COLUMBIA, Md., Jan. 16, 2018 (GLOBE NEWSWIRE) -- W. R. Grace & Co. (NYSE:GRA) has signed an investment framework agreement with 1) “KazMunayGas” (ҚазМұнайГаз), Kazakhstan’s national operator for exploration, production, refining, and transportation of hydrocarbons, representing the state in Kazakhstan’s petroleum sector; and 2) “United Chemical Company” LLP, (Біріккен Химиялық Компания), operator of Kazakhstan’s State Program on Accelerated Industrial and Innovative Development in the chemical industry.
Under the framework, Grace will provide Fluid Catalytic Cracking (FCC) catalysts and technical services to the refineries operated by KazMunayGas (KMG), as well as investments to construct a catalysts logistics terminal and an FCC catalysts laboratory in Kazakhstan. As a result of modernization of KMG refineries, new downstream units will significantly improve deep oil conversion and production of motor fuels, leveraging Grace products and technology. The total economic value of the agreement could deliver over US$200 million in catalysts, technical services, and facilities over the proposed seven-year initial term.
According to Grace Chairman and Chief Executive Officer Fred Festa, “We are pleased to move forward with this agreement, which reflects the commitment of Kazakhstan’s leaders to strengthen the capabilities and value of the country’s petrochemical infrastructure and economy. It also demonstrates Grace’s commitment to serve customers around the world as the leader in FCC and polyolefin catalysts.”
KazMunayGas Executive Vice President for Oil Transportation, Refining and Marketing Daniyar Tiyessov said, “We are pleased that Grace supports KMG initiatives related to refinery modernization and we are excited to partner with Grace to ensure that the revitalized Kazakhstan refining industry is made stronger with state-of-the-art technology.”
Zhenis Osserbay, Chairman and Chief Executive Officer of United Chemical Company (UCC), said, “This agreement with Grace will accelerate the development of Kazakhstan’s downstream petrochemical sector.”
Tomorrow, Grace will host a delegation of KMG and UCC executives at Grace’s global headquarters in Columbia, Maryland for discussions and tours of R&D laboratories and the company’s Baltimore manufacturing facility.
About Grace
Built on talent, technology, and trust, Grace is a leading global supplier of catalysts and engineered materials. The company’s two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. Grace employs approximately 3,700 people in over 30 countries. More information about Grace is available at grace.com.
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