Technip Energies has renounced new business opportunities in Russia following its invasion of Ukraine, the head of the French oil and gas services provider said on Thursday, as its full-year margin guidance drove up shares, said Reuters.
"We have ceased to work on future business opportunities in Russia," Arnaud Pieton said in an earnings statement, but added that the potential financial impact of the crisis was "contained".
BP , Shell and ExxonMobil are among the oil majors that have announced plans to exit positions and joint ventures in Russia amid crippling sanctions on the energy-rich nation for what it calls a "special operation" in Ukraine. By the end of December, about 3.8 billion euros (USD4.22 billion), or 23% of Technip Energies' order backlog, was related to Russian projects in execution, said the firm, which specialises in engineering and technology for the energy sector.
As per MRC,TechnipFMC plc has announced the sale of 9 MM Technip Energies N.V. shares through private sale transactions. The sale price of the shares in the sale is set at EUR13.15 per share, yielding total gross proceeds of EUR118.4 MM.
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.
MRC