LyondellBasell announces quarterly dividend

MOSCOW (MRC) -- LyondellBasell, one of the largest plastics, chemicals and refining companies in the world, has announced that it has declared a dividend of USD1.13 per share, as per the company's press release.

Thus, the dividend is to be paid on September 7, 2021 to shareholders of record August 30, 2021, with an ex-dividend date of August 27, 2021.

As MRC reported earlier, LyondellBasell said in early August it was restarting the polymers and olefins units at its La Porte, Texas, facility following an acetic acid leak on 27 July, 2021, that killed two people. Both units are located in other parts of the La Porte site.

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 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies.
MRC

MOSCOW (MRC) -- The American Petroleum Institute (API) published its 3rd Edition of Standard (Std) 1164, Pipeline Control Systems Cybersecurity, underscoring the natural gas and oil industry’s ongoing commitment to protecting the nation’s critical infrastructure from malicious and potentially disruptive cyber-attacks, said Hydrocarbonprocessing.

In development since 2017, the 3rd edition is a result of expert input from more than 70 organizations, including state and federal regulators within FERC, TSA, PHMSA, CISA, DoE, NIST, as well as Argonne National Laboratory, the American Gas Association (AGA), Interstate National Gas Association of America (INGAA), the Association of Oil Pipe Lines (AOPL) and numerous pipeline operators. It is based on the NIST (National Institute of Standards and Technology) Cybersecurity Framework and NERC-CIP (Critical Infrastructure Protection) standards and significantly expands the scope compared to the previous edition of the standard to cover all control system cybersecurity instead of solely supervisory control and data acquisition (SCADA) systems.

"The new edition API Std 1164 builds on our industry’s long history of engaging and collaborating with the federal government to protect the nation’s vast network of pipelines and other critical energy infrastructure from cyber-attacks,” API Senior Vice President of API Global Industry Services (GIS) Debra Phillips said. “This standard will help protect the nation’s critical pipeline infrastructure by enhancing safeguards for both digital and operational control systems, improving safety and preventing disruptions along the entire pipeline supply chain. What sets this framework apart is its adaptive risk assessment model that provides operators with an appropriate degree of flexibility to proactively mitigate against the rapidly evolving cyber threat matrix."

“This premier standard helps the operator manage cyber-risks associated with control system cybersecurity environments by providing requirements and guidance for proper isolation of control system environments from non-control system environments,” American Gas Association Senior Vice President for Safety, Operations and Security Christina Sames said.

This expansion of the standard supports the Biden administration’s national security priorities as well as the United Nations Sustainable Development Goal (UNSDG) 9 for resilient infrastructure. The updated standard establishes requirements to harden pipeline cybersecurity assets against a range of threats, including those posed by ransomware. It provides enhanced protections at critical connection points along the supply chain, specifically at pipelines, terminals, and refineries. Additionally, it includes improved risk assessment guidelines, a comprehensive model for implementing pipeline cybersecurity, and a framework for building out a robust industrial automation control (IAC) security program as part of the U.S. Transportation Security Administration required corporate security program.

“API Std 1164 reflects state-of-the-art cybersecurity protections tailored specifically to pipeline operations,” Association of Oil Pipe Lines President and CEO Andy Black said. This new edition pairs with other API standards to form a framework that is integral to industry’s ongoing work to counter cyber threats, including: API 780 – Provides tools to conduct effective security risk assessments, which are used to identify threats to facilities as well as countermeasures to those threats. Last October, API 780 was certified as an anti-terrorism technology by the U.S. Department of Homeland Security (DHS) under the Support Anti-terrorism by Fostering Effective Technologies Act of 2002. This provides liability protection if API members and others using API 780 have a terrorist attack at one of their facilities.

Recommended Practice 1173 – Pipeline Safety Management Systems provides pipeline operators with safety management system requirements that when applied provide a framework to reveal and manage risk, promote a learning environment, and continuously improve pipeline safety and integrity.

API represents all segments of America’s natural gas and oil industry, which supports more than 11 million U.S. jobs and is backed by a growing grassroots movement of millions of Americans. Our 600 members produce, process and distribute the majority of the nation’s energy, and participate in API Energy Excellence®, which is accelerating environmental and safety progress by fostering new technologies and transparent reporting. API was formed in 1919 as a standards-setting organization and has developed more than 700 standards to enhance operational and environmental safety, efficiency and sustainability.

As per MRC, BP said it will remain a member of the American Petroleum Institute (API) after the largest U.S. oil and gas trade lobby group addressed some differences with the British energy company over climate change. BP, which plans to sharply cut its oil output and boost its renewable energy capacity over the next decade, said in a report that despite "uneven progress", the API was "heading in the right direction". The API has faced growing pressure from member companies and activist groups to change its policies relating to climate change and drilling regulations.

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 1,176,860 tonnes in the first half of 2021, up by 5% year on year. Shipments of exclusively low density polyethylene (LDPE) decreased. At the same time, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.
MRC

MOSCOW (MRC) -- North American Pipe Corporation (NAPCO), a subsidiary of Westlake Chemical Corporation has announced that it acquired LASCO Fittings LLC, a Brownsville, Tennessee-based, leading designer, engineer and manufacturer of injected-molded polyvinyl chloride (PVC) fittings, from Aalberts, NV, according to BusinessWire.

“We are pleased to complete this important strategic acquisition and to welcome LASCO Fittings and its talented team into the Westlake family of companies,” said Andre Battistin, vice president, NAPCO Pipe & Fittings. “By adding LASCO Fittings to our product mix, NAPCO will expand into additional markets, particularly as LASCO specializes in half-inch to four-inch fittings and serves the plumbing, pool and spa, industrial, irrigation and retail markets in the United States. LASCO’s product mix is very complementary to our existing range of pipe and fittings products primarily with diameters of four or more inches and will bring additional fittings products to NAPCO’s offerings.”

LASCO Fittings will continue to operate a 48-acre, 500,000 square foot manufacturing and distribution facility in Brownsville, Tennessee, northeast of Memphis. It also has eight regional distribution facilities strategically located throughout the United States. The company employs about 560 employees.

As MRC reported before, earlier this month, Westlake Chemical Corporation announced plans for one of its subsidiaries to acquire the parent company of Dimex LLC, from Grey Mountain Partners, a private equity firm. Based in Marietta, Ohio, Dimex produces a variety of consumer products made from post-industrial-recycled (PIR) PVC, polyethylene (PE) and thermoplastic elastomer (TPE) materials, and has annualized sales of approximately USD100 million. These consumer products include landscape edging; industrial, home and office matting; marine dock edging; and masonry joint controls.

According to MRC's ScanPlast report, Russia's overall production of unmixed PVC totalled 580,500 tonnes in the first seven months of 2021, up by 4% year on year. At the same time, one producer reduced its output.

Westlake Chemical Corporation is an international manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, chlor-alkali and derivative products, PVC suspension and specialty resins, PVC Compounds, and PVC building products including siding, pipe, fittings and specialty components, windows, fence, deck and film.
MRC

MOSCOW (MRC) -- Oil prices fell for a seventh straight session on Friday towards three-month lows as investors became less bullish about fuel demand due to a surge in cases of the COVID-19 Delta variant that is hitting travel, reported Reuters.

Brent crude fell USD1.03, or 1.6%, to USD65.42 a barrel by 11:55 a.m. EDT (1555 GMT), near its lowest since May and down about 7% for the week.

US West Texas Intermediate (WTI) crude for September, due to expire on Friday, fell USD1.07, or 1.7%, to USD62.62 a barrel and was down almost 8% for the week.

China, the world's largest crude importer, has imposed new restrictions with its "zero tolerance" coronavirus policy which is affecting shipping and global supply chains. The United States and China have also imposed tit-for-tat flight capacity restrictions.

"They are acting severely for minimal outbreaks which is a direct threat for the demand profile there," said John Kilduff, partner at Again Capital LLC in New York.

Several US firms, meanwhile, have delayed return-to-office plans as Delta cases spike and countries across Asia are reimposing lockdowns.

The US dollar hit a nine-month high on signs the US Federal Reserve is considering reducing stimulus this year. Oil prices move inversely to the US currency, making oil more expensive for foreign purchasers when the dollar rallies.

Oil demand could also fall as the period of peak US gasoline demand nears its end and European summer holidays come to a close.

Lockdowns in other in major economies around the world have likely harmed the economic activities and growth forecasts in the months to come, said Margaret Yang, a strategist at Singapore-based DailyFX.

As MRC informed previously, crude oil stockpiles fell modestly in early August, while gasoline inventories dipped to their lowest level since November, according to the US Energy Information Administration. Crude inventories fell by 447,000 barrels in the week to Aug. 6 to 438.8 million barrels, compared with analysts' expectations in a Reuters poll for a 1.3 million-barrel drop. Overall crude inventories have been on the decline for several weeks due to increased demand.

We remind that US crude oil production is expected to fall by 160,000 barrels per day (bpd) in 2021 to 11.12 million bpd, the US Energy Information Administration (EIA) said in a monthly report, a smaller decline than its previous forecast for a drop of 210,000 bpd.
MRC

MOSCOW (MRC) -- Evonik has reinforced its emission management leadership position in the polyurethanes industry with a new best-in-class spray foam emissions testing facility at its laboratories in Allentown, Pennsylvania, as per the company's press release.

With its innovation focus on zero-emission and more environmentally preferred additive solutions, this latest milestone further demonstrates Evonik’s commitment to supporting the Spray Polyurethane Foam (SPF) industry to meet its sustainability targets and maintain growth.

As a green product with excellent thermo-insulation properties, buildings constructed with SPF using Evonik additives can significantly reduce energy consumption and lower the carbon footprint. With as much as 40% of a building’s energy loss due to air leaks in roofs and walls, in addition to its excellent thermal performance, SPF also helps to seal gaps preventing air leakage.

As the American Chemistry Council’s Spray Foam Coalition states: up to 33 billion US dollars in energy costs could be saved each year, if the 113 million family homes in the United States each used SPF insulation. SPF is more effective than alternative insulation materials such as fiberglass or mineral wool, which has helped the polyurethane foam-based industry in North America experience double digit growth over recent years.

Emission testing has become much more sophisticated with stricter environmental and worker safety regulations. In addition to the environmental benefits of reduced greenhouse gases, low or zero emission products are now an industry requirement to reduce worker re-entry and building re-occupancy times after spraying. The new emissions testing facility will help Evonik’s customers to establish formal measurement and testing protocols to meet current environmental, and future emissions and American Society for Testing Materials (ASTM) standards.

The new testing facility was commissioned and approved by the Spray Foam Coalition, an organization of companies that produce and sell polyurethane spray foam insulation systems, chemicals and equipment. Another key feature of Evonik’s new testing facility is the cold chamber which enables extremely low temperature spray tests down to 0-degree F for cold weather adhesion testing. These harshest low temperature tests make it possible to mimic real world conditions during any time of the year, helping to speed up formulation development time and improve product performance.

As a leader in supporting each blowing agent transition, Evonik’s solutions for the latest HFO blowing agents have helped to significantly reduce the spray foam industry’s global warming footprint relative to the previous HFC blowing agents. These are typically used in polyurethane foam applications that require high insulation properties such as spray foam insulation, refrigerator/freezer insulation, and panel insulation for building structures.

As MRC informed earlier, in February, 2020, Dow and Evonik entered into an exclusive technology partnership. Together, they plan to bring a unique method for directly synthesizing propylene glycol (PG) from propylene and hydrogen peroxide to market maturity.

Propylene is the main feedstock for the production of polypropylene (PP).

According to MRC's ScanPlast report, PP shipments to the Russian market were 727,160 tonnes in the first six months of 2021, up by 31% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased. Supply of statistical copolymers of propylene (PP random copolymers) subsided.

Evonik is one of the world leaders in specialty chemicals. The focus on more specialty businesses, customer-oriented innovative prowess and a trustful and performance-oriented corporate culture form the heart of Evonik’s corporate strategy. They are the lever for profitable growth and a sustained increase in the value of the company. Evonik benefits specifically from its customer proximity and leading market positions. Evonik is active in over 100 countries around the world with more than 33,000 employees.
MRC