MOSCOW (MRC) -- Versalis, the chemicals subsidiary of Italian energy major Eni (Rome, Italy), has declared a force majeure (FM) on its low density polyethylene (LDPE) deliveries from its plant in Ragusa, Italy, according to NCT with reference to sources familiar with the matter.
Thus, the FM was declared at the company's plant with the capacity of 110,000 tons/year of LDPE on March 5. 2021.
The force majeure was caused by technical issues, sources said.
It has been unclear so far when the FM will be lifted, while the company could not be reached for confirmation.
As MRC reported before, in early February 2021, Versalis S.p.A. licensed to Enter Engineering Pte. Ltd. an LDPE/ethyl vinyl acetate (EVA) swing unit to be built as part of a new Gas-to-Chemical Complex based on MTO-Methanol to Olefins technology to be located in the Karakul area in the Bukhara region of the Republic of Uzbekistan. The plant is part of a global complex that will have a major importance in Central Asia due to its size and the technologies involved.
According to MRC's ScanPlast report, January estimated LDPE consumption in Russia grew to 61,210 tonnes from 43,090 tonnes a year earlier. Russian producers increased their capacity utilisation, and export LDPE shipments decreased. Russia's estimated LDPE consumption was about 563,730 tonnes in 2020, up by 1% year on year.
Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.