MOSCOW (MRC) -- Brazilian energy group Cosan Ltd said its subsidiary Raizen is taking part in the bidding round organized by state-run oil company Petrobras for the sale of refineries in the country, said Hydrocarbonprocessing.
Cosan’s chief financial officer Marcelo Martins told analysts and investors that Raizen is still evaluating the possibility of buying a refinery from Petrobras and said that the return required would be quite high for the risk.
As MRC informed earlier, Shell and Cosan have reached an agreement to strengthen the Raizen JV in Brazil, through a change in its contractual structure. The partners have agreed to remove the mutual time-bound buyout options included in the original JV, signed in June 2011, and in doing so have transformed Raizen from a temporary to a permanent JV.
As MRC wrote before, in mid-October 2019, Royal Dutch Shell Plc restarted the hydrocracker at its 225,300 barrel-per-day (bpd) Norco, Louisiana, refinery. The 40,000 bpd hydrocracker was shut on Sept. 9 for a planned month-long overhaul. A longer than expected restart of the unit stretched the outage to six weeks, the sources said.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,589,580 tonnes in the first nine months of 2019, up by 7% year on year. Shipments of all PE grades increased. The estimated PP consumption in the Russian market was 976,790 tonnes in January-September 2019, up by 4% year on year. Shipments of PP block copolymer and homopolymer PP increased.
MRC