Petrochemicals play a vital role in shouldering the growth of any economy by being the backbone to some of the crucial industries including agriculture, infrastructure, healthcare, textiles and consumer durables. The exuberant growth of the Indian economy cannot be spoken without mentioning the role that petrochemical industry has and is expected to play in this journey.The petrochemical industry has its own growth story to tell. This industry contributes about 30 percent to India’s chemical industry which is likely to become $250 billion by 2020. Read more.
CALGARY, CANADA: Nova Chemicals Corporation (Nova Chemicals) said that it has completed the previously announced acquisition of Williams Partners LP’s (Williams) 88.46 percent ownership interest in the Geismar, Louisiana olefins plant. As part of the deal, Nova Chemicals now owns approximately 525 acres of undeveloped land adjacent to the plant and Williams’ interest in the Ethylene Trading Hub in Mt Belvieu, Texas. Read more.
JUBAIL, SAUDI ARABIA: Sadara Chemical Company (Sadara) said that it has successfully started up its propylene glycol (PG) plant. Sadara CEO Ziad Al-Labban noted that the company has started up the majority of its 26 plants located in its chemical complex in Jubail Industrial City II. PG is a versatile organic compound with a wide range of industrial and consumer applications, including food and flavouring agents, cosmetic products and fragrances, as well as paints and coatings. Read more.
PARIS, FRANCE:Total SA and Qatar Petroleum (QP) has officially launched their new joint venture to develop the giant Al Shaheen offshore oil field for a period of 25 years beginning 14 July. The field produces 300 thousand barrels of oil per day. Total holds 30 percent stake in the new JV named North Oil Company (NOC), whereas Qatar holds 70 percent stake. Located in Qatari waters 80 kilometres North of Ras Laffan, the Al-Shaheen field began production in 1994. The existing development consists of 30 platforms and 300 wells, and production from the field represents about half of Qatar’s oil production. Read more.
DELFT, NETHERLANDS: Royal DSM has launched a new range of baking enzymes that enable bakeries and bread-makers to deliver a better eating experience for gluten-free bread and other wheat-free applications. DSM’s new range, specifically formulated for gluten-free applications, will help producers win customers and fans in this fast-growing market segment by improving the softness and moistness of their offerings. Read more.
LA PORTE/ PHILADELPHIA US: Braskem (BAK) said that it has selected The Linde Group, as the lead engineering, procurement, and construction (EPC) contractor to build Braskem’s new world-scale North American polypropylene (PP) production line. Linde offers comprehensive project development services for polyolefin industrial plants, ranging from front-end engineering design (FEED) to complete EPC execution and is an approved contractor for UNIPOL polypropylene process technology. Read more.
HOUSTON, US/ LONDON, UK: Enterprise Products Partners LP (EPD) and Navigator Holdings Ltd (NVGS) announced the execution of a letter of intent to jointly develop an ethylene marine export terminal on the Houston Ship Channel. Enterprise would manage the construction, operations and commercial activities of the proposed terminal, which would be located at Enterprise’s Morgan’s Point complex. Read more.
DANBURY, US: Praxair Inc (PX) announced the start-up of a new air separation plant, to supply 700 tonnes per day of nitrogen to Samsung’s display manufacturing complex in Tangjeong, South Korea. Samsung’s Tangjeong complex, the world’s first and largest sixth-generation flexible organic light emitting diodes (OLED) panel plant, is expanding to meet increasing demand for future generations of displays. Read more.
THE HAGUE, NETHERLANDS: Royal Dutch Shell plc (Shell) said that it has agreed to sell its shares in Shell E&P Ireland Limited, that holds 45 percent interest in the Corrib gas venture, to CPP Investment Board Europe SARL, a wholly-owned subsidiary of Canada Pension Plan Investment Board (CPPIB). The total transaction is valued up to $1.23 billion. This transaction represents Shell’s exit from the upstream business in Ireland and is expected to complete in Q2, 2018. Read more.