Dow PU technologies incorporated into the Olympic Village and Modular Houses

MOSCOW (MRC) -- With less than a month to go until Opening Ceremony, the PyeongChang Organizing Committee for the 2018 Olympic and Paralympic Winter Games is gearing up to host the world in February 2018 for the Olympic Winter Games PyeongChang 2018. A range of technology solutions from The Dow Chemical Company were used in several venues, including Modular Houses and the Olympic Village, according to GV.

Dow’s solutions were applied to help reduce energy usage while making accommodations comfortable for athletes, attendees, media and drivers.

With average February temperatures just above freezing, effective insulation is essential in PyeongChang. Polyisocyanurate (PIR) panels incorporating Dow Papi polymeric MDI are used to insulate the walls and roofs of the Modular Houses that will accommodate drivers, who will be responsible for transporting people around the Olympic host city. The Modular Houses are built from manufactured panels consisting of boards, insulation and foam. Constructed within hours, rather than days, for less than half the usual cost, these energy-efficient structures help protect the environment as they require roughly half the energy compared to standard EPS (expanded polystyrene), and are 98 % recyclable, said Dow.

Finally, the Modular Houses have been weather-sealed with durable, fire-resistant Dow Corning 1001 Perimeter Silicone Sealant, which is inherently impervious to damaging ultraviolet (UV) light from sun, and, when cured, is stable at temperatures from -40 C (-104 F) to 150 C (302 F).

"We’ve worked with South Korean partners such as SY Panel to create the next generation of cost-effective, sustainable Modular Houses using state-of-the-art insulation technology," said Phillip Oh, Asia-Pacific commercial director for Dow Olympic & Sports Solutions. "Here at PyeongChang 2018, it is making a big impact on the built environment."

Housing in the Olympic Village is also weather-sealed using Dow Corning 1001 Perimeter Silicone Sealant. The finishing on the interior walls will combine three different Dow technologies, to create a wall putty that leaves a smooth, durable wall surface ready for painting: Acrysol rheology modifiers to help create a high-performance rheology profile; water-based Primal acrylic low VOC and low odor emulsion polymers to offer water whitening resistance, improved washability, and enhanced film formation; and Walocel cellulosic will facilitate a variety of desired performance characteristics, including good adhesion, extended durability and open time and lower maintenance costs, said the company.

In addition, Dow said that it is also contributing to a more comfortable sleeping environment: Some of the mattresses in the Olympic Village employ Dow Voranol technology in the slab foam to help the athletes get the quantity, and quality, of sleep that they need. Outside of the Olympic Village, Voranol technology is also employed in a number of mattresses in hotels across the host city.

"By collaborating with Alfome we are able to help offer athletes the foundation for a good night’s rest by contributing to a more comfortable sleeping environment," said Oh. "Voranol technology helps improve foam shape upon compression to create comfortable, breathable, flexible mattresses that stay cool to the touch and with reduced odor and emissions."

Dow is a subsidiary of DowDuPont Inc., a holding company comprised of Dow and DuPont with the intent to form three independent, publicly traded companies in agriculture, materials science and speciality sectors.

We remind that, as MRC wrote previously, as part of DowDuPont Materials Science Division’s ongoing commitment to provide customers with greater access to expertise and products, the company announced in January 2018 that the technologies of Dow Corning Polyurethane Additives (PUA) will be incorporated into the Dow Polyurethanes portfolio under the Vorasurf polyurethane additives brand name. Vorasurf polyurethane additives will serve the ComfortScience, InsulationScience and DurableScience markets of Dow Polyurethanes, helping to meet growing demand for products like bedding, spray foam and footwear.

The Dow Chemical Company is an American multinational chemical corporation. Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
MRC

MOSCOW (MRC) -- Royal Dutch Shell could usurp its largest rival Exxon Mobil as the energy sector's biggest cash generator after higher oil and gas prices combined with an improved performance lifted its 2017 revenue, reported Reuters.

Chief Executive Ben van Beurden has made no secret of his desire to challenge the dominance of the world's largest listed oil company after its USD54 billion purchase of BG Group in 2016 catapulted Shell into second place in terms of production.

The Anglo-Dutch company on Thursday reported a more than doubling of profit in 2017 to USD16 billion, the highest since the start of the 2014 downturn as the effect of years of costs cuts and the integration of BG Group filtered through. "We enter 2018 with continued discipline and confidence, committed to the delivery of strong returns and cash," van Beurden said in a statement.

Cash flow from operations in 2017 rose to USD35.65 billion from USD20.62 billion a year earlier, putting Shell on course to beat Exxon, which is forecast to have generated USD32.6 billion in 2017, according to estimates by Jefferies analysts. Exxon reports earnings on Friday. Shell's shares were however 1.5 percent lower at 1200 GMT, compared with a 0.16 decline in the FTSE 100 index, as its fourth quarter cash flow was lower than anticipated by analysts. The cash growth was driven by a sharp recovery in oil prices in the second half of 2017, as the benchmark Brent price reached a three-year high of USD70 a barrel. But it was also due to a sector-wide drive to reduce costs to adapt to a world of "lower for longer" oil prices, as Shell and others cut thousands of jobs, lowered spending and brought in new technology to simplify field designs and operations.

As a result Shell can now generate more cash than it did with oil prices above USD100 a barrel and in November it raised its cash flow outlook from USD25 billion to USD30 billion by 2020, assuming an oil price of USD60 a barrel. Free cash flow - cash available to pay for dividends and share buybacks - rose to USD27.6 billion from a negative USD10.3 billion in 2016.

"We expect them to keep driving up efficiencies and reducing break evens to make it resilient and fit for the future. The BG deal seems to be paying off and the rationale for it is being proved right," Rohan Murphy, energy analyst at Allianz Global Investors, said.

Shell in the fourth quarter scrapped its scrip dividend, in a sign that it is confident of being able to maintain around USD15 billion in annual dividend payments without resorting to scrip or borrowing after a three-year oil price downturn. Van Beurden said the company planned to start a three-year, USD25 billion share buyback program, "as soon as possible" as the company focuses first on reducing debt.

Shell's oil and gas production in the fourth quarter rose from the previous quarter to 3.756 million barrels of oil equivalent per day (boed) from 3.657 million boed, but on a yearly basis, it fell 4 percent as a result of asset sales. Production was expected to come down by 270,000 boed in 2018 as a result of divestments, including the sale of a North Sea portfolio to Chrysaor and its stake in Woodside Petroleum.

But Shell also plans to double its shale production in the United States, Canada and Argentina in the next 5-10 years from the current 275,000 barrels per day, Chief Financial Officer Jessica Uhl said.

Capital expenditure in 2017 was USD24 billion, slightly lower than the USD25-USD30 billion range Shell set until 2020.

Shell's fourth-quarter profit, based on a current cost of supplies (CCS) and excluding identified items, rose by 140 percent to USD4.3 billion, slightly ahead of forecasts. Shell said its gearing dropped to 24.8 percent from a peak of 29.2 percent in the third quarter of 2016 as it cut its debt to USD74.65 billion. And while it took a ISD2 billion charge due to new U.S. tax rules, Shell expects a longer-term boost.

As MRC wrote before, in March 2016, Royal Dutch Shell Plc was lining up assets for a USD30 billion divestment program that may extend from the U.S. and Trinidad to India following its record takeover of BG Group Plc.

Royal Dutch Shell, commonly known as Shell, is an Anglo–Dutch multinational oil and gas company headquartered in the Netherlands and incorporated in the United Kingdom.Created by the merger of Royal Dutch Petroleum and UK-based Shell Transport & Trading, it is the fourth largest company in the world as of 2014, in terms of revenue, and one of the six oil and gas "supermajors".
MRC

MOSCOW (MRC) -- Moody’s has assigned a Baa3 long-term issuer rating to SIBUR, with a stable outlook. It is in line with the agency’s country ceiling and exceeds Ba1, Russia’s current sovereign rating, as per the producer's press-release.

The rating confirms SIBUR’s financial resilience: a substantial share of foreign currency revenue and a strong liquidity profile help the Company tolerate sovereign stress. Among other things, the agency highlighted the Company’s business robust model and strong positions in the domestic market and abroad.

The rating action reflects the change in the outlook on Russia's Ba1 ratings from stable to positive. The improved outlook on Russia’s ratings, which were affirmed at Ba1, was driven by the growing evidence of institutional strength, along with economic and fiscal resilience.
MRC

MOSCOW (MRC) -- His Excellency Dr Sultan Al Jaber, UAE Minister of State and ADNOC Group CEO, has held a series of meetings with government and corporate leaders in Beijing, focused on strengthening the strategic relationship between the UAE and China and deepening the partnerships between ADNOC and China’s energy, chemical and technology sector, reported Hydrocarbonprocessing.

Group wide, as part of its 2030 strategy, ADNOC is undertaking a major downstream expansion aimed at tripling petrochemical production by 2025. View 2 minute video at this link. More than 40 per cent of a USD109 billion CAPEX program will be directed at this goal over the next five years, as ADNOC builds out the Ruwais complex to create the largest refining and chemical site in the world. The company is also on track to expand crude capacity to 3.5 MMbpd, so that ADNOC continues to be a reliable supplier of fuel as demand grows, particularly in Asia.

H.E. Dr Al Jaber met with H.E. Wang Yi, Minister of Foreign Affairs of the People’s Republic of China and with H.E. Ning Ji Zhe, and Vice Chairman of China’s National Development and Reform Commission (NDRC), where business and economic relations between the United Arab Emirates and China were discussed, including growing cooperation between the two countries in the technology, energy, chemical, investment and commercial sectors. China is the UAE’s largest trading partner, with bilateral trade growing 800 fold in the three decades since formal relations were established to top US USD50 B per year.

H.E. Dr Al Jaber highlighted the significant progress made in developing the close ties between the UAE and China and expressed the keen interest of the UAE leadership to further enhance those relationships. Prior to his meeting with H.E. Wang YI, H.E. Dr Al Jaber met with senior officials from Huawei Technologies, a leading global information and communications technology (ICT) solutions provider, during a visit to the Zhongguancun technology hub, in the Haidan District of Beijing. H.E. Dr Al Jaber said: "ADNOC’s focus on the application of advanced technology, in support of its 2030 growth strategy, is one area where China’s experience in developing Artificial Intelligence and Predictive Data, through companies such as Huawei, could be deployed to create additional value from its resources. ADNOC is keen to advance and lead the digitization of the oil and gas industry."

As part of its transformation objectives, ADNOC is exploring how advanced technologies and applications, such as machine learning, neural networks, predictive data and artificial intelligence, could help enhance efficiency, productivity and profitability across the oil and gas value chain. ADNOC launched its two digital command centres Panorama and Thamama in 2017, where data from its subsurface and surface operations is captured, analyzed and incorporated to decision making.

During his visit, H.E. Dr Al Jaber also met with Wang Yilin, Chairman of China National Petroleum Company; Frank Ning, Chairman of Sinochem; Zengtai Liao, President of Wanhua Chemical Group and Tu Guangshao, Vice Chairman and President, China Investment Corporation. Discussions focused on ADNOC’s expanded approach to partnerships and co-investment opportunities created by ADNOC’s 2030 growth strategy.

"China represents a key strategic partner for the UAE and the growing ties between Chinese companies and ADNOC is a testament to the depth and importance of the relationship,” said H.E Dr Al Jaber. “We are keen to explore how ADNOC can continue to serve the growing demand for energy, and, in particular, for chemical and petrochemical products in China, as a key growth market."

In the past year, China and the UAE have made a number of co-investments in the energy sector. In February 2017, the China National Petroleum Corporation (CNPC) and China CEFC Energy were awarded minority stakes in the UAE's onshore oil reserves. And, in November of 2017, ADNOC and CNPC signed a framework agreement covering various areas of potential collaboration, including offshore opportunities and sour gas development projects.

Meanwhile, ADNOC is focused on market expansion in China and Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is forecast to double by 2040. China is the largest export customer in Asia, for Borouge, a petrochemicals joint venture between ADNOC and Borealis, accounting for 1.2 MMtpy of polyolefins, equal to one third of its sales worldwide.

As MRC wrote before, in late 2017, ADNOC finalized its 2018 gasoil and jet fuel supply term contracts with at least one buyer, five traders that participate in the market.
MRC

MOSCOW (MRC) -- U.S. refiners Valero Energy Corp and Marathon Petroleum Corp posted quarterly profits on Thursday that beat estimates and said they expected strong global economic growth to spur demand for oil in 2018, said Hydrocarbonprocessing.

Shares of Marathon and Valero, which have gained more than 45 percent in the past 12 months, were marginally up in early trading on Thursday. Analysts say refiners are likely to outshine other energy segments in 2018 as they benefit from a surge in U.S. oil production and rack up among the biggest gains from the recent corporate tax cuts.

U.S. oil output is expected to surpass 10 million barrels per day this month, supported by strong demand and improving global oil prices.

"Looking ahead, we continue to see a favorable fundamental environment, with abundant crude oil supply and strong products demand being supported by global economic growth," Valero's Chief Executive Joe Gorder said in a statement.

Shareholders and analysts, however, are keeping a close watch on investment budgets at oil companies, arguing that prices are still 40 percent lower than their 2014 highs and do not justify big new outlays. Companies should instead make the most of current capacity, they say.

On Thursday, Valero said it expects to invest USD2.7 billion in 2018, about USD300 million more than it spent in 2017. Marathon said it expected to spend USD1.6 billion in 2018, compared with the USD1.7 billion it had earmarked for 2017.

The companies have increased their quarterly dividends by about 15 percent. In the fourth quarter, operating income at Marathon's refining business surged more than four-fold, while Valero's increased 52.2 percent, supported by higher gasoline and distillate margins.

Valero reported a USD1.9 billion gain to net income and Marathon a USD1.5 billion increase as the companies benefited from President Donald Trump's recent tax reforms.

MRC