The Egyptian stock exchange has amended the listing rules of companies and the Ministry of Petroleum is now preparing an initial public offering of new petrochemical companies. The IPO issuance is starting with new companies as it will be easier to implement than in those that are well established.
Bharat Petroleum Corp has announced plans to fully shut the 120 000 bpd Bina refinery for maintenance later this year. The facility will be taken offline between September and October. The plant’s singular crude oil unit will be worked on as well as the plant’s secondary unit.
Bharat Petroleum Corp has also announced plans to invest Rs 1419 crore in replacing the crude processing unit at its Mumbai refinery. The plant has a processing capacity of 12 million tpy and the work is scheduled for completion by May of next year. A 6 million tpy vacuum distillation unit is also on the cards for the facility.
Takamul Investment Company is planning on building a large ammonia plant in the Salalah Free Zone. The plant will be built to help new growth in the petrochemicals sector along the Indian Ocean. The plant is expected to have a processing capacity of 1000 tpd and cost several hundred million dollars to construct. Takamul is developing this project with Oman Oil Company and all prequalifications for engineering contractors need to be received by 7th June.
Orpic has signed an agreement in Sohar for the first batch of its international scholarships. Nine male and female students in Al Batinah North Governorate schools will be the recipients of this first phase.
The Sohar refinery has been shut after a cooling pipe burst. It was reported on Sunday that repair work is expected to take a week. The leaking pipe has caused a breach of sea water into the 116 000 bpd facility.
Tecnicas Reunidas has been awarded a US$ 1.7 billion contract for a utilities and common area project in the Jazan Integrated Gasification Combined Cycle (IGCC) complex in Jazan Economic City. The complex is marked to become the largest gasifier based power facility in the world and will convert vacuum residue from the Jazan refinery into syngas.
The Thai petrochemicals industry is now seeking to add value to basic chemicals production following a surge in olefins and polymers capacities. The increase is mainly due to the free competition policy in the industry, as well as an increase in production capacity in general.
Edited from various sources by Claira Lloyd.
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