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Mitsui to invest in UK carbon capture project

March 05/2021

MOSCOW (MRC) -- Japanese trading house Mitsui & Co Ltd said it would invest in the development of a carbon capture and storage (CCS) project in Britain, reported Reuters.

The Japanese company will take a 15.4% share in Storegga Geotechnologies which is developing the Acorn CCS project to store carbon dioxide emissions in depleted North Sea oil and gas reservoirs.

CCS traps emissions and buries them underground but is not yet at the commercialisation stage.

The project is being led by a wholly-owned subsidiary of Storegga Geotechnologies, Pale Blue Dot Energy, with support from Macquarie Group with a 21.5% shareholding and Singapore sovereign wealth fund GIC with a 15.4% shareholding.

The project is expected to be operational by the mid-2020s and will capture some of the 340,000 tonnes of CO2 emissions at the St Fergus gas terminal.

There will also be a project there to convert North Sea natural gas into hydrogen and the CO2 emissions will be captured by CCS. The hydrogen will be used in transport applications, and in gas grids to decarbonise heating in homes and industries.

As MRC informed earlier, Mitsui Chemicals operated its naphtha cracker normally following a maintenance turnaround. The company resumed operations at the cracker on July 19, 2020. The cracker was shut for maintenance on June 11, 2020. Located in Osaka, Japan, the cracker has an ethylene capacity of 500,000 mt/year and a propylene capacity of 280,000 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). Supply of exclusively PP random copolymer increased.

Mitsui Chemicals is a leading manufacturer and supplier of value added specialty chemicals, plastics and materials for the automotive, healthcare, packaging, agricultural, building, and semiconductor and electronics markets. Mitsui Chemicals is a Japanese Chemicals company, a part of the Mitsui conglomerate. The company has a turnover of around 15 billion USD and has business interests in Japan, Europe, China, Southeast Asia and the USA. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, PP random copolymer, propylene, LDPE, HDPE, ethylene, petrochemistry, Mitsui, UK, Russia, Japan.
Category:General News
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