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Chevron invests in carbon capture startup

January 15/2021

MOSCOW (MRC) -- US oil major Chevron Corp said it has invested in Blue Planet Systems Corp, a startup that manufactures and develops carbon capture technology to reduce carbon footprint, reported Reuters.

"This investment is made through our Future Energy Fund which focuses on startups with lower-carbon technologies that can scale commercially," said Barbara Burger, president of Chevron Technology Ventures, the venture capital division of the company.

Chevron and San Jose-based Blue Planet also signed a letter of intent to collaborate on potential pilot projects and commercial development in some geographies.

Last year, Chevron said it was investing in nuclear fusion start up Zap Energy Inc as energy companies face increasing pressure from investors to reduce emissions, spend more on low-carbon energy and disclose the impact of their fossil fuel production on climate change.

As MRC informed previously, in March 2018, Chevron Phillips Chemical, part of Chevron Corp, successfully introduced feedstock and commenced operations of a new ethane cracker at its Cedar Bayou facility in Baytown, Texas. At peak production, the unit will produce 1.5 million metric tons/3.3 billion lbs. per year. This unit is one of the largest and most energy efficient crackers in the world. In September 2017, the company announced the successful commissioning and start-up of two new Marlex polyethylene (PE) units in Old Ocean, Texas, based on the companys proprietary MarTech technologies. Together, these assets form the bulk of the companys US Gulf Coast Petrochemicals Project (USGCPP), which was first announced in 2011.

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

According to MRC's DataScope report, PE imports to Russia decreased in January-November 2020 by 17% year on year and reached 569,900 tonnes. High density polyethylene (HDPE) accounted for the greatest reduction in imports. At the same time, PP imports into Russia increased by 21% year on year to about 202,000 tonnes in the first eleven months of 2020. Propylene homopolymer (homopolymer PP) accounted for the main increase in imports.

Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, homopolymer PP, HDPE, petrochemistry, Chevron, Chevron Phillips, Russia, USA.
Category:General News
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