![]() “With this MOU, GlassPoint is entering a new phase of growth to help decarbonize a range of industries seeking to lower their carbon footprint.” This facility when built will be the largest industrial solar steam plant in the world and the first deployed in both Saudi Arabia and in the aluminium supply chain,” said Rod MacGregor, CEO and founder of GlassPoint. “MA’ADEN is leading the way to reduce industrial carbon emissions at scale by replacing fossil fuels with solar power to create heat. Alumina is a critical feedstock to Aluminium, which is one of the world’s most crucial metals for many global industries going into a future that is focused on environment and sustainability.” The steam will be used to refine bauxite ore into alumina. Riyadh Al Nassar, SVP Aluminium SBU of MA’ADEN stated: “The proposed new facility, a solar thermal plant known as MA’ADEN Solar 1, will be located in Ras al Khair, Kingdom of Saudi Arabia, and will harness the power of the sun to produce steam. As the world moves towards green aluminium, MA’ADEN intends to help lead the way in this transition.” This significant development will dramatically reduce our carbon footprint and bring us closer to our mandate of carbon neutrality by 2050. Robert Wilt, stated: “As the third pillar of the Saudi economy, we aspire to be a role model in ESG in the Kingdom. The MOU was signed at MA’ADEN HQ in Riyadh, Saudi Arabia by Riyadh Al Nassar, senior vice president of MA’ADEN’s aluminium business and Rod MacGregor, CEO and founder of GlassPoint, witnessed by Robert Wilt, CEO of MA’ADEN and Jacob Drejer, CCO of GlassPoint. This represents more than 50% reduction of carbon footprint in MA’ADEN’s Alumina refinery and 4% of MA’ADEN’s overall carbon footprint. When complete, the 1,500 MW solar steam facility will help MA’ADEN achieve sustainability goals by reducing carbon emissions by over 600,000 tons annually. The rising importance of alternative energy in China, especially in the automotive industry, has led to a surge in demand for innovative battery materials for a range of applications.Saudi Arabian Mining Company (MA’ADEN) and GlassPoint have entered into a Memorandum of Understanding to develop the world’s largest solar process heat plant at MA’ADEN’s Alumina refinery. The partners are also jointly exploring new business opportunities in battery materials. We aim to create further value by extending this partnership,” added Dai Hou-Liang, chairman of the Board and the president of SINOPEC Incorporation. “With the strengthened cooperation between Sinopec and BASF, we will provide high-quality chemicals that can enhance the quality of life for the general consumers and add oil to better living. Martin Brudermueller, chairman of the Executive Board of Directors, BASF SE. ![]() “This additional investment into a new steam cracker and the expansion of our BASF-YPC joint venture in Nanjing underline the strong partnership between SINOPEC and BASF and the commitment to our customers in China,” said Dr. At a Verbund site, plants are interconnected in order to utilize products, by-products and energy in the most efficient way, to save costs and minimize environmental impact. Both BASF-YPC and YPC will have access to all of the products of the new steam cracker to develop their downstream product portfolios.Īdditionally, the basic chemicals provided by the new steam cracker enable BASF and SINOPEC to expand production capacity at BASF-YPC, their existing integrated joint venture “Verbund” site in Nanjing. SINOPEC Yangtzi Petrochemical (YPC) will invest the other 50%. Additionally, the two companies will jointly explore new business opportunities in China’s fast-growing battery materials market.Īccording to the MoU, BASF-YPC will invest in a 50% stake to build a second steam cracker with a capacity of 1,000,000 metric tons of ethylene per year. ![]() ![]() A joint pre-feasibility study will be concluded by the end of 2018. The partners intend to build an additional steam cracker and to further expand their existing 50/50 joint venture, BASF-YPC Company, Limited (BASF-YPC). BASF and SINOPEC signed a Memorandum of Understanding in Beijing to further strengthen their partnership in upstream and downstream chemical production in China.
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