Belarus expects Russia to pay in compensation for refineries

Belarus expects to receive $640 MM from Russia in 2024 to compensate for losses sustained by its oil refineries, Russian state news agency RIA reported on Monday, citing the Belarusian Finance Ministry, as per Hydrocarbonprocessing.

Belarus used to import discounted oil from Moscow for years and resold some of it, as well as oil products refined from the Russian crude, on to Europe. Russia stopped the practice in 2019 amid changes to its tax policy, resulting in costs of $330 million to Belarus that year, according to Minsk's estimates.

The row between the two states even led to major Russian oil companies suspending supplies to Belarus at the start of 2020, which in turn disrupted Belarusian oil exports to Germany.

Russia agreed in 2021 to compensate Belarus for its losses on an ongoing basis.

We remind, Evergreen targets to achieve net-zero by 2050 in line with the International Maritime Organization's GHG strategy. To do so, Evergreen has teamed up with the world's largest fund manager within greenfield renewable energy, Copenhagen Infrastructure Partners for a collaboration on hydrogen-based marine fuels.

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Chandra Asri has successfully obtained the International Sustainability and Carbon Certification (ISCC). With the attainment of ISCC, Chandra Asri's facilities are certified to meet the standards for processing bio-feedstock into bio-based products, such as Bio-Propylene, Bio-Ethylene, Bio-Crude C4, and Bio-Pygas, said the company.

This accomplishment also supports Chandra Asri's efforts in transitioning towards more sustainable alternative raw material utilization. Bio-based raw materials have a lower carbon footprint since they come from plants that have absorbed carbon from the atmosphere. This process balances the carbon dioxide released during production with the carbon absorbed during plant growth, resulting in a closed-loop system that reduces greenhouse gas emissions.

We remind, Chandra Asri Petrochemical (CAP) plans to build a world-scale chlor-alkali plant in Indonesia, in line with the southeast Asian country’s pursuit of investments in the nickel value chain amid growing global demand for electric vehicles. The Indonesian petrochemical producer and sovereign wealth fund Indonesia Investment Authority (INA) have signed a memorandum of understanding (MoU) to develop the project, which is expected to produce more than 400,000 tonnes/year of caustic soda and 500,000 tonnes/year of ethylene dichloride (EDC). Financial details of the project were not disclosed.

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Global commodities trader Trafigura is seeking to charter at least one large tanker to export Venezuelan fuel oil, according to two people with knowledge of the deal, a move that follows this week's easing of U.S. sanctions on the OPEC country's energy industry, said Hydrocarbonprocessing.

Washington announced on Wednesday a broad easing of sanctions on Venezuela's oil and gas sector to encourage a fair 2024 presidential election in the nation. The U.S. first imposed the measures four years ago after President Nicolas Maduro's re-election, which it and other Western governments rejected as a sham.

Venezuela's state oil company PDVSA has quickly reacted to the new authorizations by contacting customers willing to reactivate or renegotiate contracts. Trafigura was a business partner of PDVSA before sanctions. The trading house is in the market for a Suezmax, Aframax or Panamax vessel or a combination of them, two sources familiar with the matter said. A third source said PDVSA has closed a deal involving Trafigura.

Trafigura did not respond to a request for comment after working hours. PDVSA did not reply to a comment request. PDVSA's trading division has lost many of its skilled staff with oil traders departing due to low salaries. That means new negotiations could take time or produce few new deals in the six months of the U.S. authorization, according to separate sources.

The state company urgently needs operational vessels to boost exports, and is seeking to resume business relationships with established trading firms formerly banned by sanctions, which has forced it to rely on unknown intermediaries trading its oil at heavy discounts to Chinese buyers.

Venezuela's oil exports average some 695,000 bpd so far this year, with about 430,000 bpd going to China, according to PDVSA's data and vessel tracking. The head of SLB said the top oil service company is planning a quick return to Venezuela, which holds the largest crude reserves in the world, following the easing of sanctions.

We remind, Evergreen targets to achieve net-zero by 2050 in line with the International Maritime Organization's GHG strategy. To do so, Evergreen has teamed up with the world's largest fund manager within greenfield renewable energy, Copenhagen Infrastructure Partners for a collaboration on hydrogen-based marine fuels.

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Braskem, the leading global biopolymer producer, announced the opening of its Representative Office in Tokyo, Japan one of the key markets for Braskem's I'm greenT bio-based Polyethylene (PE), said the company.

This expansion reinforces our continuous commitment to the Japanese market and the continued development the biopolymer solutions based on renewable feedstock.

For over 15 years, Braskem has provided biopolymers to the Japanese market as part of its sustainable solutions, in line with the countries goals to become a carbon neutral circular economy.

Braskem's biopolymer I'm greenT bio-based Polyethylene (PE) delivers an important contribution to a carbon-neutral society and mitigation of climate change as the product has a negative carbon footprint, from the sugar cane crop to polymer production. Through this process, we can removes CO2 from the atmosphere through photosynthesis and stores the carbon in the biopolymer that can be further mechanically or chemically recycled.

Braskem recently increased the production capacity of biopolymers in Brazil by 30% and has established an JV with SCG Chemicals to develop a project in Thailand to increase the regional availability of I'm greenT bio-based Polyethylene (PE) in Asia.

Walmir Soller, VP of Braskem for Europe & Asia and Global Leader for the I'm greenT bio-based PE business, said "We are always looking for opportunities to expand the I'm greenT bio-based PE reach and deliver low-carbon alternatives to our clients, aligned with the increasing societal demand for sustainable solutions. Our Representative office in Japan will be Braskem's ambassador to work with local stakeholders, and advocate for the development of the low carbon solutions. We want to be an active partner in Japan's journey towards net zero, by contributing our plastics from sustainably sourced renewable feedstock."

I'm greenT bio-based Polyethylene is a plastic made from sugar cane ethanol, sourced according to a responsible sourcing protocol that encompasses requirements in terms of biodiversity, labor rights, social responsibility, and best agricultural practices. I'm greenT bio-based PE is used in a variety of products, including packaging for food and beverages, personal and home care products, toys, houseware, and safety equipment.

We remind, Braskem and the University of Sao Paulo (USP) have announced a partnership to develop lines of research for converting CO2 into other chemical products. CO­2 is one of the greenhouse gases and among the biggest contributors to climate change.

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BASF mining solutions is excited to announce the launch of its two new product brands: Luprofroth™, for our growing frothers portfolio, and Luproset, tailored for flotation modifiers, said the company.

In recent years, BASF’s flotation business has expanded from niche applications to a broad range of flotation solutions. By introducing two distinct brands for frothers and modifiers, BASF can now communicate its flotation portfolio in a clear and consistent way. This reinforces our commitment to continuous innovation and marks a major step towards becoming a full solution provider for the mining industry.

The launch of the Luprofroth brand comes with the introduction of a brand-new range of sulfidic frothers carefully formulated to enhance the overall flotation circuit performance. Graeme Stewart, Sulfide Flotation Specialist for BASF, explains, “Our new sulfidic frother portfolio comes with a wide spectrum of products suitable for diverse process conditions, such as bubble size, bubble coalescence, presence of fine and coarse particles, induction time and froth stability. A key feature of the new range is its enhanced EHS profile, with lower toxicity and ecotoxicity values and reduced flammability risks, which are often major concerns for our customers.”

The Luproset portfolio consists of multiple innovative technologies designed to improve mineral recovery, maximize concentrate grades, and reduce reagent consumption with clear downstream benefits. “Because BASF recognizes the challenges and transformation in the mining industry, our priority is to develop solutions that enable our customers to achieve more with less. An example I particularly like is the Gold Activator Luproset A 1127, an innovative technology that improves gold recovery at low dosage rates,” says Benjamin Hepe, Head of Global Segment Flotation, BASF Mining Solutions.

One of the key advantages of Luprofroth and Luproset is BASF’s extensive integrated chemical value chain. As a result of the backward integration, along with BASF’s global scale operations, we are able to utilize resources more efficiently and expand our mining portfolio continuously through innovation.

We remind, BASF has broken ground on a new polyethylene (PE) unit at its Verbund site in Zhanjiang, China. The 500,000-tonne/y facility, set to open in 2025, will be backward integrated. It will serve fast-growing demand in the area for products like films and pipes.

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