MOSCOW (MRC) -- Energy and infrastructure conglomerate Essar will transition existing assets towards a green economy and invest in businesses that will transform sector landscapes from carbon to a clean energy ecosystem, according to Hydrocarbonprocessing with reference to the company's promoter director Prashant Ruia' statement in late December, 2021
As the world welcomes the new year, the group announced the launch of its campaign #KalKeLiye with a vision to ensure a cleaner and greener tomorrow. With this campaign, Essar embarks upon building a much greener and cleaner business portfolio for the new-age shared economy.
"Essar is poised to transition its existing assets towards a #greeneconomy and invest in businesses which will transform sector landscapes from carbon to a #cleanenergy ecosystem," he wrote. ”#KalKeLiye reaffirms our commitment to help bring a transformation for a better future."
The Covid-19 pandemic that continued in the year 2021 further impacted many businesses across the country and pushed the global economy into turmoil. Many parts of the world were also struck with high levels of climatic disasters like floods and cyclones. Also, the increased production of coal led to higher carbon emissions during the year in a bid to recover the losses caused by the economic downfall.
To address the growing need to maintain a healthy balance of economic and environmental consciousness, Essar launched its campaign #KalKeLiye.
The Resurgent Essar strategy is based on three themes; decarbonization, decentralization and digitalization. It plans to transition its existing seed investments to green assets and invest in new projects that will have a significant regenerative, social and environmental impact on these sectors. In a major initiative, it will create platforms of new-age resources and integrators to enhance the co-creation of value both for the companies and the platforms.
As MRC informed earlier, British refiner Essar Oil plans to build two low-carbon hydrogen plants at its Standlow refinery in northwest England at a cost of 750 million pounds (USD1 billion). The company submitted planning applications for the project in October, 2021.
We remind that in late September 2019, Essar resumed operations at its cracker in Stanlow, UK with the capacity of 45,000 mt/year of ethylene and 165,000 mt/year of propylene. It was shut on 11 September, 2019, due to the power outage at the site.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.