Pavel 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…)
FEPCO: 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…)sputniknews Read More»
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.
Kazakhstan 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.
“We can say (more…)
Iranian 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…)
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…)TREND Read More»
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.Read More»
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…)