Russia freezes Linde assets worth USD488 mln

Russia freezes Linde assets worth USD488 mln

A Russian court has ordered nearly USD500 mln of assets belonging to German industrial gases company Linde to be frozen at the request of a Russian joint venture building a gas complex at the Baltic Sea port of Ust-Luga, court filings showed, said Reuters.

RusKhimAlyans, the joint venture which is 50% owned by Russia's Gazprom, asked the Court of Arbitration of St Petersburg and the Leningrad Region to freeze Linde assets worth USD488 mln as a preventative measure.

In 2021, Linde and Renaissance Heavy Industries signed an engineering, procurement and construction (EPC) contract with Gazprom and its partners for the Ust-Luga gas complex. Linde notified the customer in May and June 2022 that it had suspended work under the contract due to European Union sanctions imposed after Russia's invasion of Ukraine.

RusKhimAlyans alleges, according to the document, that EU sanctions ban supplying equipment for the LNG plant but do not cover equipment required for the other part of the Ust-Luga complex - a gas processing plant.

RusKhimAlyans intends to apply to the Hong Kong International Arbitration Centre to recover advance payment and losses worth around 972 MM euros (USD1 bn) and 7.6 B roubles, according to the court filings.

Linde did not immediately respond to an email seeking comment.

We remind, Linde, the world’s largest industrial gases company, said on Tuesday it has started producing green hydrogen at its facilities in Greece. Green hydrogen is made from water by electrolysis using renewable wind and solar power. The U.S.-German company, which supplies gases such as oxygen, nitrogen and hydrogen to factories and hospitals, said it was the first green hydrogen production in Greece. Hydrogen is key in Europe’s energy transition to a sustainable environment and net zero emissions by 2050.

Maire Tecnimont Group wins new contracts for approximately USD280 mln

Maire Tecnimont Group wins new contracts for approximately USD280 mln

Maire Tecnimont announced that its subsidiaries Tecnimont, KT-Kinetics Technology and Stamicarbon have been awarded several new contracts for licensing, engineering services, engineering and procurement (EP) and engineering, procurement and construction (EPC) activities, for an overall value of approximately USD280 mln, said Hydrocarbonprocessing.

These contracts have been granted by international clients mainly in North America and Latin America, Africa, and the Far East.

In particular, Stamicarbon, the innovation and license company of Maire Tecnimont Group, has been selected as the licensor for a major urea project in China. The plant’s capacity of 3,791 metric tons per day makes it the largest urea plant to be ever licensed by Stamicarbon in China.

Alessandro Bernini, Maire Tecnimont Group CEO, commented: “These new value-added, higher margins contracts further consolidate our Group’s positioning in the global natural resource transformation market and provide strong evidence of the resilience of our technology-driven business model, leveraging on our companies’ distinctive competencies."

We remind, Maire Tecnimont’s subsidiary NextChem, through the associate company GCB Polymers, inaugurates a new re-processing and upcycling plant for polymers today in the Kezad Industrial Zone, in the UAE capital city Abu Dhabi. This new plant processes a very wide range of polymer products, from near to prime to the lower end of plant scraps, post-industrial and post-consumer waste, and also recycled polymers.

Maire Tecnimont S.p.A., a company listed on the Milan Stock Exchange, heads an international industrial group that is a leader in the transformation of natural resources (plant engineering in downstream oil & gas, with technological and execution competences). Through its subsidiary NextChem, it operates in the field of green chemistry and the technologies to support the energy transition. Maire Tecnimont Group operates in about 45 countries, through approximately 50 operative companies and about 9,300 people.

ExxonMobil mounts legal action over EU windfall tax on fossil fuel profits

ExxonMobil mounts legal action over EU windfall tax on fossil fuel profits

ExxonMobil has initiated legal proceedings against the European Union to try to stop a proposed windfall tax on fossil fuel companies, arguing Brussels has exceeded its legal authority, said Upstreamonline.

In September, European Commission President Ursula von der Leyen announced the plan to impose a 33% “solidarity contribution” after oil and gas companies posted record profits in 2022.

The EC pledged to use the expected revenue of EUR25 billion (USD26.6 billion) to “help bring down energy bills”.

ExxonMobil reported a third-quarter profit of almost USD20 billion in October but a spokesperson described the EU measure as “counter-productive”.

We remind, strike action at Exxon Mobil’s 270,000 bpd Fawley oil refinery in southern England is set to resume on Jan. 9, a GMB union spokesperson said this week. GMB and Unite union members began the strike on Nov. 21, which was suspended on Dec. 12 for the remainder of the year. The strike was continuous except for a three-day hiatus for negotiations on Dec. 5-7, the spokesperson said.

U.S. production of major plastic resins decreased by 5.4% in November

U.S. production of major plastic resins decreased by 5.4% in November

U.S. production of major plastic resins totaled 7.2 billion pounds during November 2022, a decrease of 1.9 percent compared to the prior month, and decrease of 5.4 percent compared to the same month in 2021, according to statistics released today by the American Chemistry Council (ACC).

Year-to-date production was 85.3 billion pounds, a 2.6 percent increase as compared to the same period in 2021.

Sales and captive (internal) use of major plastic resins totaled 7.5 billion pounds during November 2022, an increase of 1.5 percent compared to the prior month, and a decrease of 0.6 percent from the same month one year earlier. Year-to-date sales and captive use were 85.1 billion pounds, a 4.2 percent increase as compared to the same period in 2021.

We remind, U.S. Chemical Production Regional Index (U.S. CPRI) fell by 0.4% in November following declines of 0.4% in September and 0.3% in October. Chemical output was lower than a month ago in all regions, with the largest declines in the Gulf Coast, home to much of the nation’s basic industrial chemical and synthetic materials capacity. The declines reflect sluggish output in several end-use manufacturing industries and weak export markets.

Shriji Polymers buys controlling stake in Parekhplast

Shriji Polymers buys controlling stake in Parekhplast

Packaging solutions maker Shriji Polymers (India) Ltd on Wednesday acquired a majority stake in rigid plastic packaging manufacturer Parekhplast India Ltd, for an undisclosed sum, said Linemint.

According to industry sources, Parekhplast India’s valuation could be more than 200 crore rupees (about USD24 million). They added that most recent deals in the plastics sector have been closed at a valuation of nearly the same value as their toplines.

The stake acquisition will allow Creador-backed Shriji Polymers to expand its presence in the rigid plastic packaging space and diversify its portfolio of verticals as Parekhplast’s portfolio, unlike the former’s, includes clients from various sectors including paints, construction chemicals, FMCG, pharma and nutraceuticals sectors.

“The investment by Shriji as a strategic partner has come at the right time when Parekhplast is poised for growth, and the funds brought in will lead to critical debottlenecking and help expand capacities to cater to our clients with a new and expanded product range focused on the growing consumer needs of the country," said Charul Ghia, the managing director of Parekhplast India.

Mumbai-based Singhi Advisors were the sole financial advisers for the transaction.

We remind, India has announced an extension on the deadline for the implementation of the quality certifications mandated by the Bureau of Indian Standards (BIS) on purified terephthalic acid (PTA) imports. The Department of Chemicals and Petrochemicals, under the Ministry of Chemicals and Fertilizers, via an order issued on 21 December 2022, set 22 June 2023 as the implementation date for the certification to come into effect.
The deadline was previously set for 22 December 2022.

Ujjain-headquartered Shriji Polymers, founded in 1996, is a public listed company which manufactures pharmaceutical plastic packaging products. In May 2020, private equity firm Creador emerged as the frontrunner to acquire a minority stake in Shriji Polymers to buy about 20% stake in the firm. This comprised the 13% stake earlier held by Tata Capital Healthcare Fund and a primary capital infusion, valuing the firm at around 1,200 crore rupees.