Canadian company Pembina Pipeline Corp. says it is going ahead with a $4.5-billion joint venture with Kuwait's Petrochemical Industries Co. to build an integrated propane dehydrogenation plant and polypropylene upgrading facility northeast of Edmonton.
The project to turn propane into plastic will help deliver world prices to land-locked western Canadian oil and gas producers, CBC reported.
The plants' plastic pellets will be sent by rail and shipping containers to manufacturers around the world to be turned into recyclable products used in automobiles, medical devices, food packaging and home electronic appliances.
"Sanctioning of the PDH/PP facility is the largest step taken to date by Pembina in executing its strategy to secure global market prices for customers' hydrocarbons produced in Western Canada, and provides another exciting platform for future growth," said Pembina CEO Mick Dilger in a news release.
Petrochemical Industries CEO Mohammed Abdullatif Al-Farhoud added in the same release that the facility is "ideally aligned with PIC's continued pursuit of sustainable and globally diversified growth."
Turkey's Finish Steel exports down by around 14% M-o-M in Apr'19, as per fresh released data by custom department.
Canada's New Energy Metals (TSXV: ENRG) announced that it entered into a letter of intent with certain arm’s length vendors to be granted the exclusive right and option to acquire an initial 70% royalty-free interest in and to certain exploration and exploitation mineral concessions known as the “Exploradora North project.”
Former Managing Director of the National Petrochemical Company (NPC) Abbas Shae'ri Moqaddam downplayed the impacts of the US petrochemical sanctions against Iran, saying that finding the origin of such products is not easy.
Desert Gold Ventures (TSXV: DAU) announced this week that the Malian government approved the renewal of its permit to operate the Djimbala project, located in southern Mali.
Canadian resource companies are choosing to invest abroad at record levels, amid waning global interest in the nation’s energy and mining assets.
The oil market is expected to be in balance toward the end of 2019, as global inventories fall and demand remains strong, but OPEC’s job is not done yet, Kuwait’s oil minister told Reuters.