Metaspectral to develop new techniques for sorting post-consumer recycled plastic

MOSCOW (MRC) -- Vancouver-based technology developer Metaspectral has been awarded more than USD300,000 in grant funding to develop new techniques for sorting post-consumer recycled plastic, said Canplastics.

The funding comes from the CleanBC Plastics Action Fund, which is funded by the British Columbia government and administered by Alacrity Cleantech.

In a May 25 news release, officials with Metaspectral – which develops technology that derives real-time insights from AI using ultra-high-resolution, visible-to-infrared (hyperspectral) imagery – say they will use this funding for the development of computer vision, artificial intelligence, and robotics designed to sort consumer waste, increase efficiency in processing materials, and improve the quality of post-consumer recycled plastic.

The project is slated for completion by Dec. 31, 2021. "By using ultra-high-resolution hyperspectral imaging, our AI is able to efficiently distinguish among types of plastics for accurate and easy sorting,” said Francis Doumet, CEO of Metaspectral. “It is impossible for humans to differentiate between different types of clear plastic bottles with the naked eye, so until now, various types of recycled clear plastics were sold together in bulk, decreasing the quality and value of the finished recycled material. Our technology will make it possible to differentiate between otherwise indistinguishable materials in real-time, automatically, meaning that large quantities of plastic can be sorted and recycled more efficiently and accurately."

The project supports recycling targets set by the B.C. provincial government, the news release said, and will also be contributing to the federal government’s Greening Government strategy of increasing the ratio of plastics that are recycled to 75 per cent by 2030, up from nine per cent today.

As per MRC, Nova, Dow Inc. and LyondellBasell Industries are contributing a total of USD25 million to start the Closed Loop Circular Plastics Fund, which they said they hope to grow to US$100 million with money from other corporate and financial investors. The fund is being managed by New York-based investment firm Closed Loop Partners.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
MRC

MOSCOW (MRC) -- Global energy transition is creating uncertainty for an estimated USD14 trillion worth of oil and gas assets that have long depended on an indefinite rise in demand to offset risks despite a pandemic boost this year, reported Reuters with reference to consultancy Wood Mackenzie's statement.

As the world recovers from the COVID-19 pandemic, oil and gas demand is set to go beyond the record 160 million barrels of oil equivalent per day reached in 2019, it said in a report.

“After six years of weaker prices, upstream is fitter and leaner than ever,” Woodmac said, adding that the sector will generate as much cash flow this year at USD60 per barrel as it did at USD100 prior to the 2014 price crash.

While the industry has enjoyed a century of near continuous demand growth, it now finds itself having to supply oil and gas to a world in which future demand and price are highly uncertain, Wood Mackenzie vice president Fraser McKay said.

A gradual energy transition would see oil demand staying above 90 million barrels per day to 2050, encouraging investment in costlier supplies and supporting prices at just above USD80 a barrel by 2030, Woodmac said.

However, if the world decides to limit global warming to 2 C by 2050, oil demand would peak before 2025 and fall towards 35 million bpd by 2050, 70% below peak levels. Brent would average USD40 a barrel by 2030 and decline after that.

In both scenarios, gas demand and prices would remain resilient, supported by coal displacement in Asia, Woodmac said, adding this would draw more investments toward gas production rather than oil.

The first scenario would keep liquefied natural gas (LNG) prices at USD8 to USD9 per million British thermal units (mmBtu) through 2040 and beyond, while in the second, LNG prices remain robust at USD7 to USD8 per mmBtu, before starting to fall post 2040.

As MRC informed earlier, in April, 2021, ExxonMobil, one of the world's petrochemical majors, and Global Clean Energy expanded their five-year agreement to increase ExxonMobil’s purchase of renewable diesel up to 5 million barrels per year.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
MRC

MOSCOW (MRC) -- The company Inotex (Uzlovaya) will build a new plant for the production of nonwovens with a capacity of 13,000 tonnes of finished products per year in the Tula region, said Interfax.

Nonwovens under the VetLace brand are made from an environmentally friendly blend of cellulose and viscose, according to a press release from the FRP.

It is noted that the product serves as a raw material for the production of hygiene products. The new production will meet modern environmental standards: a closed circulation of water and solvents for cellulose, a high level of air purification and a low noise level in production premises.

The project became possible, among other things, thanks to a loan from the Industrial Development Fund (VEB.RF Group) in the amount of RUB 499 million. according to the flagship program of the FRP "Development Projects".

In total, the FRP expert council approved 8 loans for the implementation of projects in the Kirov, Orenburg, Sverdlovsk, Tula regions and the Perm Territory. The amount of loans from the IDF will exceed 1.3 billion rubles, and the total budget for the implementation of projects - Rb3.9 bn.

As per MRC, IRPC Public Company Limited (IRPC) approved an investment in Innopolymed Company Limited to be jointly held by the company and Innobic (Asia) Company Limited, a subsidiary of PTT Public Company Limited (PTT). IRPC and Innobic (Asia) Company Limited will hold the shares equivalent to 60% and 40%, respectively. The registered capital will be 260 million baht.

According to MRC's ScanPlast report, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.
MRC

MOSCOW (MRC) -- Activist firm Engine No. 1 won at least two board seats at ExxonMobil following a historic battle over the oil giant’s board of directors, signaling investors’ support for greater disclosure from the company as the world shifts away from fossil fuels, reported CNBC.

The vote over a third candidate proposed by Engine No. 1 was too close to call as of 3 p.m. on Wall Street.

“We’re looking forward to welcoming the new directors,” Exxon CEO Darren Woods said Wednesday on CNBC’s “Closing Bell.” “I look forward to helping them understand our plans and then hear their insights and perspectives.”

Engine No. 1, which has a 0.02% stake in ExxonMobil, has been targeting the company since December, pushing the oil giant to reconsider its role in a zero-carbon world.

Wednesday’s vote came during Exxon’s annual shareholder meeting, where CEO Darren Woods fielded questions from shareholders ranging from the company’s dividend to Exxon’s investments in carbon capture technology. The meeting took place in two parts, with a roughly one-hour recess between the two due to a number of votes still being cast.

The vote follows months of back-and-forth between Engine No. 1 and Exxon. The activist firm nominated four independent director candidates and won support from large pension funds, including CalPERS, calSTRS and New York State Common Retirement Fund.

On Monday, Exxon said in a filing that over the next 12 months it will seek to add two new directors, “one with energy industry experience and one with climate experience.” But Engine No. 1 said the changes didn’t go far enough. “What the Board needs are directors with experience in successful and profitable energy industry transformations who can help turn aspirations of addressing the risks of climate change into a long-term business plan, not talking points,” the firm said in a statement Monday.

For its part, Exxon’s management has emphasized the steps it is taking towards solidifying its role in a lower-carbon future, including allocating USD3 billion for research around carbon capture and other emissions-cutting technologies.

The battle over Exxon’s board comes as the company’s stock has recovered from its pandemic lows. Shares are up more than 40% for 2021, and have gained 26% over the last year amid a recovery in oil prices and aggressive cost-cutting strategies from the company. Still, the stock has been cut nearly in half since its all-time high above USD100 in Jan. 2014, and last year the company was removed from the Dow Jones Industrial Average after nearly a century in the index.

Exxon swung to a profit during the first quarter of 2021 after four straight quarters of losses as the pandemic wreaked havoc on the oil and gas industry.

As MRC informed previously, Sinopec Engineering (Group) and ExxonMobil (Huizhou) Chemical (EMHCC) have just entered into a BEPC (basic design, engineering, procurement and construction) contract for the proposed Huizhou Chemical Complex Project (Phase I). The main units of the project include a 1.6 million tonnes/year ethylene flexible feed steam cracker, downstream polymer and derivative units and utilities. The main product units include two performance polyethylene (PE) lines and two differentiated performance polypropylene (PP) lines.

Ethylene and propylene are the main feedstocks for the production of PE and PP, respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.

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.
MRC

MOSCOW (MRC) -- Royal Dutch Shell has agreed to sell its stake in an offshore gas field in the Philippines for USD460m as part of its strategy to narrow its oil and gas operations, according to BusinessDay.

Shell sold its 45% stake in Service Contract 38 (SC38), a deep-water licence that includes the producing Malampaya gas field, to a subsidiary of the Udenna Group, which already holds a 45% stake in the project.

The base consideration for the sale is USD380m, with additional payments of up to USD80m between 2022 and 2024 contingent on asset performance and commodity prices, Shell said in a statement.

The deal is due to be completed by the end of 2021.

Wael Sawan, Shell’s head of oil and gas production, said the deal “is consistent with Shell’s efforts to shift our upstream portfolio to one that is focused on nine core positions.”

As MRC informed previously, Shell is shrinking its refining and chemicals portfolio as part of a broader shift by oil majors to reduce hydrocarbon emissions and shift to lower-carbon fuels.

Last week, Shell agreed to sell its controlling interest in a Texas refinery to partner Petroleos Mexicanos (Pemex) for about USD596 million. And in early May, Shell announced the sale of its 149,000 barrel per day (bpd) refinery in Washington to Hollyfrontier Corp.

Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 576,270 tonnes in the first three month of 2021, up by 4% year on year. Low density polyethylene (LDPE) and high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market totalled 410,890 tonnes in January-March 2021, up by 56% year on year. Supply of homopolymer PP and PP block copolymers increased.

Royal Dutch Shell plc is an Anglo-Dutch multinational oil and gas company headquartered in The Hague, Netherlands and with its registered office in London, United Kingdom. It is the biggest company in the world in terms of revenue and one of the six oil and gas "supermajors". Shell is vertically integrated and is active in every area of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
MRC