Vallourec, a global leader in premium seamless tubular solutions, has entered into exclusive negotiations with Aldebaran Capital Partners for the sale of its subsidiary Serimax, which specialises in advanced welding solutions. The transaction reflects an enterprise value of €79 million, including a €7 million earn-out.

The proposed sale is expected to be finalised in the coming months, pending the consultation of employee representative bodies and the fulfilment of standard conditions precedent, including necessary regulatory approvals.

This divestment forms part of the New Vallourec strategy, which aims to streamline the Group’s capital allocation and sharpen its focus on core operations within the tubular solutions sector. Serimax, having undergone a swift transformation under Vallourec’s strategic guidance, is now operating profitably as an independent business.

With Aldebaran’s backing, Serimax is set to continue its growth trajectory and pursue further development in markets outside Vallourec’s operational scope. The transaction underscores Vallourec’s commitment to reinforcing its position in its core industry while enabling Serimax to expand under new ownership.

For more information visit www.vallourec.com

The Engineering Equipment and Materials Users Association has announced the appointment of three new non-executive member directors to its Board: Clare Booth of Syngenta, Phil McEvoy of UM Terminals, and Dr Ian Watson of E.ON. These appointments mark a continued commitment to strengthening the Association’s leadership and expertise as it supports industry in improving the safety, efficiency and compliance of critical industrial assets worldwide.

The EEMUA Board plays a central role in guiding the Association’s strategic direction and delivering on its core mission to support members and stakeholders through knowledge sharing, best practice and technical development.

Clare Booth – Syngenta

Clare Booth, a chartered integrity and materials engineer, brings over 30 years of experience in asset integrity management, specialising in inspection, corrosion control, and more recently, the development and implementation of global engineering standards. At Syngenta, she has championed collaborative approaches to enhance process safety management through effective asset care across international operations.

Commenting on her appointment, Booth said:
“As a board member, I intend to share my experience and understanding of challenges encountered within international manufacturing to drive change, promote good engineering practices for all and embrace future challenges.”

Phil McEvoy – UM Terminals

Phil McEvoy is a chartered materials engineer with 25 years’ experience in oil, gas and infrastructure, including 15 years in bulk liquid storage. As Managing Director of UM Terminals, McEvoy has combined asset integrity and inspection management with commercial operations to drive performance across the business.

Reflecting on his new role, McEvoy said:
“I am looking forward to being able to use my understanding of the challenges of asset owners and operators within the storage and process industries to help shape the future initiatives and development of EEMUA.”

Dr Ian Watson – E.ON

Dr Ian Watson is a chartered materials engineer with over two decades of experience in asset integrity, risk management, and process and product safety. In his role at E.ON Infrastructure Services, he has implemented a Product Safety Assurance Framework and an Operational Technology Cyber Security Management System. Watson also supports engineering governance and technical guidance across decarbonisation and asset optimisation programmes.

He said:
“My experiences within a large energy supplier have given me insights into many of the engineering problems facing EEMUA members, from ageing assets and engineering talent retention/development to decarbonisation and cyber security. I look forward to supporting EEMUA’s activities whilst also looking at opportunities for members to be engaged in the Association’s technical programme.”

Welcoming the Appointments

Commenting on the new appointments, EEMUA chair John Whitfield said:
“I would like to welcome Clare, Phil and Ian to the EEMUA Board. Their appointments are great additions that will strengthen and add to the robustness of the board. Each has a wealth of experience and knowledge in their own fields that will help shape the strategic direction, future initiatives and work of EEMUA as it moves forward in changing times.”

These appointments reaffirm EEMUA’s dedication to ensuring industry leadership that is both forward-looking and grounded in deep technical knowledge, as the Association continues to address the evolving challenges faced by its members.

For more information visit www.eemua.org

Aramco, one of the world’s leading integrated energy and chemicals companies, along with China Petroleum & Chemical Corporation and Yanbu Aramco Sinopec Refining Company (Yasref), has signed a Venture Framework Agreement (VFA) to advance a major petrochemical expansion at the Yasref complex in Yanbu, located on Saudi Arabia’s west coast.

The agreement, announced on the occasion of Yasref’s 10th anniversary, outlines plans to conduct engineering studies for the development of a fully-integrated petrochemical complex. Yasref is a joint venture between Aramco (62.5 percent) and Sinopec (37.5 percent). The proposed project is expected to introduce a state-of-the-art petrochemical unit featuring a large-scale mixed feed steam cracker with a production capacity of 1.8 million tonnes per year, alongside a 1.5 million tonnes per year aromatics complex. The new facilities will be integrated into the existing Yasref infrastructure, maximising operational synergies and supporting rising demand for premium petrochemical products.

Amin H. Nasser, president and CEO of Aramco, stated:
“The Yasref Venture Framework Agreement further deepens and elevates our strategic partnership with Sinopec. The planned expansion project solidifies our commitment to product innovation and diversification. As we look forward to strengthening our collaboration with Sinopec in making Yasref a leading refining and petrochemicals joint venture, we aim to contribute to growing Saudi Arabia’s position as a global leader in energy and chemicals.”

Aramco’s Downstream president, Mohammed Y. Al Qahtani, added:
“Our strong relationship with Sinopec continues to build momentum. The planned Yasref expansion aligns with our downstream strategy to unlock the full potential of our resources, including converting up to four million barrels per day of crude oil into petrochemicals by 2030. In partnership with Sinopec, we aim to advance cutting-edge refining and petrochemical capabilities to deliver high-value products, create new opportunities, drive industrial innovation, and enable economic transformation.”

Zhao Dong, president of Sinopec, highlighted the significance of the expansion for bilateral relations, saying: “Yasref, a flagship joint venture symbolising China-Saudi energy cooperation, has not only served as a key driver for Saudi Arabia’s local economic growth but also actively advanced petrochemical industry upgrades. The Yasref expansion project represents a significant milestone in our bilateral partnership, ushering in a new phase of deeper and more far-reaching collaboration. Sinopec and Aramco are poised to establish a world-class, integrated refining and petrochemical complex distinguished by comprehensive competitive advantages.”

Yasref is one of several strategic collaborations between Aramco and Sinopec. Other ventures include Sinopec Senmei Petroleum Company, Sinopec SABIC Tianjin Petrochemical Co., Fujian Refining & Petrochemical Company, and a new integrated refining and petrochemical complex under development in Fujian Province, China.

Through these partnerships, Aramco and Sinopec aim to strengthen energy security, fuel industrial innovation, and support the energy transition, contributing to global economic resilience and long-term sustainable growth.

For more information visit www.aramco.com

ONEOK, Inc. has announced the acquisition of the remaining 49.9 percent interest in Delaware G&P LLC from NGP XI Midstream Holdings, L.L.C. for a total consideration of $940 million. The transaction includes $530 million in cash and $410 million in ONEOK common stock.

Delaware G&P LLC, a joint venture in the Delaware Basin, owns and operates natural gas gathering and processing facilities in West Texas and New Mexico. With a total processing capacity exceeding 700 million cubic feet per day, the assets play a vital role in supporting regional energy infrastructure. Following the transaction’s close on 28 May 2025, ONEOK became the sole owner of the Delaware Basin joint venture.

ONEOK is a leading midstream service provider delivering energy products and services essential to a progressing global economy. The company operates approximately 60,000 miles of pipeline infrastructure, facilitating the gathering, processing, fractionation, transportation, storage and export of natural gas, natural gas liquids, refined products and crude oil. As one of North America’s largest integrated energy infrastructure companies, ONEOK continues to support domestic and international energy demands while advancing energy security and offering safe, reliable and responsible energy solutions.

For more information visit www.oneok.com

Mitsui & Co., Ltd. has announced its decision to acquire the remaining 50 percent stake in ITC Rubis Terminal Antwerp NV, making the company a wholly owned subsidiary. The acquisition, agreed on 2 April 2025, marks a significant strategic move for Mitsui in strengthening its presence in the European tank terminal sector. A share purchase agreement has been signed with Tepsa Infra SAS, the current co-owner.

ITC Rubis, based in Antwerp, Belgium, specialises in the storage, handling, and logistics of liquid chemicals. Established in 2008 as a joint venture between Mitsui and Tepsa (formerly Rubis Terminal Infra SAS), the terminal began operations in 2010 and has grown to a current storage capacity of approximately 300,000 cubic metres. Antwerp’s strategic location as a European chemical logistics hub has played a key role in the company’s development.

With ITC Rubis becoming a wholly owned subsidiary, Mitsui will fully consolidate its earnings from the terminal and plans to actively pursue further expansion. The acquisition also aligns with the company’s broader strategy to deepen its involvement in global infrastructure and logistics.

Key Terms of the Acquisition

• Ownership Change:

  • Before: Mitsui & Co. Group 50 percent (35 percent Mitsui & Co. Europe Ltd., 15 percent Intercontinental Terminals Company LLC); Tepsa 50 percent

  • After: Mitsui & Co. Group 100 percent (85 percent Mitsui & Co. Europe Ltd., 15 percent Intercontinental Terminals Company LLC)

• Acquisition Cost:

  • 50 percent of shares: approximately EUR 135 million (around JPY 21.9 billion)

  • Mitsui also plans to underwrite a loan of approximately EUR 37 million (about JPY 6 billion) from Tepsa to ITC Rubis

ITC Rubis Terminal Antwerp NV Overview

• Location: Antwerp, Belgium

• CEO: Filip Masquillier

• Business: Tank terminal operations for liquid chemicals

• Capital: EUR 66 million

• Established: February 2008

In terms of financial performance (in million JPY, with EUR/JPY at 160), ITC Rubis has shown steady growth:

*Pre-audit provisional results

Outlook

The acquisition is expected to be completed in the fiscal year ending March 2026, pending necessary regulatory approvals. Upon completion, Mitsui plans to revalue the fair market value of its existing shares in ITC Rubis, anticipating a valuation gain of approximately JPY 9 billion to be recorded in its consolidated financial results for the same fiscal year.

Through this acquisition, Mitsui reinforces its commitment to expanding its logistics and infrastructure footprint in Europe while leveraging its global network and operational expertise.

For more information visit www.mitsui.com

Kanon has successfully completed the delivery and commissioning of several MLA270 Marine Loading Arms at a remote offshore terminal in the Bahamas. Supplied in a range of sizes, including 16-inch and 12-inch configurations, the loading arms are engineered to ensure the safe and efficient transfer of refined oil products in demanding marine conditions.

To meet the specific requirements of the project, the equipment was delivered fully assembled rather than in components. This strategy helped to significantly reduce installation time and limit on-site handling—an important consideration given the minimal infrastructure available on the island.

Installation presented a number of logistical challenges. With no jack-up barge or heavy-lifting equipment available, all offshore lifting operations were conducted from a small pontoon using older cranes. Frequent interruptions due to wind and swell required a flexible approach and tight coordination between all stakeholders.

Despite these complexities, the installation was completed on schedule and in line with the highest technical standards. The terminal became operational shortly after commissioning began, with all systems performing as expected from the outset.

This project exemplifies Kanon’s commitment to delivering reliable loading solutions through close collaboration with its customers—even in the most challenging environments.

For more information visit www.kanon.nl

Royal Vopak has announced the signing of Note Purchase Agreements for a significant debt issuance in the US Private Placement market, totalling USD 325 million and EUR 260 million. The funding, scheduled for June 2025, is subject to customary closing conditions.

The Notes Programme comprises multiple EUR and USD tranches with maturities ranging from 5 to 11 years. The USD-denominated notes include USD 100 million in subordinated notes and carry a weighted average fixed annual interest rate of 5.7 percent. Meanwhile, the EUR-denominated notes include EUR 60 million in subordinated notes and carry a weighted average fixed annual interest rate of 4.2 percent.

Proceeds from this issuance will primarily be used to refinance outstanding or maturing debt in 2025. The programme supports a well-balanced debt maturity profile and enhances Vopak’s financial flexibility, particularly under its existing EUR 1 billion Revolving Credit Facility.

Michiel Gilsing, chief financial officer of Vopak, commented:“The successful debt issuance, attracting more than nine times oversubscription, underpins our ongoing access to relevant capital markets and further strengthens Vopak’s financial foundations. This allows us to continue strategy execution to grow in industrial and gas terminals and accelerate investments in the energy transition infrastructure.”

The company noted that this announcement does not constitute an offer to sell securities in the United States or any other jurisdiction. The securities mentioned have not been registered under the US Securities Act of 1933 and may not be offered or sold in the United States without appropriate registration or an applicable exemption.

For more information visit www.vopak.com

First Gen Corporation has announced a landmark strategic partnership with Prime Infrastructure Capital, Inc., under which Prime Infra will acquire a 60 percent equity stake in First Gen’s gas business. The transaction marks a significant development in the Philippine energy landscape, particularly for the country’s natural gas and energy security sectors.

Upon closing, Prime Infra will hold a majority interest in several of First Gen’s key gas-fired power assets: the 1,000 MW Santa Rita Power Plant, the 500 MW San Lorenzo Power Plant, the 450 MW San Gabriel Power Plant, the 97 MW Avion Power Plant, and the proposed 1,200 MW Santa Maria Power Plant. The agreement also covers the Interim Offshore LNG Terminal in Batangas City.

As consideration for the equity, Prime Infra has agreed to pay PHP 50 billion to First Gen, subject to customary closing adjustments and mutually agreed modifications. In addition, First Gen will be eligible to receive earn-out payments, contingent on the fulfilment of agreed performance conditions.

All the gas assets included in the deal are located in Batangas City, a strategic hub for the Philippines’ energy infrastructure. These assets are considered critical to national energy security and are seen as vital components in the transition to a low-carbon energy future.

Federico Lopez, chairman and CEO of First Gen, commented:
“Our partnership with Prime Infra—built on mutual respect—is a major step in our mission to forge collaborative pathways towards a decarbonised and regenerative future. We have always believed that natural gas is the most practical fuel to transition to renewable energy. Our continued involvement in LNG highlights its essential role in maintaining energy security while enabling the greater adoption of renewables. This partnership also provides First Gen with additional resources to pursue our expanding portfolio of renewable energy projects.”

Following the transaction, ownership of the Batangas gas-fired power plants will be divided with Prime Infra holding 60 percent and First Gen retaining 40 percent. For the LNG terminal, ownership will be shared between Prime Infra (60 percent), First Gen (20 percent), and Japan’s Tokyo Gas (20 percent).

The new partnership is expected to work closely with the Philippine government to enhance national energy independence and ensure a stable, secure supply of power to support the country’s development goals.

First Gen is the Philippines’ largest producer of renewable energy, contributing around 18 percent of the country’s total power generation. Prime Infra, meanwhile, is the majority shareholder in Manila Water Company, Inc. and the operator of the Malampaya deep-water gas-to-power project through Prime Energy, further reinforcing its position in the country’s energy and utility sectors.

For more information visit www.firstgen.com.ph

Neste, the world’s leading producer of sustainable aviation fuel (SAF), has commenced SAF production at its renewable products refinery in Rotterdam, the Netherlands. Following recent modifications, the facility is now capable of producing up to 500,000 tonnes of SAF annually, boosting Neste’s global SAF production capacity to 1.5 million tonnes (approximately 1.875 billion litres) per year.

This milestone marks a significant step in the company’s ongoing commitment to helping decarbonise the aviation sector.

Photo: Neste renewables refinery in Rotterdam

“It is clear that we need to continue making progress in mitigating climate change and addressing aviation’s climate impact. Neste is fully committed to supporting its customers in the aviation industry to reduce their greenhouse gas emissions, and this milestone underlines that commitment,” said Heikki Malinen, president and CEO of Neste. He further emphasised the importance of policy frameworks such as the ReFuelEU Aviation Regulation, stating that such mandates are critical for scaling up SAF production and adoption.

Neste’s SAF is produced from 100 percent renewable waste and residue raw materials, offering a direct way to reduce lifecycle greenhouse gas emissions by up to 80% compared to fossil jet fuel.

Continued Strategic Investment in Renewable Fuels

Alongside the SAF production launch, Neste is progressing with its major strategic investment project in Rotterdam. This expansion will more than double the site’s renewable fuel production capacity to 2.7 million tonnes per year, positioning it as the largest renewable diesel and SAF production facility in the world. Completion is expected by 2027.

Once the expansion is finalised, Neste’s total global renewable fuels production capacity will reach 6.8 million tonnes annually. Of that, up to 2.2 million tonnes will be dedicated to SAF, reinforcing the company’s role as a key enabler of the aviation industry’s energy transition.

In addition to Rotterdam, Neste produces SAF at its refineries in Singapore and Porvoo, Finland, strengthening its global supply network and positioning it to meet the increasing demand for low-emission solutions in aviation.

For more information visit www.neste.com

Wood, the global consulting and engineering firm, has been awarded a series of decarbonisation contracts valued at approximately $100 million to deliver flare gas reduction and carbon efficiency solutions across some of Iraq’s largest oil fields.

Under these agreements, Wood will provide brownfield engineering, procurement and construction, as well as modification services aimed at enhancing operational efficiency and significantly reducing environmental impact. The projects directly support Iraq’s national objective to cut gas flaring by 78 percent by the end of 2025.

With a long-standing presence in the region, Wood has an established track record of delivering decarbonisation initiatives for major operators in Iraq, including the implementation of the country’s largest flare gas reduction programme to date.

Commenting on the award, Ellis Renforth, president of operations for Europe, Middle East and Africa at Wood, said:“We are working in partnership with our clients to achieve Iraq’s energy ambitions and deliver a sustainable energy future for the country. Wood Iraq has extensive knowledge of our clients’ infrastructure, operations and goals, enabling them to improve operational efficiency and reduce the impact of gas flaring while maintaining critical production.”

The contracts will be executed by Wood’s teams based in Iraq and the United Arab Emirates, with plans to hire 60 additional employees to support the delivery of the work scope.

For more information visit www.woodplc.com

With over four centuries of history in storing virtually every conceivable commodity, Vopak has now made its first move into the electricity storage sector. Vopak Energy Storage Texas, a joint venture between Vopak North America and Sable Power & Gas, is officially operational—marking Vopak’s global debut in energy storage.

Located on a two-acre site in Damon, Texas, VEST consists of two energy storage systems with a combined capacity of 15 MWh (5 MWh and 10 MWh units). The facility is designed to provide short-term peak power and essential ancillary services, including operating reserves and frequency regulation, to enhance grid reliability and reduce the risk of outages. The site is fully interconnected with the Electric Reliability Council of Texas, the operator of the state’s electricity grid.

The project exemplifies one of Vopak’s core cultural values: courage.
“We are entering into new space with the storage of electricity,” said Maria Ciliberti, president of Vopak US and Canada. “We’re excited about this project – Vopak’s first of its kind globally – but we couldn’t do it without our partner, Sable Power and Gas.”

Leading the project for Vopak were Etienne Sturm, director New Energies; Zachary O’Farrell Huber, manager business development; and Robert “Buck” Bailey, operations and service manager. The idea for VEST emerged in late summer 2023 when Sturm and O’Farrell Huber were evaluating opportunities in long-duration energy storage. A timely opportunity arose via Ascend Analytics, a data-driven energy storage intelligence platform, offering Vopak the chance to take over a development project later named “Bar Bar.”

“The Executive Board (EB) at the time was encouraging us to develop a storage project, whether long- or short-duration,” recalled Sturm. “Shortly after discovering the opportunity through Ascend Analytics, we presented it to the EB, and they gave their approval.”

Crucially, the board had set a clear condition: Vopak would need to find a partner with both matching equity and proven expertise in the electricity markets. O’Farrell Huber, already familiar with Sable Power & Gas, saw a natural fit.
“One of the first names that came to mind for me was Sable Power and Gas,” he said. “I had worked with them in different roles across power transactions. We were already exploring the idea of them consulting for us, so transitioning to a full partnership made perfect sense.”

As with any complex infrastructure initiative, the project faced regulatory and logistical hurdles.“A major challenge was navigating the diverse regulatory requirements,” noted Bailey. “We also worked closely with CenterPoint Energy as they developed new standards for incorporating battery energy storage into their distribution systems.”

Despite the challenges, the collaboration between Vopak and Sable Power & Gas proved instrumental in moving the project from concept to commissioning. With VEST now officially contributing to ERCOT’s grid, Vopak has taken a bold and strategic step into a sector poised to play a central role in the energy transition.

VEST represents not just a technological milestone, but a broader symbol of Vopak’s willingness to evolve and lead in the face of changing energy demands—paving the way for a future powered by flexible, decentralised, and sustainable energy systems.

For more information visit www.vopak.com

TGE Gas Engineering has shared a significant update on the construction of the 197,000 m³ cryogenic ethylene tank for INEOS Project ONE in Antwerp, one of the most ambitious petrochemical infrastructure developments in Europe in the past two decades.

As part of the tank’s ongoing construction, the company has begun applying a total of 4,000 m³ of concrete to form the tank’s dome roof. Due to the immense scale of the structure, the concrete is being applied in two equal layers. The first layer has been successfully completed. To support the weight of the wet concrete during curing, the tank was pressurised internally until the material was sufficiently solid.

Preparations are now underway for the second layer of concrete, which has been divided into nine sections to ensure an optimal surface finish. This critical phase of the build is expected to continue over the coming weeks, with completion targeted for early summer 2025.

Following the finalisation of the concrete dome, the project will move into the next phase, which includes the installation of steel components, piping, and electrical systems.

Project ONE represents the largest single investment in the European petrochemical sector in over 20 years. With a capacity of 197,000 m³, the ethylene tank currently stands as the largest of its kind in Europe. TGE Gas Engineering expressed pride in contributing to such a landmark development and extended its gratitude to INEOS Belgium for the trust placed in the company to deliver this key infrastructure.

For more information visit www.tge-gas.com

Energy Transfer LP and MidOcean Energy, a liquefied natural gas company managed by EIG Global Energy Partners, have announced the signing of a Heads of Agreement for the joint development of the Lake Charles LNG project. The agreement was signed by Energy Transfer’s subsidiary, Energy Transfer LNG Export, LLC, and outlines key terms for collaboration between the two parties.

Under the non-binding HOA, MidOcean would contribute 30 percent of the project’s construction costs and receive a corresponding 30 percent share of LNG production—approximately 5.0 million tonnes per annum. The agreement also grants MidOcean the option to arrange its own gas supply for its portion of the output and includes a commitment to long-term gas transportation on Energy Transfer’s pipeline network.

The terms outlined in the HOA are contingent upon both parties reaching a final investment decision and meeting other customary conditions precedent.

Tom Mason, president of Energy Transfer LNG, expressed confidence in the partnership:“We are pleased to have MidOcean partner with us on our Lake Charles LNG project and we believe its participation will provide a significant catalyst towards reaching positive FID. MidOcean’s management team brings a wealth of LNG experience to the project. In addition, Energy Transfer and EIG already have an established relationship that will only be strengthened through this transaction.”

De la Rey Venter, CEO of MidOcean, highlighted the strategic value of the agreement:
“This agreement has the potential to transform MidOcean’s portfolio, providing a material volume of advantaged Atlantic Basin supply. This complements our current assets, which are all located in the Asia-Pacific Basin. Geographical diversity is a key enabler for value delivery from an LNG portfolio. MidOcean considers Lake Charles LNG to be one of the most advantaged US LNG projects under development. We look forward to a deep and fruitful multi-decade partnership with Energy Transfer.”

Should the project proceed to FID, the Lake Charles LNG export facility would be built on the site of an existing brownfield regasification terminal. The facility would utilise existing infrastructure, including four LNG storage tanks and two deep-water berths, as well as benefit from direct connectivity to Energy Transfer’s Trunkline pipeline system. This system links to multiple intrastate and interstate pipelines, providing access to major U.S. natural gas basins such as the Haynesville, Permian, and Marcellus.

Energy Transfer continues to be a key player in the US energy landscape, with a comprehensive presence across all major production regions. The collaboration with MidOcean Energy marks another step in expanding its LNG capabilities and leveraging strategic infrastructure to meet growing global energy demand.

For more information visit www.energytransfer.com

Jotun, the global leader in marine coatings, has announced the launch of HPS 2.0, the next evolution of its acclaimed Hull Performance Solutions. Presented to the shipping industry for the first time at Nor-Shipping in Norway, HPS 2.0 marks a significant advancement of the original HPS platform introduced in 2011.

The updated solution combines cutting-edge antifouling products, expert technical support, intelligent hull condition management, and credible performance guarantees. This comprehensive offering is tailored to suit specific trade patterns and environmental conditions, embodying Jotun’s “Tailored to trade™” approach.

“We are thrilled to present HPS 2.0, a testament to our Clean Shipping commitment and our focus on innovation that has been ongoing since 1926,” said Morten Sten Johansen, global category director for Hull Performance at Jotun. “This enhanced solution, consisting of products, services, data, and our credible performance guarantees, is designed to meet the evolving needs of our customers, ensuring optimal hull performance and supporting their ESG ambitions.”

Advanced Antifouling Technologies

HPS 2.0 features three newly introduced antifouling products, each engineered for distinct operational profiles:

• SeaQuantum X200: Designed for predictable trade routes, this flagship antifouling product has been applied to nearly 2,000 deep-sea vessels over the past 15 years. DNV has recently verified SeaQuantum X200’s average speed loss of just 1.0 percent based on ISO 19030-compliant data analysis.

• SeaQuantum XT: Developed for high-fouling intensity environments, this product leverages Jotun’s proprietary ActiCore™ technology, combining a unique in-house binder with a high-performance biocide package to provide robust protection in challenging waters.

• SeaQuest Endura II: Tailored for vessels operating in unpredictable trades, this tin-free, biocidal FRC incorporates Jotun’s Flexcure™ technology, delivering excellent levelling, fast curing, and high repairability.

A recent study presented by Jotun at Nor-Shipping 2025 highlighted the continued need for tailored antifouling technologies, noting that many ship owners are still not optimising hull performance. According to Johansen, “1 in 5 ship owners and operators are aware that they are not using the most effective antifouling coating for each vessel in their fleet today. The environmental and economic impact of optimising hull performance is substantial.”

In 2024, vessels coated with Jotun solutions were verified by DNV to have avoided 11.1 million tonnes of CO₂ emissions, equating to an estimated USD 2 billion in fuel savings.

Unrivalled Technical Service and Intelligent Monitoring

HPS 2.0 includes support from over 1,200 Jotun coating advisors worldwide, providing expert on-site assistance and bespoke recommendations to ensure high-quality coating application and vessel performance.

The solution also incorporates intelligent hull condition management, with access to Jotun’s HullKeeper platform. This tool uses ISO 19030-compliant data analytics to monitor vessel performance, minimise fouling, and reduce fuel consumption. Operators receive actionable insights to make faster, better-informed decisions regarding hull efficiency.

Credible Performance Guarantees

To ensure continuous operational efficiency, HPS 2.0 includes a dock-to-dock performance guarantee that maintains consistent hull efficiency between dry dockings. This guarantee reflects Jotun’s confidence in the system’s reliability and effectiveness.

With nearly a century of marine innovation, Jotun continues to develop advanced solutions that reduce emissions, save fuel, and protect biodiversity.

“In 2011, we revolutionised the industry with our groundbreaking HPS, moving from promised to proven performance,” said Johansen. “By introducing HPS 2.0, we continue that legacy with an even more comprehensive solution tailored to our customers’ specific trade requirements, solidifying Jotun’s role as the true home of hull performance.”

For more information visit www.jotun.no

Chane Terminal Botlek has successfully completed a significant infrastructure upgrade to support the enhanced storage, handling, and logistics of base oils for a key customer. Central to the development is the modernised tank pit 16, purpose-built to deliver greater speed, safety, and operational efficiency.

The upgrade includes the integration of five new base oil grades, the installation of six dedicated pipelines to the jetties, and the addition of extra pumps to streamline transfer processes. A key highlight of the project is the newly constructed truck loading station, featuring advanced capabilities that mark a new benchmark in terminal operations.

Loading bay 17 now showcases state-of-the-art technologies, including automatic license plate recognition, illuminated smart loading arms, and seamless data connectivity through Chane’s terminal management system. These features enable simultaneous loading of up to three trucks, delivering a faster, smarter, and more error-free operation.

Remy Kostense, senior improvement engineer at Chane, emphasised the collaborative nature of the project: “The best part of this upgrade has been the teamwork – both with the customer and across our internal teams. From the initial design to day-to-day operation, the impact of this collaboration is immediately visible. By involving Chane professionals on site from the very beginning, we ensure that systems are not only implemented effectively, but also supported and operated smoothly from day one. We are proud of the results and encouraged by the positive feedback we’ve received from our customer and operational teams.”

With this upgrade, Chane Terminal Botlek reinforces its commitment to delivering high-performance, future-ready logistics solutions for the base oil industry.

For more information visit www.chane.eu

Exolum has officially commenced aviation fuel storage and aircraft refuelling operations at the newly expanded Jorge Chávez International Airport in Lima, Peru, following the successful completion of a state-of-the-art fuel storage facility. This development marks a major milestone for air transport in Latin America, positioning the airport as home to the most technologically advanced fuel supply system in the region.

With an investment exceeding $100 million, Exolum has constructed a modern aviation fuel centre on a five-hectare site. The facility features four large storage tanks with a combined capacity of approximately 35,000 cubic metres, increasing the airport’s fuel autonomy from two days to eight. It also includes seven reception islands equipped with advanced filtration systems and six high-capacity pumps supplying a 10-kilometre underground hydrant network that services 130 aircraft stands across the apron.

The facility is fully automated and centrally operated, incorporating advanced safety, environmental protection, and prevention systems. Exolum will manage the infrastructure throughout the concession period, delivering efficient and sustainable fuel services through a high-efficiency electric pumping system. This technology significantly reduces the airport’s reliance on road-based fuel transport, contributing to lower CO₂ emissions. Additionally, the operation will include a new fleet of sustainable refuelling vehicles, many of which are fully electric, along with solar-powered fuel bowsers.

Strategically located, Jorge Chávez International Airport plays a vital role in Peru’s economic growth and regional connectivity. The airport, now occupying a 935-hectare site, is poised to triple its passenger capacity. It handled over 24 million passengers in 2024, a 15 percent year-on-year increase, and is projected to serve up to 40 million passengers annually, further strengthening its status as a regional aviation hub.

“Exolum’s participation in the Jorge Chávez International Airport project reinforces our footprint in Latin America and underlines our commitment to delivering innovative, sustainable solutions to the aviation sector,” said Jorge Guillén, aviation & Spain network lead at Exolum. “The technological advancements embedded in this facility will enhance Peru’s air connectivity and global competitiveness. With this infrastructure, Lima Airport is now better positioned to manage increasing volumes of passenger and cargo traffic, consolidating its role as a leading aviation hub in the region.”

For more information visit www.exolum.com

CVC DIF, the infrastructure strategy of global private markets investment firm CVC, has agreed to acquire a 49 percent stake in BALANCE Erneuerbare Energien, the biogas subsidiary of Leipzig-based energy company VNG AG. The strategic investment will be made through the DIF Infrastructure VII fund and is intended to support the continued expansion of BALANCE’s biogas operations.

Biogas is widely recognised as a critical element in the transition to a decentralised, renewable energy system. Unlike wind and solar power, biogas production is independent of weather conditions, making it a reliable and storable green energy source. BALANCE currently operates 42 biogas facilities across Northern and Eastern Germany, delivering a total installed rated thermal output of approximately 197 megawatts. This positions the company as one of Germany’s largest biogas plant operators, supplying renewable energy to over 180,000 households annually.

Ulf Heitmüller, CEO of VNG, welcomed the partnership with CVC DIF, stating: “We are pleased to have found in CVC DIF a partner that combines deep investment expertise with a strong commitment to active value creation. Our shared belief in the future of biogas and the strategic potential of BALANCE lays the groundwork for a successful collaboration. This partnership supports our ‘VNG 2030+’ strategy and strengthens our commitment to expanding our green gas portfolio as part of Germany’s energy transition.”

CVC DIF views the investment as a high-potential opportunity aligned with global decarbonisation efforts. Gijs Voskuyl, Managing Partner at CVC DIF, commented: “Biogas plays a pivotal role in the future of sustainable energy, particularly amid strong regulatory support across Europe. We see BALANCE as a high-quality platform with significant potential for long-term growth. Together with VNG, we aim to leverage our combined expertise to scale the business and deliver both sustainable impact and stable returns for our investors.”

The collaboration between VNG and CVC DIF reflects growing momentum in the biogas sector, where technological advances, policy incentives, and increasing demand for renewable gas are fuelling rapid development. Through this partnership, BALANCE is well positioned to enhance its operational footprint, invest in innovation, and play a leading role in decarbonising Germany’s energy system.

The transaction remains subject to approval by the relevant antitrust authorities. Once completed, the partnership is expected to serve as a catalyst for further investment in green energy infrastructure and accelerate the growth of biogas as a key contributor to Europe’s climate goals.

For more information visit www.cvc.com

Mr Montri Rawanchaikul, chief executive officer of PTT Exploration and Production Public Company Limited, participated in a signing ceremony in Muscat, Oman, to extend the Exploration and Production Sharing Agreement for Block 53 through to the year 2050. The agreement secures the continued operation of the Mukhaizna field, one of Oman’s major onshore oil fields, and underscores the commitment of all parties to strengthening the country’s energy sector and supporting long-term economic growth.

Also present at the ceremony were H.E. Salim Bin Nasser Al Aufi, minister of energy and minerals; Ms Vicki Hollub, president and chief executive officer of Occidental Petroleum; Mr Ashraf Al Mamari, group chief executive officer of OQ; and Mr Rashed Al Blooshi, director of non-operated assets at Mubadala Energy.

The extended EPSA agreement reflects the collaborative efforts of the key stakeholders to ensure energy security and sustainable resource development in Oman, while enhancing the performance and value of Block 53’s operations over the coming decades.

For more information visit www.pttep.com

SDS Separation Technology has announced a strategic collaboration with Evos Rotterdam B.V. to pilot its innovative carbon capture technology at Evos’ formaldehyde production facility in Rotterdam Europoort. The pilot project, set to commence in the second half of 2025, will see the installation and operation of SDS’s proprietary RotaScrub and RotaStrip system for a period of four to six weeks.

This initiative marks a significant step in demonstrating the effectiveness of SDS’s Point Source Carbon Capture solution, which has been specifically engineered to offer a lower-cost, smaller-footprint alternative to conventional carbon capture technologies. Designed to help industrial emitters address the growing challenge of carbon taxation, SDS’s solution is tailored to facilities with annual emissions of less than 100,000 tonnes—an often-overlooked segment that collectively accounts for an estimated 15 percent of industrial CO₂ emissions.

A Scalable Solution for Smaller Emitters

As the EU accelerates towards its goal of capturing 50 million tonnes of CO₂ annually by 2030, SDS is focusing on enabling small to medium-sized industrial emitters to take meaningful action. With strong interest already secured from the ceramics, paper, and chemical sectors, SDS is preparing for further pilots and deployments to support widespread decarbonisation efforts across Europe.

Proven Technology Applied to a New Challenge

The RotaScrub and RotaStrip system builds on SDS’s proven rotating absorption technology, which has been successfully deployed for natural gas separation and methanol scrubbing in both offshore and onshore applications. By leveraging this expertise in a new context—amine-based CO₂ absorption—SDS is bringing a familiar, well-understood chemical process into a more compact and efficient design.

Backed by Research and Policy Support

This pilot also benefits from ongoing technical validation in partnership with TU Delft, and is supported by a grant from the Dutch Topsector Energie programme. Furthermore, the project is reinforced by funding from the EU-backed Just Transition Fund in collaboration with the Rijnmond regional authorities, highlighting broad institutional support for practical and scalable decarbonisation technologies.

Driving Industrial Sustainability

The collaboration with Evos Rotterdam demonstrates both companies’ commitment to pioneering sustainable industrial operations. As SDS continues to advance its commercialisation efforts, this project represents a key milestone on the path to providing viable, decentralised carbon capture options for hard-to-abate sectors across Europe and beyond.

For more information visit www.sds-separation.com

Royal Vopak has announced the successful completion of the initial public offering of its Indian joint venture, Aegis Vopak Terminals Limited. The milestone marks a key achievement in Vopak’s strategic ambition to expand its presence in gas and industrial infrastructure.

AVTL began trading on 2 June 2025 on both the National Stock Exchange of India Limited and BSE Limited. The IPO was priced at INR 235 per share – the upper end of the previously announced price band – and raised INR 2,800 crore (approximately EUR 290 million) through the issuance of new equity shares.

The offering involved the issuance of 10.75 percent of new equity by AVTL. As a result, Vopak’s shareholding in the joint venture has been reduced from 47.31 percent to 42.23 percent. The transaction will result in an exceptional dilution gain of approximately EUR 110 million for Vopak, which will be reflected in its Q2 2025 financial results.

Dick Richelle, CEO of Royal Vopak: “We are very pleased with the successful realisation of AVTL’s IPO, a significant milestone reflecting the strong partnership and collaborative spirit between Aegis Logistics and Vopak. The IPO also successfully crystallizes value for Vopak shareholders and strongly supports Vopak’s strategy of expanding our portfolio of gas and industrial terminals. With continued investments in critical infrastructure we are helping the world flow forward.”

The IPO reinforces AVTL’s position in the Indian market and enables further investment in essential infrastructure, supporting the growing demand for energy and industrial logistics across the region.

For more information visit www.vopak.com

JERA Co., Inc. has announced its final investment decision for the Blue Point low-carbon ammonia production project in Ascension Parish, Louisiana, marking a major milestone in global efforts to accelerate the transition to cleaner fuels. The project, developed in partnership with CF Industries Holdings, Inc. and Mitsui & Co., Ltd., is set to become the largest ammonia production facility in the world, with a nameplate capacity of approximately 1.4 million tonnes annually.

Following the signing of a joint development agreement in April 2024, the partners have advanced their investment assessments, leading to this definitive commitment. The total investment in the project is expected to reach approximately USD 4 billion (around JPY 600 billion), with JERA taking a 35 percent stake. As part of its investment, JERA will also secure offtake rights, enabling the supply of low-carbon ammonia to markets across Europe, Asia, and other global regions.

The Blue Point facility will utilise natural gas as feedstock, integrating carbon capture and storage technology to capture, transport, and store CO₂ generated during production. Commercial operations are scheduled to commence in 2029.

Driving Forward Clean Energy Goals

Yukio Kani, JERA’s global CEO and chair, emphasised the strategic value of the partnership, stating: “Collaboration and partnership are at the heart of JERA’s strategy to achieve our business goals. While the U.S. remains the cornerstone market for JERA, this Blue Point project underscores our long-term commitment to expanding our presence with diversified and reliable energy projects. As we move forward, we will continue to accelerate the availability of fuel sources and develop their supply chains, driving meaningful progress toward a more stable and cleaner energy future.”

The Blue Point project forms a key part of JERA’s JERA Zero CO₂ Emissions 2050 initiative, which aims to fully decarbonise the company’s domestic and international operations. In addition to low-carbon fuels, JERA’s global strategy is built on a triad of clean energy solutions, including renewable energy and LNG.

Global Partnership to Build the Future of Energy

Tony Will, president and CEO of CF Industries, commented:
“CF Industries is proud to partner with global leaders JERA and Mitsui to build the leading low-carbon ammonia production facility in the world. Our joint venture represents tangible progress towards building a reliable and affordable low-carbon ammonia value chain to meet what we expect to be robust global demand for both traditional and new applications.”

Kenichi Hori, president and CEO of Mitsui & Co., Ltd., added:
“We are excited to announce the achievement of this significant milestone together with CF Industries and JERA. Mitsui will establish a low-carbon ammonia value chain worldwide by leveraging our presence in the US gas value chain—from natural gas to chemicals—and our proven track record in global ammonia trading. We aim to lower carbon emissions across various industries through investment in projects of this kind.”

With this final investment decision, JERA and its partners take a critical step toward building a commercially viable, low-carbon ammonia value chain—providing scalable solutions to decarbonise industrial processes and power generation, and strengthening global energy security for the decades ahead.

For more information visit www.jera.co.jp

OMV Petrom, the largest integrated energy producer in South-Eastern Europe, has announced the successful restart of fuel production at its Petrobrazi refinery, following a scheduled 20-day shutdown for maintenance and inspection.

The planned outage enabled the company to conduct essential maintenance activities, equipment upgrades, and inspections across key installations. Catalysts and several components were replaced as part of an ongoing programme to enhance operational efficiency and environmental performance.

“These planned activities involved maintenance works and investments of around 20 million euro and reflect our commitment to produce fuels responsibly, with care for the people, the environment, and the community. We thank the community for its support and trust, and our partners for their dedication and professionalism,” said Radu Căprău, member of the executive board of OMV Petrom, responsible for Refining and Marketing. “Every day, we remain committed to ensuring that the Petrobrazi refinery — a pillar of the regional economy for over 90 years — continues to stand as a model of safe and responsible operations.”

Among the key tasks completed during the shutdown was the replacement of the catalyst in the diesel hydrotreater unit, along with other catalyst changes across various installations, ensuring continued compliance with stringent fuel quality standards.

Regular inspections and maintenance works are a core part of OMV Petrom’s operational strategy, typically carried out every two years. Activities during this shutdown included cleaning and servicing of the DAV unit — the atmospheric and vacuum distillation unit critical to gasoline and diesel production — as well as the coker unit.

To execute the maintenance programme, the refinery team was supported by over 25 main contractors and more than 50 subcontractors, with an average daily workforce of approximately 1,300 people on-site.

In total, over 230 pieces of equipment, 350 pipelines, and 650 reinforcements were inspected and repaired, reinforcing Petrobrazi’s capacity to continue operating safely, efficiently, and with care for the environment.

For more information visit www.omvpetrom.com

XL Batteries, a Massachusetts-based energy storage innovator, has announced the successful commissioning of its first fully integrated, commercial-scale Organic Flow Battery™, marking a significant breakthrough in grid-scale long-duration energy storage. Deployed in collaboration with Stolthaven Terminals, a global provider of storage solutions for bulk liquids and gases, this paid pilot project represents the first real-world application of XL Batteries’ groundbreaking technology.

The project, installed at Stolthaven’s Houston terminal, validates the commercial viability of XL Batteries’ Organic Flow Battery technology, which has been specifically designed to overcome the limitations of existing LDES solutions. The system demonstrates a compelling combination of safety, low cost, extended duration, and operational reliability—key criteria for modern grid-scale energy storage.

Photo credit: XL Batteries

Addressing Industry Challenges with a Safer, Scalable Solution

As the energy sector grapples with the growing need for resilient, decarbonised power infrastructure, many traditional battery technologies remain costly, geographically constrained, or reliant on toxic or rare materials. XL Batteries’ patented organic electrolyte molecule, combined with a proven flow battery architecture, offers a transformative alternative. The company’s technology is designed to serve a wide range of applications, from utilities to independent power producers (IPPs) and industrial energy users.

The installation at Stolthaven is expected to support the terminal’s energy needs for the next 20 years and may offer future benefits such as energy storage close to operations and shore power supply for visiting ships.

Leadership Perspectives

“This commissioning of our safe, low-cost, and reliable grid-scale battery represents a pivotal milestone—not only for our company but for the entire industry,” said Tom Sisto, CEO and co-founder of XL Batteries. “We’re proud to deliver a scalable LDES solution that supports Stolthaven Terminal’s operations while contributing to the advancement of U.S. energy security and resilience.”

Guy Bessant, president of Stolthaven Terminals, added: “The installation of the first-ever industrial-scale Organic Flow Battery™ at our Houston terminal is an exciting milestone in our sustainability journey and that of our industry. Long-term energy storage solutions are critical to the global energy transition. XL Batteries shares our vision for innovation and collaboration in creating future-proof energy solutions, and this project is a true example of how strategic partnerships can drive real progress.”

Path to Commercial Scaling

The pilot project offers XL Batteries valuable performance data under operational conditions, enabling final design decisions ahead of large-scale commercial rollout. With its proven technology and demonstrated market readiness, XL Batteries is well-positioned to expand its footprint and deliver a cost-effective, sustainable solution to meet the growing demand for long-duration energy storage.

For more information visit www.xlbatteries.com

Shell Nigeria Exploration and Production Company, a subsidiary of Shell plc, has signed an agreement with TotalEnergies EP Nigeria Limited to acquire its 12.5 percent interest in the OML 118 Production Sharing Contract (OML 118 PSC). The agreement, signed on 28 May, will increase Shell’s total interest in the offshore asset from 55 percent to 67.5 percent upon completion.

OML 118 is located offshore Nigeria and includes the prolific Bonga field. SNEPCo is the operator under the PSC and currently produces from the Bonga field via the Bonga Floating Production Storage and Offloading vessel. In December 2024, the company announced the development of the Bonga North field — a key component of its growth strategy in Nigerian deep-water assets.

Peter Costello, president of Shell’s Upstream business, commented:
“Following our final investment decision on Bonga North last year, this acquisition brings another significant investment in Nigeria deep-water that contributes to sustained liquids production and growth in our Upstream portfolio.”

The transaction remains subject to regulatory approvals and other standard closing conditions, and is expected to be completed before the end of 2025.

The move further reinforces Shell’s long-term commitment to Nigeria’s energy sector and strengthens its position as a leading operator in the region’s deep-water oil and gas industry.

For more information visit www.shell.com

TotalEnergies has confirmed the successful closing of three major acquisitions following agreements signed in 2024, reinforcing its multi-energy strategy and expanding its global renewables footprint. The company completed the acquisition of VSB Group, a European wind and solar developer with significant operations in Germany, and SN Power, a specialist in hydropower development in Africa. Additionally, TotalEnergies announced new agreements with RES to acquire renewable energy projects in Alberta, Canada, alongside the closing of its first project in the region.

Europe: Strengthening the Integrated Electricity Business with the Acquisition of VSB

With the completion of the acquisition of VSB Group, TotalEnergies has significantly bolstered its integrated electricity business in Germany, a market which represents approximately half of VSB’s development portfolio. This move complements the company’s recent investments in battery storage company Kyon Energy and energy trader Quadra Energy, as well as its offshore wind assets in German waters.

The VSB acquisition brings a pipeline exceeding 15 GW, pushing TotalEnergies’ total renewables pipeline in Europe to over 40 GW. In addition to this expansion, the company has initiated the divestment process of the Puutionsaari wind and solar project (440 MW) in Finland, developed by VSB, as part of a strategy to refocus on priority European markets.

Africa: Advancing a Multi-Energy Strategy through SN Power Acquisition

In Africa, TotalEnergies finalised the acquisition of SN Power, a developer focused on hydropower, particularly in Uganda. This move supports the company’s broader multi-energy approach in the region, where it is already active in oil and gas exploration and production. Through the acquisition, TotalEnergies has secured a 28.3 percent stake in the operational 225 MW Bujagali hydropower plant, which supplies over 25 percent of Uganda’s peak electricity demand. The deal also includes stakes in two additional projects under development in Rwanda (206 MW) and Malawi (360 MW), and brings onboard a team of hydropower experts to enhance the company’s capabilities in the sector.

Canada: Expanding Renewables Portfolio in Alberta

In North America, TotalEnergies has signed agreements with RES to acquire more than 800 MW of wind and solar projects in Alberta. The company also closed the acquisition of Big Sky Solar, a 184 MW solar facility commissioned in February 2025. Over two-thirds of the power generated by Big Sky Solar will be sold via a long-term power purchase agreement (PPA), while the remainder will be marketed directly by TotalEnergies. The company will also manage and sell the carbon credits generated by the project under Alberta’s regulated carbon emissions framework.

Strategic Impact on TotalEnergies’ Renewable Ambitions

Commenting on the acquisitions, Stéphane Michel, president of gas, renewables and power at TotalEnergies, stated: “The completion of these three acquisitions in Europe, North America and Africa will contribute to our targets of 35 GW of gross renewable capacity by 2025 and over 100 TWh of electricity production by 2030. These acquisitions strengthen our operations in key markets where we are deploying our Integrated Power business, like Germany and North America, and in countries such as Uganda, where we can leverage synergies with our exploration and production activities. Furthermore, they will contribute to our cash flow growth and support our ambition of achieving a 12 percent profitability target in the electricity segment.”

The acquisitions underscore TotalEnergies’ commitment to accelerating the global energy transition by expanding its presence in strategic markets and investing in diversified renewable energy sources.

For more information visit www.totalenergies.com

Permastore has received formal approval under Regulation 33(3)(a) of The Public Water Supplies (Scotland) Regulations 2014, allowing its stainless-steel tanks to be used within the public water supply in Scotland. The approval, issued by the Scottish Government and confirmed by the Drinking Water Inspectorate (DWI) in March, permits the use of Permastore tanks for drinking water, washing, cooking, and food preparation.

This latest certification marks the culmination of Permastore’s investment in gaining DWI approvals for its stainless-steel tanks, which are now fully authorised for use across the United Kingdom — including England, Wales, Scotland, and Northern Ireland.

With this final regulatory approval in place, Permastore can now offer its complete portfolio of tank solutions — including Glass-Fused-to-Steel Trifusion®, Epoxy Fusion® V1100, and Stainless-Steel tanks — for public water supply applications through its network of UK distributor partners.

Chris Hundsdoerfer, director at Reliant Installations, commented:
“This new approval is a great achievement, allowing us to offer Permastore’s Stainless Steel DWI-approved tanks alongside the tried and tested DWI-approved Trifusion® GFtS and Epoxy Fusion® V1100 tank options. This completes the line-up and enables us to provide clients with a diverse range of DWI-approved storage solutions to suit their specific needs.”

Johnathon Brook, engineering & design director at Permastore, added:
“‘Protecting What Is Important’ is a core principle at Permastore, and it is exemplified by our ability to deliver safe and clean drinking water solutions. As Engineering & Design Director, I am proud to lead the team responsible for achieving and maintaining these vital regulatory approvals.”

The approval strengthens Permastore’s position as a trusted supplier of water storage solutions, reinforcing its commitment to quality, compliance, and public health across the UK water sector.

For more information visit www.permastore.com

Vallourec, a global leader in premium seamless tubular solutions, has received a notice of award from SONATRACH, Algeria’s National Oil and Gas Company, to supply Oil Country Tubular Goods for upcoming drilling operations. The contract will see Vallourec deliver carbon steel OCTG threaded with its renowned VAM® premium connections, widely recognised as the benchmark in the Algerian market.

Deliveries under the contract are scheduled for 2025 and 2026, with the agreement expected to generate revenues exceeding $250 million for Vallourec. The award further strengthens the long-standing partnership between Vallourec and SONATRACH, built on a foundation of advanced technical solutions and consistent operational excellence across the region.

Manufacturing for the project will be carried out across Vallourec’s global production network, with facilities in Brazil, China, France, and Indonesia contributing to the order. This international footprint ensures Vallourec can deliver high-quality products while offering the flexibility and reliability required to meet SONATRACH’s complex supply chain and performance needs.

Commenting on the award, Laurent Dubedout, senior vice president OCTG, Services and Accessories at Vallourec, said:“This notice of award further establishes Vallourec’s leadership in North Africa, a key region for our premium OCTG solutions. SONATRACH’s continued confidence in VAM® connections, based on years of successful field performance, highlights the value we bring to its projects. Thanks to our global industrial footprint, we continue to support our customer in optimising their drilling operations while maintaining the highest standards of quality and reliability.”

The contract reinforces Vallourec’s strategic position in the North African energy sector and underscores its commitment to delivering reliable, high-performance tubular solutions for the region’s most demanding oil and gas projects.

From more information visit www.vallourec.com

Metso has signed an agreement to sell its Ferrous business to SMS group, a global provider of technology and services in plant construction and mechanical engineering for the metals industry. The divestment includes technologies such as the travelling grate pelletising and the Circored™ direct reduction process, along with the associated service business.

As part of the transaction, approximately 180 employees — primarily located in Germany, India and China — are expected to transfer to SMS group upon the deal’s completion. The closing of the transaction is subject to regulatory approvals and is anticipated to take place in the first quarter of 2026.

The divested businesses, excluding related services, have been reported as discontinued operations in Metso’s financial disclosures since October 2023. The parties have agreed not to disclose the value of the transaction. According to Metso, the deal will not have a material impact on its profit and loss.

Commenting on the agreement, Piia Karhu, president of Metso’s Minerals business area, said:“SMS group is a great home for the ferrous technologies. It can offer both focus and scale for these businesses and hence capitalise on their full potential together with the strong team that is committed to further develop these technologies for the benefit of the customers.”

Thomas Hansmann, chief technology officer of SMS group, added:
“We are very pleased to add these future technologies to our product portfolio, including the respective know-how carriers. The intention is for the Circored™ technology to help us pursue our ambition to be a leading partner in the green transformation of the metals industry.”

Metso has also made additional decisions concerning the remainder of its Ferrous and Heat Transfer and Metals and Chemical Processing businesses, which have also been reported as discontinued operations. The company will retain those businesses with a positive market outlook and strong synergies with its existing copper and battery minerals operations. The remaining businesses, for which no strategic fit has been identified, will undergo a planned wind-down. The retained units will be integrated into Metso’s Minerals segment.

Metso originally announced its intention to divest the Ferrous and Heat Transfer and Metals and Chemical Processing businesses in March 2023.

For more information visit www.metso.com

Liquin has reached a major milestone in its sustainability journey by achieving its long-term carbon reduction target six years ahead of schedule. The company, which has been actively implementing projects to improve energy efficiency and reduce its environmental footprint, originally aimed to cut carbon emissions by 42 percent by 2030. Thanks to a series of innovative initiatives, that goal was met in 2024.

Real-Time Monitoring Through Live Dashboards
Central to Liquin’s energy-saving efforts has been the introduction of live dashboards, including its flagship Energy Control Room. These tools provide continuous updates on energy and utility consumption across all terminals, enabling engineers to track daily performance and identify anomalies. Each week, representatives from Liquin’s terminals review the data, investigating unusual fluctuations and comparing consumption against projected and actual costs. This system has played a crucial role in shaping and driving many of the company’s sustainability efforts.

Efficiency Gains at Botlek Terminal
A key focus area has been the Botlek Terminal, Liquin’s largest site. One of the terminal’s most impactful projects centred on reducing steam usage by exploring more efficient operational methods. The initiative began with in-depth data analysis and critical questioning of current practices, such as evaluating whether heating systems needed to maintain specific temperatures year-round.

The multi-phase project involved extensive testing to ensure operational continuity while optimising the steam network. By shutting down parts of the system during warmer months and reorganising its layout, Liquin significantly reduced gas usage—resulting in a remarkable 60 percent cut in CO₂ emissions at the site over two years.

Surpassing the 2030 Emissions Target
The emissions reduction at Botlek made a major contribution to Liquin’s overall sustainability performance, helping the company meet its 2030 emissions target by 2024. Set in 2021, the original goal of a 42 percent carbon reduction reflected Liquin’s commitment to environmental responsibility and aligned with broader climate targets.

Overcoming Infrastructure Challenges
One of the challenges Liquin faced in reducing emissions was network congestion in the Port of Rotterdam, where existing electrical infrastructure limits the potential for large-scale electrification. While electrification is often the preferred route for emission reduction, Liquin has had to explore alternative methods due to capacity constraints. These limitations prompted the company to adopt more intelligent, adaptive strategies to cut emissions without relying solely on electricity.

Shifting the Company Mindset
Beyond the measurable outcomes, the success of Liquin’s sustainability programme has triggered a cultural shift within the organisation. The early achievement of its emissions target has heightened awareness of energy usage and embedded sustainability into the company’s operational mindset. This transformation is now influencing the planning and execution of new projects and business decisions.

Encouraged by this momentum, Liquin is now looking ahead, preparing to set even more ambitious goals for 2030 and beyond, in line with the Science Based Targets initiative (SBTi). The company’s experience demonstrates how innovative thinking, data-driven decision-making, and a commitment to continuous improvement can deliver meaningful progress in the transition to a more sustainable future.

For more information visit www.liquin.com

Cheniere Energy, Inc. has announced that its subsidiary, Cheniere Marketing, LLC, has entered into a long-term Integrated Production Marketing gas supply agreement with Canadian Natural Resources Limited. This strategic deal strengthens Cheniere’s upstream gas portfolio in support of the Sabine Pass Liquefaction Expansion Project (SPL Expansion Project), which is currently under development.

Under the terms of the agreement, a subsidiary of Canadian Natural Resources Limited will supply 140,000 MMBtu per day of natural gas to Cheniere Marketing for a duration of 15 years, beginning in 2030. Canadian Natural Resources Limited will act as the guarantor for the deal. The natural gas will be converted into approximately 0.85 million tonnes per annum of liquefied natural gas, which will be marketed by Cheniere Marketing.

The pricing structure is linked to the Platts Japan Korea Marker, with adjustments to account for fixed LNG shipping costs and a fixed liquefaction fee. The agreement remains contingent upon Cheniere making a positive Final Investment Decision on the SPL Expansion Project.

The SPL Expansion Project is set to add up to approximately 20 mtpa of LNG production capacity at the Sabine Pass facility in Louisiana, including potential capacity gains from debottlenecking.

This agreement marks another milestone in Cheniere’s integrated gas strategy and reflects growing demand for long-term, JKM-linked LNG supply as global markets increasingly seek reliable and flexible energy solutions.

For more information visit www.cheniere.com

For more information visit www.stolt-nielsen.com

North Atlantic, a long-standing energy industry player with nearly four decades of operational experience in Atlantic Canada, has announced its strategic move into the French market with the planned acquisition of an 82.89 percent interest in Esso S.A.F. from ExxonMobil. The company aims to build upon ExxonMobil’s legacy in France by investing in and modernising one of Western Europe’s largest integrated chemical and refining complexes.

Located in the Normandy region on a 1,500-acre site, the Gravenchon facility includes two distillation trains, various conversion units, and associated logistics infrastructure. It currently has the capacity to process approximately 230,000 barrels of crude oil and feedstocks per day. This makes it France’s second-largest refinery and a key energy asset for the region.

North Atlantic’s strategy centres on increasing capacity, unlocking further value, and transforming the site into a future-oriented green energy hub. The company plans to leverage existing infrastructure to support low-carbon fuel production and renewable energy deployment. As part of the transition, North Atlantic has committed to maintaining current employment levels and compensation structures.

Ted Lomond, president and CEO of North Atlantic and president of North Atlantic France, commented:“This is a pivotal moment for North Atlantic as we enhance our transatlantic presence and commitment to energy security through innovative energy solutions aligned with global energy needs. Integrating the capabilities of the highly skilled and experienced professionals in France with our operational excellence in Canada demonstrates our commitment to growing North Atlantic into a premier transatlantic energy company.”

Simon Fenner, CEO of North Atlantic France, added:“We are eager to consolidate Gravenchon’s role as a vital centre of French energy and industry for decades to come. We see tremendous opportunity to grow the refinery complex with a strong commitment to being a long-term, responsible steward—aligned with France’s priorities for energy security, industrial resilience, and decarbonisation.”

Transaction Details

The proposed acquisition values Esso S.A.F. at a base price of €422 million for 100 percent of the shares, with a per-share price of €149.19 before any pre-acquisition distributions. Adjusted for an anticipated distribution of approximately €116.36 per share, the effective share price would be €32.83.

Key price adjustments include:

• Cash distributions made before the transaction closes.

• Ticking fee interest accrued on two base amounts, totalling €1.31 billion, from March 2, 2025, to the deal’s completion.

• Inventory adjustments based on the valuation difference for 10 million barrels of crude oil between December 31, 2024, and the closing date.

ExxonMobil also intends to facilitate further cash distributions before closing, including up to €63.36 per share in addition to a proposed €53 dividend per share, subject to shareholder approval.

Timeline and Tender Offer

Subject to regulatory approvals and financing arrangements, the acquisition is expected to be completed in Q4 2025. Following this, North Atlantic plans to file a mandatory tender offer for the remaining Esso S.A.F. shares on the same financial terms. If conditions permit, the company intends to pursue a squeeze-out process. The tender offer is projected for Q1 2026.

This acquisition marks a major milestone for North Atlantic, significantly expanding its international footprint and positioning the company to play a leading role in advancing France’s energy transformation and industrial sustainability goals.

For more information visit www.northatlantic.ca

Wood has been awarded a three-year contract to provide specialist technical support to Petroleum Development Oman, the country’s leading oil producer.

As part of the agreement, a team of 65 engineering and project management professionals from Wood will join PDO’s front-end engineering design office. The team will support the delivery of complex energy transition and carbon capture initiatives projects that are central to PDO’s forward-looking strategy.

The group will be predominantly composed of Omani nationals, in line with Wood’s commitment to the development of local talent. These professionals will be backed by Wood’s global network of experts, bringing extensive experience in delivering feasibility studies, pre-FEED, and FEED solutions across the oil production value chain.

Gerry Traynor, president of Eastern Hemisphere projects at Wood, commented:
“This new contract with Petroleum Development Oman highlights our dedication to delivering high-quality, assured project outcomes for our clients’ most critical investments.“ Our decades of experience in the region, coupled with our expanding portfolio, offer exciting opportunities for our people to provide exceptional engineering and project management services to energy companies such as PDO, which are focused on securing the energy future.”

The reimbursable contract comes amid a period of sustained growth for Wood in the Middle East. In 2024, the company secured contracts in the region worth a total of USD 920 million.

For more information visit www.woodplc.com

NesmaKent Energy Company, the joint venture between Nesma & Partners and global engineering specialist Kent, has signed a landmark contract with Aramco to commence phase one of the National EPC Champion Initiative. This milestone marks the beginning of the first Engineering and Construction Management Services Contract, solidifying NesmaKent’s position as a key partner in developing Saudi Arabia’s energy infrastructure.

The first project under this strategic agreement will focus on enhancing water handling facilities in the South Ghawar Area. This initiative aligns with Aramco’s broader strategy to sustain crude oil production and meet its Maximum Sustainable Capacity objectives. NesmaKent will leverage its strengths in engineering, procurement, and construction management services to ensure the project’s efficient delivery while minimising operational disruptions.

Contributing to National Energy and Economic Goals

The National EPC Champion Program, launched by Aramco, aims to strengthen Saudi Arabia’s economy by supporting job creation, advancing local content, and increasing GDP contribution. NesmaKent’s participation brings a unique value proposition by blending local capability with global engineering standards. The company’s approach will benefit the programme in several key areas:

• Seamless Project Integration: NesmaKent will streamline the transition from Design Basis Scoping Paper to Front-End Engineering Design, reducing traditional bidding timelines and enabling early planning of critical project phases to accelerate delivery.

• Operational Excellence and Risk Management: Integrated risk solutions, strategic communication, and contract management frameworks will enhance accountability, coordination, and project efficiency.

• Knowledge Transfer and Workforce Development: As part of its commitment to Saudisation and in-Kingdom Value Addition, NesmaKent will introduce comprehensive training programmes and knowledge-sharing platforms to empower the national workforce.

• Advanced Execution Technologies: The deployment of digital tools will optimise project execution and resource management across the lifecycle, aligning operations with international best practices.

• Sustainability Integration: The initiative will support Saudi Vision 2030’s environmental objectives by promoting sustainable practices and renewable energy adoption.

• Strengthening Local Supply Chains: By integrating regional capabilities, NesmaKent will help bolster local supply chain resilience and drive industrial diversification.

Transforming Saudi Arabia’s Energy Landscape

This partnership with Aramco reflects NesmaKent’s broader ambition to redefine engineering and project delivery in the Kingdom. By adopting forward-looking strategies and leveraging cutting-edge technologies, the company aims to set new standards in EPCM services.

“Our partnership with Aramco under the National EPC Champion Programme reflects our unwavering commitment to excellence, innovation, and sustainability,” said Ahmad Hamadah, general manager at NesmaKent. “With a combination of local market knowledge and world-class engineering expertise, we are not only delivering projects but actively shaping the future of Saudi Arabia’s energy sector.”

This agreement reinforces NesmaKent Energy’s growing leadership in Saudi Arabia’s energy industry, cementing its role as a trusted partner in advancing industrial growth, sustainability, and national development.

For more information visit www.nesma-partners.com

As part of its performance improvement programme announced on 13 February 2025, Neste has taken significant strategic steps aimed at sharpening its focus on core operations and enhancing overall efficiency and profitability. The company is streamlining its development portfolio, global operations, and organisational structure across multiple areas.

The global change negotiations have now concluded. Following these discussions, Neste will simplify its operating model and increase internal efficiency. As a result, approximately 510 positions will be discontinued globally, including 370 in Finland. Through these changes, the company aims to achieve total annual cost savings of around EUR 65 million. Neste has committed to providing comprehensive support to affected employees to help them navigate the transition.

Commenting on the development, Heikki Malinen, president and CEO of Neste, stated:
“Our current market environment is very challenging, and our financial performance has been unsatisfactory. While decisions that impact our employees are never easy, decisive action is required to improve our profitability and the cost-competitiveness of our operations. We are committed to supporting our employees in various ways during this process.”

Through its broader performance improvement programme, Neste is targeting an improvement in its EBITDA run rate of EUR 350 million by the end of 2026. Of this, EUR 250 million is expected to come from reductions in operational costs. The programme centres on commercial acceleration, supply chain optimisation, enhanced refinery performance and safety, external cost reductions, and a more streamlined operating model.

For more information visit www.neste.com