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Eurasian Business Briefing Petrochemicals

ChemChina gets OK for Syngenta deal

SyngentaChemChina has won EU antitrust approval for its $43bn takeover of Swiss pesticide maker Syngenta, paving the way for China’s largest overseas acquisition to date. The EU’s approval is conditional on ChemChina’s agreeing to (more…)

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Rosneft and ChemChina sign up to giant FEPCO petrochemical JV

Igor Sechin (Rosneft) and Ren Jianxin (ChemChina) June 2016FEPCO: China’s chemical giant ChemChina yesterday agreed to enter into a joint venture with Rosneft to help Russia’s largest oil company move ahead with its plans for the construction of a state-of-the-art petrochemical complex as it looks to capitalise on growing industrial and consumer demand in the Asian markets on its doorstep. CEO Igor Sechin and ChemChina’s Ren Jianxin had (more…)

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SOCAR scales back plans for Azeri gas chemical complex as Japanese pull out

Gas chemical complexAzeri gas chemical complex: The annual processing capacity of Azerbaijan’s planned new gas chemical complex is to be scaled back from 12bcm to 10bcm and its costs capped at $4bn, the country’s state-run oil company SOCAR announced this week after talks (more…)

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Tehran looking to attract $77bn for Iranian petrochemical industry

NPC Director of Production Control Alimohammad Bossaqzadeh BossaqzadehThe Iranian petrochemical industry needs to attract $77bn in investment by the end of the decade if it is to get up to speed, the Director of Production Control at Iran’s National Petrochemical Company (NPC) Alimohammad Bossaqzadeh said yesterday, with (more…)

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China’s CNTIC to invest €1.7bn in Iranian Mehran petrochemical plant

Signing of Mehran petrochem deal 2 Mehran petrochemical plant: CNTIC – the China National Technical Import & Export Corporation – this week agreed to invest €1.65bn in the construction of Iran’s first petrochemical plant in Mehran, close to the country’s border with Iraq. Once up and running, the plant will be Iran’s first facility capable of producing the petrochemical products required for the manufacture of a range of products including nylon, detergents, paints, aspirin and gasoline additives.
The deal was struck with Iran’s Petrosaman Faragostar whose Managing Director Mohammad Reza Daqiqis said that he expected construction to take 40 months to complete and to generate 3,000 jobs.


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Iran considers Austrian petrochemical hub to target Eastern Europe

Iran petrochemical complexAustrian petrochemical hub: Iran’s Petrochemical Commercial Company (PCC) is thinking of building a petrochemical hub in Austria to give it better access to markets in Eastern Europe, its Managing Director Mehdi Sharifi Niknafs said this week. The PCC had signed (more…)

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Vkontakte founder makes it onto Forbes top 200 Russian rich list

Vkontakte founder Pavel DurovPavel Durov — the founder of Russia’s most popular social network Vkontakte and mobile messaging app Telegram — has made it into Forbes list of the top 200 richest Russians for the first time. With an estimated wealth (more…)

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Astana looks for new partner for $4.1bn Atyrau petrochemical complex

Atyrau integrated gas chemical complexKazakhstan is looking for a new partner to help build phase two of the Atyrau petrochemical complex after last month’s decision by South Korea’s LG Chem to pull out of the project because of the continued slump in global oil prices.
“The Kazakhstan project lost its luster because of a steep increase in facility investment amid growing uncertainty,” an LG Chem spokesman told the The Korea Times. “On a business front, LG’s top management reached a consensus that it wasn’t promising,” 
Its decision brings the curtain down on the 50-50 joint venture it set up with Kazakhstan Petrochemical Industries (KPI) to develop a polyethylene plant with an annual capacity of 800,000 tons a year in western Kazakhstan, and KPI is now looking for a new partner to take the project forward.
51% of KPI is owned by KazMunayGas Exploration Production, an upstream oil production unit of Kazakhstan’s state oil and gas company KazMunayGas, and 49% by SAT.

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SOCAR shelves plans for $8.5bn Sangachal petrochemical complex

Azeri petrochemical complexThe global collapse in oil prices has forced the State Oil Company of Azerbaijan (SOCAR) to shelve plans to build an $8.5bn petrochemical complex at Sangachal 60km south of Baku. It will instead spend $1.3bn modernising its existing refineries and chemical facilities.
“We can say (more…)
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Italy’s Maire Tecnimont signs €1bn petrochemical deal with Iran

South Pars gasfield at AsaluyehThe Italian engineering company Maire Tecnimont has signed a €1bn agreement with Persian Gulf Petrochemical Industries (PGPIC) to build refineries and petrochemical plants in Iran. The contract also covers financing and the supply of parts and equipment as well as (more…)

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German and Japanese firms pledge $4bn to Iranian petrochemicals

Damavand Petrochemical ComplexIranian petrochemicals: The German Linde Group has joined forces with Japan’s Mitsui to put together a $4bn investment packet into a range of Iranian petrochemical projects, the director for projects at Iran’s National Petrochemical Company (NPC) Marzieh Shahdaei said yesterday.
The lion’s share (more…)

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Germans propose $12bn investment in Iranian petrochemicals sector

Iranian petrochemical plant

 A group of German companies are proposing to invest €12bn in the Iranian petrochemicals sector, Iran’s Deputy Oil Minister Abbas Sheri Moqaddam said this week. With international sanctions expected to be lifted in about one month’s time, the minister – who is also MD of Iran’s NPC National Petrochemical Company – said that the construction of petrochemical units (more…)

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Turkish investors eye up $6bn investment in Maku petrochemical plant




A group of Turkish investors is considering investing $6bn in a petrochemical plant in Iran’s north-western city of Maku, the MD of its FTZ Hussain Furouzan claimed this week. 
Situated (more…)

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Indian Oil plans $3bn petrochemicals plant in Iran

Indian Oil logoIndian Oil is planning to build a $3bn petrochemicals plant in Iran, according to unnamed sources quoted in Bloomberg yesterday. The plan is said to be conditional (more…)

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Goldman Sachs buys stake in SOCAR Turkey prior to IPO

CEO SOCAR Turkey Kenan Yavuz

CEO SOCAR Turkey Kenan Yavuz

The Goldman Sachs investment bank has bought a 13% stake in SOCAR Turkey for $1.3bn, the Azeri company’s CEO Kenan Yavuz told the Anadolu news agency this week. The cash (more…)

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SOCAR commits $1.2bn to modernisation of Azeri oil refineries

Oil refinery AzerbaijanAzeri oil refineries: Azerbaijan’s state-owned oil company has committed $1.2bn to the modernisation of the country’s oil refineries. The work will increase both the quality and volume of Azerbaijan’s gasoline supplies and should meet its demand for fuel until at least 2030, according to SOCAR officials. Its Azerkimya Production Union is also to be upgraded to increase ethylene and propylene production from 160,000 tonnes to 290,000 tonnes.
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South Korea signs up to $4.5bn Uzbek petrochemicals project

Uzbek President Islam Karimov and South Korean President Park Geun-hye

Uzbek and South Korean Presidents Islam Karimov and Park Geun-hye

Yon Hap

Uzbek petrochemicals: South Korean President Park Geun-hye and her Uzbek counterpart Islam Karimov have signed an MoU for the joint development of a $4.5bn petrochemical plant for the production of plastic products by converting (more…)

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Hyundai consortium close to $3.89bn Turkmen gas processing plant deal

Turkmenistan President Gurbanguly Berdimuhamedov

President Berdimuhamedov – due in South Korea on Saturday

Hyundai consortium: Having won a $940m contract to upgrade an oil refining facility 500 km north of the Turkmen capital of Ashgabat, a consortium led by  South Korea’s LG International Corp and Hyundai Engineering consortium is also hoping to clinch a deal to build a $3.89bn gas-to-liquid plant that would produce naptha by processing natural gas. The two deals are expected to be officially signed in time for TurkmenistanPresident Berdimuhamedov’s four-day visit to South Korea that starts on Saturday. 

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BBS Singapore firm to invest $2.7bn into infrastructure projects in Russia’s Far East

Baoli Bitumina Singapore (BBS)BBS Singapore: In a deal agreed at the Krasnoyarsk Economic Forum on Sunday, Baoli Bitumina Singapore (BBS), a subsidiary of the UK-based firm Denimotech Holdings and part of the Bitumina Group, has pledged to invest RUB168bn ($2.7billion) in road building and associated projects in Russia’s Far East. $500m of the investment has been earmarked (more…)

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Inter RAO to invest $2.4bn in Vietnamese power plant

Quang Binh Province Vietnam

Quang Binh Province Vietnam

Inter RAO, the Russian diversified energy holding company, has signed an MoU with the authorities in Quang Binh for the construction of a US$2.4bn thermal power plant in the central Vietnamese province. The Quang Trach 2 thermal power plant will have a total capacity of 2,400MW and will be developed under a BOT (build – operate – transfer) scheme. Kommersant, Tuoitre     Read More»