PQ Group Holdings announces staff reshuffle

MOSCOW (MRC) -- PQ Group Holdings Inc., a leading integrated and innovative global provider of specialty catalysts, chemicals and services, has announced that executive vice president and CFO Michael Crews plans to retire in September 2021 and he will be replaced by Michael Feehan, vice president of finance and treasurer, said the company.

"With the completed divestiture of PQ’s Performance Materials business and the recently announced agreement to sell our Performance Chemicals segment, it is a logical time for me to step back," said Mr. Crews. "I am proud of our financial performance and numerous other accomplishments that have occurred during my past five years at PQ, including our IPO, continuing debt reduction and capital returned to stockholders through a special dividend."

Feehan joined PQ in December 2006 and has served as vice president of finance and treasurer since May 2016.

Separately, the company announced earlier this month that Tom Schneberger, who has served as vice president, strategy and business development, since December 2019, will serve as president, catalysts. With Schneberger’s new assignment, Raymond Kolberg, who has served as president, catalysts, will become vice president - technology & business development.

As MRC reported earlier, in December 2019, PQ Group Holdings Inc. announced an agreement with INEOS Polyolefin Catalysts to commercialize certain polyethylene (PE) catalysts to customers of selected processes.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased.

PQ Group Holdings Inc. is a leading integrated and innovative global provider of specialty catalysts, chemicals and services. We support customers globally through our strategically located network of manufacturing facilities. The company has three uniquely positioned specialty businesses: Refining Services provides sulfuric acid recycling to the North American refining industry; Catalysts serves the packaging and engineering plastics and the global refining, petrochemical and emissions control industries; and Performance Chemicals supplies diverse product end uses, including personal and industrial cleaning products, fuel efficient tires, surface coatings, and food and beverage products.
MRC

Sinopec Maoming delays turnaround at No. 2 PP unit

MOSCOW (MRC) -- Sinopec Maoming Petrochemical, part of Sinopec Corporation, has delayed the planned shutdown at its No.2 polypropylene (PP) unit in Guangdong until 25 March, according to CommoPlast.

Initially the company was to shut this PP unit for a scheduled turnaround on March 5, 2021. Sinopec Maoming plans to conduct maintenance works at this unit to 5 May, 2021.

Located in Guangdong, China, the No. 2 PP unit has a capacity of 300,000 mt/year.

As MRC informed before, Sinopec Maoming Petrochemical has brought on-stream its No.1 PP unit in Guangdong. The company resumed operations at the unit following turnaround on July 27, 2020. The PP unit was shut on July 15, 2020. Located in Guangdong, China, the No. 1 PP unit has a capacity of 170,000 mt/year.

The company also operates No. 3 PP unit has a capacity of 200,000 mt/year.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 241,030 tonnes in January 2021 versus 217,890 tonnes a year earlier. Only shipments of low density polyethylene (LDPE) and high density polyethylene (HDPE) increased. At the same time, PP shipments to the Russian market reached 141,870 tonnes in January 2021 versus 123,520 tonnes a year earlier. Supply of homopolymer PP and PP block copolymers increased.

Sinopec corp. is one of the world's largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, oil refining, petrochemical production, production of mineral fertilizers and other chemical products. In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity - fourth.
MRC

Maire Tecnimont and Adani Group to develop green chemistry in India

MOSCOW (MRC) -- Maire Tecnimont signed a Memorandum of Understanding (MoU) with Indian conglomerate Adani Enterprises Ltd (AEL) to develop green chemistry in India, said the Italian company.

Through its subsidiaries NextChem, Stamicarbon and MET Development (MET DEV), Maire Tecnimont will focus on producing chemicals, ammonia and hydrogen using renewable feedstock.

The initiative will use NextChem and Stamicarbon technologies with MET DEV’s project development and the Adani Group’s infrastructure to jointly develop uses of renewable feedstock in the chemicals value chain. AEL has 14 GW of renewable assets under operation, construction and contracts.

As per MRC, Maire Tecnimont S.p.A. announced that its subsidiary Tecnimont SpA, through its Indian entity Tecnimont Private Limited, has been awarded an EPCC (Engineering, Procurement, Construction and Commissioning) contract by Indian Oil Corporation Limited (IOCL), for the implementation of new Acrylic Acid and Butyl Acrylate Units, for the production of relevant high added value products for the chemical market.

As per MRC, Maire Tecnimont S.p.A. announced that its subsidiaries Tecnimont S.p.A. and KT - Kinetics Technology S.p.A. have signed with SOCAR’s subsidiary Heydar Aliyev Oil Refinery two Engineering, Procurement and Construction contracts, as part of the Modernization and Reconstruction of Heydar Aliyev Oil Refinery in Baku, Azerbaijan. SOCAR is the State Oil Company of Azerbaijan Republic. The overall contracts’ value equals to approximately USD 160 million.

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, exluding producers' inventories as of 1 January, 2020).
MRC

The largest shareholder of SIBUR reduced its shareholding by 6%

MOSCOW (MRC) - SIBUR's main shareholder Leonid Mikhelson has reduced the shareholding in companies to 42.23% from 48.5%, the company said in a statement.

Thus, since March 16, SOGAZ acquired a 6.25% stake in Trust 3. Trust 3 is 100% owned by businessman Leonid Mikhelson. Thus, the effective share of SIBUR owned by Leonid Mikhelson dropped to 42.23%.

L. Mikhelson remains the main shareholder of the company and will continue to head its board of directors, "the message says.

As for the rest, the structure of SIBUR shareholders has not changed. Gennady Timchenko owns 17%, Kirill Shamalov - 3.9% of the company's shares. 10% each are at the disposal of Sinopec and the Silk Road Fund, 10.6% of the shares are controlled by the current and former management of the company.

The share of Mikhelson in the authorized capital of SIBUR also decreased - to 27.83% from 34.08%, follows from the materials of the company. The share of Sogaz in the authorized capital of the petrochemical company is now 6.25%.

Earlier it was reported that the revenue of PJSC "SIBUR Holding" decreased by 1.6% last year and amounted to 523 billion rubles. At the same time, SIBUR increased EBITDA to 179 billion rubles, which is 5.4% more than in 2019.

Earlier it was noted that in December last year SIBUR Holding chose Spheripol LyondellBasell polyolefin technology for its Amur Gas Chemical Complex (AGHK) under construction. The technological process will be used at a polypropylene plant with a capacity of 400 thousand tons per year, which will be built in the town of Svobodny, Amur Region.

According to MRC's ScanPlast, the total PP production in Russia increased by 31% in 2020 compared to the same indicator in 2019 and amounted to about 1,883 thousand tonnes. The main increase in production volumes was provided by ZapSibNeftekhim.

SIBUR is the largest vertically integrated gas processing and petrochemical company in Russia, uniting a number of production sites in various regions of the Russian Federation. The company sells products to consumers in the fuel and energy complex, automotive, construction, consumer goods, chemical and other industries in more than 80 countries around the world.
MRC

COVID-19 - News digest as of 23.03.2021

1. Demand for crude oil will rise, despite emphasis on renewables

MOSCOW (MRC) -- Oil demand is expected to increase over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, reported Reuters with reference to Hess Corp Chief Executive John Hess' statement at CERAWeek. At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the coronavirus pandemic, which destroyed fuel demand and caused the loss of thousands of jobs.


MRC