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bp acquires almost 29% stake in UK-based Gasrec to strengthen its footprint in renewable gas production

December 03/2021

MOSCOW (MRC) -- bp has acquired a 28.57% stake in Gasrec, the UKs largest dual provider of bio-Liquified Natural Gas (LNG) and bio-Compressed Natural Gas (CNG) to road transport, as per the company's press release.

The company builds, owns and operates biomethane refueling stations, providing renewable solutions to the heavy goods vehicle (HGV) industry.

bp will supply Gasrec with renewable biomethane produced mainly from organic wastes, such as food and dairy manure. The investment will expand bps UK footprint in renewable gas production and distribution, adding to its market leading position in the US.

Carol Howle, EVP Trading and Shipping at bp, said: Bio-LNG and bio-CNG play a crucial role in the energy transition and decarbonization of the heavy-freight industry and is another example of how were helping decarbonize hard-to-abate sectors. Were excited to work with an industry leader like Gasrec to increase the supply of biomethane for HGV customers. This investment further expands bps global renewable gas portfolio, an area which we believe will have an increasingly important role on the path to net zero.

Founded in 2003, Gasrec was the UKs first supplier of biomethane to the road transport sector. Its customers include some of the UKs biggest retailers, parcel delivery companies and hauliers -- Asda, Ocado, Gregory Distribution and Reed Boardall. By offering lower carbon solutions for HGVs, Gasrec lowers the carbon emissions associated with the road transport supply chain and the customers who transport goods.

Gasrecs network of ten biomethane refueling stations across the UK is capable of refueling approximately 1,250 vehicles per day and includes one of Europes largest gas refueling stations, at Daventry International Rail Freight Terminal (DIRFT). With a strong market position, refueling around 40% of the UKs gas-powered HGVs, Gasrec is seeking to expand its network of refueling stations at logistics parks.

As MRC reported earlier, in November, 2021, BP unveiled its largest green hydrogen initiative so far in the UK, with plans for renewable hydrogen production in north-east England it believes could grow to half a gigawatt of electrolyser capacity by the end of the decade. The UK supermajor aims to build an initial 60-megawatt green hydrogen plant by 2025 as the first step in its HyGreen Teesside project.

We remind that in October, 2021, BP announced plans for a USD269 million investment in three projects at its Cherry Point Refinery in Washington state, aimed at improving the refinery's efficiency, reducing its carbon dioxide (CO2) emissions and increasing its renewable diesel production capability. The investment is aligned with bp's aims to be net zero across its operations by 2050 or sooner and to reduce the carbon intensity of the products it sells by 50% by 2050 or sooner.

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.

BP is one of the world's largest oil and gas companies, serving millions of customers every day in around 80 countries, and employing around 85,000 people. BP's business segments are Upstream (oil and gas exploration & production), and Downstream (refining & marketing). Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world"s hydrocarbon basins and strong market positions in key economies.


mrcplast.com
Author:Margaret Volkova
Tags:bioplastics, crude and gaz condensate, gas processing, petrochemistry, recikling, BP Plc, UK, USA.
Category:General News
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