MOSCOW (MRC) -- TechnipFMC plc has announced the sale of 9 MM Technip Energies N.V. shares through private sale transactions, according to Hydrocarbonprocessing.
The sale price of the shares in the sale is set at EUR13.15 per share, yielding total gross proceeds of EUR118.4 MM.
Upon completion of the sale, representing approximately 5% of Technip Energies’ issued and outstanding share capital, TechnipFMC retains a direct stake of approximately 7% of Technip Energies’ share capital.
The sale was conducted without a public offering in any country and included the following parties: Settlement for the sale is expected to take place on or around January 14, 2022.
TechnipFMC is subject to a 30-day lock-up for its remaining shares in Technip Energies that expires on February 9, 2022.
As MRC reported earlier, in December 2021, Technip Energies provided the technology licensing and process design to SP Olefins (Taixing) Co. Ltd., for China’s first gas-cracking ethylene plant in Taixing, Jiangsu Province, China. The 780,000 tpy plant successfully started up in August 2019, reaching on-spec olefins shortly thereafter. Earlier last year, the plant passed all performance guarantees, and the final acceptance certificate was recently issued, which was delayed due to COVID-19. The Taixing plant is not only the first gas-cracking ethylene plant in China, but also the first plant to use imported US ethane as feedstock.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia"s estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.
MRC