGL Group has been organised into 4 business lines: IoT Smart Home & Building, IoT Smart Agriculture, IoT System Development, and IoT Gadget Distribution.

It added that the proposed utilisations of the proceed from the listing of AIGL on the NASDAQ Stock Exchange will be for the strategic acquisitions and investment activities of the Group, working capital and general corporate purposes, estimated listing expenses and research & development activities.

Going forward, Dato’ Sri Liew shared that the Group is in a good position to expand its business regionally and will accelerate the expansion of its IoT business by gaining new market share. Aside from that, AIGL will expand its customer base by growing its direct sales force and regional sales channels in new markets. The Company will also push towards operational improvement to drive earnings growth, expand margin and improve cashflow.

Barring any unforeseen circumstances and subject to all the required approvals being obtained, the Board of ARB expects the proposed listing of AIGL on the NASDAQ Stock Exchange to be completed by the fourth quarter of 2022.< >

Hashtag: #ARB

The issuer is solely responsible for the content of this announcement.

– Published and distributed with permission of Media-Outreach.com.

Phillips 66 Announces Expansion Open Season for Seminoe Pipeline

Source: Phillips

HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announces that its subsidiary, Phillips 66 Carrier, LLC, is launching a binding expansion open season on its Seminoe Pipeline system to solicit shipper commitments for services from Billings, Montana, to Casper, Wyoming. The expansion open season will provide an opportunity for interested shippers to secure long-term refined product transportation with Seminoe Pipeline under binding transportation services agreements.
The expansion includes new takeaway capacity of 5,800 barrels per day on Seminoe Pipeline with origination stations in Billings to destination at Casper. The higher capacity is expected to be available during the second quarter of 2023.
The expansion open season will commence at 8 a.m. CDT on August 12, 2022. Prior to participating in the open season, interested parties must execute a confidentiality agreement to govern the receipt of the open season documentation. For a form of confidentiality agreement and additional information regarding the expansion of Seminoe Pipeline, please contact Tarek Saad at [email protected].
About Phillips 66
Phillips 66 (NYSE: PSX) manufactures, transports and markets products that drive the global economy. The diversified energy company’s portfolio includes Midstream, Chemicals, Refining, and Marketing and Specialties businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn or Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220811005732/en/
Jeff Dietert (investors)832-765-2297[email protected]Shannon Holy (investors)832-765-2297[email protected]Bernardo Fallas (media)855-841-2368[email protected]
Source: Phillips 66

12 August 2022 Talent and Knowledge Magnet: The Republic of Sakha (Yakutia) Will Show the Wealth of Traditions and New Projects at the Far East Street The Republic of Sakha (Yakutia) will participate in the Far East Street exhibition, which will begin in the capital of Primorye on 5 September. Russia’s largest region will demonstrate priority development projects, tourist products, local goods, and the peculiarities of national colour.

Source: Eastern Economic Forum

For more, see: Eastern Economic Forum news

11 August 2022 Sakhalin Region to Present Itself as an Ecopolis in the Far East Street Sakhalin Oblast will take part in the Far East Street exhibition, set to open in the capital of Primorye on 5 September. The only island region in the country will present its main investment and social projects, the results of the 75-year-long development, and the pilot climate programme which aims to achieve carbon neutrality.

Source: Eastern Economic Forum

11 August 2022

Sakhalin Region to Present Itself as an Ecopolis in the Far East Street

Sakhalin Oblast will take part in the Far East Street exhibition, set to open in the capital of Primorye on 5 September. The only island region in the country will present its main investment and social projects, the results of the 75-year-long development, and the pilot climate programme which aims to achieve carbon neutrality.

The exposition of the Sakhalin Region will combine several thematic zones. It will feature concepts like ‘Ecopolis: Man, Technology and Nature’ and ‘75th Anniversary of the Sakhalin Region: History of Sakhalin Island Development’. The region was formed as an independent entity in 1947, in recognition of its great political and economic importance for the country.

Visitors to the exhibition will learn how the region has developed over the past 75 years and what results it has been able to achieve in terms of socio-economic development. Contemporary and retro photos will help guests to get acquainted with the past and present of the region.

New vision of the Far Eastern regional development will be presented on the example of the South Sakhalin agglomeration. The pavilion of the Sakhalin Region will tell about the future of the region’s capital and its suburbs.

Another initiative to be demonstrated by the region is the ‘Care. Protect. Respect.’ project. A new approach in the provision of state and municipal services is intended to make the existing system accessible and clear to all residents. The programme, launched on the behest of the Sakhalin Region’s Governor Valery Limarenko, will involve volunteers who will receive feedback from Sakhalin and Kuril residents. People, not papers or statistics, will help make the process of rendering state services more flexible. The project will cover various spheres from health care and social protection, to education, housing and utilities, road maintenance, etc.

The Sakhalin Region will showcase priority investment projects, including development programs for the Kuril Islands. Thanks to access to the investment portal (investinsakhalin.ru), visitors will be able to download project presentations using QR codes.

Visitors will also learn about the Sakhalin Region climate programme. The region is the first in the country to embark on an experiment to achieve carbon neutrality by 2026. “Green” energy is becoming especially relevant here.

The exposition will also introduce everyone to the culture of the indigenous peoples of Sakhalin Region. There will be tastings of sweets, sirups and other local produce. Thematic photo areas will open for visitors. There will be workshops by representatives of indigenous minorities, quizzes, drawings, concerts.

The volume of printed materials will be significantly reduced in order to preserve nature. Visitors to Sakhalin pavilions will be offered to download the necessary information using QR codes.

“The island region is one of the best places to do business in Russia. Comfortable conditions have been created here for the fulfilment of entrepreneurial initiatives. In addition to the territories of advanced development and the Free Port of Vladivostok regime, this year the Kuril Islands introduced a special tax regime, which opens up new opportunities for the implementation of investment projects. The Sakhalin Region’s attractiveness for investment is also confirmed by its high position in Russia’s investment rating. According to the results of 2021, the region is in fifth place. The areas of oil and gas services, logistics, fish processing and tourism are promising. The priority is to improve the quality of life and create a comfortable environment on the islands. Welcome to the exposition of Sakhalin Region!” says Valery Limarenko, Governor of Sakhalin Region.

The ’Far East Street’ will be available to guests and participants of the Eastern Economic Forum on 5–8 September. It is located on the Ajax Bay embankment on the campus of the Far Eastern Federal University. After the end of the Forum, Vladivostok residents and visitors will enjoy free access to the exhibition until 11 September. It is organized by the Roscongress Foundation.

All real-time news on the preparation for EEF 2022 is available on the official Forum social network accounts.

Telegram: t.me/roscongress 

VK: Eastern Economic Forum (vk.com)

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