Japan’s Showa Denko and JX Nippon Oil & Energy Corporation (JX) will acquire the 50% stake in polypropylene (PP) producer SunAllomer owned by joint venture partner LyondellBasell for an undisclosed fee, the three firms said on Tuesday.
Showa Denko and JX, will execute the acquisition on 31 August this year, they said in a statement.
The two companies will carry out the transaction through SDK Sunrise Investment (SSI), jointly owned by them.
An absorption-type merger of SSI and SunAllomer will take place on November 1, 2016 with SunAllomer as the surviving company, the firms said.
The partnership between SunAllomer and LyondellBasell in various areas, including technology, marketing, and sales, will be maintained, they added.
SunAllomer runs a 281,000 tonnes/year PP unit in Oita and another 127,000 tonnes/year PP unit at Kawasaki.
Source: ICIS News
France has launched an offshore green hydrogen production platform at the country’s Port of Saint-Nazaire this week, along with its first offshore wind farm. The hydrogen plant, which its operators say is the world’s first facility of its type, coincides with the launch of another “first of its kind” facility in Sweden dedicated to storing hydrogen in an underground lined rock cavern (LRC).
The project sets up the Hydrogen Valley in Rome, the first industrial-scale technological hub for the development of the national supply chain for the production, transport, storage and use of hydrogen for the decarbonization of industrial processes and for sustainable mobility.
At first glance, hydrogen seems to be the perfect solution to our energy needs. It doesn’t produce any carbon dioxide when used. It can store energy for long periods of time. It doesn’t leave behind hazardous waste materials, like nuclear does. And it doesn’t require large swathes of land to be flooded, like hydroelectricity. Seems too good to be true. So…what’s the catch?