Reliance (RIL) and Saudi Aramco had entered into a non-binding Letter of Intent in August 2019 to acquire a potential 20% stake in RIL’s O2C business.  (Deposit Photos)
India: Oil-to-Chemicals Business

Reliance Calls Off 15 Billion Dollar Saudi Aramco Deal, Will Re-Evaluate Stake Sale in O2C Business

Reliance Industries Ltd (RIL) and Saudi Aramco have mutually called off the 15-billion-dollar deal under which Saudi Aramco would acquire a 20% stake in the company’s oil-chemicals (O2C) business. The move has been undertaken in the background of RIL’s evolving nature of the business i.e. the company unveiled plans for its new energy & materials businesses under which the firm intends to develop the Dhirubhai Ambani Green Energy Giga Complex at Jamnagar, Gujarat, India, which is a major part of the its oil-to-chemicals (O2C) assets. Now, RIL and Saudi Aramco will re-evaluate the proposed investment in the O2C business.

Read on
The chemical recycling technology, developed by OMV, converts plastic waste into synthetic feedstock, under moderate pressure and normal refinery operating temperatures, which is then primarily used to produce again high-quality plastics. (OMV)
Austria: Circular Economy

OMV to Set Up Chemical Recycling Demo Plant

The chemical recycling demo plant will be based on OMV’s proprietary ReOil technology and will be built at the Schwechat refinery in Austria. The demo plant with a design capacity of 16,000 t/year will help to scale up the ReOil technology which helps to convert plastics into synthetic feedstock for the petrochemical industry.

Read on