India's Gujarat signs investment pacts worth $18.75 B with several firms

India's Gujarat signs investment pacts worth $18.75 B with several firms

MRC -- Companies across many sectors on Wednesday signed initial investment pacts totaling $18.75 B for projects they will build in India's western state of Gujarat, according to a government statement, said Hydrocarbonprocessing.

As part of the deals, an arm of Welspun Enterprises will invest $5.11 B, partly to build green hydrogen and green ammonia facilities, documents reviewed by Reuters showed.

The string of investment pacts come days ahead of India's Prime Minister Narendra Modi opening the state's biennial investment forum where he wants to boost his home state of Gujarat's manufacturing capabilities in key sectors.

Other heads of state and business leaders are expected to attend the forum. Deals inked on Wednesday also include agreements with state-backed Housing and Urban Development Corp to disburse loans worth 145 billion rupee ($1.74 billion) and with the National Bank of Agriculture and Rural Development to provide financing worth 260 billion rupees, documents showed.

Last week, Gujarat also inked a deal with steel manufacturer ArcelorMittal Nippon Steel India worth 125 billion rupees to upgrade an existing project in the state by 2026, as per the documents, along with another set of deals worth 450 billion rupees.

Welspun, ArcelorMittal, Housing and Urban Development and the National Bank were not immediately available to comment after normal business hours.

Separately, Indian conglomerate Essar also said last week it will invest nearly 550 billion rupees in energy transition, power and port sectors in the state, as it renews the firm's strategic investments after clearing a huge debt.

We remind, Finland's Industrial Union said on Thursday it planned two days of labor strike action at Neste's Porvoo oil refinery, likely shutting the plant's production unless the government agrees to change its proposed labor market reforms. Finnish unions have protested in recent months against the right-wing government's plan to favor local work agreements over centralized bargains, limit political strikes and make it easier to terminate work contracts.

Tecnimont achieved milestone on Port Harcourt complex in Nigeria

Tecnimont achieved milestone on Port Harcourt complex in Nigeria

MRC -- MAIRE announced that its subsidiary Tecnimont successfully achieved the mechanical completion of the rehabilitation works of the old plant (Area 5) for a subsidiary of the Nigerian National Petroleum Company (NNPC) in Nigeria, said Hyrocarbonprocessing.

The rehabilitation works, awarded in April 2021 for a total value of USD 1.5 billion, entail engineering, procurement and construction (EPC) activities aiming at fully restoring the Port Harcourt complex to a minimum of 90% of its nameplate capacity.

Alessandro Bernini, MAIRE Group Chief Executive Officer, commented: “We are proud to have reached this milestone fully satisfying the local content requirements, thanks to a 100% engagement of Nigerian subcontractors for the construction phase. Our technological expertise and engineering know-how enable Nigeria to revive its natural resources management. This landmark required over 9.5 million manhours, resulting in an excellent Health, Safety and Environment performance with no Lost Time Injuries. This project is a confirmation of the Group’s commitment towards the Sub-Saharan Region.”

We remind, Maire Tecnimont SpA’s (Milan) project development subsidiary MET Development (MetDev) has agreed to collaborate with Macquarie Capital to establish a new company aimed at developing, constructing and operating energy transition projects in Italy and Europe. The new entity is expected to focus on sectors ranging from the chemical recycling of waste and the production of sustainable fuels and hydrogen, to green and low-carbon hydrogen and CO2 capture projects, including fertilizers, it said.

AkzoNobel appoints Rajiv Rajgopal to head Decorative Paints South Asia

AkzoNobel appoints Rajiv Rajgopal to head Decorative Paints South Asia

MRC -- AkzoNobel has announced key organizational structure and leadership announcements for its decorative paints business in the region, effective January 1, 2024, said Sightsinplus.

India is now the regional headquarters of AkzoNobel’s decorative paints business in the newly formed South Asia region. Mr. Rajiv Rajgopal has been appointed as the new Business Unit (BU) Director – Decorative Paints, South Asia region.

He will continue his responsibilities as the Chairman and Managing Director, of Akzo Nobel India Limited. Mr. Rohit G Totla (Rohit Totla) has been appointed as the Sales and Marketing Director for AkzoNobel’s decorative paints business in India.

In this new role, he will be responsible for the growth of AkzoNobel’s decorative paints business in India. This is further to his recent appointment as an Wholetime Director in the Board of Directors of Akzo Nobel India Ltd.

We remind, AkzoNobel’s Coil and Extrusion Coatings business has signed a strategic agreement with the hi-tech specialists to develop a pioneering process that uses electron beams to cure coatings on metal substrates, said the company. E-beam technology is a fast-growing scientific field and could offer significant advantages over conventional thermal curing methods, such as lower energy consumption, increased productivity with higher quality and reduced environmental impact. The process itself cures coatings by using a directed stream of electrons to deliver the energy required to form the final film.

Marubeni, Idemitsu, Oriental Petrochemical Taiwan to create biomass PTA supply chain

Marubeni, Idemitsu, Oriental Petrochemical Taiwan to create biomass PTA supply chain

MRC -- Marubeni Corporation, Idemitsu Kosan Co., Ltd., and Oriental Petrochemical Taiwan Co., Ltd. are pleased to announce that they have agreed to establish a supply chain for biomass Purified Terephthalic Acid produced from biomass naphtha, said the company.

Production of biomass PTA is planned to begin in 2024 in Taiwan, the first time it will be produced there.

Idemitsu Kosan will produce biomass PX from biomass naphtha using the mass balance method*3. It will then be converted to biomass PTA by OPTC, a PTA manufacturer under the Far Eastern New Century Group (a PET manufacturing company in Taiwan). Marubeni will be coordinating the management of the supply chain's establishment as well as the marketing of the biomass products.

PET resin, the raw material for PET bottles, is composed of approximately 70% PTA and 30% ethylene glycol. Therefore, by using biomass PTA and biomass ethylene glycol, 100% biomass-derived PET resin can be produced. While biomass ethylene glycol has become increasingly popular, replacing petroleum-derived PTA with biomass-derived PTA has been a challenge.

Biomass naphtha, the raw material for biomass products, is manufactured from raw materials derived from renewable materials such as plants, and can thus reduce CO2 emissions compared to naphtha derived from petroleum. The biomass PX manufactured by Idemitsu Kosan obtained the international certification “ISCC PLUS Certification”*4, which manages and ensures the supply chain of products made from sustainable raw materials such as biomass and allows the application of the mass balance method. OPTC will also obtain “ISCC PLUS Certification” in 2024.

Through this newly established supply chain, the three companies will contribute to CO2 reduction in the plastics industry and the swifter realization of a low-carbon society.

We remind, Marubeni Corporation (hereinafter, “Marubeni”), through its wholly-owned Singapore-based subsidiary Marubeni Growth Capital Asia Pte. Ltd. (hereinafter, “MGCA”) has invested in PT One-ject Indonesia (hereinafter, “Oneject”), a leading manufacturer of medical consumables in Indonesia.

OMV examines decree on OMV assets in Russia

OMV examines decree on OMV assets in Russia

MRC -- Austrian oil and gas company OMV on Wednesday said it is examining the impact of seizure of its shares in the Yuzhno-Russkoye gas field and reserves its rights, after Russian President Vladimir Putin ordered that its stake be transferred.

According to current information, the Russian President has signed a decree regarding the Yuzhno-Russkoye field. According to this decree, OMV's shareholdings and its interests in the gas field are to be transferred to new Russian companies. Those companies would be ultimately held by the insurance company JSC SOGAZ and Gazprom. The proceeds from the transfer of the OMV interest to JSC SOGAZ are to be paid into a special account.

OMV already decided in March 2022 that Russia is no longer a core region and that it will no longer make investments there. OMV has a 24.99% stake in the West Siberian Yuzhno Russkoye gas field, which was almost completely value adjusted in 2022. No further negative effects on the results are factually to be expected. With regard to this investment, a review was initiated at that point in time in which all options were examined, including the possibility of a sale and an exit.

In addition, the consolidation method for the Russian business was changed as of March 1, 2022. This stipulates that the operating results, cash flows and production volumes in Russia will no longer be included in the group report.

In 2022, OMV adjusted the value of its Russian business by a total of 2.46 billion euros. This value adjustment includes the 24.99% stake in Yuzhno Russkoje, as well as the receivables from Nord Stream 2 AG.

OMV is currently reviewing the presidential decree and may take further steps to preserve its rights.

We remind, Abu Dhabi National Oil Co is closing in on a deal with Austria's OMV to combine two entities in which the companies own stakes to create a chemicals giant, two people with knowledge of the talks said to Reuters. In July OMV said it had entered into talks to merge petrochemicals group Borealis - which is owned by OMV and ADNOC in a 75:25 split - and Borouge, which is 54:36 owned by ADNOC and Borealis.