Celanese raises September VAM prices in China

MOSCOW (MRC) -- Celanese Corporation, a global specialty materials company, has increased September list and off-list selling prices for Vinyl Acetate Monomer (VAM) sold in China, as per the company's press release.

The price increase was effective for orders shipped on or after 29 August, 2019, or as contracts otherwise allow, and is incremental to any previously announced increases.

Thus, September VAM prices rose for the Chinese region by RMB400/mt.

As MRC reported earlier, Celanese also raised its September VAM prices for Asia (AOC) outside China by USD50/mt.

According to MRC's DataScope report, July EVA imports to Russia increased by 4% year on year to 3,490 tonnes from 3,350 tonnes in July 2018, and overall imports of this grade of ethylene copolymer into the Russian Federation decreased in January-July 2019 by 14, 3% year on year to 22,440 tonnes (26,170 tonnes in the first seven months of 2018).

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Celanese employs approximately 7,600 employees worldwide and had 2017 net sales of USD6.1 billion.
MRC

Saudi Arabia replaces Aramco chairman with MBS ally


MOSCOW (MRC) -- Saudi Arabia has removed its energy minister as chairman of Saudi Aramco and replaced him with Yasir al-Rumayyan, head of the country’s sovereign wealth fund, ahead of a planned blockbuster stock market listing, said the Financial Times.

The appointment of Mr Rumayyan, a close ally of crown prince Mohammed bin Salman, comes as Khalid al-Falih, energy minister and chairman since 2015, has seen his position weakened.

While Mr Falih keeps his official role overseeing oil production policy for the kingdom, last week he was stripped of half of his government portfolio when a new industry and mining ministry was created.

Mr Falih wished Mr Rumayyan success in his new role in a tweet on Monday afternoon, saying it was an important step to prepare the company for an initial public offering.

Global banks have begun pitching for roles on what is expected to be the world’s biggest IPO. The timing is uncertain but Saudi officials have said they would like to proceed in 2020 or 2021. The listing was postponed last year amid concerns about legal risks and doubts over whether it would achieve the $2tn valuation sought by the crown prince.

Mr Rumayyan, who is on the board of Saudi Aramco, has gained in stature and influence in recent years as the head of the country’s Public Investment Fund, the main vehicle through which Prince Mohammed has sought to diversify the kingdom’s economy away from oil.

The Public Investment Fund is trying to fund Prince Mohammed’s domestic reforms, with international investments that have included ride-hailing company Uber, electric carmaker Tesla and SoftBank’s Vision Fund.

MRC

Total Executive Committee appointments

MOSCOW (MRC) -- As of August 1, 2019, Jean-Pierre Sbraire is Chief Financial Officer and member of the Total Executive Committee, following Patrick de La Chevardiere’s retirement, said Investegate.

As of August 19, 2019, Helle Kristoffersen is President, Strategy & Innovation and a Total Executive Committee member. The position was previously held by Philippe Sauquet, now focusing on his responsibilities as President, Gas Renewables & Power.

Total’s Executive Committee now consists of:

Patrick Pouyanne, Chairman and Chief Executive Officer.
Arnaud Breuillac, President, Exploration & Production.
Helle Kristoffersen, President, Strategy & Innovation.
Momar Nguer, President, Marketing & Services.
Bernard Pinatel, President, Refining & Chemicals.
Philippe Sauquet, President, Gas Renewables & Power.
Jean-Pierre Sbraire, Chief Financial Officer.
Namita Shah, President, People & Social Responsibility.

"Our diversity of backgrounds drives innovation and progress at Total. So I’m very pleased to welcome the new members to the Executive Committee, which now includes two women," commented Patrick Pouyanne, Total’s Chairman & CEO. Total set a target in late 2018 to have women account for more than 20% of the positions on business segment and large operational division Management Committees.

Total is a major energy player that produces and markets fuels, natural gas and low-carbon electricity. Our 100,000 employees are committed to better energy that is safer, more affordable, cleaner and accessible to as many people as possible. Active in more than 130 countries, our ambition is to become the responsible energy major.
MRC

US propylene stockpiles risen for second straight week in the 3rd week of August

MOSCOW (MRC) -- US propylene stocks rose to 4.117 million barrels in the week ended August 23, reported S&P Global with reference to US Energy Information Administration data.

The increase also represented a second consecutive weekly increase for propylene inventory.

The uptick comes on the heels of lower stockpiles, with levels having reached the lowest level of 2019 as recently as the week of August 9.

Non-fuel use propylene stocks rose 114,000 barrels from a week earlier, though this week's inventory was still up by 958,000 barrels from the same time a year earlier.

The week-on-week increase in US propylene stocks came alongside slightly lower refinery utilization rates, which dropped 0.7% to 95.2% on the week.

There have not been any disruptions to propylene production in the last two weeks with one propylene trader stating that "heavy cracking has had a hand in increasing production."

Propylene is the main feedstock for producing polyprolypele (PP).

According to MRC's ScanPlast report, the estimated consumption of PP in the Russian market totalled 694,210 tonnes in January-June 2019, up by 14% year on year. The supply of propylene block copolymers (PP-block) and propylene homopolymers (PP-homo) increased.
MRC

Slovnaft refinery in full operation after completing its largest turnarounds

MOSCOW (MRC) -- Slovnaft refinery has completed its historically largest turnarounds on 21 production units, reported Hydrocarbonprocessing.

The refinery is in full operation after modernization and maintenance. Maintenance on three other petrochemical production units in the refinery will follow in the autumn.

This year’s regular turnarounds finished in the summer, they were the largest in the history of the refinery. SLOVNAFT Group employees and almost 2,000 external workers participated in their preparation and following maintenance and inspection. Total investments on the turnarounds reached EUR75 million.

Several new projects were also implemented during the regular turnarounds. They are expected to contribute to the more efficient, reliable and safe operation of the refinery.

Almost 1000 larger and smaller tasks is planned during turnarounds in autumn. This will mostly involve maintenance and inspection, as well as activities resulting from legislative requirements. Part of projects will focus on reducing nitrogen emissions into atmosphere and on modernization as well.

As MRC wrote before, in July 2019, Tatneft and Slovnaft announced they had signed a cooperation agreement for the development of joint projects in the downstream sector.

Slovnaft is a crude oil refining enterprise located in Bratislava, Slovakia. The maximum annual refining capacity is 6 million tons of crude oil, which is primarily supplied via the "Druzhba" pipeline. The dominating place in the production portfolio belongs to motor fuel (about 4.5 million tons/year), chemicals (200 thousand tons/year) and primary plastic materials (400 thousand tons/year).

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption was 1,081,100 tonnes in the first half of 2019, up by 8% year on year. Deliveries of all PE grades increased. Meanwhile, the estimated consumption of PP in the Russian market totalled 694,210 tonnes in January-June 2019, up by 14% year on year. The supply of propylene block copolymers (PP-block) and propylene homopolymers (PP-homo) increased.

Slovnaft is one of the most technologically equipped oil refineries in Europe. One third part of the motor fuel produced is sold in Slovakia, and two thirds are exported mainly to the Czech Republic, Austria, Poland and Germany. Plastic materials are sold throughout Europe. The Slovnaft share of the wholesale motor fuels market in Slovakia accounts for more than 60%, while it is about 20% in the Czech Republic and Austria. Slovnaft operates 253 filling stations in Slovakia under the company’s own brand, while the total share in the retail market for the sale of petroleum products is about 35%. In addition to operating the oil refining and petrochemical production complex in Bratislava, the company is running the wholesale business in CEE, retail activities in Slovakia and Slovnaft also owns and operates the product pipeline and several trading terminals in Slovakia. The annual turnover of Slovnaft amounts to about 3-4 billion Euros. There are more than 3,400 employees on the company’s payroll.
MRC