Page 163 - CW E-Magazine (21-1-2025)

News from Abroad

chemicals division. The decision 60 years ago, became wholly owned by pylene, and 827,000 tons per year for
was approved at a December board SOCAR in 2008 after the Azerbaijani HDPE/LLDPE.
meeting, and the project is expec- energy firm acquired a controlling stake
ted to be implemented over the next for $2.04-bn. The unit operates 16 pro- Mr. Mirzayev emphasized that the
five to 10 years, Mr. Mirzayev told duction plants and, in 2024, produced 2- total cost would be determined only
reporters. million metric tons of petrochemicals, after the final investment decision is
meeting 11% of Türkiye’s domestic made, and the investment would come
“Türkiye imports up to 90% of its demand. into play “during a market upturn.”
polyolefins. This initiative will reduce
dependency on imports and boost The new investment aims to con- SOCAR officials also stated that
SOCAR Türkiye’s revenues,” he said. A struct facilities with capacities of 1.2- Petkim’s domestic market share is
final investment decision is expected by million tons per year for ethylene, expected to triple after the investment
the end of 2026. Petkim, founded nearly 550,000 tons per year for polypro- is completed.

GROWING PRESENCE
Phillips 66 makes $2.2-bn natural gas liquids acquisition

US-based integrated energy provider,
Phillips 66, has agreed to buy EPIC
Y-Grade GP, LLC and EPIC Y-Grade,
LP, which own various subsidiaries and
long-haul natural gas liquids (NGLs)
pipelines, fractionation facilities and
distribution systems (EPIC NGL) for
total cash consideration of $2.2-bn,
subject to customary purchase price
adjustments.

“This transaction bolsters Phillips
66’s position as a leading integrated
downstream energy provider,” said
Mr. Mark Lashier, Chairman and CEO
of Phillips 66. “This transaction optimises
our Permian NGL value chain, allows
Phillips 66 to provide producers with Hub. EPIC NGL is in the process of EPIC NGL has also identified a
comprehensive flow assurance, reach- increasing its pipeline capacity to third fractionation facility that could
ing fractionation facilities near Corpus 225-mbd and has sanctioned a second bring its fractionation capacity up to
Christi, Sweeny, and Mont Belvieu, expansion to increase capacity to 350- 280-mbd. The facilities connect Per-
Texas, and is expected to deliver at- mbd. Phillips 66 does not expect to mian production to Gulf Coast refiners,
tractive returns in excess of our hurdle increase its recently announced 2025 petrochemical companies, and export
rates.” capital program in connection with that markets and will be highly integrated
expansion. with the Phillips 66 asset base.
The EPIC NGL business consists of
two fractionators (170-mbd) near Cor- Taiyo said to be mulling merger with DIC
pus Christi, Texas, approximately 350- Japanese chemicals firm, Taiyo up with private equity firm Japan
miles of purity distribution pipelines Holdings Co., is reportedly exploring Industrial Partners Inc. for the poten-
and an approximately 885-mile NGL a potential combination with larger tial deal.
pipeline (175-mbd) linking production peer DIC Corporation in a move
supplies in the Delaware, Midland and that would consolidate two major Reacting to these media reports,
Eagle Ford basins to such fractionation Japanese chemical companies. Taiyo DIC stated that it has not received any
complexes and to the Phillips 66 Sweeny is said to be considering teaming such proposal from Taiyo.

Chemical Weekly January 21, 2025 163

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