PureCycle to invest USD440 mln in rPP plant in Georgia, USA

MOSCOW (MRC) -- PureCycle Technologies, Inc., the innovative recycled polypropylene (PP) producer, has reached an agreement with The Augusta Economic Development Authority to build its first US cluster facility to produce ultra-pure recycled polypropylene (rPP) from waste PP, according to BF.

The 200-acre location in Augusta Corporate Park will create over 80 manufacturing jobs with an initial USD440 million investment to primarily fund three lines of 130 million pounds of capacity during Phase 1 of the project. Augusta-Richmond County was selected based on feed and product delivery supply-chain efficiencies, community support, a skilled labor market, and Georgia’s business-friendly environment.

“We’re delighted to be working with the Augusta Economic Development Authority to establish our next polypropylene purification facility,” said PureCycle CEO Mike Otworth. “Demand for high quality recycled polypropylene is continuing to outpace supply as brands seek sustainable materials for their products. Our Augusta operation will be pivotal in our quest to help solve for the plastics waste crisis.”

PureCycle uses licensed proprietary technology to recycle waste PP into ultra-pure recycled-PP for applications spanning consumer goods, automotive, building and construction, and industrial uses. The company can process a wide range of waste PP with varying levels of contamination.

The Augusta plant will enhance PureCycle’s ability to deliver product at scale with a robust process designed to produce 130mm pounds per year, per processing line, with expansion capacity to construct up to 5 processing lines within Augusta Corporate Park. The company plans to reach one billion pounds of production across its network by 2025, where it will produce virgin-like rPP from PP.

Construction of the company’s flagship Ironton, OH recycling facility is well underway and has already pre-sold more than 20 years of output.

As MRC reported earlier, in May 2020, Total has signed an agreement with PureCycle Technologies to develop a strategic partnership in plastic recycling. As part of the agreement, Total undertakes to purchase part of the output of PureCycle Technologies’ future facility in the United States and to assess the interest of developing a new plant together in Europe. PureCycle Technologies uses an innovative, patented technology to separate color, odor and any other contaminants from plastic waste feedstock to transform it into virgin-like rPP. The company, which was to begin construction on its first plant in Ohio (USA) last year, will produce 48,000 tons of rPP.

According to MRC's ScanPlast report, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
MRC

MOSCOW (MRC) -- French energy major TotalEnergies, formerly called as Total SA, reported that its net income attributable to the company for the second-quarter was USD2.21 billion or USD0.80 per share, compared to a loss of USD8.37 billion or USD3.27 per share in the prior year, according to NASDAQ.

TotalEnergies reported USD3.5 billion of adjusted net income, a 15% increase compared to the first quarter 2021 and above the level of the pre-crisis second quarter 2019 which had a comparable oil price environment.

Sales for the second-quarter grew to USD47.05 billion from USD25.73 billion in the prior year.

Tthe Board of Directors decided to distribute a second interim dividend for 2021, stable at EUR0.66 per share.

The company noted that the start-up and ramp-up of new projects, including Zinia Phase 2 in Angola, North Russkoye in Russia and Iara in Brazil, will contribute to increased production in the second half 2021.

TotalEnergies expects cash flow generation (DACF) of more than USD25 billion in 2021 and a return on capital employed of more than 10%.

As MRC reported previously, in June 2021, TotalEnergies and Novatek have signed a Memorandum of Understanding (MoU) to jointly work on sustainable reductions of the CO emission resulting from the production of liquefied natural gas (LNG) including with the use of renewable power, to develop large-scale carbon capture and storage solutions (CCS) and to explore new opportunities for developing decarbonized hydrogen and ammonia.

We remind that in November 2019, Total disclosed that it is 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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.

TotalEnergies is a broad energy company that produces and markets energies on a global scale: oil and biofuels, natural gas and green gases, renewables, and electricity. The company rebranded itself from Total to TotalEnergies during Q2 2021. The French firm has announced allocating part of surplus revenues to share buybacks. Its 105,000 employees are committed to energy that is ever more affordable, clean, reliable and accessible to as many people as possible. Active in more than 130 countries, TotalEnergies puts sustainable development in all its dimensions at the heart of its projects and operations to contribute to the well-being of people.
MRC

MOSCOW (MRC) -- US-German industrial gas producer Linde plans additional share buybacks and investments, particularly in electronics, after higher pricing and strong volumes across all its markets led it to hike its 2021 earnings guidance again on Friday, reported Reuters.

The world's leading supplier of oxygen to hospitals worldwide during the COVID-19 pandemic said it now expects 2021 adjusted earnings per share to rise 23-25% year-on-year, versus previous guidance for a 17-19% increase.

Chief Financial Officer Matthew White told a conference call following its second quarter earnings that Linde would continue to use excess cash for share buybacks and that the group's cash reserves would be higher next quarter.

Linde has consistently beaten analysts' quarterly estimates over the past two years, according to data compiled by Refinitiv.

Chief Operating Officer Sanjiv Lamba told the call the company was reviewing hundreds of prospective projects amounting to more than USD10 billion of potential investment, "including a significant number of electronics and clean energy projects."

Linde's electronics business, which brought in 10% of sales last year, has benefited from strong demand for consumer electronics under coronavirus lockdowns.

While the group's electronics and healthcare divisions remained strong in the second quarter, cyclical segments such as manufacturing, metals, and chemicals and refining all also saw double-digit growth. Industrial gas producers tend to have significantly lower exposure to economic fluctuations due to their long-term contracts, monthly fixed fees and rental income for cylinders.

The group's second-quarter adjusted earnings per share came in at USD2.70, above the USD2.54 forecast from analysts polled by Refinitiv, and beating its own guidance of USD2.50-USD2.55.

Linde had already hiked its 2021 earnings outlook in May, as a strong performance in its healthcare business helped it beat first-quarter forecasts.

As MRC informed earlier, in JUne 2021, SIBUR -Neftekhim and Linde Gas Rus signed agreements on implementation in 2021-2022. a project for the utilization of carbon dioxide (CO2) generated in the technological process of the SIBUR enterprise in Dzerzhinsk. SIBUR -Neftekhim will build an infrastructure for the transportation to the Linde Gas Rus site of crude CO2 obtained as a by-product in the process of ethylene oxide synthesis. In turn, Linde Gas Rus will build a unit to bring the quality of this gas to the level of a commercial product, applicable, among other things, in the food industry, and will sell it to end consumers.

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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
MRC

MOSCOW (MRC) -- Lubrizol has announced the next phase of its staged, multi-million dollar investment in thermoplastic polyurethane (TPU) capacity and capabilities to serve the rapidly growing global Paint Protection Films (PPF) market, according to Indian CHEMICAL News.

This comes on top of investments of over USD20 million over the last three years in capacity, application and testing capabilities, and market insights.

The new investments will further optimize the global manufacturing footprint to support expected growth and innovation in the PPF market, with progressive capacity increases through debottlenecking and greenfield investments that will more than triple capacity over the next three years.

“The PPF market shows continued strong growth across the globe, driven by increased consumer awareness and the desire to protect vehicles surfaces and maintain premium aesthetics,” said Viviana Wilson, global director industrial marketing of ESTANE Engineered Polymers for Lubrizol. “Consumer preferences in PPF are well aligned with the long-lasting performance and protection enabled by the use of ESTANE TPU from Lubrizol. Across the world, we’re channeling our resources and capabilities to help end-users benefit from high performance surface protection solutions.”

As MRC informed earler, more than 5,250 tons of chemicals, oil and fuel additives burned in a massive fire at US specialty chemical firm Lubrizol in Rouen, France, in late September, 2019. Lubrizol managed to resume operations at its plant at Rouen in northwest France after the fire only in late December, 2019.

The Lubrizol Corporation, a Berkshire Hathaway company, is an innovative specialty chemical company that apart from its production develops and supplies technologies to customers in the global transportation, industrial and consumer markets. Lubrizol is providing innovative solutions for its customers high-performance application needs and remains committed to ongoing investment in its CPVC capabilities that support future growth. With headquarters in Wickliffe, Ohio, Lubrizol owns and operates manufacturing facilities in 17 countries, as well as sales and technical offices around the world. Founded in 1928, Lubrizol has approximately 8,000 employees worldwide.
MRC

MOSCOW (MRC) -- Valero Energy Corp said its adjusted profit rose in the second quarter from the previous three-month period, as fuel consumption improved with the easing of coronavirus-related travel restrictions, said Hydrocarbonprocessing.

Adjusted net income attributable to Valero stockholders was USD197 million, or 48 cents per share, for the three months ended June 30, compared with USD140 million, or 34 cents per share, in the prior quarter.
Valero's Q2 operating income fell 72% year on year as sales growth was outpaced by an increase in total cost of sales.

In the refining segment, Valero reported operating income of USD349m, compared with USD1.8bn for Q2 2020. “Our system’s flexibility and the team’s relentless focus on optimisation in a weak, but otherwise improving, margin environment enabled us to deliver positive earnings in the second quarter,” said CEO Joe Gorder.

In its renewable diesel segment, Valero reported USD248m of operating income, up from USD129m in Q2 2020, and in the ethanol segment it reported USD99m of operating income, up from USD91m from Q2 2020. Valero continues to expand capacity at its Diamond Green Diesel (DGD) joint venture with Darling Ingredients to produce renewable diesel, it said.

At St Charles, Louisiana, a new plant, DGD 2, is expected to increase renewable diesel production capacity by 400m gal/year. The expansion project remains on budget and on track to be completed and operational in the middle of the fourth quarter of 2021, Valero said. It will also provide the capability to market 30m gal/year of renewable naphtha into low-carbon fuel markets.

Also, a new plant, DGD 3, at Port Arthur, Texas, which is expected to increase renewable diesel production capacity by 470m gal/year, is progressing well and is now expected to commence operations in the first half of 2023, the company said. DGD 3 will raise DGD’s total annual production capacity to about 1.2bn gallons of renewable diesel and 50m gallons of renewable naphtha.

As per MRC, Valero Energy Corp, the second largest U.S. crude oil refiner, plans to operate its 14 refineries up to 89% of their combined total throughput capacity of 3.15 million barrels per day (bpd) during the second quarter of 2021, a company executive said. Valero’s U.S. Gulf Coast refineries are planned to operate up 92% of their combined total throughput of 1.86 million bpd.

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 744,130 tonnes in the first four month of 2021, up by 4% year on year. Shipments of all PE grades increased. At the same time, PP deliveries to the Russian market were 523,900 tonnes in January-April 2021, up by 55% year on year. Supply of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased.
MRC