MOSCOW (MRC) -- TechnipFMC has announced the completion of its spin-off transaction to create two industry leading, independent, publicly traded companies, TechnipFMC and Technip Energies, according to Hydrocarbonprocessing.
In connection with the separation, the Technip Energies technical reference price was set at EUR9.00 ahead of its direct listing on the Euronext Paris Exchange where it will trade under the symbol “TE”.
Doug Pferdehirt, Chairman and CEO of TechnipFMC, stated: “I am delighted to announce the successful completion of the separation transaction. As the market leader and industry’s only fully integrated pure-play, we are uniquely positioned to transform our clients’ project economics, helping them to unlock traditional and new energy resources while reducing carbon intensity and supporting their energy transition ambitions.”
New board of directors appointment for Technip Energies. Technip Energies today announced the appointment of a new member of its Board of Directors, Simon Eyers, effective February 16, 2021. Mr. Eyers previously served as Managing Director of Warburg Pincus International from 2012 to 2018 focusing on energy investments, and as a Senior Advisor until the end of 2020 after retiring from his full-time role. In addition to being a founding partner of 4D Global Energy Advisors, a private equity firm based in Paris specializing in the energy sector, Mr. Eyers also held executive leadership roles in various technology ventures and worked 13 years in energy investment banking at SG Warburg & Co, Goldman Sachs and Credit Suisse First Boston Europe.
"We are pleased to welcome Simon Eyers to the Technip Energies Board," said Arnaud Pieton, CEO of Technip Energies. "Simon’s deep understanding of global energy markets and strong experience with the development of new technologies will be invaluable as we grow our business in the future."
As MRC reported earlier, in November 2020, TechnipFMC successfully completed the remaining conditions required to enable work to commence on the EPC contract with Assiut National Oil Processing Company (ANOPC) for the construction of a new hydrocracking complex for the Assiut refinery in Egypt.
We remind that Saad Helal, the Chairman of Egyptian Petrochemicals Holding Company (ECHEM), stated in September 2020 that his company is rapidly working on implementing a number of seven new projects to the national plan for the period of 2020-2035. He said that these projects include one by Wood Technology Company for producing medium-density fibreboard (MDF) wood which is being installed and implemented by Petrojet, a methanol derivative production project which produce a capacity of 140 tons per year and is worth USD117 million, and a project by the Egyptian Ethylene and Derivatives Company (Ethydco) for producing rubber polybutadiene at a capacity of 36,000 tons per year with costs USD183 million.
Butadiene is the main feedstock for the production of acrylonitrile-butadiene-styrene (ABS).
According to ICIS-MRC Price report, last year's ABS imports to Russia increased by 4% year on year to 35,000 tonnes from 33,700 tonnes a year earlier. South Korean shipments accounted for 62% (21,600 tonnes) in January-December 2020 versus the share of 58% (19,700 tonnes) a year earlier.
MRC