ExxonMobil has created a new business to commercialize its extensive low-carbon technology portfolio. The new business, ExxonMobil Low Carbon Solutions, will initially focus on carbon capture and storage, one of the critical technologies required to achieve net zero emissions and the climate goals outlined in the Paris Agreement. ExxonMobil Low Carbon Solutions is advancing plans … Read more
Indian Oil Corporation Ltd. (IOCL), one of India’s largest petrochemicals manufacturer announced its results for the third quarter ended December 31, 2020. Petrochemicals Segment Q3 Results- QoQ The segment’s profit before taxes (PBT) grew 75.74% to Rs 1,720.96 crores ($235.9 million) for the period ended December 31, 2020 as against PBT of Rs 979.26 crores … Read more
Competition Commission of India (CCI) has cleared the proposed acquisition of Indo Gulf Fertilizers by Indorama India Private Ltd (IIPL). Indo Gulf Fertilizers is a part of Grasim Industries Ltd (GIL). Indorama will acquire the business as a going concern on a slump sale basis, as per a notice filed with the watchdog. “Commission approves … Read more
Reliance Industries Ltd has completed spin-off of the firm’s oil-to-chemical business into a new unit that will help it pursue growth opportunities with strategic partnerships, the company has said. The oil-to-chemical (O2C) business unit holds Reliance’s oil refinery and petrochemical assets and retail fuel business but not upstream oil and gas producing fields such as … Read more
India’s state run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd ( MRPL ) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed, according to a report by IANS. The process is now expected to be complete by 2024. The merger was aimed at aligning ONGC’s upstream … Read more
India’s Directorate General of Trade Remedies (DTGR) has recommended continuation of antidumping duties on phthalic anhydride imported from Russia, for another five years, as it noted that its removal may hurt the domestic industry. But, in case of Japan, it has suggested that the anti-dumping duties may be withdrawn as it was unlikely to cause … Read more
INEOS completed the purchase of the global Aromatics and Acetyls businesses from BP for a consideration of $5 billion. The deal was first announced at the end of June 2020. INEOS is already one of the world’s leading petrochemical companies and this acquisition will extend both the portfolio and the geographic reach of the business. … Read more
India’s L&T Hydrocarbon Engineering on Monday said it has won an order from HPCL Rajasthan Refinery (HRRL) worth over Rs 7,000 crore ($958 million), the biggest EPCC contract in petchem sector in India. HRRL is a joint venture between Hindustan Petroleum Corporation (HPCL) and the government of Rajasthan. The EPCC contract is for setting up … Read more
UPL said the company has completed the pre-payment of US$410 million of 3.25% Senior Notes due October 2021. The pre-payment, which concluded on 28 December 2020, was done using the cash on its balance sheet, UPL said. This prepayment is in line with its commitment to reduce debt. UPL is committed towards deleveraging its balance … Read more
SIBUR Holding and China Petroleum & Chemical Corporation (Sinopec) have closed the deal to set up a joint venture (JV) at the Amur Gas Chemical Complex after obtaining all the necessary approvals from the regulators of both countries. SIBUR and Sinopec will hold interest in the JV in the amount of 60% and 40%, respectively. … Read more
Sumitomo Chemical has begun exploring a possible combination of a propane dehydrogenation (PDH) technology that converts propane gas into propylene, with another technology that efficiently synthesizes methanol, using hydrogen and carbon dioxide (CO2), by-products from PDH. This initiative is under consideration in Sumitomo Chemical’s petrochemical complex in Singapore, and supported by the Singapore Economic Development … Read more
Johnson Matthey (JM), a global leader in sustainable technologies, and thyssenkrupp, a technology provider for world-scale ammonia plants, have signed an agreement to renew their collaboration around ammonia process and catalyst supply. The partnership was founded two decades ago and sees thyssenkrupp exclusively use JM’s world class catalysts for its uhde ammonia process built in … Read more
Sinopec’s board has approved plans to build a 1.2-million metric tons per annum ethylene plant and downstream units in the Nangang area of the port of Tianjin, China, according to an announcement posted on 4 December. Sinopec estimates the cost of the project at 28.8 billion renminbi ($4.4 billion). Sinopec announced in November that it … Read more
Samsung Engineering has received a letter of intent (LOI) for a US$1.07 billion contract from Sarawak Petchem Sdn Bhd to build a methanol plant in Sarawak, Malaysia. Samsung Engineering will build a 5000 tonne per day methanol production facility in Bintulu, Sarawak, eastern Malaysia. Samsung Engineering won the contract for the FEED from Sarawak Petchem … Read more
Update: Sasol said on Wednesday its Lake Charles base chemicals unit joint venture (JV) with LyondellBasell Industries had been established, following closure of the deal on December 1. The Lake Charles base chemicals unit includes a 1.5-million-ton ethane cracker, 900,000-ton low and linear-low density polyethylene plants and associated infrastructure. According to the agreement signed in … Read more
Nexus Fuels LLC (Nexus) and Shell announced a supply agreement, for 60,000 tonnes over four years, of pyrolysis liquid made from plastic waste, which is then converted into chemical products. Nexus, a leader in plastic waste molecular recycling, will supply fully circular, ISCC Plus-certified product from its plant in Atlanta. This enhanced collaboration follows a … Read more
Southern Petrochemicals Limited., a fertilizer manufacturer based in India announced its results for the second quarter ended September 30, 2020. Q2 Results- QoQ The company’s net profit dropped 7.6% to Rs 12.33 crores for the period ended September 30, 2020 as against net profit of Rs 13.34 crores for the previous quarter. Net sales grew … Read more
GAIL Ltd., state-owned petrochemicals manufacturer based in India announced its results for the second quarter ended September 30, 2020. Petrochemicals Segment Q2 Results- QoQ The segment’s net profit grew to Rs 176.31 crores for the period ended September 30, 2020 as against net loss of Rs 154.43 crores for the previous quarter. Net sales increased … Read more
Grasim Industries has decided to sell its fertilizer business to Indorama Corporation for Rs 2649 crore ($355 million). The flagship company of Aditya Birla Group on Thursday approved the divestment of its fertilizer business, Indo Gulf Fertilizers (IGF), by way of a slump sale to Indorama India Pvt Ltd (IIP), a subsidiary of Indorama Corporation … Read more
Abu Dhabi National Oil Company and industrial holding company ADQ are looking to collaborate on $5 billion worth of projects in the Ruwais Derivatives Park. The two companies signed a deal to form the JV in July to invest in chemical projects, with ADNOC holding a 60% equity stake and ADQ having the remaining 40%. … Read more