Page 164 - CW E-Magazine (16-1-2024)

News from Abroad News from Abroad

2023, which mandates that all lithium DEEPENING TIES
projects shift to or begin as public-
private partnerships. Rongsheng Petrochemical, Saudi Aramco in talks

The President had directed the to buy stake in each other
Chile’s government mining agency,
CORFO, to work with Codelco to fi nd China-based privately-controlled
the best strategy that will ensure sus- refi ner, Rongsheng Petrochemical, and
tainable exploration and production of Saudi Aramco are in talks for cross in-
lithium and other mineral substances in vestments in each others refi ning units.
the Salat de Atacama region.
An MoU was signed on January 2,
The partnership is set to begin in 2024, between the parties, further deep-
January 2025, pending the fulfi lment of ening their partnership following a
certain conditions, with Codelco taking series of agreements in March 2023.
a 50% stake plus one share, the state-
owned company said. It will assume The Chinese company intends to
SQM’s contracts with CORFO until acquire a 50% stake in Aramco’s Saudi
2030, when they are due to expire. The Aramco Jubail Refi nery Company
partnership will then start fresh con- (SASREF) refi ning unit as well as boost
tracts lasting until 2060. ium assets, by up to 300-kt of lithium The agreement is expected to pro- refi ning and chemical production
carbonate equivalent between now and vide a blueprint for Chile to begin capacity, enhance product fl exibility
Under the deal, SQM will be able 2031. It must split the profi ts for the awarding contracts to other companies and undertake expansion. Situated in upgrade and expand Zhongjin Petro- panding the Saudi refi nery and upgrad-
to increase its production quota in the fi nal 135-kt, if they are produced, with that want to develop its lithium resources Jubail Industrial city, the SASREF unit chemical’s existing facilities and deve- ing its products. The fi nal investment
Atacama, where CORFO owns the lith- Codelco. via public-private partnerships. has the capacity to process 305,000 lop the Rongsheng Petrochemical Sheng decision is pending due diligence on
barrels of oil per day into various New Materials (Zhoushan) project. Ningbo Zhongjin and SASREF by the
SOURCING DEAL petroleum products. two buyers respectively, Rongsheng
If the SASREF stake acquisition Petrochemical said.
CubicPV and OCI Holdings ink long term polysilicon Rongsheng is also negotiating to happens, it would be the fi rst invest-

supply agreement sell Aramco an up to a 50% stake in its ment by a private Chinese fi rm in a Aramco said in March 2023 that it
unit Ningbo Zhongjin Petrochemical signifi cant Saudi refi ning asset. State had agreed to acquire a 10% stake in
Co., Ltd., the Chinese company said refi ning giant Sinopec is so far the only Rongsheng, an investment attached to
US-based silicon wafer manufac- “This agreement with the energy transition,” in a statement to the Shenzhen stock Chinese company that owns a refi nery a 20-year crude oil supply deal with
turer, CubicPV, and polysilicon leader, one of the world’s foremost said Mr. Woo Hyun Lee, exchange. stake in Saudi Arabia. Rongsheng-controlled Zhejiang Petro-
OCIM Sdn. Bhd. (OCIM), a subsidiary leaders in polysilicon pro- Chairman of OCI Hold- chemical Corp. The deal closed in July
of South Korea’s OCI Holdings, have duction is testament to our ings. Silicon wafers are The companies are also looking to The companies also discussed ex- at a valuation of $3.4-bn.
inked a long-term supply agreement in manufacturing capabilities currently a bottleneck REBRANDING
which OCIM will supply CubicPV with and the progress against our in the US solar value
low-carbon and US-compliant silicon. US manufacturing plans. chain and the OCIM Stahl unveils new visual brand identity
OCIM’s high-quality, US compliant partnership solidly positions CubicPV
The eight-year contract, valued at silicon is in extremely high demand, and to meet the demand for US-produced Stahl, the Netherlands-based provider (formerly ICP Industrial fl exible substrates,” a
approximately $1-bn, establishes a com- we are fortunate to lock-in our supply wafers. Under the terms of the agree- of speciality coatings and treatments for Solutions Group) as well company statement said.
mitment for an annual supply volume with a trusted partner,” said Mr. Frank ment, OCIM will begin to provide sili- fl exible substrates, has announced the as the launch of Stahl’s Mr. Maarten Heijbroek,
by OCIM, outfi tting CubicPV with the van Mierlo, CEO, CubicPV. con in 2025 from its Malaysia facility, launch of its new visual brand identity. new purpose: Touching CEO of Stahl, stated the
polysilicon it requires to commence opera- which is fully powered by clean hydro- lives, for a better world. rebranding will ensure
tions at its planned US factory. The part- “We are delighted to name Cubic electricity. OCIM, operates a 35-ktpa Stahl has also introduced a new The purpose encapsulates the world sees Stahl as it
nership between the two companies is as our fi rst US. customer and to play plant located in the Samalaju Industrial colour palette to help visualise and the company’s commitment to making a is today “a purpose-driven business built
aimed at eliminating supply chain risk for a role in their manufacturing success. Park in Sarawak, Malaysia. It was esta- differentiate its activities and its approach positive impact on the world, refl ecting on three distinct pillars – Leather, Per-
CubicPV’s customers by combining US This agreement moves the world closer blished by Tokuyama Corporation of to sustainability and other strategic topics. not only Stahl’s proud heritage, but also formance Coatings and Packaging
compliant silicon with American made to realising a sustainable value chain Japan in 2009, and acquired by OCI in “The rebranding project follows the recent its future infl uence as the world leader Coatings – and a company leading in
wafers. in one of the most critical industries to May 2017. acquisition of Stahl Packaging Coatings in speciality coatings and treatments for sustainable, high-value-added solutions.”

164 Chemical Weekly January 16, 2024 Chemical Weekly January 16, 2024 165

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