{"id":78694,"date":"2024-05-21T00:00:00","date_gmt":"2024-05-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/21\/dp-expands-australian-rail-operations-adnoc-snaps-up-stakes-in-us-lng\/"},"modified":"2024-05-21T00:00:00","modified_gmt":"2024-05-21T00:00:00","slug":"dp-expands-australian-rail-operations-adnoc-snaps-up-stakes-in-us-lng","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2024\/05\/21\/dp-expands-australian-rail-operations-adnoc-snaps-up-stakes-in-us-lng\/","title":{"rendered":"DP expands Australian rail operations + Adnoc snaps up stakes in US LNG"},"content":{"rendered":"

RAIL-<\/p>\n

DP World has expanded its Australian operations with the launch of its new rail <\/strong>service at Stocklands Yennora Intermodal Terminal<\/strong>, according to a press release<\/a>. The terminal will offer two direct daily rail services to and from Botany on the company\u2019s own operated line. The port-rail service is expected to have a rail capacity of 160k 20 TEU per year and save some 160 truck trips per day, according to the release. \u201cAt DP World, we are establishing our own assets and building infrastructure where it's needed to create seamless connections and provide increased control and flexibility,\u201d DP World Oceania Vice President Nicolaj Noes said in the statement.<\/p>\n

About the terminal:<\/strong> The terminal, situated 30 km from Sydney\u2019s central business district, offers direct connection to ports, roads, and rails and also provides the logistics that businesses need for their customers, according to the release. The terminal, one of the largest distribution centers in Oceania, spans over 40 hectares with 300k sqm of warehouse space. DP World has also been operating 125k sqm of warehousing space in Yennora since 2023.<\/p>\n

M&A WATCH-<\/p>\n

Adnoc acquires stake in US LNG export facility<\/strong>:<\/strong> The UAE\u2019s Abu Dhabi National Oil Company (Adnoc) has obtained an 11.7% stake in a Texas LNG export facility owned by natural gas company NextDecade and has signed a supply agreement, Reuters<\/a> reports. The move marks the UAE-based energy firm\u2019s largest investment in the US. Andoc has acquired a stake in phase 1 of the project, which includes the first three liquefaction trains. Andoc has also inked a 20-year supply agreement for a fourth train, subject to a final investment decision (FID), with construction expected for the second half of this year. The Rio Grande LNG export plant\u2019s phase 1 is forecasted to be completed by early 2029 at a cost of USD 18 bn. <\/p>\n

TRADE-<\/p>\n

Morocco is <\/strong>impos<\/strong>ing a 62% anti-dumping duty on electric ovens imported from <\/strong>Turkey <\/strong>to protect its local market<\/strong>, Reuters<\/a> reports, citing a Trade Ministry source. The Turkish brand ITIMAT \u2014 which specializes in bath and kitchen mixers \u2014 will be subjected to a 34% import duty, the source said. The company\u2019s dumping margin is 34% compared to the 71.4% of other Turkish oven makers. <\/p>\n

Egypt extends customs for key goods: <\/strong>The Egyptian government has extended customs breaks for twelve key goods for a further three months as part of its ongoing battle to lower the price of goods and reel in inflation, according to a decision published Egypt\u2019s Official Gazette. The goods \u2014 including certain types of poultry, offal, dairy, butter, cheese, tea, cooking fats and oils, sugar, pasta, ingredients for animal feed, and meds \u2014 were first given<\/a> a sixth-month exemption in October.<\/p>\n

STARTUP WATCH-<\/p>\n

KSA\u2019s logistics startup MDD has closed a Series A round at an undisclosed <\/strong>amount<\/strong>, Wamda<\/a> reports. The company announced that an individual investor purchased 5% of its shares at a valuation of over USD 100 mn. MDD, founded in 2019, offers solutions for challenges in the supply chain and procurement market. <\/p>\n

OTHER STORIES WORTH KNOWING THIS MORNING-<\/strong><\/p>\n