BP and Johnson Matthey license technology to biofuels producer Fulcrum BioEnergy

MOSCOW (MRC) -- BP and Johnson Matthey partnered with Cardiff University and the University of Manchester in a ?9m project that aims to convert CO2, waste and sustainable biomass into clean and sustainable fuels and products, said the company.

A partnership featuring two leading British universities, Cardiff University and The University of Manchester, together with bp and Johnson Matthey, has been launched to explore transforming carbon dioxide, waste products and sustainable biomass into fuels and products that can be used across the energy and transportation sectors. The project is one of eight business-led Prosperity Partnerships announced today in support of the government’s ambitious new Innovation Strategy.

Cardiff University, an internationally leading center for catalysis research, is leading the project, and The University of Manchester will provide expertise in materials science, characterization methods and catalysis. They are joined by bp, which is transitioning from an international oil company to an integrated energy company, and Johnson Matthey, a global leader in sustainable technologies. The partnership will devote the next five years to exploring new catalyst technology to help the world get to net zero.

Catalysts are involved in helping to manufacture an estimated 80% of materials required in modern life, so are integral in manufacturing processes. As a result, up to 35% of the world’s GDP relies on catalysis1. To reach net zero, it will be critical to develop new sustainable catalysts and processes, which will be the main objective for the partnership to explore.

Professor Duncan Wass, Director of the Cardiff Catalysis Institute, said: “The catalysts we use today have been honed over decades to work with specific, fossil fuel resources. As we move to a low carbon, more sustainable, net zero future, we need catalysts that will convert biomass, waste and carbon dioxide into valuable products such as fuels and lubricants. Working in this partnership, we will bring together a wide range of catalysis expertise to uncover new science and contribute towards achieving net zero - perhaps the most pressing objective for us all."

Dr. Kirsty Salmon, bp vice-president for advanced bio and physical sciences for low carbon energy, said: “We are excited to be working with our longstanding partners Johnson Matthey, Cardiff Catalysis Institute and The University of Manchester in this Prosperity Partnership. It is a great team, which builds on our successful bp International Center of Advanced Materials (bp-ICAM) partnership, and I am looking forward to seeing them work across scientific disciplines to innovate new low carbon technologies to help the world get to net zero."

Dr. Elizabeth Rowsell, Corporate R&D Director, Johnson Matthey, added: “We are delighted to be part of the EPSRC-funded Prosperity Partnership which will help to deliver sustainable materials leading to increased circularity in industrial processes. This project will be critical in developing the next generation of enabling catalyst technologies that will be needed in a Net Zero world, so it is entirely aligned with the net zero commitments of both industrial partners."

As per MRC, BP acquired US shale assets from BHP Billiton for USD10.5 billion in the largest deal since the 1999 acquisition of Atlantic Richfield oil company. British oil and gas company BP bought US shale assets owned by mining company BHP Billiton.

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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
MRC

MOSCOW (MRC) -- Axalta Coating Systems announced that it has entered into definitive agreements to acquire U-POL Holdings Limited (U-POL) from Graphite Capital Management LLP and other holders for GBP428 million (approx. USD590 million), according to Kemicalinfo.

Founded in 1948 and based in the United Kingdom, U-POL is a leading manufacturer of repair and refinish products used primarily for automotive refinish and aftermarket protective applications. The business produces a wide range of high-quality automotive refinishing products and accessories including fillers, coatings, aerosols, adhesives, and paint related products as well as other automotive aftermarket protective coatings.

Axalta will accelerate growth of U-POL’s products by expanding market access through Axalta’s existing sales and distribution channels while leveraging U-POL’s distribution channels to extend the reach of its Refinish Coatings portfolio to new customers.

“Axalta is the world leader in the premium refinish coatings segment. U-POL’s expertise in refinish accessories and protective coatings is highly complementary to Axalta’s business and expands our addressable market into the important and growing mainstream and economy-based refinish segment as well as the consumer do-it-yourself (DIY) aftermarket,” said Robert Bryant, Axalta’s Chief Executive Officer.

U-POL expects net sales of approximately USD145 million and adjusted EBITDA of approximately USD38 million for fiscal year 2021. The total consideration of approximately USD590 million reflects a full year 2021E adjusted EBITDA multiple of approximately 12.5x, including run rate operating synergies and efficiencies. Axalta expects the acquisition to be immediately accretive to adjusted EBITDA margin, excluding transaction-related costs associated with the acquisition. Axalta plans to finance the transaction from cash on hand.

The transaction is expected to close in the second half of 2021, subject to clearance under applicable antitrust laws and other customary closing requirements.

As MRC reported earlier, Wanhua Chemical, a global leader in the production and marketing of polyurethanes, petrochemicals and fine chemicals, has recently received the inaugural “Excellence Award” from Axalta. The Excellence Award is given to suppliers, who exhibit progressively exceptional overall quality, service, technology and total capacity performance for three consecutive years or longer. The Excellence Award winner also demonstrates an exceptional commitment to helping Axalta achieve its strategic initiatives.

We remind that in January, 2020 Wanhua Chemical Group disclosed plans for a second ethylene cracker project at its Yantai, China, site with local government officials. The project will include a 1.2-million metric tons/year (MMt/y) ethylene unit; pyrolysis gasoline hydrogenation; aromatics extraction; and production facilities for butadiene, high density polyethylene (HDPE), low density polyethylene (LDPE), polyethylene (PE) plastomers and elastomers, polypropylene (PP), and other derivatives. Timing and other details were not disclosed. The second ethylene project will use naphtha and C4s as feedstock.

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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
MRC

MOSCOW (MRC) -- Venezuela's state-run PDVSA began discharging 620,000 barrels of imported condensate crude oil at the nation's largest oil port last week in an effort to boost blending operations, reported Reuters with reference to two company documents, sources and vessel tracking data.

Venezuela had not imported condensate since September, when it received a 2.1 million-barrel cargo from Iran, a political and commercial ally of President Nicolas Maduro that since 2020 has also supplied the South American nation with fuel.

PDVSA this year doubled down on efforts to boost blending and upgrading of crudes from the OPEC member country's largest producing region, the Orinoco belt, in order to revive exports and resolve a deficit of oil for domestic refining.

The condensate cargo arrived in Venezuelan waters last Wednesday on the Panama-flagged vessel Rene, owned and operated by Fujairah-based firm Issa Shipping Fze, according to two PDVSA documents seen by Reuters, three shipping sources with knowledge of the import and monitoring service TankerTrackers.com.

The documents do not disclose the provider of the cargo, but they list Sri Lanka as its origin.

Reuters could not independently verify Rene's most recent port of departure as the tanker has had its transponder off for long periods of time this year. Refinitiv Eikon vessel tracking data showed it on its way to the Atlantic Ocean at the end of June.

PDVSA, Venezuela's oil ministry and Issa Shipping did not reply to requests for comment.

The state company earlier last week instructed operators at the Jose port to withdraw another vessel that was loading oil there to discharge the Rene, two of the sources said. The condensate plans to be received by PDVSA's upgrading unit, in charge of handling imported and domestic diluents. The Rene is also scheduled to later load Venezuelan heavy crude to be exported, according to one of the documents.

As MRC informed before, in June 2021, Venezuela's political opposition has replaced members of the boards overseeing Citgo Petroleum Corp as factions in the movement led by Juan Guaido try to gain greater influence over Houston-based oil refiner. Citgo split from Venezuelan state-run oil company PDVSA in 2019 after the US imposed sanctions intended to oust Venezuela's President Nicolas Maduro. Then congress chief Juan Guaido appointed new boards and won US court recognition of their authority over the refining subsidiary.

We remind that in September 2020, Citgo Petroleum Corp said it did not plan to idle its 418,000 barrel-per-day (bpd) Lake Charles, Louisiana, refinery damaged by Hurricane Laura. Rumors have circulated since Laura’s passage over the Lake Charles area on Aug. 27 that Citgo was considering shutting the refinery for an indefinite period because of the extent of the damage and continuing low demand for motor fuels in the COVID-19 pandemic.

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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.
MRC

MOSCOW (MRC) -- New Energy Blue planned construction in Iowa of a biomass refinery designed to produce renewable carbon-negative automotive fuel, which replaces gasoline, said Hydrocarbonprocessing.

"Our Iowa project can keep one million tons of CO2 out of the atmosphere every year–like taking 200,000 cars off the road," says Thomas Corle, CEO. "Future refineries are expected to be twice the size of the first."

The company is developing New Energy Freedom biomass refinery on a 155-acre site near Mason City, Iowa. 275,000 tons of crop residue (cornstalks and wheat straw) will be locally sourced, then converted into 20 million gallons of cellulosic ethanol and 95 tons of lignin, a solid biofuel and natural binder. Half the greenhouse-gas reduction comes from replacing petroleum products, the other half from sequestering soil carbons through best farming practices.

"Our cellulosic fuel can exceed California's Low Carbon Fuel Standard policy and its rigorous air quality requirements," says Corle. "Other states continue to adopt similar policies, which drive the growing global demand for carbon-negative transportation fuels." Strong demand is also expected for the refinery's lignin. Produced by a clean process, it can replace oil-derived bitumen as the binder in asphalt. "A greener way to pave roads and shingle roofs," Corle says.

Besides being one of America's first carbon-negative refineries, New Energy Freedom represents the first large-scale use of Inbicon bioconversion technology outside of Denmark. New Energy Blue's team is a spin-off of the technology's development. The company purchased exclusive rights to license and build-out refineries from Orsted in 2019. Freedom's CapEx is about USD200 million, about the same amount invested in Inbicon's 15-year development. Orsted built and operated a demonstration refinery for five years, supplying 2G ethanol to Danish petrol stations.

New Energy Blue has completed process engineering around several different feedstocks and is now completing a site-specific design for construction next year in Iowa. The company plans to build four more biomass refineries over the next 6 years. Albury Fleitas, company president, is leading the financing of the project. "We've gained equity and debt interests to build-out multiple refineries from private and institutional sources," Fleitas states. "What's more, the USDA greenlighted the project under phase-one section 9003 for a construction loan guarantee."

The refinery breaks down plant fiber into lignin and two sugars, which are currently fermented into fuel-ethanol. The technical flexibility of the process allows project owners to capitalize on dozens of downstream opportunities as they arise. Utilizing non-GMO feedstocks like grain straws is being evaluated for future sites. Because the hemicellulose can be processed into a sought-after sugar substitute, xylitol, snack-food makers who use it can market their products as a healthier choice. The two sugars can also be turned into polyethylene and replace a popular plastic now made from oil. Besides saving carbons and cutting pollution, the refineries will create new green jobs, give growers additional income, and pump millions of dollars through local economies.

As per MRC, US crude oil stockpiles rose last week, breaking a streak of eight weeks of declines, as imports surged to their highest in a year, reported Reuters with reference to the Energy Information Administration's statement. Crude inventories rose by 2.1 million barrels in week to July 16 to 439.7 million barrels, compared with analysts' expectations in a Reuters poll for a 4.5 million-barrel drop.

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 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased. At the same time, PP shipments to the Russian market were 607,8900 tonnes in January-May 2021, up by 33% year on year. Shipments of homopolymer PP and PP block copolymers increased, whereas deliveries of PP random copolymers decreased.

MRC

MOSCOW (MRC) -- Jefferson Energy, a subsidiary of Fortress Transportation and Infrastructure Investors LLC entered into a new contract to expand terminal services to ExxonMobil Oil Corporation, a wholly-owned subsidiary of ExxonMobil Corporation, said Hydrocarbonprocessing.

Jefferson Energy is constructing approximately 1.9 million barrels of new storage capacity at the Jefferson Energy terminal and five connecting pipelines between the ExxonMobil Beaumont refinery and Jefferson Energy terminal that will increase utilization of its existing marine infrastructure. The engineering and construction has begun for this second phase of the Jefferson Energy terminal master plan buildout and will increase total storage to approximately 6.2 million barrels.

“Combined with the successful completion of the ExxonMobil Cross Channel Pipelines project in February 2021, this project further strengthens the strong relationship between ExxonMobil and Jefferson Energy. We are excited to again be working with ExxonMobil to build a domestic and international refined products hub while providing safe, best in class logistics optionality to ExxonMobil for years to come,” said Joe Adams, Chairman and Chief Executive Officer of FTAI.

“The expansion adds strategic value for ExxonMobil and our Beaumont refinery complex,” said Anant Patel, Americas Business Development Manager for ExxonMobil’s Fuels and Lubricants division. “Increasing our logistics capability will help us better serve our customers."

The Jefferson Energy terminal is located on the Neches River in the heart of ExxonMobil’s Beaumont, Texas refining complex. The Jefferson Energy terminal has been in operation since 2012 and currently has over 4.3 million barrels of heated and unheated storage servicing both crude oil and refined products. In addition to the terminal’s storage and blending capabilities, the terminal has six rail loop tracks, is triple served by the BNSF, KCS, and Union Pacific railroads and utilizes two marine docks for regional and global marine movements.

Following the completion of this project, Jefferson Energy expects to continue developing additional storage, marine and rail capabilities, and pipeline connectivity. Jefferson Energy is primarily owned and funded by FTAI, a publicly traded entity specializing in infrastructure investments globally and across North America.

As per MRC, ExxonMobil aims to increase price hike for all high density polyethylene (HDPE), linear low density polyethylene (LLDPE) and low density polyethylene (LDPE) from August 1.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 953,400 tonnes in the first five months of 2021, which virtually corresponded to the same figure a year earlier. High denisty polyethylene (HDPE) shipments decreased.

Exxon Mobil Corporation is the largest American private oil company, one of the largest corporations in terms of market capitalization in the world. The company produces oil in various regions of the world, including the USA, Canada, the Middle East, Azerbaijan, etc.
MRC