Mitsubishi Chemical sells Indonesian PTA business to Lintas Citra Pratama

Mitsubishi Chemical sells Indonesian PTA business to Lintas Citra Pratama, said the company.

Mitsubishi Chemical Group Corporation resolved at its Executive Officers' Meeting held that it will transfer shares of PT Mitsubishi Chemical Indonesia (President: Hideyuki Matsuda; location: Special Capital Region of Jakarta, Indonesia, hereinafter, “MCCI”), which operates the pure terephthalic acid (hereinafter, "PTA") business to PT Lintas Citra Pratama.

The two group companies of Mitsubishi Chemical Group, Mitsubishi Chemical Corporation (Representative Directors: Kouji Eguchi, Manabu Chikumoto, Head Office: Chiyoda-ku, Tokyo, hereinafter, "MCC"), and PT Lintas Buana Kasei (Representative Director: Shinichiro Hatano, Head Office: Banten Province, Indonesia (hereinafter, “LBK”) own the shares of MCCI.

We remind, Proman has signed an MoU with Mitsubishi Corporation to explore building a world-scale ultra low-carbon ammonia facility in Lake Charles, Louisiana. The proposed plant would produce approximately 1.2 million tonnes per year of clean ammonia by incorporating state-of-the-art carbon capture and sequestration technology. The proposed ultra low-carbon ammonia facility will be located on Proman's existing site in Lake Charles, adjacent to Proman's natural gas to methanol plant which is also under development.

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At least two ships transporting oil or oil products between the U.S. Gulf Coast and India last week were re-routing from the Red Sea, according to vessel tracking data, as a U.S.-led coalition geared up to help safeguard vessels from attacks by Yemen's Houthi militants, said Hydrocarbonprocessing.

Iran-backed Houthis, who say they are supporting Palestinians under siege by Israel in the Gaza Strip, have attacked commercial shipping with drones and missiles, forcing shippers to change course and take longer routes around the southern tip of Africa.

The Aigeorgis, which was chartered by BP to carry vacuum gasoil (VGO) from India's Jamnagar to Texas, on Friday was headed along Africa's East Coast toward the Cape of Good Hope, according to financial firm LSEG's ship tracking data.

BP's VGO shipments from Jamnagar historically moved through the Red Sea. The new route adds nine days to the journey between India and the U.S. Gulf Coast. VGO is a refining feedstock used to produce gasoline and diesel.

A BP spokesperson declined to comment on the Aigeorgis but referred to an earlier statement on its decision to re-route ships. The company had said last Tuesday it would avoid the Red Sea and route vessels around the Cape of Good Hope.

The Sonangol Cabinda, chartered by Equinor to carry crude oil from Texas to India, did a 180-degree turn in the middle of the Red Sea last Thursday and was moving through the Suez Canal toward the Mediterranean, LSEG tracking data showed.

The U.S. said the naval coalition announced last week involved 20 countries. Some have not confirmed their participation, however, while others have said operations to protect Red Sea commercial traffic will be a part of existing naval agreements. The lack of practical details for shippers has caused confusion for those still avoiding the region.

Meanwhile, the Almi Globe, chartered by BP, according to LSEG shipping data has also done a U-turn in the Mediterranean. The vessel had been heading for Suez until last Thursday when it changed its destination to Las Palmas, Spain.

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Nigeria's oil refinery in Port Harcourt will restart operations "after the Christmas break" following an overhaul, the petroleum minister said on Thursday, following several delays, said Hydrocarbonprocessing.

Africa's top oil exporter has for years prioritized the production of its own fuels but efforts to overhaul refineries have often failed, leaving it almost entirely reliant on imports of refined crude.

"We gladly announce the mechanical completion and the flare start-up" of phase one of the two unit 210,000 barrel a day Port Harcourt refinery, said Heineken Lokpobiri, one of Nigeria's two ministers of state for petroleum resources, at the facility.

"This heralds the commencement of production of petroleum products after the Christmas break," Lokpobiri added.
Italy's Tecnimont was awarded the contract for the upgrade in 2021, at an estimated cost of $1.5 billion.

Mele Kyari, head of state oil firm NNPC Ltd., said the overhaul of the second phase will be completed next year. Nigeria's three state-owned refineries, which have a combined capacity of 445,000 barrels per day, have been shut down for years due to a lack of maintenance.

NNPC is upgrading all its refineries in Port Harcourt and Warri in south of the country, and Kaduna in the north.

We remind, Eni has agreed to sell a 9% stake in its low-carbon and retail unit Plenitude to Energy Infrastructure Partners (EIP) through a deal that values the unit at 10 billion euros ($11 billion) including debt. Under the agreement, EIP will invest in Plenitude through a capital increase of up to 700 million euros, which, post-transaction, would give the Swiss fund approximately 9% of the company.

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Songwon Industrial Group (Ulsan, South Korea) said that specialty chemicals distributor Bodo Moller Chemie Group (Offenbach, Germany) will become the exclusive distributor in Germany for its coatings product portfolio, said the company.

Songwon’s coatings product portfolio includes antioxidants, ultraviolet absorbers and hindered amine light stabilizers.

“The excellent partnership we have with Bodo Moller Chemie in other European countries convinced us that with this step we can strengthen SONGWON’s market position in Germany, one of the key regions in Europe for the coatings industry,” explains Steffen Dobberstein, Leader BU-Coatings. ”Bodo Moller's expertise, strong market relationships and excellent customer service, combined with SONGWON's products, will help us consolidate our position as the first choice additives supplier for coatings, paints, adhesives and sealants.”

Jurgen Rietschle, Managing Director of Bodo Moller Chemie GmbH, adds: "SONGWON's range fits our portfolio perfectly and this new agreement offers our two organizations a promising growth opportunity. The combination of high-quality products with our industrial know-how will allow us to provide even higher added value to all of our customers in Germany.“

Based in Offenbach near Frankfurt, Bodo Moller Chemie GmbH is part of the Bodo Moller Chemie Group – a leading supplier of specialty chemicals for plastics, adhesives, coatings and other industrial sectors.

We remind, Songwon Industrial Co., Ltd. is pleased to announce the appointment of Steffen Dobberstein as the new Leader Business Unit (BU) Coatings effective September 11th, 2023. As Leader BU Coatings, Steffen Dobberstein will play a pivotal role in defining and driving the Coatings strategy and further advancing SONGWON's position in the Coatings industry worldwide. He will directly report to Hans Werhonig, Leader Group Commercial.

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ADNOC plans to increase its bid for German chemical company Covestro, aiming to diversify its portfolio beyond oil and gas, said Chemanager-online.

Recently reported by Bloomberg, the Abu Dhabi National Oil Company (ADNOC) is planning to escalate its bid for the German chemical company Covestro. This planned acquisition marks a departure for ADNOC from its core oil and gas business, as it seeks to find opportunities in the chemical industry. The two have been in talks since June.

Established in 1971, ADNOC has been a dominant force in the global energy sector, involved in the exploration, production, and distribution of oil and natural gas, along with refining and petrochemical manufacturing. The company operates two significant oil refineries, Ruwais Refinery and Umm Al Nar, underscoring its influential position in the industry.

ADNOC's current proposal of about €60 a share is an increase from earlier offerings of €55 and €57 that Covestro viewed as too low. The current offer values Covestro at around €11.3 billion ($12.4 billion).

ADNOC is diversifying, bidding on projects like OCI's €3.31 billion ($3.62 billion) Fertiglobe stake in December 2023. These moves align with ADNOC's plan to expand globally.

ADNOC's commitment to the new direction is evident in its willingness to offer concessions and invest around €7.97 billion ($8.72 billion) post-acquisition. Negotiations are still ongoing, and ADNOC might delay its updated bid submission until 2024.

We remind, Abu Dhabi National Oil Company P.J.S.C. and OCI Global, announced that they have entered into a sale and purchase agreement for the acquisition by ADNOC of OCI’s entire majority shareholding in Fertiglobe plc. Fertiglobe is listed on the Abu Dhabi Securities Exchange and is the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East & North Africa, and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.

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