Nexam Chemical takes first major order from South Korea

MOSCOW (MRC) -- Nasdaq First North-listed Nexam Chemical – which invents, develops, produces and sells additives to the plastics industry worldwide – has continued success with additives for PET recycling in South Korea, said Polymerupdate.

The order has a value of approximately SEK 2 million and will be delivered during February, March and April 2023. This builds further confidence in the Reactive Recycling product portfolio.

On two previous occasions during the autumn 2022, Nexam Chemical has informed about a new business relationship in South Korea. The new customer has gradually gone from a major industrial attempt to repair recycled plastic to now entering a more regular situation. This means that the customer places an order for a time interval, which is a sign that the project is entering a continuous commercial phase that usually lasts for a longer period, usually several years.

"That we go from lab samples to pilot scale and then to industrialization is exactly what we strive for in all projects. This time, however, it has gone much faster than usual, which is extra gratifying. The fact that it also concerns our growth oriented initiative in Reactive Recycling strengthens our confidence in the market," says Johan Arvidsson, CEO of Nexam Chemical.

As per MRC, Nexam Chemical has received an order from an existing customer in the area of PET additives for deliveries to the USA. The customer is a market-leading manufacturer of PET foam. It is the single largest order in the United States and also one of the largest ever for Nexam Chemical globally. Nexam Chemical has previously delivered products to this customer and this order confirms good growth in the business.

mrchub.com

MOSCOW (MRC) -- PPG announced that Pedro Serret Salvat, general counsel, PPG EMEA, will become president and general counsel, PPG EMEA, effective immediately. Serret Salvat will continue to report to PPG senior vice president and general counsel, Anne Foulkes, said the company.

Serret Salvat succeeds Ram Vadlamannati, who will transition to lead a newly created PPG operations organization while maintaining executive oversight accountability of the EMEA region, as previously announced.

“Since joining PPG, Pedro has demonstrated skilled leadership and a deep understanding of PPG’s businesses across the region,” said Foulkes. “Pedro will drive a One PPG approach across our operations in EMEA to maximize profitable growth through alignment and synergies across the region.”

Serret Salvat joined PPG in 2011 as the regional head of legal affairs and was appointed as general counsel, EMEA in 2016. Prior to joining PPG, he worked as head of transactions for a Swiss-listed global company in Zurich and as legal director for a French-listed global company in Paris. Prior to his in-house practice, he also worked in private practice in Brussels in the fields of mergers and acquisitions, and antitrust law. Serret Salvat holds a degree in commercial law from the Universitat Pompeu Fabra and an LLM in European law from the University of Liege.

At PPG , we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for nearly 140 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 75 countries and reported net sales of $16.8 billion in 2021. We serve customers in construction, consumer products, industrial, and transportation markets and aftermarkets.

We remind, PPG will invest USD11 million to double the production capacity of its powder coatings plant in San Juan del Rio, Mexico. The expansion project is expected to be completed by mid-2023 and will allow the plant to meet the expected future demand for powder coatings in Mexico.

PPG is a leading supplier of powder coatings to the automotive, transportation, appliance, furniture and other markets. The company expanded the business with its 2020 acquisition of Alpha Coating Technologies, which manufactures powder coatings for light industrial applications and heat-sensitive substrates, and its 2021 acquisition of Worwag, which makes liquid, powder and film coatings for industrial and automotive applications. PPG recently agreed to acquire the powder coatings business of Arsonsisi, including a manufacturing plant in Verbania, Italy.
mrchub.com

MOSCOW (MRC) -- Maire Tecnimont S.p.A. announced that a signing ceremony concerning the USD6 bn world-class integrated polymers complex to be built in Ras Laffan Industrial City was held today in Doha, Qatar, said Hydrocarbonprocessing.

The USD1.3 B EPC Lump Sum contract, already announced on December 21, 2022, is part of this complex and has been awarded to Tecnimont by a Joint Venture composed of QatarEnergy and Chevron Phillips Chemical. QatarEnergy (formerly known as Qatar Petroleum) is the state-owned petroleum company of Qatar and one of the largest gas companies in the world. Chevron Phillips Chemical is a leading manufacturer of high-density polyethylene.

The project awarded to Tecnimont relates to the implementation of a polyethylene plant which includes two polyethylene units, with a capacity of 1,000,000 and 680,000 tons per year respectively, together with the associated utilities and offsites facilities. The project’s scope of work entails complete engineering services, equipment and material supply, erection, and construction activities up to mechanical completion which is expected by 2026.

Alessandro Bernini, Maire Tecnimont Group Chief Executive Officer, commented: “We are honored to further consolidate the fruitful relationship started in 2005 with leading players such as QatarEnergy and Chevron Phillips Chemical, supporting their strategic industrial vision with our technological know-how and capability of managing extremely large and complex projects. Our technology-driven process expertise will help ensure these new assets operate efficiently. Moreover, this contract confirms our global leadership in polyolefins and represents additional evidence of our value proposition effectiveness, when it comes to supporting clients in transforming natural resources into value-added, innovative products."

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

MOSCOW (MRC) -- QatarEnergy and Chevron Phillips Chemical Company LLC announced they will proceed on construction of a USD6 B integrated polymers complex in Ras Laffan Industrial City, Qatar, said Hydrocarbonprocessing.

An agreement marking the positive final investment decision for the project was signed by His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, and by Bruce Chinn, President and CEO of Chevron Phillips Chemical, at a ceremony in Doha. The companies created a joint venture, Ras Laffan Petrochemicals, in which QatarEnergy owns a 70% equity share and Chevron Phillips Chemical owns 30%.

The 435-acre project site will include an ethane cracker with a capacity of 2080 KTA of ethylene, making it the largest ethane cracker in the Middle East and one of the largest in the world. It will also include two high-density polyethylene derivative units with a total capacity of 1680 KTA.

Chevron Phillips Chemical will provide project management services. Construction began with early works at the site in June 2022, and startup is expected in late 2026. The engineering, procurement and construction of the ethane cracker will be executed by a joint venture between Samsung Engineering CO., Ltd. and CTCI Corporation. Tecnimont S.p.A. will execute engineering, procurement and construction for the polyethylene units.

The polyethylene units will use Chevron Phillips Chemical’s MarTech™ loop slurry process to produce high-density polyethylene, which will primarily be exported from the state of Qatar. Polyethylene is used in the production of durable goods like pipe for natural gas and water delivery and recreational products such as kayaks and coolers. It is also used in packaging applications to protect and preserve food and keep medical supplies sterile.??

The facility will be constructed with modern, energy-saving technology and use ethane for feedstock, which along with other measures, is expected to result in lower greenhouse gas emissions than similar global facilities.

“At Chevron Phillips Chemical, we continue to grow our global asset base where there is access to reliable, affordable feedstock. This investment will help meet global demand for polyethylene products,” Chinn said. “We are excited to expand on the long and successful history we have with QatarEnergy to safely construct and operate world-scale facilities.”

Attending the signing ceremony were senior executives from QatarEnergy, Chevron Phillips Chemical and its owner companies, Chevron U.S.A. Inc. and Phillips 66.

Chevron Phillips Chemical and QatarEnergy operate joint ventures in Qatar and recently announced construction of a similar integrated polymers facility in Orange, Texas.

We remind, Samsung Engineering, one of the world’s leading engineering, procurement, construction and project management (EPC&PM) companies, announced that it was awarded a contract for an ethylene unit and its utilities for the Ras Laffan Petrochemicals Project (RLPP) in Qatar. The Letter of Award (LoA) of the petrochemical plant, which will be located in Ras Laffan Industrial City, 80km north of Doha, was received on October 2022.
mrchub.com

MOSCOW (MRC) -- Russia's Lukoil has sold its Italian refinery to a consortium of Western private equity and trading firms in the first major asset sale, said Hydrocarbonprocessing.

Since its inception following the collapse of the Soviet Union, Lukoil had been one of the most active western asset-buyers of Russian companies, but these overseas assets became problematic after the West imposed broad sanctions on Russia in response to Moscow's invasion of Ukraine.

The sale of the plant to a consortium, led by Cypriot private equity firm G.O.I. Energy and backed by Geneva-based Trafigura, caps months of talks and can be viewed as a partial success given disorderly processes elsewhere as Moscow and the West confiscate each other's assets.

Global sanctions have frozen around USD300 billion, almost half of what Russia had in its gold and forex reserves, though Lukoil has not been directly targeted by Western sanctions.

The sale process is in contrast to Germany's confiscation of Rosneft's Schwedt refinery and Gazprom Germania, or Russia's takeover of Sakhalin 1 from Exxon Mobil.

G.O.I. Energy is run by Michael Bobrov, who is also CEO of Israeli firm Green Oil that holds a major stake in Israel's biggest refiner Bazan Group.

Trafigura will provide some financing and handle crude oil supplies and refined products output, the companies said. Trafigura will not hold a stake in the plant.

The deal marks an expansion into the refining sector for Trafigura that concluded a similar deal with Prax in 2021 for a refinery in Britain. Trafigura also holds a 3% stake in Italian refiner Saras, an indirect stake in India's major Nayara refinery and runs two small refineries via its subsidiary Puma Energy.

The ISAB plant in Sicily refines 320,000 barrels per day of crude, accounting for a fifth of Italy's refining capacity, and directly employs about 1,000 people in an economically depressed area in the country's southernmost region.

In a statement, the companies said the deal was expected to close in March. The companies did not provide a value for the deal. Earlier price discussions with other bidders were just under 1.5 B euro (USD1.61bn).

The agreement to sell the plant needs approval from Italy's government, which under what are known as golden power regulations, reserves the right to block or impose conditions on deals involving companies deemed of strategic importance.

We remind, LUKOIL completes reconstruction of several units at Volgograd refinery. A large-scale reconstruction has been completed at the Volgograd refinery. The project included modernization of the CDU-VDU-5 crude distillation unit with production capacity of 3.5 MMtpy and the solvent extraction unit with production capacity of 300, 000 tpy. Over 230 core equipment items were installed and technologically outdated units were decommissioned. The share of Russia-made equipment installed during the reconstruction exceeded 70%. The construction site spanned the area of 34 thousand square metres; investments into the project exceeded 12 B roubles.

mrchub.com