PTT invests in Thailand port expansion with construction starting in 2023

MOSCOW (MRC) -- National oil and gas conglomerate PTT Group (PTT) said on Thursday its joint venture GPC International Terminal has signed a 35-year contract to build the third phase of Laem Chabang port project with a budget of 30.9 billion baht, according to Thai Enquirer.

The joint venture GPC is formed by PTT’s subsidiary PTT Tank, Chec Oversea Infrastructure Holding, and Gulf Energy Development.

PTT, Chec Oversea, and GULF will hold 30%, 30%, and 40% stake in GPC, respectively.

The agreement was completed in the form of a public-private partnership to develop the Laem Chabang port phase III project at the Terminal F, which was approved by the cabinet earlier this month, PTT president Auttapol Rerkpiboon said in a statement.

He said the goals are “to operate a seaport and to provide services” such as transporting goods and running warehouses with the capacity up to 4 million twenty-foot equivalent units (TEU) per year.

GPC plans to start constructing the first part, Terminal F1, in 2023 and begin commercial operation in 2025.

The second part, Terminal F2, will be built in 2027 and will launch its operation in 2029.

“This is in line with PTT’s strategy in pursuing Logistics & Infrastructure business and supporting infrastructure growth in Thailand,” Auttapol said.

As MRC informed earlier, in October 2021, Thai chemical firm, PTT Global Chemical Pcl (PTTGC) said it plans to invest over USD22 bln in the next three decades to achieve net zero carbon emissions 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.
MRC

Teijin Limited emission reduction targets approved by SBTi

Teijin Limited emission reduction targets approved by SBTi

MOSCOW (MRC) -- Teijin Limited announced that it has been informed by the Science Based Targets initiative (SBTi) that its new targets for greenhouse gas emissions is now officially validated as science-based targets (SBT) that limit global temperature rise to well-below two degrees Celsius, said the company.

Teijin is the first enterprise in Japanese chemical industry to receive this recognition. Teijin declared its commitment in February 2021 that the company to being validated under SBT within two years and realized the aim earlier than planned.

Teijin has established forward-looking long-term goals like net-zero in-house emissions by fiscal 2050 and committed to make avoided emissions by its products more than total emissions in supply-chain by fiscal 2030. The goals include reducing internal CO2 emissions by 30%, which was increased from the former 20% target, and two-thirds of total supply-chain emissions by 15%, both as of 2030 compared to 2018 levels.

Teijin, under its long-term vision of being a company that supports the society of the future, is delivering solutions to help realize a more sustainable society in three key fields: 1) environmental value, 2) safety, security and disaster mitigation, and 3) demographic change and increased health consciousness. As a people-focused company, Teijin provides innovative solutions for enhanced quality of life and also works to minimize any negative impact on the environment or society in its business activities.

As per MRC,Teijin says that its subsidiary Teijin Carbon Europe (Heinsberg, Germany) has increased the production capacity of chopped carbon fiber by 40%. The company says that it is responding to the growing demand from European electronics manufacturers in recent years, as well as the current increase in demand for compounds for medical devices.

As MRC reported before, Teijin Ltd. is expanding its footprint in Europe with Teijin Automotive Center Europe GmbH, a new base in Wuppertal, Germany, that will house technical functions for the company’s automotive composites business.

Teijin is a technology-driven global group offering advanced solutions in the areas of sustainable transportation, information and electronics, safety and protection, environment and energy, and healthcare. Its main fields of operation are high-performance fibers such as aramid, carbon fibers & composites, healthcare, films, resin & plastic processing, polyester fibers, products converting and IT. The group has some 150 companies and around 17,000 employees spread out over 20 countries worldwide.
MRC

ENEOS sees winter fuel oil demand rising 150%, can only meet 100% surge

ENEOS sees winter fuel oil demand rising 150%, can only meet 100% surge

MOSCOW (MRC) -- Japan's largest refiner ENEOS currently sees a 150% year-on-year increase in fuel oil demand from the power sector for winter, but can only meet up to a 100% surge, reported S&P Global with reference to ENEOS Holdings Chairman Tsutomu Sugimori's statement Nov. 25.

Speaking to reporters as President of the Petroleum Association of Japan, Sugimori said ENEOS was receiving a lot of inquiries from power utilities for fuel oil supply for winter amid high LNG prices.

Sugimori's comments came after company president Katsuyuki Ota said Nov. 11 that ENEOS was receiving a high number of inquiries from power utilities for fuel oil amid concerns that the country's refiners may not be able to meet all requests for the coming winter.

Last January, Japanese refiners boosted fuel oil supplies to power generators following an emergency request from the Federation of Electric Power Companies of Japan. That came as Japan experienced a power supply shortage as demand surged during extreme cold spells in January, with local power utilities forced to restrict gas-fired power generation due to low LNG stocks.

That was exacerbated by glitches at coal-fired power plants, low hydropower generation due to droughts, fluctuations in solar power output due to weather conditions, reduced oil-fired power generation capacity, and low nuclear power output.

As MRC informed previously, in the first week of June, 2021, Eneos Corp restarted the 168,000-bpd No.1 CDU at its Kashima refinery, east of Tokyo, after it was shut on May 11 due to system trouble. The refiner, which is a unit of Eneos Holdings Inc, restarted the 105,000-bpd No.3 CDU at its Mizushima-B refinery, western Japan, in early June, 2021. The CDU was shut on Feb. 25 for turnaround.

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.

Japan's largest refiner JXTG Nippon Oil & Energy was renamed ENEOS Corporation on 25 June, 2020, as part of a wider re-organization of the parent company JXTG Holdings. The move, which also involved renaming the parent company to ENEOS Holdings upon approval at its annual shareholders meeting in June 2020, comes as it strives to be a more comprehensive energy and materials company under its 2040 vision announced in May, 2019. JXTG Holdings was formed as a result of a merger between JX Holdings and TonenGeneral in April 2017. This followed the establishment of JX Holdings as a result of the merger between Nippon Oil and Nippon Mining Holdings in April 2010.
MRC

Waha to carry out maintenance on pipeline

Waha to carry out maintenance on pipeline

MOSCOW (MRC) -- Libya's Waha oil company will carry out maintenance operations on a pipeline starting on Wednesday that will reduce crude output by 90,000 bpd for one week, reported Reuters with reference to the National Oil Corp media office's statement.

Waha's oil output before maintenance work was due to begin was 286,000 bpd, the NOC media office said.

As MRC informed before, Libya's Government of National Unity has approved the sale of US oil company Hess Corporation's stake in the giant Waha oil concessions to both TotalEnergies and ConocoPhillips, sai Patrick Pouyanne, CEO of TotalEnergies, Nov. 22.

Pouyanne confirmed the deal while speaking at the Libya Energy & Economic Summit 2021 in Tripoli on Nov. 22.
Hess Corporation's 8.16% stake in the key oil license will now be split evenly between France's TotalEnergies (4.08%) and ConocoPhillips (4.08%),

We remind that TotalEnergies has recently inaugurated the extension of Synova in Normandy, the French leader in recycled polypropylene (PP) production. TotalEnergies is therefore doubling its mechanical recycling production capacity for recycled polymers, to meet growing demand for sustainable polymers from customers, such as Automotive Manufacturer (Auto OEM) and the construction industry.

According to MRC's ScanPlast report, PP shipments to the Russian market were 1,138,510 tonnes in the first nine months of 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 PP random copolymers decreased significantly.
MRC

Crude oil imports to rebound in November in Asia

Crude oil imports to rebound in November in Asia

MOSCOW (MRC) -- Asia's imports of crude oil are likely to have rebounded in November to the highest this year amid pre-winter buying by top consumers and despite widespread disquiet among buying countries over high prices, said Hydrocarbonprocessing.

Imports by the world's top-consuming region are estimated at 26.35 MMbpd for November by Refinitiv Oil Research, up strongly from October's 22.55 MMbpd. For most of the year Asia's imports of crude have lagged the prevailing global narrative of a recovery in demand and tight market supply, with these factors applying more to North America and Europe.

However, there are some factors at play that call into question whether China's resurgent November imports are a flash in the pan or the start of a renewed uptrend. Imports are likely to have been boosted by the government granting new quotas to some independent refiners, which had to be used by the end of the year.

This led to a flood of buying from the these refiners, especially of Russian ESPO crude, which saw spot premiums for the grade rise to their highest since January 2020. The premium of ESPO over Dubai crude reached $6.35 a bbl on Nov. 16, having climbed from a recent low of USD1.90 on Aug. 17.

However, it has subsequently dropped back to around $4.10 a bbl amid subdued interest from Chinese independents for January-loading cargoes. Another factor that may affect China's imports in the first quarter of next year is the potential for more oil to be sold from the Strategic Petroleum Reserve (SPR).

Beijing has so far been coy about its plans to join the U.S.-led release of crude stockpiles, saying on Wednesday that it was working on its own release according to its own needs. By not making a firm commitment to release crude from its SPR, China creates uncertainty in the market over its future import needs, although it's likely that Beijing will take some action as the messaging has been clear that the authorities believe oil prices are too high.

As per MRC, South Korea's crude oil imports in October rose 1.9% from a year earlier, reflecting the country's rising refinery run rates as Seoul rapidly eases COVID-19 restrictions, while major refiners plan to actively purchase spot cargoes from non-OPEC producers amid tight Middle Eastern supply. The world's fifth-biggest crude importer received 11.419 million mt, or 83.7 million barrels, of crude oil last month, compared with 82.14 million barrels imported a year earlier, data from the Korea Customs Service showed. The October imports were also up 6.4% from 78.63 million barrels received in September.

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