SOCAR acquires Equinor’s shares in Azeri-Chirag-Gunashli, Karabakh fields, and Baku-Tbilisi-Ceyhan project

MRC -- A meeting was held between the President of the State Oil Company of Azerbaijan Republic (SOCAR), Rovshan Najaf, and the delegation led by Equinor’s Executive Vice President for International Exploration and Production, Philippe Mathieu, said the company.

During the meeting, agreements were signed for SOCAR's acquisition of Equinor’s shares in the Azeri-Chirag-Gunashli (ACG) and Karabakh fields, as well as the Baku-Tbilisi-Ceyhan (BTC) pipeline project.

Before the acquisition, Equinor held a 7.27% stake in the ACG oil fields, an 8.71% interest in the BTC pipeline, and 50% in the Karabakh field. Previously, SOCAR had a 25% stake in ACG, 25% in BTC, and 50% in the Karabakh field.

The transactions will be completed following compliance with all regulatory requirements and contractual obligations.

The meeting concluded with the signing of a Memorandum of Understanding between SOCAR and Equinor, signifying a mutual collaboration in decarbonization and green energy.

We remind, Romgaz said it signed the first individual contract for gas deliveries from Azerbaijan, with Azeri national oil company Socar. The contract allows for scheduled gas deliveries through the Southern Corridor starting January 1, using the transportation capacities of the Trans Adriatic Pipeline (TAP) and the Greece-Bulgaria Interconnector (IGB) , as well as those of the Bulgarian and Romanian transmission systems, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.

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PT Chandra Asri Petrochemical Tbk (Chandra Asri Group), Indonesia’s leading chemical and infrastructure company, has successfully achieved predicate of GOLD for its petrochemical plant in Ciwandan and Green for its petrochemical plant in Pulo Ampel at the Company Performance Rating Program (PROPER) 2023 award from the Ministry of Environment and Forestry (KLHK) of the Republic of Indonesia, said the company.

The Gold PROPER Award for Chandra Asri Group was presented to the Director of Human Resources & Corporate Affairs Chandra Asri Group, Suryandi by the Vice President (Wapres) of the Republic of Indonesia, K.H. Ma'ruf Amin, Meanwhile, the Green PROPER award was presented to Downstream Production Director Chandra Asri Group, Boedijono Hadipoespito, by the Director General of Pollution and Environmental Damage Control, Ministry of Environment and Forestry, Ir. Sigit Reliantoro, M.SC, on Wednesday (20/12) in Jakarta.

After undergoing several rounds of assessment, the Gold PROPER, the highest accolade from the Ministry of Environment and Forestry, has been conferred upon the Chandra Asri Group, specifically for its petrochemical plant in Ciwandan. This recognition was attributed to the company's eco-innovations in developing creative and sustainable solutions. Furthermore, the Ciwandan Factory has actively pursued continuous community development efforts and has consistently been awarded the Green PROPER for three consecutive years. On the other hand, the Chandra Asri Group's Petrochemical Factory in Pulo Ampel has earned the Green PROPER designation for surpassing the required regulatory standards.

Chandra Asri Group's Ciwandan plant, recipient of the 2023 Gold PROPER, has produced environmentally friendly products labeled under the Swadeklarasi Eco-label for HDPE and PP. The company has implemented innovations through Component Changes, enhancing production and supporting energy savings in the Polyethylene Plant reactor system. This has resulted in a reduction in Global Warming Potential (GWP) by 4,855,947.073 tons of CO2eq and an energy efficiency improvement of 12,470.40 GJ. Additionally, the company engaged in plastic waste recycling processes under the waste embedded scheme. In total, 8.94 tons of plastic pallet waste were utilized in the year 2022.

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Tasnee announced the award of the engineering, procurement, and construction (EPC) contract, to SGC-eTEC to expand the Ethylene Cracker Plant at the Saudi Ethylene and Polyethylene Company (SEPC), a Joint Venture of Tasnee Sahara Olefins Company (TSOC), said the company.

The total value of the contract is estimated at $500 million, and the project will be financed through the company›s own resources and other debt facilities. The project is expected to be completed and production to begin in the first half of 2026, with an increase in production of olefins at the ethylene cracker plant by 18%. According to contracts and expected prices, this is expected to contribute positively to the consolidated profits of TASNEE by an average of SAR 200 million per year.

Tasnee CEO, Mr. Mutlaq Al Morished, stated that the Ethylene Cracker Expansion project comes within Tasnee strategy that aims at promoting expansion and growth, its vision of optimizing the stakeholders’ returns, and ensure Tasnee companies generate positive economic return by 2026, and be among the top Saudi petrochemicals companies in terms of return on invested capital.

We remind, Tasnee has signed an Export Credit Insurance (ECI) policy amounted about SAR 500 million with the Saudi Export-Import Bank (EXIM Bank) on 23 March, 2022, said the company. The agreement was signed by HE Eng. Saad A. Alkhalb, CEO of EXIM Bank, and Mr. Mutlaq H. Al-Morished, Tasnee CEO. The agreement aims at providing credit coverage for the exports of Tasnee’s petrochemical products, that contributing to strengthening its presence in the global markets and increasing its market share.

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Sika has put into operation new production lines for the concrete admixture Sigunit® in Kirchberg, in the Canton of Berne, thereby investing in the expansion of manufacturing capacities in its home market, said the company.

The shotcrete accelerator is mainly used in tunneling and excavation stabilization. Thanks to its new technology, now also manufactured in Switzerland, major infrastructure projects, such as the second Gotthard road tunnel and important tunnel projects in neighboring countries, will be supplied with the product even more efficiently. The high-performance technology and the shorter transportation routes will also reduce CO2 emissions, allowing construction projects to be delivered in a more sustainable way.

Many rail and road tunnel projects are under construction in Switzerland and the neighboring countries Germany and Austria. The planners and developers behind these critical infrastructure expansions can rely on Sika's extensive experience and its proven cutting-edge technologies. Sigunit®, the liquid accelerator for shotcrete, satisfies the most stringent requirements in tunneling. Alongside short application times and rapid strength development, the technology is characterized by high reliability and durability. The new manufacturing lines in Kirchberg enhance operational efficiency and ensure sustainable delivery thanks to shorter transportation routes.

We remind, Brenntag, the global market leader in chemicals and ingredients distribution, announced the agreement to acquire Solventis Group, a glycols and solvents distribution company operating from Antwerp, Belgium, and from the UK.

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UBE Corporation announced that it is supplying polyamide (nylon) 6 resin for the new Crown FCEV recently released by Toyota Motor Corporation, said the company.

Sold commercially as UBE NYLON™ 1218IU, the nylon 6 resin was co-developed by Toyota Motor and UBE for use as a plastic liner material in the high-pressure hydrogen tank for fuel cell vehicles (FCVs). This marks the second Toyota Motor fuel cell passenger vehicle model, following the MIRAI, to use UBE’s nylon 6 resin.

UBE NYLON™ 1218IU satisfies the stringent standards to be approved as a plastic liner material for the high-pressure hydrogen tank in the Crown FCEV. As the innermost component (inner liner) of the tank, the plastic liner prevents hydrogen from leaking out of the tank. The nylon 6 resin delivers superior performance for hydrogen permeation prevention and excellent mechanical performance, in terms of durability to withstand sudden changes in tank temperature from filling and discharging hydrogen, and impact resistance in low-temperature environments.

UBE began manufacturing and marketing nylon 6 resin in 1959, and it is one of the world’s leading producers, with a global manufacturing capacity of 198,000 tonnes annually. In recent years, UBE has expanded its global presence as a composite materials manufacturer using various engineering plastics to meet increasingly sophisticated market needs. It boasts a production capacity of 53,000 tonnes of engineering plastics composite materials, spanning operations in Japan, Asia, Europe, and North America. UBE’s product development capabilities and consistent quality underpin its solution-provision business, which continues to earn high acclaim. Going forward, UBE remains committed to boosting production capacity for engineering plastics composites while concentrating efforts on developing products that fulfill the diverse performance requirements of evolving automotive applications.

We remind, Manchester United plc announced that it has entered into an agreement under which Chairman of INEOS, Sir Jim Ratcliffe, will acquire 25 per cent of Manchester United’s Class B shares and up to 25 per cent of Manchester United’s Class A shares and provide an additional $300 million intended to enable future investment into Old Trafford.

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