Total expands its energy efficiency business with the acquisition of GreenFlex

MOSCOW (MRC) -- Total is to acquire GreenFlex, a French company specialized in energy efficiency, said Total.

Founded in 2009, GreenFlex is one of the European leaders in its sector, with more than 600 clients. The company is forecasting revenues of more than €350 million in 2017 and employs 230 people. GreenFlex combines data intelligence and equipment management and financing to help clients manage their energy consumption efficiently.

The acquisition will accelerate the expansion of Total’s energy efficiency offering, over and above the growth of its affiliates BHC Energy in France and Tenag in Germany. Total intends to offer its customers integrated solutions, from optimization of energy needs and sources and finding financing solutions to energy management and emissions measurement and reduction.

"Climate challenges are integrated into Total’s strategy, and our aim is to be the responsible energy major. This acquisition in energy efficiency services is fully aligned with this strategy,” said Philippe Sauquet, President of Gas, Renewables & Power at Total. “We are pleased to welcome GreenFlex and its employees to the Group. Total aims to make GreenFlex the linchpin of its growth in the energy efficiency industry in Europe."

The transaction is expected to close in the fourth quarter of 2017, once it has been approved by the relevant regulatory authorities.

An independent company, GreenFlex has been convinced since 2009 that businesses should make a positive contribution to the major transitions under way. The group helps accelerate the transition and reduce environmental and societal costs with a view to tackling the major challenges facing businesses, offering support from developing strategy to taking action for a future of optimal performance, a “Good Future.”

GreenFlex’s teams offer an array of operational, sustainable solutions focusing on energy strategy and performance, financing the transition and asset management, integrating a sustainable vision and strategy, stakeholder relationship management, and responsible products and consumption. These solutions combine support, data intelligence and financing for tangible, measurable results.

GreenFlex boasts close to 230 employees working out of 14 offices throughout Europe, for revenues of over €230 million in 2016. Over the last seven years, the company has lent its support to over 600 clients.

MRC

MOSCOW (MRC) -- Covestro intends to increase thermoplastic polyurethane (TPU) production capacity at its facility in Changhua County, Taiwan, reported Apic-online with reference to the Taipei Times.

The project, which is expected to increase the plant's TPU capacity to 23,000 t/y from 18,000 t/y currently, involves the installation of a new production line. Completion is anticipated by next year.

"There is still sufficient room for new production lines (in Changhua) and we have no need to build new factories in Taiwan," said the report citing Covestro Managing Director Michael Lee.

The company noted that it has no intentions to increase capacity at its local Kaohsiung plant, which is its biggest polyethylene terephthalate (PET) production site in Asia.

As MRC informed before, in July 2016, Covestro moved forward with a repurposing of its production operations in Brunsbuttel, Germany. The Board of Management officially approved an expansion of production capacity for the foam component MDI (feedstock for polyurethane) at the site. An existing, idled plant for the precursor TDI will be converted for production of MDI. The plans call for roughly doubling production capacity at the site to a total of approximately 400,000 metric tpa of MDI. Commissioning of the new plant complex is scheduled for late 2018. Preliminary plans call for a total investment volume (in euros) in the low hundreds of millions, which is already included in Covestro’s medium-term capital expenditure budget.

Covestro (formerly Bayer MaterialScience) is an independent subgroup within Bayer. It was created as part of the restructuring of Bayer AG from the former business group Bayer Polymers, with certain of its activities being spun off to Lanxess AG. Covestro manufactures and develops materials such as coatings, adhesives and sealants, polycarbonates (CDs, DVDs), polyurethanes (automotive seating, insulation for refrigerating appliances) etc.
MRC

MOSCOW (MRC) — Bahrain’s oil minister said on Sunday he expects expansion contracts for Bahrain Petroleum Company (Bapco) to be signed before the end of the year, state news agency BNA reported, as per Hydrocarbonprocessing.

Bapco will choose the winning bid in the near future, with final contracts to be signed before the end of 2017, oil minister Sheikh Mohammed bin Khalifa al Khalifa.

Sources close to the deal told Reuters last month that state-run Bapco was expected to take a decision in Q4 as it was due to meet a consortium led by UK-based TechnipFMC for further talks over the planned expansion of Bahrain’s only oil refinery.
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MOSCOW (MRC) -- Jiangxi Copper Corp said on Wednesday it would set up a joint venture with the Jiangxi region branch of Chinese refining giant Sinopec to market oil products in the southeastern province of the country, reported Reuters.

The venture, which allies China’s biggest copper producer with its biggest crude oil refiner - officially known as China Petrochemical Corp - was described as a "win-win" move in a statement posted on Jiangxi Copper’s official WeChat social media account.

The new company, to be called Jiangxi Copper Petrochemical Sales Co, will be 51%-owned by Sinopec, with the remainder belonging to Jiangxi Copper, and have a registered capital of USD2.91 MM, according to the statement.

Financial targets for the venture, which had been under discussion for 20 months before being approved by both sides, weren’t disclosed.

Sinopec did not immediately respond to a request for comment.

As MRC wrote previously, in June 2016, Rosneft and China Petrochemical Corporation (Sinopec Group) signed a Framework Agreement on joint pre-feasibility study of the project related to the construction and operation of a gas processing and petrochemical complex in East Siberia. The Agreement signed in furtherance of the Memorandum of Understanding on cooperation in petrochemical projects, provides to select a technology for natural gas processing from its components to polymers. The parties also decided to choose a consultant for the project management and identified competitive challenges and the time to fix them before entering the stage front-end engineering design (FEED). In the event of successful outcomes as stipulated by the Framework Agreement, it is supposed to create a joint venture between Rosneft and Sinopec in 2017.

China Petrochemical Corporation (Sinopec Group) is a super-large petroleum and petrochemical enterprise group established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group's key business activities include the exploration and production of oil and natural gas, petrochemicals and other chemical products, oil refining.
MRC

MOSCOW (MRC) -- CB&I announced a consortium between CB&I and Saipem S.p.A. has been awarded a contract by Duqm Refinery and Petrochemicals Industries Company L.L.C. (DRPIC) for EPC Package 3 for the Duqm Refinery Project. DRPIC is a joint venture between Oman Oil Company and Kuwait Petroleum International, said Hydrocarbonprocessing.

The consortium's scope of work for Package 3 encompasses the engineering, procurement and construction of a product export terminal at Duqm Port, a crude tank farm at Ras Markaz and an 80-km crude oil pipeline.

CB&I will be performing all of the EPC works for storage tanks at the export terminal and crude tank farm, while Saipem—the leader of Package 3—will perform the balance of the works. CB&I's portion of the contract is valued at approximately USD140 MM.
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