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ExxonMobil creates unit to commercialize carbon-reduction technology

February 04/2021

MOSCOW (MRC) -- ExxonMobil Corp has created a division to commercialize its technology that helps reduce carbon emissions, as the US oil major looks to step up efforts against climate change amid rising pressure from investors and activists, according to Hydrocarbonprocessing.

The move comes as Exxon looks to burnish its environmental credentials as it engages in a proxy fight with hedge fund Engine No. 1, which is attempting to appoint candidates on the oil companys board and push toward a more renewables-focused future.

Exxon said its Low Carbon Solutions would initially focus on carbon capture and storage and directly compete with Occidental Petroleum Corps Oxy Low Carbon Ventures, which is looking to develop the largest ever facility to pull carbon dioxide out of the atmosphere.

The oil major said it would invest USD3 billion on lower emission solutions through 2025, by which time it plans to reduce the intensity of its oilfield greenhouse gas emissions by 15%-20% from 2016 levels. (Reporting by Rithika Krishna in Bengaluru; Editing by Ramakrishnan M.)

As MRC informed earlier, last year, Exxon Mobil Corp announced it will lay off about 1,900 employees in the United States as the COVID-19 pandemic batters energy demand and prices.

We remind that ExxonMobil has undertaken a planned shutdown at its cracker in Singapore. The company halted operations at the cracker for maintenance on September 14, 2020. The cracker was expected to remain off-line till end-October, 2020. Located at Jurong Island, Singapore, the cracker has an ethylene production capacity of 1 million mt/year and a propylene production capacity of 450,000 mt/year.

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

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,220,640 tonnes in 2020, up by 2% year on year. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, polypropylene (PP) shipments to the Russian market reached 1 240,000 tonnes in 2020 (calculated using the formula: production, minus exports, plus imports, excluding producers' inventories as of 1 January, 2020).

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world"s oil and about 2% of the world"s energy.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, LDPE, HDPE, ethylene, petrochemistry, Exxon Mobil, Russia, Singapore, USA.
Category:General News
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