Saudi hopes to attract USD427 billion in investments by 2030

MOSCOW (MRC) - Saudi Arabia expects to attract investments of more than 1.6 trillion riyals (USD427 billion) by 2030 in its push to boost industry, Energy Minister Khalid Al-Falih said on Thursday, according to state TV al-Ekhbariya, as per Hydracarbonprocessing.

"The programme to develop national industries and logistics services (is) the largest and most important, and has a huge impact on the Saudi economy," Al-Falih said.

The minister estimated that the country's mineral wealth was worth more than 1.3 trillion riyals.

As MRC informed earlier, state oil giant Saudi Aramco signed an agreement to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally. The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai.
MRC

MOSCOW (MRC) -- Mater-Bi, a company wholly controlled by the Novamont group, is a manufacturer of ORIGO–BI, biopolyesters with a high level of renewables, components of MATER-BI compostable bioplastics, as per Plasticsinsight.

The plant has been built to manufacture PET by reconversion of the former Mossi & Ghisolfi plant. The renovation included regeneration, modification and in some cases wholly renewal of its various sections to implement innovative technologies developed by Novamont in the form of a continuous process.

Novamont’s technologies are able to use the raw materials of Novamont’s system – biobutandiol and azelaic acid, bio-based monomers to manufacture ORIGO-BI biopolyesters through a process, which is increasingly sustainable, and is directed towards reducing emissions.

Mater-Biopolymer is equipped with a waste recovery system to meet the needs of the circular economy and sustainability. The plant has a complex system of utilities that minimizes costs and wastes. Reutilization of waste products has resulted in the perfection of the wastewater purification process, that would obtain tetrahydrofuran (THF), a chemical intermediate for the chemical and pharmaceutical industries.

The plant will have a production capacity of 100 thousand metric tons of ORIGO-BI per year and will occupy a total surface area of 140,000 m2. It will work in close cooperation with Novamont Research and Development for testing new polyesters and variants of the process to use renewable raw materials.

Catia Bastioli, managing director, Novamont, said, “Novamont’s industrialization efforts over the last few years have been enormous and have few equals anywhere in Europe. We must work together towards a regenerative approach to natural resources, which should not be seen as a limitation but as a great opportunity to redesign our society on a sustainable basis with its roots in the land, more inclusively and contributively.”
MRC

MOSCOW (MRC) -- Valero Energy (VLO) came out with quarterly earnings of USD2.01 per share, beating the Zacks Consensus Estimate of USD1.95 per share, as per Markets.businessinsider.

This compares to earnings of USD1.91 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 3.08%. A quarter ago, it was expected that this oil refiner would post earnings of USD2 per share when it actually produced earnings of USD2.15, delivering a surprise of 7.50%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times. Valero Energy, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of USD30.85 billion for the quarter ended September 2018, missing the Zacks Consensus Estimate by 3.05%. This compares to year-ago revenues of USD23.56 billion. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Valero Energy shares have lost about 5.7% since the beginning of the year versus the S&P 500's decline of -0.7%.
While Valero Energy has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

MRC

MOSCOW (MRC) -- The European Parliament has voted for a complete ban on a range of single-use plastics across the union in a bid to stop pollution of the oceans, said BBC.

MEPs backed a ban on plastic cutlery and plates, cotton buds, straws, drink-stirrers and balloon sticks. The proposal also calls for a reduction in single-use plastic for food and drink containers like plastic cups. One MEP said, if no action was taken, "by 2050 there will be more plastic than fish in the oceans".

The European Commission proposed a ban in May, following a surge in public support attributed to documentaries such as David Attenborough's BBC Blue Planet series. The measure still has to clear some procedural hurdles, but is expected to go through. The EU hopes it will go into effect across the bloc by 2021.

The UK will also have to incorporate the rules into national law if the ban becomes a fully-fledged directive before the end of a Brexit transition period. After the Parliament vote was backed by 571-53, the MEP responsible for the bill, Frederique Ries, said it was "a victory for our oceans, for the environment and for future generations."

Several countries are already considering proposals to target disposable plastic products - including the UK. The directive targets some of the most common ocean-polluting plastics. The list of banned items such as cutlery and cotton buds was chosen because there are readily available alternatives, such as paper straws and cardboard containers. Other items, "where no alternative exists" will still have to be reduced by 25% in each country by 2025. Examples given include burger boxes and sandwich wrappers.

MEPs also tacked on amendments to the plans for cigarette filters, a plastic pollutant that is common litter on beaches. Cigarette makers will have to reduce the plastic by 50% by 2025 and 80% by 2030. Another ambitious target is to ensure 90% of all plastic drinks bottles are collected for recycling by 2025. Currently, bottles and their lids account for about 20% of all the sea plastic, the European Parliament report said. Manufacturers will also have to take more responsibility for what happens to their plastic products and packaging.

The EU's research on the topic says about 150,000 tonnes of plastic are tossed into European waters every year.
That is only a small contributor to the global problem, with an estimated eight million tonnes of plastic entering the world's oceans annually. And once there, plastic can travel great distances on ocean currents. Those plastics have a huge effect on marine life.

Fish and large aquatic mammals can be killed by the pollution. Whales can eat plastic bags, making it impossible for them to eat real food which can eventually lead to death. When plastic debris breaks down from wear and tear, it does not decompose the way other products like wood do - but instead breaks down into smaller and smaller pieces, becoming "microplastic".

These tiny fragments often end up in fish and can then be passed on to humans. Large volumes of plastic waste wash up on beaches, where they can be eaten by sea birds and other animals and kill them.
MRC

MOSCOW (MRC) - U.S. crude oil stockpiles rose last week for the fifth consecutive week, while gasoline and distillate inventories fell, the Energy Information Administration said on Wednesday, as per Hydrocarbonprocessing.

Crude inventories rose by 6.3 million barrels in the week to Oct. 19, compared with analyst expectations for an increase of 3.7 million barrels. In the last five weeks, overall U.S. stocks have risen to 422 million barrels, not including the country's strategic reserve, which holds about 656 million barrels.

Gasoline stocks fell by 4.8 million barrels, exceeding expectations for a 1.9 million-barrel drop. Distillate stockpiles, which include diesel and heating oil, were also lower, dropping by 2.3 million barrels.

"The report is mixed due to the dueling large build in crude oil inventories and steep decline in gasoline and distillate fuels," said John Kilduff, a partner at Again Capital Management in New York.

Oil prices were higher, recovering from Tuesday's sharp selloff after Saudi Arabia said it would keep the market well supplied. Crude futures have also been falling in tandem with weakness in worldwide equity markets.

Refinery crude runs fell by 48,000 barrels per day, EIA data showed. Refinery utilization rates rose by 0.4 percentage points, but overall utilization remains at a reduced level of 89.2 percent of capacity, with much of the reduction in capacity use coming from the Midwest and East Coast, where maintenance is ongoing.

"The uptick in refinery runs means that the refinery maintenance season is starting to slowly come to a close and we’re starting to turn the corner," said Phil Flynn, analyst at Price Futures Group.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, EIA said.
MRC