Hitachi Energy selected as technology partner for the world’s longest AC power-from-shore project in Norway

World-first solution will combine two power quality technologies to deliver renewable energy reliably and safely from the mainland power grid

Zurich, Switzerland, March 07, 2022 (GLOBE NEWSWIRE) — Hitachi Energy, the global technology and market leader in power grids, announced today that it has been selected by Aker BP, the Norwegian oil and gas exploration and production company, as technology partner for the NOAKA power-from-shore project off the Norwegian coast. The entire project will be powered by up to 150 megawatts of power from the mainland grid – making it the world’s longest power-from-shore AC connection at around 250 km.

Hitachi Energy will perform detailed front-end engineering and design (FEED) studies for a power quality solution that will enable the Aker BP operated NOA Fulla field and the Equinor operated Krafla field in the North Sea to be powered from the mainland. The contract awarded to Hitachi Energy includes an option to deliver the power quality solution when the FEED studies are completed.

By using power from the mainland grid, which is mainly renewable hydropower,  minimizes NOAKA’s carbon footprint. To ensure the smooth, reliable and safe transmission of electricity to the offshore platforms, Hitachi Energy’s solution combines two power quality technologies that have never been used before for this type of application: a high-performance STATCOM, called SVC Light®, and thyristor-controlled series capacitors. The MACH™ control and protection system, will enable the two technologies to work in harmony as a single synchronized solution. This will be made possible by leveraging Hitachi Energy’s extensive and unique know-how in power quality solutions as well as its domain integration capabilities.

“We are delighted that Aker BP has selected our pioneering power quality solution, enabling this vital energy project to be powered with emission-free renewable energy,” says Niklas Persson, Managing Director of Hitachi Energy’s Grid Integration business. “This world-first solution will also enable progress toward mega-scale offshore renewable power installations, offering viable alternative pathways for connecting power from shore with AC over long distances.”

“Our ambition is to develop the NOAKA area with a minimum carbon footprint and a prerequisite for this is that the fields are supplied with power-from-shore,” says Lars Høier, Senior Vice President and Asset Manager for NOAKA at Aker BP. “We selected Hitachi Energy as our trusted technology partner to provide a reliable and flexible grid connection and power quality solution to secure high reliability in our operations.”

Hitachi Energy’s proposed solution comprises a new grid connection to house the STATCOM, thyristor-controlled series capacitors, shunt reactors and gas-insulated switchgear. The solution will also increase the transmission capacity of an existing 420 kV mainland grid connection with new gas-insulated switchgear and a power transformer. These are all technologies made by Hitachi Energy to secure exceptional levels of grid availability and reliability.

Hitachi Energy: proven track record in long-distance power-from-shore

Hitachi Energy supplied the world’s first long-distance power-from-shore installation in Norway in 2005 using its HVDC Light® high-voltage direct current technology. Since then, Hitachi Energy has supplied four of the five HVDC power-from-shore installations, all of which supply platforms off the Norwegian coast. In December 2021, Hitachi Energy won a contract to supply the most powerful power-from-shore solution in the Middle East and North Africa. The solution will deliver 3,200 MW of low-carbon power to two offshore production clusters, reducing the clusters’ emissions by up to 35 percent.

About Hitachi Energy Ltd.

Hitachi Energy is a global technology leader that is advancing a sustainable energy future for all. We serve customers in the utility, industry and infrastructure sectors with innovative solutions and services across the value chain. Together with customers and partners, we pioneer technologies and enable the digital transformation required to accelerate the energy transition towards a carbon-neutral future. We are advancing the world’s energy system to become more sustainable, flexible and secure whilst balancing social, environmental and economic value. Hitachi Energy has a proven track record and unparalleled installed base in more than 140 countries. Headquartered in Switzerland, we employ around 38,000 people in 90 countries and generate business volumes of approximately $10 billion USD.

About Hitachi, Ltd.

Hitachi, Ltd. (TSE: 6501), headquartered in Tokyo, Japan, contributes to a sustainable society with a higher quality of life by driving innovation through data and technology as the Social Innovation Business. Hitachi is focused on strengthening its contribution to the Environment, the Resilience of business and social infrastructure as well as comprehensive programs to enhance Security & Safety. Hitachi resolves the issues faced by customers and society across six domains: IT, Energy, Mobility, Industry, Smart Life and Automotive Systems through its proprietary Lumada solutions. The company’s consolidated revenues for fiscal year 2020 (ended March 31, 2021) totaled 8,729.1 billion yen ($78.6 billion), with 871 consolidated subsidiaries and approximately 350,000 employees worldwide. For more information on Hitachi, please visit the company’s website at https://www.hitachi.com.

 

 

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Rebecca Bleasdale
Hitachi Energy Ltd.
+41 78643 2613
rebecca.bleasdale@hitachienergy.com

Appointment of Company secretary of Al-Shaheer Corporation Limited

Karachi, Al-Shaheer Corporation Limited informed Pakistan Stock Exchange that Mr. Wajih Uddin Farooq has been appointed as Company Secretary with effect from March 04, 2022 in place of Mr. Osama Javed Usmani.

Al Shaheer Corporation Limited was incorporated on June 30, 2012. The Company is engaged in trading of different kinds of halal meat including goat, cow, chicken and fish, both for export market and local sales through chain of retail stores.

The company went public in 2015 and is now listed on the Stock Exchange. The total numbers of shares are 299,938,830. The Earnings per share is 1.01 in 2020 which was 1.12 in 2019. The Profit after Taxation of the Company is 172,775,000 in 2020 which was 190,931,000 in 2019.

Annual general meeting of United Bank Limited to be held on March 29, 2022

Karachi, United Bank Limited informed Pakistan Stock Exchange that annual general meeting of the company is scheduled to be held on March 29, 2022 at Islamabad.

The agenda of the meeting will be confirming the minutes of Annual General Meeting held on August 06, 2021, to receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended December 31, 2021 together with the Directors and Auditors Reports thereon, to consider and, if thought fit, approve as recommended by the Board of Directors, final cash Dividend at the rate of Rs. 1.50 per share i.e. 15% in addition to Rs. 4.50 per share i.e. 45% interim cash Dividend already declared/paid along with 15% Bonus Shares for the year December 31, 2021, to appoint auditors for the year ending December 31, 2021 and fix their remuneration and to transact any other business with the permission of the chair.

Further, the closed period of the company is from March 22, 2022 to March 29, 2022 (both days inclusive).

United Bank Limited is a banking company incorporated in Pakistan and is engaged in commercial banking and related services. The Bank is a subsidiary of Bestway (Holdings) limited which is a wholly owned subsidiary of Bestway Group Limited.

With a customer base of over 4 million, the Bank boasts Pakistan’s widest network of over 44,000 customer touch points; this includes more than 1,400 branches, above 37,000 Omni Agents and over 1,400 ATMs. UBL has presence in four continents.

The total number of shares of the Company are 1,224,179,688. The Earnings per share I s17.07 in 2020 which was 15.63 in 2019. The Profit after tax is 20,898,783,000 in 2020 which was 19,133,774,000 in 2019.

Corporate Briefing Session of National Bank of Pakistan

Karachi, National Bank of Pakistan informed Pakistan Stock Exchange that the corporate briefing session of the Company will be held on March 08, 2022 through video link, to brief the analysts/investors/shareholders about the company’s financial performance and future outlook for the year ended December 31, 2021.

National Bank of Pakistan was incorporated in Pakistan. The Bank is engaged in providing commercial banking and related services in Pakistan and Overseas. The Bank also handles treasury transactions for the Government of Pakistan (GoP) as an agent to the State Bank of Pakistan.

The total number of shares of the Company are 2,127,512,862. The Earnings per share of the Company is 14.36 in 2020 which was 7.43 in 2019. The Profit after Taxation is 30,558,919,000 in 2020 which was 15,809,811,000 in 2019.

Transaction of 2,000 shares of The Organic Meat Company Limited

Karachi, The Organic Meat Company Limited informed Pakistan Stock Exchange about transaction of shares of the company. 2,000 shares @ Rs. 31.00 per share were sold in the market on February 28, 2022 through CDC.

The Company was incorporated on July 14, 2010. The principal office of the company and the plant is situated at Survery# 310, Deh Shah Mureed, Gadap, and Karachi, Pakistan. The company is principally engaged in the business of sale and purchase of livestock, slaughtering animal by Halal means and processing and packaging of meat and allied products.

The processing plant of the Company is based in Karachi, Pakistan, possesses various facilities to provide tender, fresh, and healthy meat to our valued customers globally.

The total numbers of shares are 111,817,777. The Earnings per share is 3.71 in 2020 which was 4.46 in 2019. The Profit after taxation is 266,353,000 in 2020 which was 217,970,000 in 2019.

Auditor’s certificate on right ordinary shares subscribed by the directors, sponsors and substantial shareholders of Pak Elektron Limited

Karachi, Pak Elektron Limited informed Pakistan Stock Exchange Management of the Company is responsible for maintenance of adequate records pertaining to pertaining to issue and allotment of ordinary shares and for such internal controls as are necessary to keep these records free from material misstatement, whether due to fraud or error.

Their responsibility is to confirm the number of right ordinary shares subscribed by the Directors, Sponsors and Substantial Shareholders of the Company and receipt of subscription money there against, in accordance with the Guidelines for Issue of Certificates for Special Purposes by Practicing Chartered Accountant Firms’ issued by the Institute of Chartered Accountants of Pakistan. Our verification was limited to the procedures as mentioned below:

a. Review of extracts of Board Resolution passed by the Company’s Board of Directors on 07 February 2022 for issue for right ordinary shares;

b. Review of circular issued under section 83(3) of Companies Act, 2017;

c. Examination of Right Register and recalculation of right entitlement of each subscriber; and

d. Examination of general ledgers and bank statements to verify receipt of subscription money.

Pak Elektron Limited (PEL) was incorporated in Pakistan on March 3, 1956 as a public limited company. The principal activity of the company is manufacturing and sale of electrical capital goods and domestic appliances. The company is organized in two divisions – Power and Appliances.

In 1978, PEL was acquired by Saigol Group and was taken public a decade later. Over the years, PEL has formed alliances with several international giants, including General Electric, Fujitsu, and Hitachi.

The total number of share of the Company are 497,681,485. The Earnings per shares is 0.36 in 2020 which was 0.27 in 2019. The Profit After Taxation is 223,849,000 in 2020 which was 177,842,000 in 2019.

Transaction of 105,500 shares of Engro Corporation Limited

Karachi, Engro Corporation Limited informed Pakistan Stock Exchange about transaction of shares of the company. 100,000 shares @ Rs. 272.94 per share were bought from the market on March 04, 2022 and 5,500 shares @ Rs. 271.78 per share were bought from the market on March 04, 2022 through CDC.

Engro Corporation Limited was incorporated in Pakistan as a Public Listed Company. It is a subsidiary of Dawood Hercules Corporation Limited which is the parent Company. The principal activity of the Company is to manage investments in subsidiary companies, associated companies and joint venture, engaged in fertilizers, PVC resin manufacturing and marketing, food, energy, development and operations of telecommunication infrastructure, LNG, Chemical terminal and storage businesses.

The Shares of the Company are 576,163,230. The Earnings pee shares of the company is 28.29 in 2020 which was 24.83 in 2019. The Company had a Profit of Rs. 16,301,478,000 in 2020 which was 14,303,318,000 in 2019.

Transaction of 3,995,890 shares of Siddiqsons Tin Plate Limited

Karachi, Siddiqsons Tin Plate Limited informed Pakistan Stock Exchange about transaction of shares of the company. 1,776,841 shares @ Rs. 10.91 per share were bought from the market on March 03, 2022, 1,331,137 shares @ Rs. 10.91 per share were bought from the market on March 03, 2022, 443,956 shares @ Rs. 10.91 per share were bought from the market on March 03, 2022 and 443,956 shares @ Rs. 10.91 per share were bought from the market on March 03, 2022 through NDM.

Siddiqsons Tin Plate Limited was incorporated in Pakistan on January 29, 1996 as a public limited company by shares. The principal activity of the Company is manufacturing and sale of tin plates, cans and other steel products. Siddiqsons Tin Plate Limited is the Tin Plate Industry in Pakistan. Established in 1999, in collaboration with SOLLAC of France and MITSUBISHI CORPORATION of Japan. The factory is located at special industrial zone, Windhur Baluchistan, 95 kilometer from Karachi.

The project has a capacity to produce 120,000 tons per annum of Tin Plate, which is primarily used for making cans and containers for packaging of cooking oil, fruits, foods, vegetables, sea foods, beverages, lubricant oil and other edible stuff etc.

The total number of shares are 229,278,733. The Earnings per shares of the Company is (0.10) in 2020 which was 0.39 in 2019. The Profit After taxation in 2020 is (23,144,000) which was 86,891,000 in 2019.

Election of Directors of Din Textile Mills Limited

Karachi, Din Textile Mills Limited informed Pakistan Stock Exchange that the nine members have filed themselves to be elected as Directors of the company in their Extraordinary General Meeting will be held on March 12, 2022.

The company is limited by Shares incorporated on Pakistan on June 13, 1988. The principal business of the company is to manufacture and sell yarn.

The total numbers of shares are 52,466,750. The Earnings per share is 0.86 in 2020 which was 10.46 in 2019. The Profit after Taxation is 36,636,000 in 2020 which was 362,448,000 in 2019.

Transmission of Annual Report for the Year Ended December 31, 2021 of Meezan Bank Limited

Karachi, Meezan Bank Limited informed Pakistan Stock Exchange that Annual Report of the Company for the year ended December 31, 2021 have been transmitted through PUCARS and is also available on Company’s website.

The Bank was granted a ‘Scheduled Islamic Commercial Bank license on January 31, 2000 and formally commenced operations as a Scheduled Islamic Commercial Bank with effect from March 20, 2002. It is engaged in corporate, commercial, consumer, investment and retail banking activities.

The total number of shares are 1,414,722,747. The Earnings per shares of the Company is 15.67 in 2020 which was 10.77 in 20190. The Profit after Taxation of the Company is 22,165,606,000 in 2020 which was 15,232,074,000 in 2019.

Closure of Books of Shadab Textile Mills Limited

Karachi, Shadab Textile Mills Limited informed Pakistan Stock Exchange that the transfer books shares will remain closed from March 21, 2022 to March 28, 2022.

The company was incorporated on 19th August, 1979 as a Public Limited Company and obtained certificate of commencement of Business on 18th November, 1979. The company is engaged in the business of manufacturing, selling, buying and dealing in Yarn of all types. The company listed on Stock Exchanges in 1985.

The company has set up a spinning plant at Shahkot, District Sheikhupura in the province of Punjab and went into production in February, 1982. The capacity of the unit has increased from 14400 spindles to 33600 spindles by installing 19200 additional spindles with necessary back process machinery during the year 2001, 2002, 2004 & 2014.

The total numbers of shares are 16,600,000. The Earnings per share is 3.27 in 2020 which was 26.02 in 2019. The Profit after taxation of the Company is 40,850,000 in 2020 which was 78,045,000 in 2019.

Transaction of 1,000 shares of Synthetic Products Enterprises Limited

Karachi, Synthetic Products Enterprises Limited informed Pakistan Stock Exchange about transaction of shares of the company. 1,000 shares @ Rs. 16.50 per share were bought from the market on March 04, 2022 through CDC.

Synthetic Products Enterprises Limited (SPEL) is a part of SPEL Group which provides one stop shopping to customers for plastic products.

With its three plants, one in Kotlakhpat two in Pandoki, Lahore, it is organized in the product lines of Molds and Dies Manufacturing, Automotive Parts, Food Packaging, Plastic Crates and Off Road Vehicle Parts.

SPEL now has a portfolio of varied products with a large client base. Supplies are made to assemblers and manufacturers of cars, tractors, motor cycles, electronic equipment, road construction equipment etc. We also provide Plastic Packaging for Food, Hair Care, Skin Care and Pharmaceutical products.

The symbol “SPEL” is being used by the stock exchange for the shares of Synthetic Products Enterprises Limited.