Tasnee announces expansion project for ethylene cracker plant at SEPC

Tasnee announces expansion project for ethylene cracker plant at SEPC

MRC -- 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 establishes technology hub for shotcrete accelerators and invests in Switzerland

SIKA establishes technology hub for shotcrete accelerators and invests in Switzerland

MRC -- 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 now supplying nylon 6 resin for high-pressure hydrogen tanks in new crown FCEV

UBE now supplying nylon 6 resin for high-pressure hydrogen tanks in new crown FCEV

MRC -- 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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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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