Saudi Arabian General Investment Authority, Shell and AMG Sign Agreement to Assess Building a Spent Residue Upgrading Catalyst Recycling Facility

Amsterdam, 21 November 2019 (Regulated Information) --- The Saudi Arabian General Investment Authority (SAGIA), Shell Overseas Services Ltd. (Shell) and Advanced Metallurgical Group N.V. (AMG) signed a memorandum of understanding (MOU) today to evaluate the potential for construction and operation, subject to regulatory approvals, of a spent catalyst recycling facility in Jubail Industrial City, Saudi Arabia. The signing took place in Riyadh, Saudi Arabia.

The MOU was exchanged among His Excellency, Ibrahim Alomar, Governor of SAGIA; Andy Gosse, President of Shell Catalysts & Technologies; and Dr. Heinz C. Schimmelbusch, Chairman & CEO of AMG.

The MOU will allow SAGIA, Shell and AMG to explore the feasibility of building a world class facility to reclaim valuable metals by recycling spent residue upgrading catalysts generated by refineries in Saudi Arabia and the surrounding region. Residue upgrading catalysts help refineries upgrade the bottom of the oil barrel into more valuable products, including generation of petrochemicals feedstocks. Such a facility would help maximise the benefits from the Kingdom’s natural resources while addressing the need to provide environmentally responsible management of spent residue upgrading catalysts.

"We are pleased to sign this MOU with AMG and Shell for the safe, efficient and clean processing of the growing quantities of spent catalysts in the region and recovery of vanadium and other precious metals for utilization in specialty steel production,” said H.E. Ibrahim Alomar.

"This MOU reflects Shell’s interest in growing its presence in Saudi Arabia and serving its clients locally and regionally. New global fuel regulations, combined with the growing trend of crude oil to chemicals production, are leading refiners to develop sustainable waste management plans for their spent catalyst. We look to have meaningful opportunities to build strong relationships with local and international participants,” said Andy Gosse.

"AMG is excited to provide cutting edge recycling technologies for treating refinery waste in Saudi Arabia. The recycling process also allows for the extraction of specialty alloys from spent catalysts for use by the steel market. Reclamation of these alloys in the recycling process allows steel manufacturers to benefit from a low CO2 method of sourcing the alloys as an alternative to mining. It is also the basis for building stationary batteries used for grid stabilisation for the growing renewable energy sector in Saudi Arabia. All of that is in line with AMG’s vision to enable CO2 reduction through its technologies and products,” said Heinz Schimmelbusch.

The MOU will provide a framework for conducting the required studies to assess the commercial feasibility of this proposed project and, subject to regulatory approvals, the potential construction of a spent catalyst recycling facility in the region.

This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

This press release contains regulated information as defined in the Dutch Financial Markets Supervision Act (Wet op het financieel toezicht).

About Saudi Arabian General Investment Authority (SAGIA):
The Saudi Arabian General Investment Authority (SAGIA) works in collaboration with other government entities to attract, retain and expand high-value investments for the benefit of sustainable national economic growth.

SAGIA works across the public and private sectors to help businesses and investors access fast-emerging opportunities across Saudi Arabia. It identifies and develops investment opportunities and supports regulatory improvements to increase competitiveness, unleash the capabilities of promising economic sectors, and open new opportunities for foreign investments.

SAGIA supports businesses throughout the investment journey: from identifying opportunities, to conducting feasibility studies and connecting with potential partners, to setting-up operations.

SAGIA has a particular focus on nine priority sectors identified within Saudi Arabia’s Vision 2030: chemicals, information & technology, energy & water, industrial & manufacturing, mining & metals, healthcare & life sciences, transport & logistics, tourism, culture & entertainment, and emerging sectors.

About Shell in the Kingdom of Saudi Arabia:
Shell has been in The Kingdom of Saudi Arabia for more than 75 years, a journey that began with the refuelling of the late King Abdulaziz’s first airplane. Shell is active in the blending and marketing of lubricants: JOSLOC – Al Jomaih and Shell Lubricating Oil Company Limited (50% Al Jomaih / 50% Shell) manufactures and distributes Shell-branded lubricants in Saudi Arabia. Shell has been working together with the Al Jomaih family since 1956. Shell Catalysts & Technology supply technical process licences, technical services and catalysts to various refining and petrochemical customers throughout the Kingdom.

About Shell Catalysts & Technologies
The companies that comprise Shell Catalysts & Technologies, all of which are Shell’s wholly owned subsidiaries, provide technical services and licensed technologies. Shell Catalysts & Technologies also offers a market-leading catalyst portfolio with a specific focus on providing innovative refinery, petrochemical and environmental catalyst solutions.

About AMG
AMG is a global critical materials company at the forefront of CO₂ reduction trends. AMG produces highly engineered specialty metals and mineral products and provides related vacuum furnace systems and services to the transportation, infrastructure, energy, and specialty metals & chemicals end markets.

AMG Critical Materials produces aluminum master alloys and powders, ferrovanadium, natural graphite, chromium metal, antimony, lithium, tantalum, niobium and silicon metal. AMG Technologies produces titanium aluminides and titanium alloys for the aerospace market; designs, engineers, and produces advanced vacuum furnace systems; and operates vacuum heat treatment facilities, primarily for the transportation and energy industries.

With approximately 3,300 employees, AMG operates globally with production facilities in Germany, the United Kingdom, France, the Czech Republic, the United States, China, Mexico, Brazil, India, Sri Lanka and Mozambique, and has sales and customer service offices in Russia and Japan (www.amg-nv.com).

For further information, please contact:

Mohamed Al-Zumaia
General Manager
Shell Overseas Services Ltd – Saudi Arabia
Fax: +966115118923
Cell: +966 56 0599996
Mohammed.Alzomaia@shell.com

Nureddin Wefati
Head Media Relations Middle East & North Africa
Shell EP International
Tel: +971 4 705 5347
Cell: +971 56 216 2409
Nureddin.Wefati@Shell.com

Hassan Almarashi
Spokesperson Middle East & North Africa
Shell EP International Ltd
Tel: +9714 705 5783
Cell: +97156 226 0924
Hassan.Almarashi@shell.com

Michele Fischer
Vice President Investor Relations
AMG Advanced Metallurgical Group N.V.
+1 610 975 4979
mfischer@amg-nv.com

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Disclaimer

Certain statements in this press release are not historical facts and are "forward looking.”  Forward looking statements include statements concerning AMG’s plans, expectations, projections, objectives, targets, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans and intentions relating to acquisitions, AMG’s competitive strengths and weaknesses, plans or goals relating to forecasted production, reserves, financial position and future operations and development, AMG’s business strategy and the trends AMG anticipates in the industries and the political and legal environment in which it operates and other information that is not historical information.  When used in this press release, the words "expects,” "believes,” "anticipates,” "plans,” "may,” "will,” "should,” and similar expressions, and the negatives thereof, are intended to identify forward looking statements.  By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved.  These forward-looking statements speak only as of the date of this press release.  AMG expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained herein to reflect any change in AMG's expectations with regard thereto or any change in events, conditions, or circumstances on which any forward-looking statement is based.

Attachment

• 112119 AMG Shell SAGIA MOU