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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 company’s 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 Corp’s
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. |
