MOSCOW (MRC) -- Shapoorji Pallonji Oil & Gas Pvt Ltd (SP O&G) won two global awards commemorating their significant contribution in the Oil & Gas sector, said Hydrocarbonprocessing.
The company was conferred with ‘Business Excellence’ at the 4th ASEAN-India Business Awards 2019 in Manila, Philippines. In the presence of H.E. Shri Ram Nath Kovind, Hon’ble President of India and other ASEAN Ministers, the award was received by Mr. Ravi Shankar, CEO, SP O&G, from H.E. YB Senator Waytha Murthy Ponnusamy, Hon’ble Minister for Trade, National Unity in the Prime Minister’s office, Malaysia and H.E Mr. Ramon M Lopez Hon’ble Secretary, Minister for Trade and Industries of Philippines.
The company was also conferred with ‘Excellent Performance Award of FPSO Contractor of the Year’ at the 6th FPSO & FLNG & FSRU Asia Pacific Summit 2019 in Shanghai. The award was received by Mr. Biswa Mohan Jha, Planning Manager, SP O&G and Mr. Hemant Bedi, DGM Commercial, SP O&G from Mr. Nazery Khalid, Head, Planning & Development at Boustead Heavy Industries Corp., Malaysia. The awards were focused on the ‘Rebound of FPSO & FLNG Global Development and Upgrading’ and Design Innovation and Process Optimization of FPSO and Best Industry Practices.
"I commend our teams at Shapoorji Pallonji Oil & Gas for their dedication to engineering & Construction excellence, which has led us to grow and achieve a respectable milestone in this niche industry segment. We are the only company specializing in offshore processing in both floating and fixed platform segments. It goes to prove that our world-class excellence lies not only in our engineering, procurement & construction capability, innovative financing, talented human resources but also our operating philosophy of safety & quality,” said Mr. Ravi Shankar, CEO, SP Oil & Gas.
The 4th ASEAN - India Business Awards, held on 19th October 2019 aimed to acknowledge the ASEAN companies who have made significant contribution for strengthening bilateral trade and business investment between ASEAN & India member countries.
The 6th FPSO & FLNG & FSRU Asia (FFA) Pacific Convention, ‘Offshore China Awards’, held on 24th and 25th October 2019, celebrated the industry’s best practices and performances. FFA is a leading Global FPSO, FLNG and FSRU industry conference and exhibition held in China, which attracts key decision makers from the industry. The conference represents industry leaders with a particular focus on China and Southeast Asia’s Floating Production Market.
As MRC informed earlier, Indian Oil Corporation (IOC), the country’s largest fuel retailer, has posted an 83 per cent dip in net profit at Rs 563 crore for the second quarter ended September on the back of decreased revenue and fall in gross refinery margins.
Indian Oil Corp restarted operation at its naphtha cracker in India in early-October, 2019, after completing maintenance works. The cracker was shut in early-September, 2019 for a maintenance turnaround. Located in Panipat, in the northern Indian state of Haryana, the cracker has an ethylene production capacity of 857,000 mt/year and propylene capacity of 425,000 mt/year.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.