Canadian company Pembina Pipeline Corp. says it is going ahead with a $4.5-billion joint venture with Kuwait's Petrochemical Industries Co. to build an integrated propane dehydrogenation plant and polypropylene upgrading facility northeast of Edmonton.
The project to turn propane into plastic will help deliver world prices to land-locked western Canadian oil and gas producers, CBC reported.
The plants' plastic pellets will be sent by rail and shipping containers to manufacturers around the world to be turned into recyclable products used in automobiles, medical devices, food packaging and home electronic appliances.
"Sanctioning of the PDH/PP facility is the largest step taken to date by Pembina in executing its strategy to secure global market prices for customers' hydrocarbons produced in Western Canada, and provides another exciting platform for future growth," said Pembina CEO Mick Dilger in a news release.
Petrochemical Industries CEO Mohammed Abdullatif Al-Farhoud added in the same release that the facility is "ideally aligned with PIC's continued pursuit of sustainable and globally diversified growth."
Nemaska Lithium (TSE: NMX) announced on Monday it has terminated a multi-year supply agreement with Livent Corporation that would cost the Quebec company up to $20m to settle.
Iranian scientists could manufacture ultracentrifuges with the capability of spinning 60,000rpm, to become the third nation with the needed hi-tech to manufacture such centrifuges after the US and Japan.
Australia’s largest gold producer, Newcrest Mining (ASX: NCM) is selling its Séguéla gold project and its portfolio of 11 exploration tenements in Côte d’Ivoire to Canada’s Roxgold (TSX: ROXG) in a deal valued at $30 million.
Shares in Canada’s First Quantum Minerals (TSX:FM) were up after announcing that it has signed a new $2.7-billion term loan and revolving credit facility, replacing the existing $1.5 billion one.
Iran’s Intelligence Ministry announced on Sunday that it has disbanded a ring of economic saboteurs responsible for disrupting the country’s domestic market of petrochemical products.
Teck Resources, (TSX:TECK.A | TECK.B)(NYSE:TCK), Canada’s largest diversified miner, announced late on Thursday it expected fourth-quarter profits to be significantly below estimates, due to the low price of Canadian oil at the end of 2018, issues at its operations in Trail, B.C., and a decline in commodity prices.