Why The Emerson Stock Increased 0.54% (EMR)

By Amit Chowdhry ● Jan 24, 2023
  • The stock price of Emerson Electric (EMR) increased by 0.54% today. This is why.

The stock price of Emerson Electric (EMR) increased by 0.54% today.

Why: Emerson announced it will provide automation technologies, software, and analytics for the Ras Laffan Petrochemical Complex in Qatar as part of a consortium with Viasat Energy Services, a division of global communications company Viasat (VSAT). And the $6 billion integrated polymers project, a joint venture between QatarEnergy and Chevron Phillips Chemical, is currently under construction and scheduled to go online in late 2026.

The project is QatarEnergy’s largest investment ever in the country’s petrochemical sector. And the complex will include an ethane cracker with a capacity of 2.1 million tonnes of ethylene per year, making it the largest ethane cracker in the Middle East and one of the largest in the world, as well as two high-density polyethylene derivative units with a total capacity of 1.7 million tonnes per year.

KEY QUOTES:

“We are honored to have been selected as the lead automation contractor for such an important undertaking. Emerson has been working with QatarEnergy for several years and we are proud to support the company’s long-term vision. Our advanced automation and analytics solutions will play a key role in the safe and efficient operation of this world-class facility.”

— Vidya Ramnath, president of Emerson’s Middle East & Africa business

“Viasat Energy has a long history of supporting world-class energy projects in Qatar. We look forward to working with Emerson and our end customers to enable the network infrastructure for one of the largest and most technically advanced petrochemical facilities in the world.”

— Lee Ahlstrom, president of Viasat Energy Services