Alliance to End Plastic Waste launches efforts to bring plastics circularity to the GCC

Alliance to End Plastic Waste launches efforts to bring plastics circularity to the GCC

MRC -- Strengthening its commitment to the Gulf Cooperation Council (GCC), the Alliance to End Plastic Waste has signed a Memorandum of Understanding (MoU) with the Saudi Investment Recycling Company (SIRC) at COP28 in Dubai, said the company.

This milestone is complemented by the launch of the Alliance’s first official project partnership in the region with Yalla Return, a technology-powered recycling initiative, alongside the acceleration of eight regional startups via the End Plastic Waste Innovation Platform.

MoU to explore waste management solutions in KSA. On 2 December 2023, SIRC and the Alliance signed an MoU in a strategic alignment with the Kingdom of Saudi Arabia’s (KSA) vision to achieve a 94 percent landfill diversion by 2035 and to establish a robust Saudi circular economy. The focus of this collaboration is to explore effective waste management solutions in KSA, particularly targeting the challenges posed by municipal solid waste (MSW) and specifically plastics. The aim is to implement optimal solutions across the entire value chain, including the collection, sorting, and recycling of plastic waste.

Attended by Ziyad Al Shiha, CEO of SIRC, and Justin Wood, VP and Head of EMEA at the Alliance, the official signing and announcement of the MoU took place during COP28 in Dubai. Under this partnership, SIRC will serve as the local partner, utilising its extensive knowledge of the local landscape and capabilities to spearhead initiatives within Saudi Arabia. As the project enabler, the Alliance will provide technical counsel and share key learnings from its portfolio of more than 50 projects across multiple countries worldwide.

We remind, Eni welcomed the launch of the UK Department for Energy Security and Net Zero’s (DESNZ) “CCUS Vision” which will strengthen the carbon capture, usage and storage (CCUS) to be a competitive market by 2035. This includes the launch of the Track-1 expansion process at HyNet.

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Eni signs agreement for Energy Infrastructure Partners to invest in Plenitude, progressing strategy and confirming quality and value of business

Eni signs agreement for Energy Infrastructure Partners to invest in Plenitude, progressing strategy and confirming quality and value of business

MRC -- Eni, Plenitude and Energy Infrastructure Partners (EIP) have signed an agreement for EIP to enter Plenitude's share capital through a capital increase of up to €0.7bn, which, post-transaction, would be approximately 9% of the Company’s share capital, said the company.

In particular, the parties agreed that the initial capital increase amount is €0.5bn, with the option for EIP to go up to €0.7bn by early 2024. The transaction implies an Equity Value of Plenitude post money of up to around €8 billion and an enterprise value of over €10 billion.

Eni Ceo, Claudio Descalzi, commented: "We have achieved an excellent transaction. Thanks to it we highlight the value of Plenitude within Eni; we strengthen Plenitude’s financial structure to further support its energy transition and growth path; and we establish a long-term partnership with a leading international financial investor capable of contributing to Plenitude's value creation. Finally, we also improve Eni's capital structure, reducing its consolidated net financial leverage and optimizing its capital base.

Indeed, this is a major milestone in our satellite model development, a key strategic initiative aimed at enhancing our high potential businesses by creating the conditions for independent growth, accessing new pools of capital, and providing visibility into their market value. We have made an important step forward in the enhancement of one of our strategic companies, that, alongside our sustainable mobility company Enilive, is focused on the sale of increasingly decarbonized products and the abatement of our Scope 3 emissions in our energy transition pathway”.

We remind, Eni has agreed to sell a 9% stake in its low-carbon and retail unit Plenitude to Energy Infrastructure Partners (EIP) through a deal that values the unit at 10 billion euros ($11 billion) including debt, the Italian energy company said. Under the agreement, EIP will invest in Plenitude through a capital increase of up to 700 million euros, which, post-transaction, would give the Swiss fund approximately 9% of the company. The initial capital increase will amount to 500 million euros, with the option for EIP to go up to 700 million euros by early 2024.

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EQUATE announces Jan MEG India Contract Price at USD520/tonne

EQUATE announces Jan MEG India Contract Price at USD520/tonne

MRC -- Global monoethylene glycol (MEG) producer EQUATE has nominated its January 2024 MEG India Contract Price (ICP) at $520/tonne CFR (cost & freight) India Main Ports, the company said.

The January nomination was $43/tonne higher than December number.

We remind, EQUATE India Contract Price (ICP) for Monoethylene glycol (MEG) will be US$477/MT CFR India main ports for arrival in December 2023. This ICP reflects the short-term regional supply/demand dynamics.

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NEXTCHEM awarded licensing, process design and catalyst supply for biodegradable plastics intermediates in China

NEXTCHEM awarded licensing, process design and catalyst supply for biodegradable plastics intermediates in China

MRC -- MAIRE announces that NEXTCHEM, through its biodegradable plastics technology licensor CONSER, has been awarded technology licensing and catalyst supply by a prominent client, as part of a larger project located in Northwestern China, said the company.

The scope of work entails licensing, process design package for CONSER proprietary Duetto technology and technical assistance during project execution, up to commissioning and start-up. As part of the agreement, CONSER will also supply the hydrogenation catalyst. The Duetto technology offers a valuable solution in terms of CapEx, OpEx and energy efficiency to produce, with the same process, both butanediol[2] and dimethyl-succinate, the two intermediates needed to obtain biodegradable polymers.

Alessandro Bernini, MAIRE CEO, commented: “Since the acquisition of CONSER in April 2023, we have been working to further strengthen our technology package for the production of biodegradable polymers, which now spans from technology licensing and high-value process design services to the supply of catalysts. This award is a further demonstration of our top-class and broad portfolio of leading technologies that support our clients in the energy transition process.”

We remind, Maire Tecnimont S.p.A. announces that its subsidiary NextChem has acquired a 51% stake in MyRemono S.r.l., a newly established company to which Biorenova S.p.A. transferred patents, assets, including a demonstration plant, and contracts related to CatC, an innovative plastic catalytic depolymerization technology.

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Amcor Lift-Off Winner WIPE leveraging technology to evaluate packaging quality

Amcor Lift-Off Winner WIPE leveraging technology to evaluate packaging quality

MRC -- Amcor, a global leader in developing and producing responsible packaging solutions, announced Web-Based Intelligent Packaging Evaluation (WIPE) as the winning student and faculty team of the latest Amcor Lift-Off pitch competition, hosted in partnership with Michigan State University (MSU), said the company.

WIPE competed for an investment and collaboration opportunity as part of Amcor’s Lift-Off program, an open-call initiative aimed at supporting early-stage start-ups focused on innovative packaging solutions and related technologies.

WIPE, developed by the research group of Dr. Euihark Lee at MSU’s School of Packaging, is an AI-based digital tool designed to leverage information mined from online customer reviews to assess the journey of a package throughout the distribution process. Once collected, the data is categorized for sentiment and key metrics, providing analysis that helps manufacturers identify critical issues during distribution and the consumer experience.

“We are excited to support the innovative thinking of students and faculty members who are working to solve complex challenges in the packaging industry,” Amcor’s Vice President of Corporate Venturing and Open Innovation Frank Lehmann said. “The WIPE team has demonstrated creativity and technological expertise, and we look forward to working together to improve outcomes for packaging.”

Through programs like Lift-Off, Amcor’s Corporate Venturing team remains at the forefront of identifying and developing the technologies of the future, including investigating the potential for partnerships and shared growth with the next generation of innovators.

We remind, Amcor, a global leader in developing and producing responsible packaging solutions, today announced a Memorandum of Understanding (MOU) with leading sustainable polyethylene producer NOVA Chemicals Corporation for the purchase of mechanically recycled polyethylene resin (rPE) for use in flexible packaging films.

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