Phillips 66's profit beats on higher refining margins

MOSCOW (MRC) -- Independent oil refiner Phillips 66 beat analysts' estimates for third-quarter profit on Friday, as cheaper domestic crude prices boosted its refining margins, Reuters.

Margins for most independent U.S. refiners, which process heavy crude from countries such as Venezuela and Canada into diesel, gasoline and other products, have been boosted as U.S. crude's discount to Brent widened to more than USD10 a barrel.

The spread has widened on transportation constraints, that led to steeper discounts for Canada's oil than U.S. crude, which analysts say benefits refiners in the midwest that process a higher volume of Canadian crude than those on the Gulf Coast.

Houston-based Phillips 66 primarily operates in the midwest and southwest region of the United States. The company said earnings from its refining business, its biggest, rose 70.2 percent to USD936 million.

Consolidated earnings rose to USD1.49 billion from USD823 million. The company's adjusted earnings rose to USD1.46 billion, or USD3.10 per share, in the third quarter, from USD858 million, or USD1.66 per share, a year earlier.

Analysts on average had expected the company to earn USD2.48 per share on an adjusted basis, according to Refinitiv data.
MRC

MOSCOW (MRC) -- To respond to the growing global demand in the valve market, Metso has decided to invest in a new green-field valve technology center in Jiaxing, China, as per Hydrocarbonprocessing.

The new-build plant will strengthen Metso's valve and related products production capabilities and increase capacity for customers across various process industries, both in China and globally. Metso expects to invest a total of approx. EUR 10 million by 2020. The new technology center will start operations in spring 2020.

"China is an extremely important market for our valves business. The new technology center will improve our competitiveness in China and will have a strong role within the global operations footprint. We also expect the investment to expand our delivery capabilities, helping us to better meet the growing needs both in terms of capacity and product availability," says John Quinlivan, President, Valves business area, Metso.

Strong valve production foothold in China and on every continent The new location is designed to be a workplace for a total of 400 valve technology professionals. In addition to the new technology center, Metso has a valve technology center in the Waigaoqiao Free Trade Zone in Shanghai, which was inaugurated in 2010.

Metso has valve technology or production centers in locations around the world: in China, North America, Brazil, Germany, Finland, South Korea and India. Metso employs more than 1100 people at seven locations in China, serving all customer industries.
MRC

MOSCOW (MRC) -- Russia's production of polyethylene (PE) grew in the first nine months of 2018 by 3% year on year to 1.346,200 tonnes.
Output of high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) increased, according to MRC's ScanPlast report.

September PE production in Russia decreased to 130,800 tonnes, while in August it was about 142,800 tonnes. The main reason for the reduction in the output was the scheduled shutdowns of Kazanorgsintez and Ufaorgsintez. Overall PE production reached 1.346,200 tonnes in January-September 2018, compared to 1.302,300 tonnes a year earlier. HDPE and LLDPE output increased, whereas production of low density polyethylene (LDPE) decreased slightly.

The structure of PE output by grades looked the following way over the stated period.

September production of high density polyethylene (HDPE) in Russia decreased to 79,200 tonnes, compared with 81,500 tonnes in August; Kazanorgsintez shut its capacities for scheduled turnaround in the third decade of September. Russian plants' overall HDPE output reached 731,7 00 tonnes in the first nine months of 2018, up by 3% year on year.

September output of low-density polyethylene (LDPE) slightly exceeded 41,500 tonnes, compared with 42,500 tonnes in August. Part of the Ufaorgsintez facilities was shut for scheduled maintenances in September, and Kazanorgsintez also reduced capacity utilisation. Overall LDPE output exceeded 471,600 tonnes over the stated period, down by 2% year on year.

Overall linear low density polyethylene (LLDPE) production reached 143,000 tonnes in the first nine months of 2018, up by almost a third year on year.


MRC

MOSCOW (MRC) - Saudi Arabia expects to attract investments of more than 1.6 trillion riyals (USD427 billion) by 2030 in its push to boost industry, Energy Minister Khalid Al-Falih said on Thursday, according to state TV al-Ekhbariya, as per Hydracarbonprocessing.

"The programme to develop national industries and logistics services (is) the largest and most important, and has a huge impact on the Saudi economy," Al-Falih said.

The minister estimated that the country's mineral wealth was worth more than 1.3 trillion riyals.

As MRC informed earlier, state oil giant Saudi Aramco signed an agreement to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally. The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai.
MRC

MOSCOW (MRC) -- Mater-Bi, a company wholly controlled by the Novamont group, is a manufacturer of ORIGO–BI, biopolyesters with a high level of renewables, components of MATER-BI compostable bioplastics, as per Plasticsinsight.

The plant has been built to manufacture PET by reconversion of the former Mossi & Ghisolfi plant. The renovation included regeneration, modification and in some cases wholly renewal of its various sections to implement innovative technologies developed by Novamont in the form of a continuous process.

Novamont’s technologies are able to use the raw materials of Novamont’s system – biobutandiol and azelaic acid, bio-based monomers to manufacture ORIGO-BI biopolyesters through a process, which is increasingly sustainable, and is directed towards reducing emissions.

Mater-Biopolymer is equipped with a waste recovery system to meet the needs of the circular economy and sustainability. The plant has a complex system of utilities that minimizes costs and wastes. Reutilization of waste products has resulted in the perfection of the wastewater purification process, that would obtain tetrahydrofuran (THF), a chemical intermediate for the chemical and pharmaceutical industries.

The plant will have a production capacity of 100 thousand metric tons of ORIGO-BI per year and will occupy a total surface area of 140,000 m2. It will work in close cooperation with Novamont Research and Development for testing new polyesters and variants of the process to use renewable raw materials.

Catia Bastioli, managing director, Novamont, said, “Novamont’s industrialization efforts over the last few years have been enormous and have few equals anywhere in Europe. We must work together towards a regenerative approach to natural resources, which should not be seen as a limitation but as a great opportunity to redesign our society on a sustainable basis with its roots in the land, more inclusively and contributively.”
MRC