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BASF, Idemitsu to end their joint venture in Japan
Aug. 20, 2020
Source: Reuters

BASF, Idemitsu to end their joint venture in Japan

Japanese oil refiner Idemitsu Kosan will end its petrochemical joint venture with German chemical manufacturer, BASF due to slumping demand. The joint venture will end in December and its Chiba plant will be closed for making butanediol, an organic compound used in stretchable fibres and engineering plastics. Idemitsu is also planning to exit from the butanediol business soon.

Indian Oil forms joint venture with France's Total
July 28, 2020
Source: Reuters

Indian Oil forms joint venture with France's Total

Indian Oil Corp. has formed an equal joint venture with France’s Total to manufacture and market high-quality bitumen derivatives and specialty products for India’s growing road-building industry. The joint venture will set up manufacturing units across the country and also explore the possibility of catering to other South Asian markets. The joint venture would commence by taking over an existing plant of Total at Jodhpur in Rajasthan.

CGG departs marine seismic acquisition business
Jan. 9, 2020
Source: World Oil

CGG departs marine seismic acquisition business

French Geoscience company, CGG has informed about concluding its withdrawal from the marine seismic acquisition business. CGG farmed out the marine seismic acquisition business in a strategic partnership transaction to Shearwater GeoServices. CGG also informed about the creation of a joint venture under the Sercel brand for the research and development, manufacturing, commercialization, and support of marine streamer seismic acquisition equipment.

RIL and ADNOC to explore development of EDC facility
Dec. 11, 2019

RIL and ADNOC to explore development of EDC facility

Billionaire Mukesh Ambani-led Reliance Industries has inked a framework agreement with state-run ADNOC to explore development of an Ethylene Dichloride (EDC) facility in Ruwais. RIL will utilize the proposed unit to procure EDC, a key raw material used in the manufacturing of Polyvinyl chloride (PVC). ADNOC would provide Ethylene to the proposed venture and offer access to the infrastructure at Ruwais.

Henry Resources forms JV with Pickering Energy Partners
Sept. 25, 2019
Source: World Oil

Henry Resources forms JV with Pickering Energy Partners

Energy investment management firm, Pickering Energy Partners has formed a strategic joint venture with Henry Resources. The JV will engage in the acquisitions of already producing oil and gas assets across the Permian basin. The terms of the partnership dictate that the two firms will aim at invest at least $500 million in producing asset packages to be controlled by the Henry team.

Petrofac-SOCAR JV lands Caspian engineering and technical services contract
Aug. 20, 2019
Source: World Oil

Petrofac-SOCAR JV lands Caspian engineering and technical services contract

Oilfield services major, Petrofac’s joint venture Azerbaijani state-run firm, SOCAR has won an Engineering and Technical Services contract in Azerbaijan. The contract will require Petrofac-SOCAR JV to support activities in the Absheron natural gas field, located in the Caspian Sea. French supermajor, Total and SOCAR own 50% stakes each in the Absheron field.

Eni acquires stakes in ADNOC Refining for $3.24 billion
Aug. 1, 2019

Eni acquires stakes in ADNOC Refining for $3.24 billion

As announced in January, ADNOC and Eni have now closed their strategic partnership. After this, Eni acquired a 20% interest in ADNOC refining. OMV is also a partner of this new venture. Eni and OMV will help ADNOC to manage its international product flows and streamline its systems. "With this transaction, Eni enters the UAE downstream sector and increases its global refining capacity by 35 per cent", said Eni.

Maharashtra selects site for Saudi Aramco-ADNOC refinery
June 20, 2019
Source: Reuters

Maharashtra selects site for Saudi Aramco-ADNOC refinery

Maharashtra’s Chief Minister yesterday informed about identifying a new site for the proposed $44 billion oil refinery built by a joint venture between Saudi Aramco, ADNOC and state-run oil firms. Maharashtra has selected Raigad district, about 100 kms from Mumbai for the refinery. The 1.2 million bpd refinery and associated petrochemical complex, which was earlier supposed to be constructed in Ratnagiri, faced vehement protests from the farmers in the region.

NOVATEK creates JV with Sinopec and Gazprombank
June 6, 2019
Source: World Oil

NOVATEK creates JV with Sinopec and Gazprombank

Heads of Agreement has been signed between NOVATEK, Sinopec and Gazprombank. This joint venture will focus on marketing LNG and natural gas to end-customers in China. The decision of forming JV was taken during the official visit of the President of the People’s Republic of China to the Russian Federation. NOVATEK's Chairman said, "This represents another step in implementing our long-term strategy across the entire value chain”.

GAIL and Exxon sign the initial agreement
May 29, 2019

GAIL and Exxon sign the initial agreement

Chairman of GAIL has informed that the gas firm has signed an initial agreement with energy giant ExxonMobil. Both the companies will jointly work to explore ways of supplying natural gas to power and transportation sector in India. This venture will help with the expansion of the gas business in the country. Further, GAIL is also competing to buy IL&FS’s 874 MW operational wind energy assets.

GAIL and ExxonMobil joint venture on the table
May 17, 2019
Source: Livemint

GAIL and ExxonMobil joint venture on the table

If sources were to be believed, ExxonMobil and state-owned GAIL (India) Ltd are in talks to form a joint venture in the country. Exxon’s renewed focus on India is an acknowledgment of the rising energy consumption in India. Chairman and MD at GAIL said, “The discussions are on. We are likely to make an announcement in a fortnight or so,".

Saudi Aramco to acquire Shell’s stake in joint venture
April 22, 2019
Source: Arab News

Saudi Aramco to acquire Shell’s stake in joint venture

In a statement released yesterday, oil giant Saudi Aramco informed that it will buy out Shell’s stake in refining joint venture SASREF for approximately $631 million. The Saudi Aramco Shell Refinery Co. (SASREF) facility holds a processing capacity of 305,000 barrels of crude oil per day. While the acquisition is in part of Aramco’s downstream expansion strategy, it falls in line with Shell’s renewed focus on lower carbon businesses.

ADNOC and OMV to work together in petrochemical sector
March 25, 2019

ADNOC and OMV to work together in petrochemical sector

OMV and ADNOC have agreed to work together in the petrochemical sector. Both companies will look for better opportunities and will make use of OMV's recycling expertise. Austria's energy company has agreed to pay $2.5 billion to ADNOC for 15% stakes in its refining business. Further, both the companies have signed two MoUs to explore future projects and set up a JV.

ADES-Vantage JV secures drilling contract offshore Egypt
March 9, 2019

ADES-Vantage JV secures drilling contract offshore Egypt

Dana Gas has awarded a deep-water drilling services contract in the Egyptian Mediterranean basin to ADES International. ADES’ subsidiary ADES S.A.E. entered the agreement, with services being provided by Vantage’s Tungsten Explorer drillship. The services will be subcontracted to the JV between ADES and Vantage Drilling, ADVantage. The contract includes one firm well and is slated for completion in 77 days.

Schlumberger and Rockwell enter JV to create Sensia
Feb. 20, 2019
Source: World Oil

Schlumberger and Rockwell enter JV to create Sensia

Oilfield service giant, Schlumberger and Rockwell Automation have inked an agreement to establish a joint venture, Sensia. The first fully integrated digital oilfield automation solutions provider, Sensia will offer its users scalable, cloud and edge-enabled process automation. The deal is expected to close soon, and the JV will begin operation, in the summer of 2019. While Rockwell Automation owns 53% in the JV, Schlumberger possesses 47% interest in the partnership.

Nakilat forms joint venture with McDermott
Feb. 19, 2019
Source: The Peninsula

Nakilat forms joint venture with McDermott

Qatar-based Nakilat has entered into an agreement with EPC giant, McDermott to form a joint venture, which will provide onshore and offshore fabrication services in Qatar. The formation of the joint venture is in line with Qatar’s recent localisation program, which aims at enhancing the resilience of the energy sector’s supply chain. The strategic partnership will boost productivity levels at Nakilat’s world-class Erhama Bin Jaber Al Jalahma Shipyard.

Sheffield contracts Woodside and EDL JV for LNG supply
Jan. 22, 2019

Sheffield contracts Woodside and EDL JV for LNG supply

Australia-based Sheffield Resources has contracted the joint venture between Woodside and Energy Developments (EDL) to supply LNG to the Thunderbird mineral sands project. According to the 15-year deal, the JV will deliver 1950 terajoules of LNG annually to the project. LNG will be supplied from Woodside’s Pluto facility through a road tanker fleet. The Thunderbird project has a mine life of 42 years, and production will begin in 2020.

Saudi Aramco concludes stake purchase in Arlanxeo chemicals JV
Jan. 3, 2019

Saudi Aramco concludes stake purchase in Arlanxeo chemicals JV

Saudi Aramco has concluded the purchase of 50% stakes in the Netherlands-based Arlanxeo joint venture (JV). Aramco has now gained full ownership of the synthetic rubber company. The oil major bought the stakes from Lanxess in a €1.5bn deal. Proceedings from the transaction will allow Lanxess to reduce financial debt. Arlanxeo, which produces synthetic rubber and elastomers, will operate as a wholly owned subsidiary of Saudi Aramco.

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