London +4420 814 42225
Moscow +7495 543 9194
Kiev +38044 599 2950
info@mrcplast.com

Our Clients

Order Informer

 
Home > News >
 

Finnish Neste receives EUR88 mln to develop its green hydrogen and CCS project

November 18/2021

MOSCOW (MRC) -- The EU Innovation Fund has given a positive grant decision of EUR88 million funding to Nestes green hydrogen and CO2 capture and storage project, which aims to quickly and efficiently reduce greenhouse gas emissions at the Porvoo refinery in Finland, according to Hydrocarbon Engineering.

The project introduces carbon capture and storage (CCS) and electrolysis solutions that allow decarbonisation of production at the refinery. It is currently in the feasibility phase.

The project will strongly contribute to the reaching of both Finlands and the EUs climate targets and has a significant role in Nestes target of carbon neutral production by 2035.

With this transformation project, a reduction of more than 4 million t of CO2 emissions can be achieved at the Porvoo refinery in the first 10 years of operation.

The company also aims to gather a network of leading European technology suppliers and R&D institutes, laying the foundation for a world-class European hub for renewable hydrogen and CO2 utilisation.

As MRC reported earlier, in July, 2021, Neste and LyondellBasell announced a long-term commercial agreement under which LyondellBasell will source Neste RE, a feedstock from Neste that has been produced from 100% renewable feedstock from bio-based sources, such as waste and residue oils and fats. This feedstock will be processed through the cracker at LyondellBasells Wesseling, Germany, plant into polymers and sold under the CirculenRenew brand name.

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.

Neste (Helsinki) creates solutions for combating climate change and accelerating a shift to a circular economy. The company refines waste, residues and innovative raw materials into renewable fuels and sustainable feedstock for plastics and other materials. The company is the worlds leading producer of renewable diesel and sustainable aviation fuel, developing chemical recycling to combat the plastic waste challenge. In 2020, Neste's revenue stood at EUR11.8 billion, with 94% of the companys comparable operating profit coming from renewable products.


mrcplast.com
Author:Margaret Volkova
Tags:PP, PE, crude and gaz condensate, propylene, ethylene, gas processing, petrochemistry, recikling, LyondellBasell, Neste oil, Germany, Finland.
Category:General News
|
| More

Leave a comment

MRC help

 


 All News   News subscribe