Latest news with #FEED
Business Recorder
2 days ago
- Business
- Business Recorder
ARL signs agreement with STP Studi Technologie Progetti of Italy
ISLAMABAD: Attock Refinery Ltd (ARL) on Wednesday signed an agreement for Front End Engineering Design (FEED) and Project Management Consultancy (PMC) for refinery upgradation project with STP Studi Technologie Progetti of Italy. Carlo Gustavo Lombardi, CEO, STP and Adil Khattak, CEO, ARL signed on behalf of their companies. This is an important milestone towards ARL's goal of value addition and environment friendly production. ARL has already completed Licensor FEED studies for addition of Continuous Catalyst Regeneration (CCR) Unit and Revamp of Diesel Hydro Desulfurization Unit by UOP/ Honeywell of USA under it's major upgradation project at an estimated project cost of upto $600 million. Copyright Business Recorder, 2025
Borneo Post
3 days ago
- Business
- Borneo Post
PETRONAS, MISC and MOL to advance cross-border CO2 transportation
The three parties have recently completed the front-end engineering design (FEED) for a 62,000 cubic metre LCO2 carrier, which was awarded to SDARI. KUALA LUMPUR: PETRONAS CCS Ventures Sdn Bhd (PCCSV), MISC Berhad (MISC), and Mitsui OSK Lines, Ltd (MOL) together announced the incorporation of a strategic joint venture (JV) to lead the development and act as the ultimate owner of liquefied carbon dioxide (LCO₂) carriers. The JV, named Jules Nautica Sdn Bhd, is critical for transporting LCO₂ to designated storage sites as part of advancing carbon capture and storage (CCS) solutions. The three parties have recently completed the front-end engineering design (FEED) for a 62,000 cubic metre LCO2 carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI). In December 2024, this jointly developed design received the General Approval for Ship Application (GASA) certification from DNV, establishing it among the most developed Low Pressure Low Temperature LCO2 carrier designs in the industry. The JV aims to become a leading owner of LCO2 carriers, facilitating the safe and efficient transportation of LCO2 to designated CO₂ storage sites. Focused on supporting future CCS projects across the Asia Pacific region, the JV will also play a key role in completing the CCS value chain. Through strategic commercial agreements with CO2-emitting industries and storage companies, this partnership will provide a critical cross-border solution to meet growing environmental and regulatory needs. PCCSV's chief executive officer Emry Hisham Yusoff added, 'This joint venture marks a pivotal step forward in our collective mission of advancing decarbonisation efforts in the region. 'By leveraging the strengths of PCCSV, MISC, and MOL, we are progressing the development of LCO2 carriers and working towards more efficient shipping solutions. This collaboration highlights our focus on responsible innovation.' The joint venture recognises the critical role of cross-border collaboration in addressing our mutual goal in transitioning the region responsibly towards a low-carbon future. Representatives from PETRONAS, MOL, and MISC collectively form the Board of Directors of Jules Nautica. CCS liquified carbon dioxide Petronas
Barnama
4 days ago
- Business
- Barnama
PETRONAS, MISC and MOL Announce Landmark Joint Venture To Advance Cross-border CO2 Transportation
KUALA LUMPUR, June 17 (Bernama) -- PETRONAS CCS Ventures Sdn. Bhd. (PCCSV), MISC Berhad (MISC), and Mitsui O.S.K. Lines, Ltd., (MOL) today announced the incorporation of a strategic joint venture (JV), Jules Nautica Sdn. Bhd. This JV will lead the development and act as the ultimate owner of Liquefied Carbon Dioxide (LCO₂) carriers, which are critical for transporting LCO₂ to designated storage sites as part of advancing carbon capture and storage (CCS) solutions. The three parties have recently completed the Front-End Engineering Design (FEED) for a 62,000 cubic meter LCO2 carrier, which was awarded to Shanghai Merchant Ship Design and Research Institute (SDARI). In December 2024, this jointly developed design received the General Approval for Ship Application (GASA) certification from DNV, establishing it among the most developed Low Pressure Low Temperature LCO2 carrier designs in the industry.
Business Wire
4 days ago
- Business
- Business Wire
NeoSmelt welcomes Federal Government support and signs two new participants for groundbreaking steel decarbonisation project
PERTH, Australia--(BUSINESS WIRE)--NeoSmelt, a consortium of leading resources, energy and manufacturing companies working together on ways to produce lower-emissions steel 1 from Pilbara iron ore, welcomes Australian Renewable Energy Agency (ARENA) support for its planned Western Australian pilot plant. The consortium, founded by BlueScope, BHP and Rio Tinto also welcomes two new equity participants – Woodside Energy and Mitsui Iron Ore Development – to the NeoSmelt joint venture, with the five participants taking equal equity stakes in the joint venture. NeoSmelt, which is managed by BlueScope, plans to develop Australia's largest ironmaking electric smelting furnace 2 (ESF) pilot plant at the Kwinana Industrial Area, south of Perth, to demonstrate a method to produce lower-carbon emissions molten iron from Western Australian iron ore. ARENA has committed A$19.8 million to support a Front-End Engineering Design (FEED) study for the NeoSmelt project, which aims to prove Pilbara iron ore can be used to produce lower-carbon 3 iron using a direct reduced iron - electric smelting furnace (DRI-ESF) pathway. If successful, this has the potential to unlock longer term alternatives to the traditional blast furnace steelmaking route and help ensure the longevity of Australia's iron ore industry. The project has now entered the feasibility phase. The feasibility study will help inform a final investment decision, expected in 2026. BlueScope Chief Executive Australia, Tania Archibald, on behalf of the Joint Venture said: 'Today marks a significant step forward in developing a technology for lower-carbon emissions steelmaking using Pilbara ore, and we're delighted by ARENA's $19.8 million commitment to support the feasibility phase of this groundbreaking R&D pilot plant. 'We also officially welcome Woodside Energy and Mitsui Iron Ore Development to the NeoSmelt joint venture, joining founding participants BlueScope, BHP and Rio Tinto. With this backing from government and industry leaders, we now have the opportunity to develop world leading technology that will have potential application across the global steel industry and provides the foundation for a future Australian lower-carbon emissions iron export industry.' Federal Resources Minister and Member for Brand, Madeleine King said: 'The fuels, metals, fertiliser, chemicals and grain shipped from Kwinana have powered Western Australia and the region since the 1950s. 'Now Kwinana is playing a central role in the world's energy transition and a big part in global efforts to decarbonise. If we can decarbonise steel making, we will create far fewer emissions when building the cities of the world.' The ARENA funding adds to the A$75 million contribution from the Western Australian Government announced last year. Western Australian Premier Roger Cook said: 'Local manufacturing is crucial to my Government's plan for a future that is Made in WA - which is why we are working closely with the Commonwealth Government and NeoSmelt to diversify Western Australia's economy. That way, we can maintain WA's nation-leading economy by supporting continued investment in new industries and creating more jobs for the future. 'As a Kwinana local, I'm proud to see this NeoSmelt facility play a part in our State's decarbonisation. This cutting-edge facility is an example of how governments and businesses are coming together to put WA at the forefront of the global push to slash emissions from steel production.' If approved, operations at the NeoSmelt pilot plant, which is expected to produce 30,000 to 40,000 tonnes of molten iron a year, are planned to begin in 2028. With Woodside as the preferred energy supplier, the pilot plant would initially use natural gas to reduce iron ore to DRI. Once operational, the project aims to use lower-carbon emissions hydrogen to reduce iron ore. Additional information Pilot Electric Smelting Facility The NeoSmelt pilot plant is intended to test and optimise production of iron from the electric smelting furnace (ESF), a type of furnace being developed by leading steel producers and technology companies targeting lower-carbon emission-intensity steel. The ESF is capable of producing iron suitable for the basic oxygen furnace steelmaking process. Iron ore is first converted to direct reduced iron (DRI) before being charged into the ESF. Together, the DRI-ESF equipment can replace the traditional blast furnace. Estimates show reductions of up to 80^ per cent in CO2 emission intensity are potentially achievable processing Pilbara iron ore through a DRI-ESF pathway, compared with the current industry average for the conventional blast furnace steel route. Other lower CO2 emission-intensity production routes, such as electric arc furnaces, require scrap steel and DRI produced from high grade iron ore. The ESF potentially allows for greater flexibility in input raw materials, addressing one of the key barriers to wider adoption of lower-carbon emissions technology. The ESF also has the potential to be integrated into a steel plant's existing downstream production units. Footnotes 1 Compared to the conventional blast furnace – basic oxygen furnace (BF-BOF) process 2 Also known in the industry as an 'electric melter'. 3 Lower-carbon has the characteristic of having lower levels of associated potential greenhouse gas emissions when compared to historical and/or current conventions or analogues, for example relating to an otherwise similar resource, process, production facility, product or service, or activity. ^ Assumes utilisation of renewable energy to power the DRI-ESF facility and zero emissions hydrogen in the DRI plant. The remaining CO2 emissions are from carbon required in the process of making liquid iron suitable for the basic oxygen furnace steelmaking process.
Business Wire
4 days ago
- Business
- Business Wire
Deadline Soon: NET Power Inc. (NPWR) Investors Who Lost Money Urged To Contact The Law Offices of Frank R. Cruz About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- The Law Offices of Frank R. Cruz reminds investors of the upcoming deadline to participate as a lead plaintiff in the securities fraud class action lawsuit filed on behalf of investors who acquired NET Power Inc. ('Net Power' or the 'Company') (NYSE: NPWR) securities between June 9, 2023 and March 7, 2025, inclusive (the 'Class Period'). IF YOU ARE AN INVESTOR WHO LOST MONEY ON NET POWER INC. (NPWR), CLICK HERE TO PARTICIPATE IN THE SECURITIES FRAUD LAWSUIT. What Happened? On November 14, 2023, before market hours, Net Power released its third quarter 2023 financial results, disclosing that due to 'tightness in the global supply chain,' it would be 'incorporating a 12-month cushion into [its] expected schedule' for its first utility-scale plant, Project Permian. The Company stated that it was 'now expecting to achieve initial power generation sometime between the second half of 2027 and first half of 2028,' compared to the initial schedule of having the plant operational by 2026. On this news, Net Power's stock price fell $2.47, or 18.5%, to close at $10.85 per share on November 14, 2023, thereby injuring investors. Then, on March 10, 2025, Net Power released its fourth quarter and full year 2024 financial results, disclosing the Company had 'finalized the Front-End Engineering and Design (FEED) for Project Permian' but the 'cost estimate was significantly higher than expected and, as a result, the Company has paused long-lead releases for the project.' Specifically, the Company revealed it is 'estimating total installed cost will be $1.7 billion to $2 billion.' On this news, Net Power's stock price fell $2.18, or 31.5%, to close at $4.75 per share on March 10, 2025. Then, on April 15, 2025, Net Power announced that its President and Chief Operating Officer and Chief Financial Officer would depart the Company. On this news, Net Power's stock price fell $0.13, or 5.8%, to close at $2.13 per share on April 16, 2025, thereby injuring investors further. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) Net Power was unlikely to complete Project Permian on schedule, and the project was likely to be significantly more expensive than Defendants had represented, because of, inter alia, supply chain issues and numerous site- and region-specific challenges; (2) accordingly, Defendants' projections regarding the time and capital needed to complete Project Permian were unrealistic; (3) the increased time and capital needed to complete Project Permian were likely to have a significant negative impact on the Company's business and financial results; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired NET Power securities between June 9, 2023 and March 7, 2025, the deadline to seek appointment as the lead plaintiff in the securities fraud class action is June 17, 2025. Contact Us To Participate or Learn More: If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact us: Frank R. Cruz The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 Email us at: info@ Call us at: 310-914-5007 Visit our website at Follow us for updates on Twitter: If you inquire by email, please include your mailing address, telephone number, and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
