Petrochemicals

Saudi to invest $10bn in South Africa for a new refinery, petrochemical plant

January 22, 2019 | Petrochemicals, Refining & Processing, South Africa

London, UK | – The South African Minister of Energy Jeff Radebe and his Saudi Arabian counterpart Khalid Al-Falih confirmed last week that the kingdom’s $10billion investment in South Africa would be for a new crude oil refinery and petrochemical plant. According to a statement issued by the energy department, the meeting was a follow-up on progress made since President Cyril Ramaphosa’s state visit to Saudi Arabia in July last year. Saudi Arabia and South Africa have been in talks regarding the building of a …

Sonatrach, Turkish Rönesans to invest $1.2 billion in petrochemical plant

November 30, 2018 | Algeria, Budget & Investment, Petrochemicals

London, UK| – Turkish conglomerate Ronesans  Holding and Algeria’s Sonatrach have announced they will invest $1.2 billion to build a petrochemical facility in southern Turkey. In a press conference in Istanbul on Nov. 28, the companies said that the facility would be built in the Ceyhan industrial zone in Adana in a bid to produce polypropylene; a product on which Turkey is highly dependent on imports. Industry and Technology Minister Mustafa Varank said that the facility would produce 450,000 tons of polypropylene annually when it becomes fully operational in 2023; more …

Sasol dumps $13-$15 billion U.S. project, to exit Canadian shale

November 28, 2017 | Company Operations, Petrochemicals, South Africa

Johannesburg, South Africa |  – South Africa’s  integrated energy and petrochemical company, Sasol is pulling out of all of its gas-to-liquids (GTL) greenfield projects including one in Louisiana project expected to cost $13 billion to $15 billion, the company said on Thursday. Walking away from the project, which would have been the biggest investment abroad by a South African company, underscores the headwinds the industry is facing in a volatile market with generally depressed prices. “While our current GTL assets are generating good returns and …

Algeria’s Sonatrach, Total study petrochemical plant partnership

December 30, 2016 | Algeria, Mergers, Acquisitions & JVs, Petrochemicals

London, UK | – Algeria’s state-owned energy firm, Sonatrach, said last week it signed a cooperation agreement with French oil supermajor Total to build a “world-class” petrochemical facility in Algeria, Nogtec reports. In a short statement, Sonatrach said Total will carry out a feasibility study to evaluate the project, but it didn’t provide details on the scale of investments or its production capacity. Sonatrach and Total didn’t reply to Nogtec’s request for comment. Earlier this year, Total filed a request for arbitration against Algeria for changing …

ExxonMobil leaves McLaren for Red Bull F1 team after 21 years

December 01, 2016 | Budget & Investment, Petrochemicals

London, UK | – McLaren have lost another long-term partner to Formula One rivals Red Bull with oil giant ExxonMobil following the example of Tag Heuer. Red Bull said in a statement on Thursday that ExxonMobil will replace Total as their official partner for fuel, lubricant and motor oil in 2017. The Mobil 1 and Esso brands will feature on the cars driven by Australian Daniel Ricciardo and Dutch teenager Max Verstappen, as well as on overalls and helmets. Red Bull’s Renault engines carry the …

Iran, South Africa to build petrochemical plant, oil refinery

April 23, 2016 | Petrochemicals, Refining & Processing, South Africa

Tehran, Iran | – Iran and South Africa agreed to build petrochemical plants and oil refineries through joint ventures. The agreement was reached during a meeting between Iranian Oil Minister Bijan Zanganeh and South African Energy Minister Tina Joemat-Pettersson in Tehran on Saturday. During the meeting, the two sides also discussed oil and energy cooperation, including resumption of crude exports. “Iran supplied 40% of South Africa’s oil imports before sanctions brought them to zero,” Zangeneh said, adding that “we are currently seeking to open this …

South Africa’s Sasol breaks ground on $9bn petrochemical project in US

March 31, 2015 | Petrochemicals, United States & Canada

Johannesburg, South Africa | – South Africa’s integrated energy and chemical company Sasol has commenced construction of its $9 billion petrochemical complex near Westlake, Texas, US. The petrochemical complex will use abundant ethane in the US to triple Sasol’s chemical production. Sasol international operations executive vice president Steve Cornell said: “By the time construction is complete in 2018, Sasol’s investment will total almost 9 billion dollars, making it one of the largest investments in our company’s history. “Along the way, we’ll create more than 5,000 …

South Africa’s Sasol delays US $6 billion GTL plant amid oil plunge

February 01, 2015 | Petrochemicals, United States & Canada

Johannesburg, South Africa | – South Africa integrated energy and chemical company,  Sasol has decided to delay the final investment decision on its $6 billion large-scale, gas-to-liquids (GTL) plant near Lake Charles, Louisiana. The company on Wednesday announced the decision comes as it is formulating a comprehensive plan to conserve cash in response to lower international oil prices. “Albeit at a much slower pace, we will continue to progress the U.S. GTL facility. This will allow us to evaluate the possibility of phasing in the project …