Technip, Petronas collaborate to accelerate the development of carbon capture technologies

Technip, Petronas collaborate to accelerate the development of carbon capture technologies

MOSCOW (MRC) -- Technip Energies and Petronas have signed a Heads of Agreement (HOA) establishing a strategic collaboration framework for the further development and commercialization of carbon capture technologies, said Hydrocarbonprocessing.

These include PETRONAS’ Rotating Pack Bed assisted cryogenic CO2 recovery technology (CryoMin), and membrane based CO2 recovery technology (PN2). Technip Energies and PETRONAS are committed to accelerating the transition to a net-zero carbon future through increasing innovation and fostering active technology collaborations.

Both companies will work together on furthering the development of carbon capture technologies as well as the associated services and equipment, in order to help operators reduce their assets’ carbon emissions in a sustainable manner.

Arnaud Pieton, CEO of Technip Energies, commented: “Collaboration is vital across the industry to accelerate energy transition. We are proud to have signed this strategic partnership with PETRONAS, a long-standing client and partner which has in the past entrusted Technip Energies to design and deliver some of its most iconic assets. This new partnership extends our historical collaboration with PETRONAS into technology development within energy transition, calling on Technip Energies’ extensive capabilities on decarbonization technologies. It will generate unique synergies by combining Technip Energies’ and PETRONAS’ respective experiences in the development of essential technologies for the capture and management of CO2. I trust that the technologies that we will co-develop and commercialize will serve the decarbonization efforts of PETRONAS and other clients extensively."

Bacho Pilong, Senior Vice President of Project Delivery and Technology at Petronas, said: “Petronas leverages on innovations in a holistic approach towards its Net Zero Carbon Emissions 2050 aspiration and has identified carbon capture, utilization and storage (CCUS) technologies among core enablers towards achieving the ambition. We are excited about the many possibilities to be created under this collaboration between two companies equally passionate about advancing technologies that will mutually progress our sustainability agenda. We also hope our synergy and the ensuing successes will spur similar partnerships that meet the triple bottom lines of profit, people and the planet for a better tomorrow."

As MRC wrote previously, in June 2021, Technip Energies announced the initiation of an agreement with Agilyx Corporation, a wholly owned subsidiary of Agilyx AS and pioneer in the advanced recycling of post-use plastics. This collaboration aims to accelerate the implementation of Agilyx’s technology for the advanced recycling of post-use polystyrene (PS). Under this agreement, Technip Energies will market and license the integrated technologies of Agilyx depolymerization and Technip Energies purification technology, leveraging the expertise, resources, and global presence of respective companies. The technology is ready and available for licensing.

As per MRC's ScanPlast, the estimated consumption of polystyrene (PS) and styrene plastics totalled 420,690 tonnes in the first nine months of 2021, up by 16% year on year. September estimated consumption was 46,150 tonnes, down by 3% year on year.

MRC

Evonik to expand plasticizer portfolio

Evonik to expand plasticizer portfolio

MOSCOW (MRC) -- Evonik plans to launch new plasticizer products based on the raw material INA (Isononanol) next year, said the company.

This will strengthen the Group's global business in plasticizers, which are used in particular for flexible PVC products such as cables, flooring and roofing membranes. The new products are to be manufactured at the Group's largest site in Marl, Germany.

"We are confident of the future viability of our oxo alcohol INA and our INA-based plasticizers VESTINOL® 9 and ELATUR CH. With the new products, we are addressing the specific needs of our customers and complementing our portfolio on a step-by-step basis," says Paul Harmsen, Vice President Strategic Marketing at Evonik Performance Intermediates. The portfolio expansion contributes to the consistent strategy of expanding our business with innovative plasticizers of the new generation.

To determine how existing production capacities at the Marl site can best be expanded, Evonik recently commissioned preliminary planning. As soon as this planning has been completed, the basic engineering phase will begin. This will involve the definition of the basic requirements for the facilities and further elaboration of details on production volumes. The necessary construction work can then begin.

The market for innovative plasticizers is growing rapidly. Evonik is driving this development with its expansion. "As an innovative player in the plasticizers industry, we are embracing trends in this industry. In addition to a balanced product portfolio, supply security is particularly relevant for our customers. Our response to this is to take measures to further secure the availability of plasticizers and the raw materials used to produce them," says Roland Pietz, Head of the Oxo Alcohols and Plasticizers market segment at Performance Intermediates. In addition to the universal plasticizer VESTINOL 9 (DINP), Evonik already offers the innovative products ELATUR® CH (DINCH) and ELATUR® DPT.

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.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.

Evonik Industries is one of the world's leading chemical companies in the promising areas of specialty chemistry. The company's products are focused on the high growth rates of megatrends, especially healthcare, nutrition, resource efficiency and globalization.
MRC

Indian ONGC sells cargo of Russian Sokol crude for January shipment

Indian ONGC sells cargo of Russian Sokol crude for January shipment

MOSCOW (MRC) -- Indian explorer ONGC Videsh has sold a cargo of Russian Sokol crude for loading in January at the highest premium in 22 mos on robust demand in Asia, reported Reuters with reference to trade sources' statement on Monday.

The 700,000-bbl cargo was sold at a premium of about USD7.50 a bbl to Dubai quotes, the highest since trades registered in January 2020, according to the sources and data on Refinitiv Eikon.

Itochu bought the cargo loading on Jan. 8-14, they said.

ONGC last sold Sokol cargoes for December loading at USD5.30-USD5.90 a bbl.

As MRC informed earlier, India’s state run oil and gas explorer ONGC’s plan to merge its refining subsidiary Mangalore Refinery and Petrochemicals Ltd (MRPL) with Hindustan Petroleum Corp Ltd (HPCL) has got delayed. The process is now expected to be complete by 2024. The merger was aimed at aligning ONGC’s upstream and downstream operations into two verticals. But ONGC has decided to consolidate its refining and petrochemicals business around MRPL first before going for the merger.

Mangalore Refinery and Petrochemicals Limited (MRPL), is an oil refinery at Mangalore and is a subsidiary of ONGC, set up in 1993. The refinery is located at Katipalla, north from centre of Mangalore city. The refinery was established after displacing five villages of Bala, Kalavar, Kuthetoor, Katipalla, and Adyapadi.

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 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
MRC

Oil prices decreased on anticipation of higher crude supply

Oil prices decreased on anticipation of higher crude supply

MOSCOW (MRC) -- Crude oil prices fell on Monday on expectations of increasing supply, while the recent surge in energy costs and rising COVID-19 cases are expected to weigh on demand, said Hydrocarbonprocessing.

Brent crude futures fell 87 cents , or 1.1%, to $81.30 a bbl, as of 11 a.m. EDT (1500 GMT). U.S. West Texas Intermediate (WTI) crude lost 80 cents, or 1.0%, to USD79.99 a bbl. Oil markets have ended each of the last three weeks lower than the previous one. However, Brent has only shed a total of 4% in that time, as the market see-sawed between concerns about insufficient supply and worries that high prices will cool demand just as drillers ramp up activity.

The strengthening dollar has also pressured oil prices, along with speculation that President Joe Biden's administration might release oil from the U.S. Strategic Petroleum Reserve. U.S. energy firms last week added oil and natural gas rigs for a third week in a row with crude prices hovering near a seven-year high, prompting some drillers to return to the wellpad.

The oil and gas rig count, an early indicator of future output, rose by six to 556 in the week to Nov. 12, highest since April 2020, energy services firm Baker Hughes Co said on Friday. U.S. shale production in December is expected to reach prepandemic levels of 8.68 MMbpd, according to Rystad Energy. At the same time, there are indications that demand may be slowing in due to heightened coronavirus cases and inflation.

The Organization of the Petroleum Exporting Countries (OPEC) last week cut its world oil demand forecast for the fourth quarter by 330,000 bpd from last month's forecast, as high energy prices hampered an economic recovery from the COVID-19 pandemic. "The market now seems to be less concerned about the current supply tightness, expecting it to be short-lived," said Rystad senior markets analyst Louise Dickson. "Traders are instead refocusing on the return of two bearish factors – the possibility of more oil supply sources and more Covid-19 cases."

UAE Energy Minister Suhail al-Mazrouei said all indications point to an oil supply surplus in the first quarter of 2022. "There's little chance of OPEC+ raising output faster, especially if - as UAE energy minister Suhail al-Mazrouei claimed today - the group expects the market to return to surplus in the first quarter of 2022," said Craig Erlam, senior markets analyst at OANDA.

Europe has again become the epicentre of the COVID-19 pandemic, prompting some governments to consider re-imposing lockdowns, while China is battling the spread of its biggest outbreak caused by the Delta variant.

As per MRC, crude oil futures extended declines in midmorning trade in Asia Nov. 15, as investors continued to fret over a stronger dollar amid signs of rising inflation and a recent uptick in COVID-19 cases in Europe and China. At 10:12 am Singapore time (0212 GMT), the ICE January Brent futures contract was down 49 cents/b (0.60%) from the previous close at USD81.68/b, while the NYMEX December light sweet crude contract fell 39 cents/b (0.48%) to USD80.40/b. Bearish pressures continued to dominate sentiment in an event-thinned week of Nov. 14, with investor confidence shaken in recent days by signs of rising inflation in the US. The Biden Administration has hinted at action to tackle surging energy prices in the form of Strategic Petroleum Reserve releases.

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 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
MRC

Shell to simplify its share structure and to become fully UK-based

Shell to simplify its share structure and to become fully UK-based

MOSCOW (MRC) -- Shell said Nov. 15 it plans to scrap its long-standing dual share system and move its tax residence to the UK to simplify its structure, boost competitiveness and accelerate shareholder distributions, reported S&P Global.

Shell said it will propose to shareholders moving to single class of shares to bring it in line with its competitors and most other global companies.

Shell has been incorporated in the UK with Dutch tax residence and a dual share structure since 2005. Its origins as a dual structure company date back to 1907 when Koninklijke Olie merged with Shell Transport and Trading.

"The simplification will normalize our share structure under the tax and legal jurisdictions of a single country and make us more competitive. As a result, Shell will be better positioned to seize opportunities and play a leading role in the energy transition," Shell chair Andrew Mackenzie said in a statement.

As a result of the changes, Shell said it expects to change the company's official name from Royal Dutch Shell to Shell.

Shell, like all its European energy major rivals, has set targets to shift away from oil and gas production as it ramps up spending on renewables such as solar and wind power. The company says its oil production has already peaked in 2019.

In addition to changing its tax residence to UK, Shell said its chief executive and a chief financial officer will be located in the UK along with its board and executive committee meetings. Following the simplification, Shell shareholders will continue to hold the same legal, ownership, voting and capital distribution rights in Shell. Shares will continue to be listed in Amsterdam, London and New York, with FTSE UK index inclusion.

As MRC informed earlier, Royal Dutch Shell plans to reduce its refining and chemicals portfolio by more than half, it said in July 2020 without giving a precise timeframe. The move is part of the Anglo-Dutch company's plan to shrink its oil and gas business and expand its renewables and power division to reduce greenhouse gas emissions sharply by 2050.

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 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.

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