Lower Capex Expected From Armada's JV Deal
Lower Capex Expected From Armada's JV Deal
ARMADA, through a 50:50 JV with UK-listed Navigator Holdings, has signed an MOU with international energy company Uniper (UK) Limited (Uniper) to explore liquid CO2 storage and carriers.
ARMADA與英國上市公司Navigator Holdings以50:50的合資公司的身份，與國際能源公司Uniper（英國）有限公司（Uniper）簽署了一份諒解備忘錄，以探索液態二氧化碳存儲和運輸。
Kenanga said it believes the capex requirements will be lower than those of LNG projects and maintains its forecasts, TP of RM0.58 and MARKET PERFORM call.
Kenanga表示，它相信資本支出要求將低於液化天然氣項目，維持其預測，RM0.58的TP和市場表現看漲。
ARMADA and Navigator Holdings Ltd announced that Bluestreak CO2, their 50:50 JV established through a previously announced non-binding MOU, has entered into an MOU with Uniper. This collaboration will explore opportunities arising from the UK government's goal of decarbonizing the power sector by 2030.
ARMADA和Navigator Holdings Ltd宣佈，通過此前宣佈的非約束性諒解備忘錄建立的50:50合資公司Bluestreak CO2已與Uniper簽署了諒解備忘錄。此次合作將探索源自英國政府將電力部門脫碳化的目標的機會。
Under the MOU, the parties will explore the feasibility of implementing a jetty-moored floating liquid CO2 storage facility and liquid CO2 carrier solution for the export of CO2 from Uniper's proposed Grain carbon capture project on the Isle of Grain, United Kingdom. While this is a positive development for ARMADA, it is still early to assess the economics of the CO2 projects.
根據諒解備忘錄，雙方將探討通過碼頭靠泊式浮動液態二氧化碳存儲設施和液態二氧化碳運輸解決方案出口二氧化碳，從位於英國格雷恩島(Uniper)擬議的Grain碳捕捉項目。雖然這對ARMADA是一個積極的發展，但CO2項目的經濟學仍然很早期。
The house said based on its channel checks, a CO2 carrier vessel could require a capex of USD100m-USD200m, while a floating storage unit could require USD100m-RM300m. However, ARMADA's final capex requirement will depend on the ownership structure of the potential assets. Kenanga said it believes the required capex will be lower than for LNG
projects of similar function (storage and carrier). However, the LNG industry is more mature than the CO2 industry. As a result, it believes the project carries less risk when executed in conjunction with its two partners.
該機構表示，根據其渠道驗證，二氧化碳運輸船需要1億至2億美元的資本支出，而浮動儲罐需要1億至3千萬令吉。但是，ARMADA最終的資本支出需求將取決於潛在資產的所有權結構。Kenanga表示，它認爲所需的資本支出將比LNG的類似功能（存儲和運輸）更低。但是，LNG行業比CO2行業更成熟。因此，它認爲在與兩家合作伙伴一起執行時，該項目的風險較小。
類似的功能（存儲和運輸）的項目，CO2運輸計劃需要1億至2億美元的資本支出，而浮動儲罐則需要1億至3千萬令吉。但是，ARMADA的最終資本支出需求將取決於潛在資產的所有權結構。 加勁表示，相比於LNG，CO2行業尚處於發展階段，投資風險較高。因此，他們認爲與兩家合作伙伴合作的項目風險較小。
譯文內容由第三人軟體翻譯。