Total becomes TotalEnergies in line with its strategic transformation

MOSCOW (MRC) -- At the Ordinary and Extraordinary Shareholders’ Meeting, shareholders approved, almost unanimously, the resolution to change the company’s name from Total to TotalEnergies, thereby anchoring its strategic transformation into a broad energy company in its identity, according to Hydrocarbonprocessing.

In tandem with this name change, TotalEnergies is adopting a new visual identity.

This new name and new visual identity embody the course TotalEnergies has resolutely charted for itself: that of a broad energy company committed to producing and providing energies that are ever more affordable, reliable and clean.

As MRC reported earlier, within the framework of its net zero strategy, Total will convert its Grandpuits refinery (Seine-et-Marne) into a zero-crude platform and will invest more then EUR500 mln into this project. By 2024 the platform will focus on four new industrial activities: production of renewable diesel primarily intended for the aviation industry, production of bioplastics, plastics recycling and operation of two photovoltaic solar power plants.

We remind that in November 2019, Total disclosed that itis evaluating construction of a new gas cracker at its Deasan, South Korea, joint venture (JV) with Hanwha Chemical.

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.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
MRC

1. EIA revises down its forecast of India oil demand due to rising COVID-19 cases

MOSCOW (MRC) -- The rapid increase in COVID-19 cases in India has led to various travel restrictions, which reduced the consumption of transportation fuels such as gasoline and diesel. As a result, EIA revised down its forecast for petroleum consumption in India in the May Short-Term Energy Outlook (STEO), according to Hydrocarbonprocessing. EIA estimates that petroleum consumption in India declined by 0.4 million barrels per day (b/d) (8%) to 4.7 million b/d between March and April. India’s petroleum consumption data, released after the May STEO’s publication, revealed a similar decline of 0.3 million b/d (6%) over the same period. Reduced travel in India will likely continue, so it also revised down petroleum consumption in May and June from the April STEO. EIA expects India’s consumption of petroleum and other liquids will return to previously forecast levels by July.


MRC

MOSCOW (MRC) -- Crude oil futures ticked higher the mid-morning trade in Asia May 28 as positive economic data from the US augured well for oil demand, even as concerns persisted over the pandemic's progression in Asia, reported S&P Global.

At 10:26 am Singapore time (0226 GMT), the ICE Brent July contract was up 18 cents/b (0.26%) from the previous settle at USD69.64/b, while the July NYMEX light sweet crude contract was 29 cents/b (0.43%) higher at USD66.85/b.

US initial unemployment claims fell 9% on the week to a 14-month low of 406,000 in the week ended May 22, Department of Labor data released May 27 showed. The decline in claims exceeded market expectations and reinforced the US economic recovery narrative, according to analysts.

Oil and the broader commodities complex also received support from reports that US President Joe Biden will propose a USD6 trillion budget for the 2022 fiscal year.

The US' ongoing economic recovery has already been having a positive impact on oil demand, with ANZ analysts saying in a May 28 note: "American drivers (are hitting) the road in increasing numbers... they are now travelling as many miles on interstate highways as they did in 2019."

US driving activity rose 3% to 146.5% of the baseline level in the week ended May 21, the highest level since the index was launched in January 2020, Apple mobility data showed.

ING analysts echoed the positive sentiment, but cautioned that headwinds for the oil complex remain as countries in Asia continue to grapple with mobility restrictions amid a resurgence of coronavirus infections.

Another downside risk for oil is the ongoing negotiations over the Joint Comprehensive Plan of Action in Vienna, a deal that could see sanctions on Iran's oil sector being lifted, leading to the return of an additional 1 million-2 million b/d to the market. The prospect of additional Iranian barrels raises questions over the OPEC+ coalition's production plans, which includes scheduled 700,000 b/d and 840,000 b/d production increases in June and July.

Russia's deputy prime minister Alexander Novak said May 26 that the coalition should consider a possible increase in Iranian output when assessing further steps, leading to speculation that the coalition could adjust the production increase planned for July at its June 1 meeting.

As MRC wrote earlier, Indian refiners, anticipating a lifting of US sanctions, plan to make space for the resumption of Iranian imports by reducing spot crude oil purchases in the second half of the year. The world"s third-largest oil consumer and importer halted imports from Tehran in 2019 after former US President Donald Trump withdrew from a 2015 accord and re-imposed sanctions on the OPEC producer over its disputed nuclear programme.

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) -- Mobin Petrochemical Company has reportedly shut down its refinery complex in Asaluyeh, Iran on 26 May 2021 after a flare occurred at the natural gas pipeline, according to CommoPlast.

It is uncertain on how long the company would take to restart the complex, which affected productions at five downstream methanol plants that depend on Mobin Petrochemical for gas feeds.

Among these five methanol operators, only Zagros Petrochemical has sent an official notification to its customers declaring the force majeure due to the shutdown at the upstream Mobin Petrochemical’s refinery complex, while other plants have yet to confirm the operation status. It is important to note that Sabalan Petrochemical’s 1.6 million tons/year methanol unit is currently under trial production. The company initially planned to start a commercial run in June.

Methanol is used in the methanol-to-olefins conversion process that produces ethylene and propylene monomers.

Meanwhile, methanol futures contracts in China surges visibly after the news, though polypropylene (PP) and polyethylene (PE) buyers retain a calm stance to monitor further development after news that Mobin Petrochemical might take only a few days to resume the pipeline operation, keeping the impact at minimal levels.

As MRC reported earlier, Mehr Petrochemical Company (MHPC), a major petrochemical producer in Iran, resumed operations at its high density polyethylene (HDPE) plant in Assaluyeh, Iran in late March, 2021. This HDPE line with an annual capacity of 300,000 tons/year was shut unexpectedly in the third week of March after a technical glitch.

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) -- Technip Energies, through its wholly-owned subsidiary in the UK (Technip E&C Limited), has been awarded a significant contract for Project Engineering and Management Services (PEMS) by Kuwait Integrated Petroleum Industries Company (KIPIC) for various projects in southern Kuwait, according to Hydrocarbonprocessing.

The contract is for six years duration and covers Project Engineering and Management Services for various potential projects in the Al-Zour complex, including the Al-Zour Refinery, Petrochemical Complex, LNG Import Facilities and other facilities belonging to KIPIC.

Stephane Mespoulhes, Vice President of Project Management Consultancy at Technip Energies commented: “We are pleased to have been awarded this contract by KIPIC which confirms our long-standing presence as an established contractor in Kuwait. This award demonstrates our leading position in Project Management Consultancy activities and confirms the ramp-up of our Technology, Products and Services business segment.”

KIPIC is responsible for operating and managing the largest grassroot integrated complex for refining, petrochemicals manufacture businesses and liquefied natural gas import facilities at Al-Zour complex.

As MRC informed earlier, Technip Energies has been recently awarded two contracts by Neste for work on the development of their renewables production platform in Rotterdam, the Netherlands, as part of the existing Partnership Agreement between Neste and Technip Energies. The first contract covers Engineering, Procurement services and Construction management (EPCM) for the modification of Neste's existing renewables production refinery in Rotterdam, the Netherlands, to enable production of Sustainable Aviation Fuel (SAF). The modifications to the refinery, an investment of approximately EUR190 million, will enable Neste to optionally produce up to 500,000 tons of SAF per annum as part of the existing capacity.

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