Info-tech

Lummus-TCG Digital JV to address oil & gas market

Our Bureau Kolkata | Updated on November 18, 2020 Published on November 18, 2020

The Chatterjee Group (TCG) controlled Lummus Technology and TCG Digital on Wednesday announced a joint venture called Lummus Digital.

The joint venture will work with the existing and potential customers of Lummus to implement digital analysis and operative solutions in their refining, petrochemical, and gas processing assets and across the hydrocarbon processing value chain.

Lummus Digital will explore the refining, petrochemical, and gas processing market in India where substantial growth is expected. The company will also start its operations in the US, West Asia and Europe immediately, said a press statement.

“Our focus on innovation continues with this joint venture. This joint venture will co-create and innovate with other areas of the group like TCG Crest, our research university, LabVantage and Haldia Petrochemicals,” Purnendu Chatterjee, Founder Chairman of TCG, said in the release.

According to Debdas Sen, CEO of TCG Digital, the partnership will allow TCG Digital and Lummus Technology to build on their core competencies and strengths and help address the fast-evolving needs of the refining and petrochemicals industry.

“We serve the biggest downstream petroleum and petrochemical companies, helping them derive maximum value from their assets and investments through cutting edge digitalization and AI. Lummus Digital will leverage the TCG mcube data platform to drive operational excellence, improve plant safety, enhance reliability, and increase margins,” he said.

The company would work with refining, petrochemical, and gas processing operators to provide big data, advanced analytics, artificial intelligence, process simulations, proprietary know-how, and 24/7 advisory services.

The solutions are designed to: maximize economic benefit through digitalization; ensure operators and technicians are equipped with the insights to improve efficiency and reliability of their operations and assets; enhance the safety of the operating staff; bolster decision-making capabilities of the management, and; provide flexibility to quickly adapt operations to changing market dynamics.

“Lummus Digital is another new and critical initiative we are launching to ensure our position as a leader of our industry and at the forefront of innovation,” said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology.

Haldia Petrochemicals Limited (HPL), a part of The Chatterjee Group (TCG), and Rhone Capital acquired the US-based Lummus Technology, at an enterprise value of $2.725 billion from McDermott International towards the end of June 2020.

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Published on November 18, 2020
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