Maire Tecnimont acquires the majority stake of Conser

Maire Tecnimont acquires the majority stake of Conser

MOSCOW (MRC) -- Maire Tecnimont S.p.A. announces that, through its subsidiary NextChem Holding S.p.A., it is expanding into the high-value derivates and biodegradable plastic by-products licensing markets with the acquisition of an 83,5% stake of Conser, a technology licensor and process engineering design company based in Rome, Italy, said the cmpany.

Founded more than Fifty years ago, Conser has been developed by Flavio Simola, who has led the company to the current technological excellence. The closing, which is subject to customary conditions, is expected to take place by April 15, 2023. NextChem Holding also retains an option to acquire the remaining 16.5% stake within the next 3 years. The acquisition of Conser, which is expected to reach total revenues of approximately €25 million in 2022, is strategically important because it allows the Group to enter new markets.

Conser has a portfolio of technology patents dedicated to the energy transition and added-value specialty chemicals processes. Such a portfolio includes cost-effective and process-flexible technologies for Maleic Anhydride, Butanediol and Dimethyl Succinate, which are crucial building blocks for the production of biodegradable plastics, in particular Polybutylene Succinate (PBS) and polybutylene adipate co-terephthalate (PBAT). Conser’s portfolio also includes technologies for Liquid Organic Hydrogen Carriers, specialties for Lithium-based batteries production and Bio-based (vegetable glycerine) derivatives.

PBS and PBAT have excellent biodegradation properties, and their relevant consolidated markets show very promising outlooks driven by a growing demand especially in Asia, where Conser has licensed more than half of the plants in the region in the last year for several leading global players.

Conser will benefit from Maire Tecnimont Group’s technological know-how and expertise to further optimize its current and future technologies, in order to develop, among other solutions, a fully bio-based or biodegradable polymer.

With this strategic acquisition, Maire Tecnimont further strengthens its leadership in polymers by adding biodegradable plastics by-products and added-value specialty chemicals technologies to its technological portfolio and aims to combine it with its integrated projects service capability, while leveraging its global commercial network.

We remind, 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. 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.

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ADNOC starts new business venture ADNOC Gas

ADNOC starts new business venture ADNOC Gas

MOSCOW (MRC) -- Abu Dhabi National Oil Co (ADNOC) announced the formation of, ADNOC Gas, effective 1 Jan 2023, a new worldscale gas processing, operations and marketing company, said Upstreamonline.

ADNOC Gas combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG (liquefied natural gas) businesses into one global consolidated business.

The new company will be a key enabler of ADNOC's ambitious strategy for the gas sector, supporting the United Arab Emirates (UAE) gas self-sufficiency, industrial expansion and economic growth; and expanding export capacity to meet growing global demand.

“As Adnoc grows its gas production and processing capacity, the combined scale and capabilities of Adnoc Gas will maximise value and create new opportunities for Adnoc, its partners, (and the United Arab Emirates),” it noted.

Adnoc last year highlighted its intent to proceed with the consolidation of its gas processing and marketing business into Adnoc Gas, which will “serve a wider range of domestic and international customers with an expanding portfolio of gas products”.

Adnoc stated that Adnoc Gas “is expected to unlock significant financial and operational opportunities”.

“The new company will be more agile, better able to respond to changing market demands, and well-positioned to take advantage of strategic opportunities for future growth,” it said.

We remind, ADNOC announced a bold new strategy to progress the world-scale decarbonization of its operations.
The announcement follows the guidance by ADNOC’s Board of Directors in November 2022 to accelerate delivery of its low-carbon growth strategy and the approval of its Net Zero by 2050 ambition. This builds on ADNOC’s strong track record as a leading lower-carbon intensity energy producer, which includes its use of zero carbon grid power, a commitment to zero flaring as part of routine operations and deployment of the region’s first carbon capture project at-scale.

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Saint-Gobain strengthens its presence in construction chemicals

Saint-Gobain strengthens its presence in construction chemicals

MOSCOW (MRC) -- Saint-Gobain, through its Chryso business, has completed the acquisition of Matchem in Brazil and entered into exclusive negotiations to acquire IDP Chemicals in Egypt, said the company.

The acquisitions of Matchem and IDP Chemicals will allow Saint-Gobain to strengthen its position in construction chemicals, in particular concrete admixtures which play a key role in the decarbonization of the construction industry.
These two companies are focused on the buoyant building and infrastructure markets in Brazil and Egypt, which should see strong growth for the years to come. Matchem, established in 2011, employs around 50 people across two plants in Brazil and generated revenues of close to EUR 20 M in 2022.

Together with Quartzolit, manufacturer of mortars (tile fixings, wall and floor coatings, waterproofing membranes), TekBond, sealant and adhesive specialist, and the recently acquired GCP Applied Technologies, Matchem will reinforce Saint-Gobain's platform in construction chemicals, a leader on the Brazilian market with 24 industrial sites. IDP Chemicals, licensed by Chryso since 2018, employs 25 people at one plant and is well positioned to serve the dynamic construction market in Egypt. This acquisition should be finalized in 1Q 2023.

We remind, Saint-Gobain has now obtained approvals from all relevant competition authorities for its acquisition of GCP Applied Technologies Inc., a major global player in construction chemicals, announced on December 6, 2021, said the company. The acquisition will close on September 27, 2022. GCP will delist from the New York Stock Exchange.

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UNDP partners with HUL to improve plastic circularity in India

UNDP partners with HUL to improve plastic circularity in India

MOSCOW (MRC) -- The United Nations Development Programme (UNDP) has partnered with Hindustan Unilever (HUL), a subsidiary of Unilever, to improve plastic circularity in India, said Packaging-gateway.

The partners have launched Inclusive Circular Economy, an initiative focused on the end-to-end management of plastic waste. UNDP and HUL will promote waste segregation at its source and the collection of segregated waste.

They will also develop material recovery facilities (MRFs) that can accept all kinds of plastic waste along the value chain. In addition, the project aims to promote the social inclusion of waste-pickers, locally known as Safai Saathis, in India’s waste management sector.

Inclusive Circular Economy will make government welfare schemes and linkages accessible to 20,000 pickers in cities such as Mumbai, Delhi, Bengaluru, Cuttack and Kolkata. The partnership will increase the capacities of Urban Local Bodies in other cities to adopt the MRF model for plastic and dry waste management.

The project aims to reach 100,000 households to segregate waste materials at their source. HUL CEO and managing director Sanjiv Mehta said: “The partnership between HUL and UNDP is a holistic and replicable model that promotes plastic circularity and collective action.

“The partnership will also promote the social inclusion of the invisible superheroes of our society, Safai Saathis, at scale.” Inclusive Circular Economy builds on UNDP and HUL’s existing partnership under UNDP’s flagship Plastic Waste Management Programme.

UNDP said the project has so far reached out to 100,000 households on source segregation and linked 3,300 Safai Saathis and their families to government welfare schemes.

UNDP India resident representative Shoko Noda said: “The plastic waste management programme promotes an innovative multi-stakeholder model between municipal corporations, corporates, Safai Saathis and people to work together for cleaner and greener cities.

We remind, Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, posted a larger-than-expected quarterly profit as growth in its consumer units offset the weakness in its traditional petrochemicals business. Net income fell 15% to 157.9 billion rupees (USD1.9 billion) in the quarter ended Dec. 31 but was still higher than the average 156.19 billion rupees estimated in a Bloomberg survey. India’s largest company by market value also secured approval of its board to raise as much as 200 billion rupees via bonds.

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Lotte Chemical exits PTA business with sale of Pakistan subsidiary

Lotte Chemical exits PTA business with sale of Pakistan subsidiary

MOSCOW (MRC) -- South Korean producer Lotte Chemical is exiting the purified terephthalic acid (PTA) business with the sale of its 75.01% stake in LCPL (LOTTE CHEMICAL Pakistan Ltd), said Koreanpost.

This divestment is part of the company’s medium-term strategy to strengthen its high value-added specialty materials business.

LCPL, which produces 500,000 tonnes/year of PTA at Port Qasim in Karachi, will be sold to Pakistani chemical company Lucky Core Industries (LCI) for Korean won (W) 192.4bn (USD156m) – more than 13 times Lotte Chemical’s acquisition cost in 2009.

The buyer LCI is formerly known as ICI Pakistan, which produces polyester – a derivative product of PTA.

It produces 122,000 tonnes/year of polyester polymer and 135,000 tonnes/year of polyester fibres in Lahore; and 225,000 tonnes/year of soda ash in Khevra, according to ICIS Supply and Demand Database.

In South Korea in July 2020, the company ceased producing PTA at its 600,000 tonne/year plant in Ulsan, and converted it into a facility producing purified isophthalic acid (PIA).

The Ulsan plant’s current PIA capacity is 520,000 tonnes/year.

By 2030, the company is targeting high value-added specialty and eco-friendly material business to account for 60% of its total projected sales of W50tr (USD41bn).

Lotte Chemical plans to become carbon neutral in the same year, with plans to invest W4.4tr over 10 years on hydrogen production, in line with its target of supplying 30% of South Korea’s demand for the clean fuel.

We remind, Since the beginning of September 2022, Lotte Chemical has reduced the load on PP production in Yeosu and Daesan (Yeosu and Daesan Gudang, South Korea) by 20% since the beginning of September 2022. The total PP production capacity in Yeosu and Daesan is 1.23 million tonnes.

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