Grace signs FCC framework agreement in Kazakhstan

Grace signs FCC framework agreement in Kazakhstan

5:21 AM, 17th January 2018
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COLUMBIA, US: W R Grace & Co (GRA) has signed investment framework agreements with KazMunayGas and United Chemical Company LLP.

KazMunayGas is a Kazakhstan’s national operator for exploration, production, refining, and transportation of hydrocarbons and United Chemical Company LLP is the operator of Kazakhstan’s State Program on Accelerated Industrial and Innovative Development in the chemical industry.

Under the framework, Grace will provide fluid catalytic cracking (FCC) catalysts and technical services to the refineries operated by KazMunayGas (KMG), as well as investments to construct a catalysts logistics terminal and an FCC catalysts laboratory in Kazakhstan.

As a result of modernization of KMG refineries, new downstream units will significantly improve deep oil conversion and production of motor fuels, leveraging Grace products and technology. The total economic value of the agreement could deliver over $200 million in catalysts, technical services, and facilities over the proposed seven-year initial term.

“We are pleased to move forward with this agreement, which reflects the commitment of Kazakhstan’s leaders to strengthen the capabilities and value of the country’s petrochemical infrastructure and economy. It also demonstrates Grace’s commitment to serve customers around the world as the leader in FCC and polyolefin catalysts,” said Fred Festa, Grace Chairman and CEO.

“We are pleased that Grace supports KMG initiatives related to refinery modernization and we are excited to partner with Grace to ensure that the revitalized Kazakhstan refining industry is made stronger with state-of-the-art technology,” added Daniyar Tiyessov, KazMunayGas executive vice president for oil transportation, refining and marketing.

“This agreement with Grace will accelerate the development of Kazakhstan’s downstream petrochemical sector,” added Zhenis Osserbay, chairman and CEO of United Chemical Company.

© Worldofchemicals News



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