Page 40 - Plastics News December 2021

BUSINESS NEwS

ONGC Signs MoU With Saudi Aramco Ranpak Acquires

Sustainable Cool

Pack Manufacturer
Recycold

S- bas e d
Usustainable
pac kaging
pro v ide r
Ra n p a k h a s
bought Dutch
sustainable
o explore a strategic alliance on a Arabia. This collaboration will bolster c ool pac k
Tbroad range of energy prospects, both companies’ capabilities, leveraging manufacturer
India’s Oil and Natural Gas Corporation our respective in-house competencies Recycold Cool
Limited (ONGC) has inked a while creating value for all stakeholders Solutions for an undisclosed amount.
Memorandum of Understanding (MoU) and offering a framework for expanding Recycold specialises in developing
with Saudi Arabian state oil producer the cooperation in other energy-related advanced packaging products for
Saudi Aramco. The two energy companies areas.”Mohammed Yahya Al Qahtani the food, fresh ingredients and
will look into long-term supply contracts said: “This ceremony is a testament pharmaceutical sectors.The company’s
for the sale and purchase of crude, to the strong and valuable relations Cool Packs are made from drain-safe,
refined petroleum and petrochemical between our economies, our countries plant-based gel and will add to Ranpak’s
products to create secure and competitive and our people. India is a strategic and portfolio of cold chain packaging
energy sources for the Indian market. significant market of the Kingdom offerings.Following the acquisition,
Both the parties also hope to utilize their and we look forward to enhancing both companies’ customers will be
affiliates in this strategic alliance, namely; our synergies by providing mutually- able to order their entire solution from
Mangalore Refinery and Petrochemicals beneficial opportunities through our a single source.Ranpak chairman and
Ltd. (MRPL), ONGC Petro-additions global-scale trading network and system CEO Omar Asali said: “We are thrilled
Ltd. (OPaL) and ONGC Mangalore with a competitive offering. We hope this to add Recycold and its Recycold
Petrochemicals Ltd. (OMPL) of ONGC will open more areas of collaboration Cool Packs products to our portfolio
and Aramco Trading Company (ATC) in the future to expand our global of sustainable Cold Chain packaging
of Saudi Aramco. Both parties also footprint.” ONGC and its affiliates have solutions at Ranpak. “Recycold will
look forward to exploring low carbon a significant presence in exploration immediately bolster our position as
energy demand and supply as part of this and production, domestic refining, a highly effective thermal solution
strategic alliance. The MoU was signed petrochemicals, power and renewables provider in the marketplace. This
by ONGC Chairman and Managing in India. ONGC Group has a diversified acquisition reflects our focus on growth-
Director (CMD) Subhash Kumar and line of business such as pipelines, oriented new products and our shared
Saudi Aramco Senior Vice President LNG re-gasification terminals and a vision on eco-friendly solutions that
of Downstream Mohammed Yahya Al number of subsidiaries and joint ventures express the values with which we operate
Qahtani on 18 November 2021. The in energy-related businesses. Saudi Ranpak’s business worldwide.“We have
signing ceremony took place at the Saudi Aramco is a leading integrated energy received great feedback from customers
Arabia Pavilion at Dubai Expo 2020. and chemicals company engaged in oil about Recycold Cool Packs. Ranpak
Speaking on the occasion, Mr Kumar exploration, production, transportation, will be scaling up Recycold’s business.
said: “This MoU further strengthens refining, logistics, power generation and “Recycold products are already sold in
our bilateral energy relationship, which marketing of crude oil, petroleum and 14 European countries and we look
is one of the cornerstones of the solid petrochemical products, with a strong forward to leading further worldwide
historical ties between India and Saudi network of affiliates and joint ventures. expansions in the future.”

40 PLASTICS NEWS DECEMBER 2021