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MOSCOW (MRC) -- Baker Hughes has
announced it is acquiring Compact Carbon Capture (3C), a pioneering technology
development company specializing in carbon capture solutions, said Hydrocarbonprocessing.
The
acquisition underpins Baker Hughes’ strategic commitment to lead in the energy
transition by providing decarbonization solutions for carbon-intensive
industries, including oil and gas and broader industrial operations.
The
advancement of carbon capture technology solutions is widely considered critical
to delivering the additional CO2 emissions reduction needed to meet global 2050
climate targets. In the energy and industrial sectors, carbon capture technology
is among the most viable decarbonization paths for both retrofitting existing
assets as well as for greenfield projects. 3C’s technology can address CO2
capture from different emission sources and can contribute significantly to the
decarbonization of customers’ operations.
3C’s technology differs from
traditional carbon capture solvent-based solutions by using rotating beds
instead of static columns, effectively distributing solvents in a compact and
modularized format. The rotating bed technology enhances the carbon capture
process resulting in up to 75% smaller footprint and lower capital expenditures.
In addition, 3C’s modular and scalable configuration can be easily deployed into
existing brownfield applications and can be optimized for a broad range of
capacity and applications, including offshore and industrial emitters.
Baker Hughes’ 100+ years of rotating equipment expertise, including in
modularized and decarbonization process solutions, will provide an unmatched
opportunity to scale and commercialize 3C’s technology. As part of the
agreement, Baker Hughes will accelerate the development of the technology,
leading to commercial deployment for customers globally.
"The addition of
3C to our energy technology portfolio complements our strategy, technology and
manufacturing strengths in the area of carbon capture,” said Lorenzo Simonelli,
chairman and CEO of Baker Hughes. “This agreement highlights our deliberate and
disciplined approach to invest in the energy transition. We are positioning our
portfolio for new energy frontiers, and we believe there will be strong growth
potential of carbon capture for both industrial applications and oil and gas
projects. By incubating 3C’s technology, we can develop a roadmap to provide one
of the industry’s lowest cost per ton carbon capture solutions."
“Our
technology plays an important role in the energy transition, and we believe this
agreement with Baker Hughes is the right step to grow,” said Torleif Madsen, CEO
of 3C. “As we focus on our long-term vision to develop the world’s leading
carbon capture offerings, we will leverage Baker Hughes’ strong brand and
technology position in the energy industry to further expand our solution by
complementing it with world-class turbomachinery and process solutions and
access to a global customer base. This is an immense opportunity and we are
proud to join the Baker Hughes team."
The acquisition further complements
the existing Baker Hughes CCUS portfolio offering, which includes
turbomachinery, solvent-based state of the art capture processes (CAP), well
construction and management for CO2 storage, and advanced digital monitoring
solutions. The agreement includes all intellectual property, personnel and
commercial agreements. ABG Sundal Collier acted as advisors to 3C.
As MRC
informed
earlier, crude prices rose in mid-morning trade in Asia Nov. 16, as the
market was comforted by the strong possibility that any new lockdowns in the US
will be less severe than the nationwide lockdowns seen in spring, with the
signing of the Regional Comprehensive Economic Partnership (RCEP) also providing
a boost to sentiment.
As MRC informed
previously, global oil demand may have already peaked, according to BP's
latest long-term energy outlook, as the COVID-19 pandemic kicks the world
economy onto a weaker growth trajectory and accelerates the shift to cleaner
fuels.
Earlier this year, BP said the deadly coronavirus outbreak could
cut global oil
demand growth by 40 per cent in 2020, putting pressure on Opec producers and
Russia to curb supplies to keep prices in check.
And in September 2019,
six world's major petrochemical companies in Flanders, Belgium, North
Rhine-Westphalia, Germany, and the Netherlands (Trilateral Region) announced the
creation of a consortium to jointly investigate how naphtha or gas steam
crackers could be operated using renewable electricity instead of fossil fuels.
The Cracker of the Future consortium, which includes BASF, Borealis, BP,
LyondellBasell, SABIC and Total, aims to produce base chemicals while also
significantly reducing carbon emissions. The companies agreed to invest in
R&D and knowledge sharing as they assess the possibility of transitioning
their base chemical production to renewable electricity.
Ethylene and propylene are feedstocks for producing polyethylene (PE) and
polypropylene (PP).
According to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine
months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE)
shipments increased. At the same time, PP shipments to the Russian market
reached 880,130 tonnes in the nine months of 2020 (calculated using the formula:
production minus exports plus imports, exluding producers' inventories as of 1
January, 2020). Supply increased exclusively of PP random copolymer. |
