Downstream contract news

Toyo Engineering Corporation has been awarded a contract to build a 650 000 tpy ethylene and polyethylene plant located in Ust-Kut, Irkutsk region, Russian Federation by Irkutsk Polymer Plant, a subsidiary of Irkutsk Oil Company (INK). 

Toyo Engineering Korea Limited (Toyo-Korea), a Korean subsidiary of Toyo Engineering Corporation has been awarded engineering, procurement and construction project.

The facility is expected to be in-service in mid-2023.

Following the acquisition of Heurtey Petrochem and Prosernat, Axens expands its portfolio of solutions and introduces its new brand architecture, identity and logo. 

The new units of this expansion project will be integrated into the existing facilities at the refinery.

On the first day of its 20th Annual Meeting in Florence, Italy, Baker Hughes, a GE company, announced its commitment to reduce its carbon dioxide equivalent emissions 50% by 2030, achieving net-zero CO2 equivalent emissions by 2050. 

The signing took place on the sideline of the inauguration ceremony of the National Industrial Development & Logistics Program (NIDLP).

The technology has the potential to convert more than 60% of a barrel of crude oil into chemicals.

The partners have put up an initial equity commitment of up to US$735 million.

Following a highly-competitive selection process, Eni was awarded a 20% share in ADNOC Refining, with OMV awarded a 15% share.