Page 151 - CW E-Magazine (5-3-2024)

News from Abroad

the European Commission, Sir Jim the high energy costs, carbon taxes and turers are facing a variety of challen-
Ratcliffe, Chairman and Founder of UK’s lack of renewal that impacts the chemi- ges,” said Dr. Laura Dorfer, Managing
chemicals giant, Ineos, warned that Eu- cals sector in Europe,” Sir Ratcliffe Director of the VDMA Valves Associa-
rope is “sleepwalking towards offshor- said. tion. “While order books were still full
ing its industry, jobs, investments, and at the beginning of 2023, the number of
emissions.” The letter was sent after Sir Slowing demand for industrial valves orders fell towards the end of the year.
Ratcliffe attended the Antwerp summit. In another unrelated development, Our members are also suffering from
VDMA, which represents 3,600 an excess of regulation and bureaucratic
The letter stated that the European German and European mechanical obstacles. The shortage of qualified
chemicals sector is “struggling to com- and plant engineering companies, has specialist staff is also becoming in-
pete” with other markets such as the US, revealed that the industrial valves creasingly noticeable.”
China, and the Middle East. “Carbon sector had achieved a nominal increase in
taxes have been successful in “driving turnover of 3% in 2023. Speaking about future prospects,
away investment” from Europe. These Dr. Dorfer said, “We expect a weak first
taxes have encouraged imports from “As in the previous year, turnover half of the year (2024) in terms of sales,
countries without carbon taxes which growth in 2023 is primarily due to infla- but are counting on an improvement in
has increased the carbon footprint of tion. Against the backdrop of the con- the second half of 2024. We are currently
Europe. There will be “little left” if the tinued sluggish economy in Germany forecasting stagnation for 2024 as a
European government does not address and Europe, industrial valves manufac- whole.”

RENEWABLE ENERGY
Honeywell to help set up Vietnam’s first green

hydrogen project

American conglomerate, Honey-
well, has signed a Memorandum of
Understanding (MoU) with The Green
Solutions Group Corporation (TGS) on
the Tra Vinh Green Hydrogen project,
Vietnam’s first green hydrogen plant in
the Mekong Delta.

Honeywell will bring to the project
its technologies such as project auto-
mation design and management, and
energy management for energy transi-
tion, including battery energy storage
systems (BESS), to enable TGS to
integrate renewable energy sources into well as extend wind power when the value chain to help TGS operate safely,
the green hydrogen plant. winds are calm. Honeywell’s BESS profitably, and meet its renewable en-
platform helps decrease costs and car- ergy production goals. Vietnam has
“Honeywell’s battery energy stor- bon emissions by providing grid stabi- pledged to become net zero by 2050.
age system will play a key enabling lity from renewable power sources, By some estimates, it is one of the top
role in the Tra Vinh Green Hydrogen thus enabling the production of green five countries likely to be most affected
project,” said Mr. Ramanathan Valliy- hydrogen at the Tra Vinh plant.” by climate change, with possible severe
appan, Regional General Manager of social and economic risks. The country
Honeywell Process Solutions. “It will In addition to BESS, Honeywell has high solar and wind power potential,
extend renewable energy from TGS’s will provide extensive solutions and especially in the Mekong Delta region,
solar farms beyond sunlight time as expertise covering the entire hydrogen where the Tra Vinh plant is located.

Chemical Weekly March 5, 2024 151

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