Page 50 - Plastics News September 2019

BUSINESS NEWS

Total terminates its agreement Reliance Industries looks to
with Tullow invest in waste management

startups
otal is a major energy player that produces and markets
Tfuels, natural gas and low-carbon electricity has
terminated its contract with Tullow for a stake in license eliance Industries is
of Lake Albert oil resources. On January 9, 2017, Total and Rscouting for waste
Tullow entered into a Sale and Purchase Agreement (SPA) segregation, recycling,
whereby Total would acquire 21.57% out of Tullow’s 33.33% and waste-to-energy
interest in the Lake Albert licenses. CNOOC exercised its technologies, and has
right to pre-empt 50% of the transaction. As a result, Total reviewed applications from
and CNOOC would have each increased their interest to a few hundred startups. The
44.1% while Tullow would have kept 11.8%. Since 2017, all company is looking for a
model that can be replicated.
parties have been actively progressing the SPA. However, Reliance Industries (RIL),
despite diligent discussions with the authorities, no
India’s largest private company by revenues, has gone
DJUHHPHQW RQ WKH ÀVFDO WUHDWPHQW RI WKH WUDQVDFWLRQ KDV on record and said it wants to support waste treatment
been reached. The deadline for closing the transaction and management startups, both domestic and global.
has been extended several times, clearly demonstrating ´:H DUH ORRNLQJ WR IXQG DQG DUH VFRXWLQJ DURXQG IRU
WKH HQGHDYRUV RI WKH SDUWLHV WR ÀQG DQ DJUHHPHQW 7KH all the technology available for waste segregation,
ÀQDO GHDGOLQH ZLOO EH UHDFKHG DW WKH HQG RI WRGD\ $XJXVW UHF\FOLQJ DQG ZDVWH WR HQHUJ\ :H DUH WKLQNLQJ DERXW
29, 2019, and as such, the Acquisition Agreement will be the bets we should be making in this regard,” said Vipul
automatically terminated. “Despite the termination of this 6KDK &KLHI 2SHUDWLQJ 2IÀFHU 3HWURFKHPLFDOV 5,/ DV
agreement, Total together with its partners CNOOC and UHSRUWHG E\ 0LQW 6KDK VDLG WKH ÀUP KDG UHYLHZHG D IHZ
Tullow will continue to focus all its efforts on progressing hundred applications from startups and was looking at
the development of the Lake Albert oil resources. The a model that could be replicated. The Mukesh Ambani-
owned company is keen to give back to the environment
as there is a lot of environmental damage, particularly
to the oceans, caused by the sheer volume of plastic
waste. Considered one of the largest recyclers of PET
(Post-consumer) waste in India, Reliance converted
about two billion waste PET bottles into fabric in 2018.
And now, it plans to double the current capacity of
3(7 ERWWOH UHF\FOLQJ WR ÀYH PLOOLRQ ERWWOHV LQ WKH QH[W
few years. To create value from waste, Reliance has
also used recycled plastic in road construction. In its
project is technically mature and we are committed to annual report, RIL said the PET business has involved
continuing to work with the Government of Uganda to end consumers in its recycling initiative. It encourages
address the key outstanding issues required to reach an end consumers to deposit empty PET bottles at reverse
vending machines installed at Reliance SMART stores,
LQYHVWPHQW GHFLVLRQ $ VWDEOH DQG VXLWDEOH OHJDO DQG ÀVFDO railway stations, and various other locations. Solid
framework remains a critical requirement for investors”,
declared Arnaud Breuillac, President Exploration & :DVWH 0DQDJHPHQW UHGXFHV RU HOLPLQDWHV WKH DGYHUVH
impact on the environment & human health. A number
Production of Total. Total’s interest will therefore remain of processes are involved in effectively managing
at 33.3% on blocks EA1, EA2 and EA3 prior to the 15% ZDVWH 7KH WRWDO PXLFLSDO VROLG ZDVWH 06: JHQHUDWHG
national company back-in, Total being operator of the in urban India has been estimated at 68.8 million tons
block EA1 which contains the largest part of the reserves. per year (TPY) (0.573 million metric tonnes per day
Total keeps the right to pre-empt any future transactions, (MMT/d) in the year 2008). The average collection
in case any party divests part or all of its interest. HIÀFLHQF\ RI 06: UDQJHV IURP WR

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