Technip Energies aims to shun Russia

Technip Energies aims to shun Russia

Technip Energies has renounced new business opportunities in Russia following its invasion of Ukraine, the head of the French oil and gas services provider said on Thursday, as its full-year margin guidance drove up shares, said Reuters.

"We have ceased to work on future business opportunities in Russia," Arnaud Pieton said in an earnings statement, but added that the potential financial impact of the crisis was "contained".

BP , Shell and ExxonMobil are among the oil majors that have announced plans to exit positions and joint ventures in Russia amid crippling sanctions on the energy-rich nation for what it calls a "special operation" in Ukraine. By the end of December, about 3.8 billion euros (USD4.22 billion), or 23% of Technip Energies' order backlog, was related to Russian projects in execution, said the firm, which specialises in engineering and technology for the energy sector.

As per MRC,TechnipFMC plc has announced the sale of 9 MM Technip Energies N.V. shares through private sale transactions. The sale price of the shares in the sale is set at EUR13.15 per share, yielding total gross proceeds of EUR118.4 MM.

As MRC reported earlier, in December 2021, Technip Energies provided the technology licensing and process design to SP Olefins (Taixing) Co. Ltd., for China’s first gas-cracking ethylene plant in Taixing, Jiangsu Province, China. The 780,000 tpy plant successfully started up in August 2019, reaching on-spec olefins shortly thereafter. Earlier last year, the plant passed all performance guarantees, and the final acceptance certificate was recently issued, which was delayed due to COVID-19. The Taixing plant is not only the first gas-cracking ethylene plant in China, but also the first plant to use imported US ethane as feedstock.
MRC

MRC launched a new website

MRC launched a new website


MRC has launched a new website www.mrchub.com

Here readers will be able to see the latest and most complete news on the market of petrochemicals, mineral fertilizers in the CIS countries and in the world.

MRC is a pricing agency that has been issuing price reports covering the petrochemical market in the CIS region and the global geographic market for 20 years.

MRC works with ICIS, the world leader in pricing for the petrochemical market, and with Profercy pricing agency, the market leader in mineral fertilizers.

Our data-driven solutions, price quotes and data analysis combined with market insights help market participants make informed decisions in commodity markets.
MRC

We must stop the war together


We try to stop the war together. We address all our partners and colleagues, as the current situation simply leaves no choice.

We ask you to express the principled ground of your companies and put out a call to stop the war, which can lead to catastrophic consequences for the whole world.

In 1994, Ukraine voluntarily gave up the third largest global nuclear arsenal to strengthen the peace on our planet. Today Ukraine is attacked, with Russia violating all security guarantees.

The Russian nuclear forces are on high combat alert today, affecting global stability. We must stop this together!

MRC team


MRC

Venezuela February oil exports up on heavy crude, fuel oil sales

Venezuela February oil exports up on heavy crude, fuel oil sales

Venezuela's exports of oil and refined products last month recovered to mid-2021 levels, boosted by sales of its flagship crude grade and fuel oil bound for Asia, according to tracking data and documents from state-run oil company PDVSA, reported Reuters.

Higher exports come as Russia's invasion of Ukraine and resulting shipping bans and financial sanctions could spur demand for Venezuela's crude and residual products, traders said. Oil importers this week have rejected Russian vessels, sending buyers searching for new crude and fuel supplies.

Venezuela's state-run PDVSA and its JVs shipped a total of 22 cargoes in February, carrying some 730,930 bpd, the highest since July 2021 and a 76%-increase over January, according to the data and company documents.

Most cargoes departed bound to China through trans-shipping hubs like Malaysia.

As MRC informed earlier, in November 2021, Venezuelan petrochemicals produced by joint ventures between state-run chemical firm Pequiven and foreign partners have arrived in the United States, despite Washington's efforts to limit trade with the OPEC oil and gas producer. At least two cargoes of methanol, a widely used industrial product whose prices have soared this year, have discharged at Houston area ports since October amid a rapid expansion of the South American country's global sales of petrochemicals and oil byproducts, according to tanker tracking and US customs data.

We remind that from January to October, 2021, PDVSA and Pequiven exported about 1.75 MM tons of petrochemicals and byproducts, putting the trade on track this year to double the 1.03 MM tons exported for the whole of 2020. Shipments of methanol this year ranged between 20,000 and 60,000 metric t per month, mostly bound for the Netherlands, Spain, Japan and China, according to the data and the three people.
MRC

Chevron invests in Carbon Clean CO2 capture technology

Chevron invests in Carbon Clean CO2 capture technology

Chevron announced it has made a new investment in Carbon Clean. Carbon Clean’s technology is designed to reduce the costs and physical footprint required for carbon capture compared with many existing approaches, according to Hydrocarbonprocessing.

Carbon Clean’s technology and fully modular construction also aims to reduce site disruption and facilitate faster permitting.

“We look forward to partnering with Carbon Clean to help advance Chevron’s pursuit of lower carbon solutions,” said Chris Powers, Vice President of Carbon Capture, Utilization, and Storage (CCUS) for Chevron New Energies (CNE). “Chevron has a long history of supporting innovation. We strive to apply our internal capabilities and longstanding partnership approach toward developing and commercializing breakthrough technologies, including those that enable lower carbon solutions in the marketplace.”

Chevron Technology Ventures made an initial investment in Carbon Clean in 2020. In 2021, Chevron launched CNE to accelerate lower carbon business opportunities in CCUS, hydrogen and offsets and emerging energies, as well as support Chevron’s ongoing growth in biofuels.

As part of the new investment, Chevron and Carbon Clean are seeking to develop a carbon capture pilot for Carbon Clean’s CycloneCC technology on a gas turbine in San Joaquin Valley, California. Chevron is targeting 25 MMtpy of CO? in equity storage by the end of this decade, with a focus on developing regional hubs that leverage its existing and emerging partnerships with customers, governments and industry.

As MRC reported earlier, Chevron is buying biodiesel maker Renewable Energy Group Inc for USD3.15 B, in its biggest bet so far on alternative fuels. The second-biggest US oil and gas producer said on Monday it would pay USD61.5 in cash for each share of Renewable Energy, a premium of over 40% to the company's Friday close. Renewable Energy shares rose more than 37% in premarket trading.

We remind that in September 2021, Chevron U.S.A. Inc., a subsidiary of Chevron Corporation, and Bunge North America, Inc., a subsidiary of Bunge Limited (NYSE: BG), announced a memorandum of understanding (MOU) of a proposed 50/50 joint venture to help meet the demand for renewable fuels and to develop lower carbon intensity feedstocks.

Headquartered in San Ramon, California, Chevron Corporation is the the second-largest integrated energy company in the United States and among the largest corporations in the world. Chevron is involved in upstream activities including exploration and production, downstream activities including refining, marketing and transportation, and advanced energy technology. Chevron is also invested in power generation and gasification processes.
MRC