Page 152 - CW E-Magazine (3-9-2024)

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Pharmaceuticals Hydrocarbons

NEW VENTURE EXPANSION
Refex brings in Brian Tempest and Raghavendra Rao ONGC opens well in KG ﬁ eld to raise oil production

as advisors for new pharma business State-owned Oil and Natural Gas The block, which sits next to
Corporation (ONGC) said it has opened Reliance Industries’ KG-D6 block in
Chennai-based Refex group, having Ltd., will be the nucleus around which promoters, in 2021, wished to sell out another well on its ﬂ agship deep-sea the KG basin, has a number of dis-
diversiﬁ ed business operations, has Refex will build its pharma business. their 30 percent stake. MAPE Advisory project in Krishna Godavari (KG) coveries that have been clubbed into
brought in Mr. Brian Tempest, former held 26 percent and Cafe Coffee Day basin in Bay of Bengal, which will help clusters. Located 35 kilometres off
CEO of Ranbaxy, and Mr. K. Ragha- The three-member advisory board (CCD) 44 percent, of which 18 percent augment production of crude oil and the coast of Andhra Pradesh in water
vendra Rao, former Managing Director has been tasked with growing the busi- was pledged with Ratnakar Bank. Refex natural gas. depths ranging from 300-3,200 metres,
of Orchid Pharma, as advisors for the ness of Anam Fine Chemicals Ltd. from bought the 18 percent stake. In October the discoveries in the block are divided
group’s new pharma business. Rs. 420-crore now to Rs. 4,000-crore 2023, Refex had R L Fine Chemicals In January this year, ONGC its commitment to achieving zero gas into Cluster-1, 2 and 3. Cluster 2 is being
in ﬁ ve years, Refex group’s founder borrow from Kotak Mahindra Bank’s had started producing oil from the ﬂ aring,” it added. It, however, did put to production ﬁ rst.
Refex has formed an ‘advisory and Managing Director of the group’s NBFC, which was used to buy-back KG-DWN-98/2 or KG-D5 block. not state how much the new well was
board’ comprising three members – the ﬂ agship company, Refex Industries, shares from MAPE Advisory and extin- producing. As per original plans, oil produc-
third person is Mr. P. V. Pasupathy, for- Mr. Anil Jain, was quoted as saying in guish the shares. Refex ended up with 71 “On August 24, 2024, ONGC tion from Cluster-2 should have begun
mer CEO of R L Fine Chemicals, which an interview with the Hindu Business- percent stake in R L Fine Chemicals and marked a signiﬁ cant milestone by With this, ONGC also successfully by November 2021, but was delayed
the Refex group acquired gradually line newspaper. is now in the process of buying out the starting production from its ﬁ fth oil commissioned its gas export line from because of the COVID pandemic.
between 2021 and 2023. The group has rest, from CCD. In all, Refex would have well in the Block KG-DWN-98/2 the offshore-to-onshore terminal. Thereafter, ONGC set May 2023 as the
created a holding company, Anam Fine R L Fine Chemicals manufactures spent Rs. 310-crore on acquiring R L Fine Cluster-2 asset,” the ﬁ rm said in a ﬁ rst Cluster-2 oil production deadline
Chemicals, and has made R L Chemi- about 80 APIs; it is the only manufacturer Chemicals. The company’s turnover this stock exchange ﬁ ling. “Leveraging “Earlier in January, oil production but then extended it to August 2023
cals its subsidiary. RL Fine Chemicals, for about 8 of these APIs. Refex seized year is projected to be Rs. 420-crore and the ﬂ oating production, storage, and commenced from the same asset, with and thereafter extended the ﬂ ow of ﬁ rst
soon to be renamed Refex Life Sciences the opportunity to buy the ﬁ rm when its net proﬁ t Rs. 66-crore. ofﬂ oading (FPSO) vessel, ONGC has 4 of 13 wells already ﬂ owing. Gas pro- oil every month, with the last deadline
begun transporting and sale of asso- duction is also advancing, with 3 of 7 announced being December 2023. Oil
Mangalam Drugs receives $274,800 grant for Malaria ciated gas, all the while underscoring wells online,” it added. started ﬂ owing from January 7, 2024.

drug research OVERSEAS ASSETS

Mangalam Drugs & Organics Ltd. end of 2024, aiming to position itself as a OVL secures contract extension for Vietnam oil blocks
has secured a grant of $274,800 from The leading global anti-malaria API producer.
Medicines for Malaria Venture (MMV) ONGC Videsh Ltd. (OVL) has of the production sharing
for research and development of Pyro- The company estimates the inter- secured a 16-year contract extension contract effective from
naridine, as announced today. The grant national market size for this treatment for producing oil and gas in Vietnam, May 19, 2023.
will support efforts to improve the to reach 50 million treatments in the alongside getting three more years to
production technology and efﬁ ciency coming years. This development aligns explore a separate block in the contested For Block 128, the sev-
of pyronaridine, a component in anti- focuses on developing innovative anti- with MMV’s goal of advancing new waters of the South China Sea. enth extension to explore for
malarial combination therapies. MMV, a malarial treatments. Mangalam Drugs malaria treatments and optimising oil and gas was till June 15,
non-proﬁ t organization based in Geneva, plans to commercialise the product by the combination therapies. Vietnamese authorities have 2023, and OVL had sought a
extended the production sharing con- three-year extension. Vietna-
Health Canada approves Lupin’s biosimilar version tract (PSC) for the producing Block mese regulator PVN has
extended the license till June
06.1 in the offshore Nam Con Son basin
of Pegﬁ lgrastim till 2039. They have also granted an 15, 2026. The company
eighth extension for exploring for oil in 1988, the block has Zarubezhneft has so far not found any commercially
Canada has granted approval for grastim) is a biosimilar comparable to pany’s support to Canadian patients and gas in Block 128 in the South China EP BV as the operator with 35 percent recoverable oil and gas reserves in the
Lupin’s biosimilar version of Pegﬁ l- the reference biologic drug Neulasta with this treatment. Dr. Cyrus Karkaria, Sea, according to ofﬁ cials. interest and PetroVietnam holding the block for the last 18 years it has been
grastim. The product will be manu- (pegﬁ lgrastim), and is indicated to President, Biotech Division said with its remaining 20 percent. exploring, but has continued presence
factured at Lupin’s biotech facility in decrease infection, after chemotherapy. second biosimilar approval in Canada, OVL, the overseas investment there because of India’s strategic interest
Pune, the company said. Mr. Nilesh Gupta, Lupin Managing the company looked to maintain arm of state-owned Oil and Natural The block, which produces about 1- in the South China Sea. Vietnam too
Director said, Health Canada’s approval momentum with additional launches Gas Corporation (ONGC), holds a 45 million tonnes of oil and oil equivalent wants the Indian ﬁ rm to counter China’s
Lupin’s brand Armlupeg (pegﬁ l- for Armlupeg, strengthened the com- in regulated markets. percent stake in Block 06.1. Acquired gas, recently got a 16-year extension interventions in the contested waters.

152 Chemical Weekly September 3, 2024 Chemical Weekly September 3, 2024 153

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