McDermott to accelerate contributions to a low-carbon economy through its sustainability targets

McDermott to accelerate contributions to a low-carbon economy through its sustainability targets

MOSCOW (MRC) -- McDermott International, Ltd will accelerate its contributions to a low-carbon economy through its sustainability targets, which are outlined in the company's latest sustainability report, according to Hydrocarbonprocessing.

The company's targets include:

- 50% reduction in scope 1 and 2 greenhouse gas (GHG) emissions by 2030;
- 35% reduction in scope 3 GHG emissions for ten key supply chain categories by 2030;
- Zero office waste-to-landfill by 2025;
- 50% reduction in waste generation by 2030;
- Specific milestones for advancing social investment, local content and human rights;
- The targets leverage years of analysis and the company's long history of delivering - and continuously improving - responsible energy infrastructure across the energy value chain.

McDermott supports the global energy transition and has delivered award-winning work, studies and developments to expand possibilities in net-zero construction, carbon capture, hydrogen storage solutions, net-zero liquified natural gas and offshore wind.

The company has the same aspirations for its own operations as reflected in the sustainability program and proactive targets. The result is an integrated sustainability strategy with a governance framework applied globally across all aspects of the business.

"Our sustainability report identifies the progress we have already made," said Rachel Clingman, McDermott's Executive Vice President, Sustainability and Governance. "And it confirms our commitment to reducing GHG emissions, managing water use, reducing waste-to-landfill and improving socially responsible investments that support the communities where we operate."

As MRC wrote previously, last month, McDermott International, Ltd announced it had been awarded an engineering and procurement contract for a spent caustic treatment solution on the Gas Chemical Complex (GCC) project from Heat Transfer Technologies DMCC (HTT). The GCC project is owned by Baltic Chemical Plant LLC, a subsidiary of RusGazDobycha. It is the largest polyethylene (PE) integration project in the world and is located near Russia's shores in the Gulf of Finland.

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.

McDermott is a premier, fully-integrated provider of engineering and construction solutions to the energy industry. Our customers trust our technology-driven approach engineered to responsibly harness and transform global energy resources into the products the world needs. From concept to commissioning, McDermott's innovative expertise and capabilities advance the next generation of global energy infrastructure - empowering a brighter, more sustainable future for us all. Operating in over 54 countries, McDermott's locally-focused and globally-integrated resources include more than 30,000 employees, a diversified fleet of specialty marine construction vessels and fabrication facilities around the world.
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Indian Oil to fuel its capacity expansion with green power

Indian Oil to fuel its capacity expansion with green power

MOSCOW (MRC) -- Indian Oil Corp will seek to cut emissions by using clean electricity from the grid to fuel its capacity expansion, instead of building its own power plants, reported Reuters with reference to the country's top refiner's statement.

IOC, which controls about a third of India's 5 million barrels per day (bpd) of refining capacity, aims to raise its capacity by about 500,000 bpd by 2023-24.

"We have got several expansion plans down the line which are already approved. We will not have a captive power plant and will utilise power from the grid, preferably green power. This will help decarbonise some part of the manufacturing," it said.

IOC also plans to build a green hydrogen plant at its 160,000 bpd Mathura refinery in northern Uttar Pradesh state.

"IndianOil has a wind power project in Rajasthan. We intend to wheel that power to our Mathura refinery to produce absolutely green hydrogen through electrolysis," S.M. Vaidya, chairman of IOC said in the statement.

In addition to strengthening its refining, fuel retailing and petrochemicals business, IOC will focus on hydrogen and electric mobility over the next 10 years, Vaidya said.

As MRC informed 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 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.
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Index of chemical production in Russia rises by 8.2% in H1 2021

MOSCOW (MRC) -- Russia's output of chemical products rose in June 2021 by 10.2% year on year. However, production of basic chemicals increased year on year by 8.2% in the first six months of 2021, according to Rosstat's data.

According to the Federal State Statistics Service of the Russian Federation, polymers in primary forms and synthetic rubbers accounted for the greatest increase in the output in January-June 2021.

Production of benzene dropped to 108,000 tonnes in June 2021 from 119,000 tonnes a month earlier. Overall output of this product reached 695,900 tonnes over the stated period, down by 3.3% year on year.

June production of sodium hydroxide (caustic soda) was 103,000 tonnes (100% of the basic substance) versus 105,000 tonnes a month earlier. Overall output of caustic soda totalled 642,500 tonnes in the first half of 2021, down by 1.2% year on year.

2,120,000 tonnes of mineral fertilizers (in terms of 100% nutrients) were produced in June 2021 versus 2,283,000 tonnes a month earlier. Overall, Russian plants produced about 13,307,000 tonnes of fertilizers in January-June 2021, up by 7.4% year on year.

June production of polymers in primary form was 937,000 tonnes versus 956,000 tonnes in May. Overall output of polymers in primary form totalled 4,460,000 tonnes over the stated period, up by 12.8% year on year.

135,000 tonnes of synthetic rubbers were produced in June, compared to 130,000 tonnes a month earlier. Overall, Russian plants produced about 859,900 tonnes of synthetic rubbers in January-June 2021, up by 18.3% year on year.
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PVC imports to Russia up by 25% in H1 2021, exports down by 12%

MOSCOW (MRC) -- Imports of suspension polyvinyl chloride (SPVC) into Russia totalled about 20,000 tonnes in the first six months of 2021, up by 25% year on year. At the same time, exports decrease by 12%, according to MRC's DataScope report.

Last month's SPVC imports to Russia were 5,000 tonnes versus 5,300 tonnes in May. Despite an acute shortage of resin in the domestic market, Russian companies were unable to multiply their imports, because the key suppliers are Chinese producers, and they have major export restrictions.

Overall imports reached 20,000 tonnes in the first six months of 2021, compared to 16,000 tonnes a year earlier, with resin from China accounting for the main increase in imports.


June record high PVC prices in the domestic market forced some producers to significantly reduce their export sales. 12,000 tonnes of PVC were exported in June versus 22,900 tonnes a month earlier. Overall exports totalled 104,700 tonnes in January-June 2021, compared to 119,700 tonnes a year earlier.

MRC

COVID-19 - News digest as of 02.08.2021

1. Valero Q2 operating income fell 72%

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.




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