Phillips 66 invests in software developer in a move to expand its advanced analytics capabilities

Phillips 66 invests in software developer in a move to expand its advanced analytics capabilities

MOSCOW (MRC) -- Phillips 66 is driving to expand its advanced analytics capabilities with an investment supporting Seeq, a developer of software applications for analyzing and sharing insights on process manufacturing data, according to Hydrocarbonprocessing.

The investment is through the Altira Group, a venture capital firm that counts Seeq as one of its portfolio companies. It is the first investment by Phillips 66’s Digital Ventures organization, which is part of the AdvantEdge66 program launched by the company to drive digital transformation and innovation.

“Data can yield incredible value and insights when properly gathered and refined through advanced analytics,” said Zhanna Golodryga, Senior Vice President and Chief Digital and Administrative Officer for Phillips 66. “That’s why it’s important for us to collaborate with companies to advance innovation in the digital and analytics spaces. This investment provides a pathway for us to help Seeq grow and continue to improve its products, which we believe will be beneficial for our digital transformation journey.”

Seeq is a privately held virtual company headquartered in Seattle with a comprehensive set of process manufacturing and Industrial Internet of Things software applications.

As MRC informed previously, Worley has been recently awarded a front-end engineering services contract by Phillips 66 to convert its San Francisco refinery in Rodeo, California, USA into a renewable fuels-manufacturing facility. Under the contract, Worley will provide front-end engineering design services for the facility, which will be executed by Worley’s North America West team with support from Worley’s Global Integrated Delivery team.

Besides, in October 2020, Phillips 66 said it plans to reconfigure its refinery in Rodeo, California to produce renewable fuels from used cooking oil, fats, greases and soybean oils.

We remind that US-based Phillips 66 remains open to developing another ethane cracker for its Chevron Phillips Chemical (CP Chem) joint venture, the refiner's CEO said in March 2018.

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 density 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.

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had USD55 billion of assets as of Dec. 31, 2020.
MRC

Petrobras hires adviser to sell Braskem stake

Petrobras hires adviser to sell Braskem stake

MOSCOW (MRC) -- The oil company Petroleo Brasileiro SA (Petrobras) hired JPMorgan Chase & Co as an advisor to sell its stake in the petrochemical company Braskem SA, reported Reuters with reference to three sources familiar with the matter.

Earlier Thursday, Petrobras executives said in a conference call with investors that they had hired advisers to sell its stake in Braskem, without giving further details.

Brazilian conglomerate Novonor, formerly known as Odebrecht, resumed the sale of its majority stake in Braskem in April, but did not still found a buyer. However, Morgan Stanley, adviser to Novonor, has received offers for certain Braskem assets. The company has factories in Brazil, Mexico and the United States.

Considering the complexity of selling units to different buyers, Petrobras decided to hire an advisor to analyze potential transactions.

Petrobras, which is also interested in selling its stake in the company, favored a sale through a share offering, but Novonor, as a controlling shareholder, prefers an acquisition because it seeks a premium for its voting shares.

As MRC informed before, Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.

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 density 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.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.

Braskem S.A. produces petrochemicals and generates electricity. The Company produces ethylene, propylene, benzene, toluene, xylenes, butadiene, butene, isoprene, dicyclopentediene, MTBE, caprolactam, ammonium sulfate, cyclohexene, polyethylene theraphtalat, polyethylene, and polyvinyl chloride (PVC).
MRC

Saudi Aramco Q2 profit surges almost 4 times

Saudi Aramco Q2 profit surges almost 4 times

MOSCOW (MRC) -- Saudi Aramco, the world's largest oil company, said Aug. 8 that its hydrocarbons production fell 8% to 11.7 million boe/d in the second quarter from the year-earlier period due to OPEC+ cuts, but its profit surged almost four times thanks to higher oil prices and a recovery in worldwide demand, reported S&P Global.

Net income soared to USD25.5 billion in the second quarter from USD6.6 billion a year earlier, the company said in an earnings statement.

Aramco's total hydrocarbon production, which averaged 12.7 million boe/d in the second quarter of 2020, fell mainly due to OPEC+ cuts this year, CEO Amin Nasser said in a media call with journalists.

"Our second quarter results reflect a strong rebound in worldwide energy demand and we are heading into the second half of 2021 more resilient and more flexible, as the global recovery gains momentum," Nasser said in the statement. "While there is still some uncertainty around the challenges posed by COVID-19 variants, we have shown that we can adapt swiftly and effectively to changing market conditions."

The Q1 dividend of USD18.8 billion was paid in the second quarter, and the Q2 dividend of USD18.8 billion will be paid in the third quarter, the company said.

Aramco is working on boosting its maximum sustainable capacity to 13 million b/d from 12 million b/d and expects most of the increase to come from offshore fields, Nasser said on the call. Fields that will contribute to production increments are Zuluf, Marjan and Berri.

Saudi Aramco expects global oil demand to rise by the end of 2021 and in 2022 on economic recovery and higher oil demand, particularly in the US and China, the CEO added.

"Our expectation that recovery will continue, yes variants are having a certain impact; however we are seeing more openings of economies and we expect by year end the demand will be around 99 million b/d," he said. "There is strong economic recovery that we see and demand rebound especially from the US and China and we expect it to be at a 100 million b/d next year as a forecast for total demand."

OPEC in July put 2021 global oil demand at 96.58 million b/d and 2022 at 99.86 million b/d.

Capital expenditure was USD7.5 billion in the second quarter, up 20% from a year earlier and the company expects 2021 total to be approximately USD35 billion.

Aramco is still doing its due diligence to buy a 20% stake in the oil-to-chemicals unit of Reliance Industries (RIL), the CEO said. The deal could not progress in 2020 after the oil price crash and demand destruction caused by the pandemic, which saw Aramco tighten its belt.

"India is a very important market for us. We continue to review opportunities in India," he said. "We are still doing our due diligence (on the Reliance deal). We were delayed a little bit because of COVID 19 but we are back on track doing our due diligence."

As MRC informed earlier, Mukesh Ambani, chairman and managing director of RIL, said in June, 2021, he expects the company's deal with Saudi Aramco to materialise this year.

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.

Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
MRC

China crude oil imports increase in July as state refiners return from turnarounds

China crude oil imports increase in July as state refiners return from turnarounds

MOSCOW (MRC) -- China's crude oil imports rebounded in July from a six-month low as state-backed refiners ramped up output after returning from maintenance, though independent refineries slowed restocking amid probes by Beijing into trading and taxes, reported Reuters.

China brought in 41.24 million tonnes of crude oil last month, equivalent to 9.71 million barrels per day (bpd), data from the General Administration of Customs showed on Saturday. That compares with 40.14 million tonnes in June and 51.29 million tonnes in July 2020.

In the first seven months of the year, China, the world's top crude oil importer, took in 301.83 million tonnes, or 10.39 million bpd, down 5.6% from the corresponding period last year.

"With state-owned refineries completing overhauls, the number of refineries resuming operation is gradually increasing," said analysts at China-based Longzhong consultancy, while adding that overall utilisation rates have not seen a significant jump.

Operating rates at independent refiners in refining hub Shandong, however, showed a clear downtrend in the last month, with the average rate hitting the lowest level this year at 63% in late July.

Analysts had expected that Beijing's crackdown on the misuse of import quotas and the impact of higher crude prices could see China's oil import growth sink to the lowest in two decades in 2021.

China in June cut 35% of crude oil import quotas to non-state refiners in a second batch of allowances for 2021, in which several small refiners did not receive any quotas.

Customs data on Saturday also showed China exported 4.64 million tonnes of refined oil products in July, up 44.5% from a year ago but down 28.0% from June. Natural gas imports, including piped and liquefied natural gas (LNG) were at 9.34 million tonnes last month, up 27.1% on year, the data showed.

As MRC wrote before, earlier this year, Sinopec Engineering (Group) and ExxonMobil (Huizhou) Chemical (EMHCC) entered into a BEPC (basic design, engineering, procurement and construction) contract for the proposed Huizhou Chemical Complex Project (Phase I). The main units of the project include a 1.6 million tonnes/year ethylene flexible feed steam cracker, downstream polymer and derivative units and utilities. The main product units include two performance polyethylene (PE) lines and two differentiated performance polypropylene (PP) lines.

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 density 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

Reliance Industries announces expansion of its PET recycling capacity

Reliance Industries announces expansion of its PET recycling capacity

MOSCOW (MRC) -- Indian refining giant Reliance Industries (RIL) is doubling its polyethylene terephthalate (PET) recycling capacity by setting up a recycled polyester staple fiber (PSF) manufacturing facility in Andhra Pradesh, according to The Hindu.

The move is part of RIL's commitment to lead the industry on circular economy, enhance its sustainability quotient and bolster the entire polyester and polymer value chain.

As a part of this endeavour, Srichakra Ecotex India will build and operate exclusively for RIL the new recycled PSF - Recron GreenGold and PET flakes wash-line in Andhra Pradesh.

RIL's initiative to more than double its recycling capacity to 5 billion post-consumer PET bottles will ensure India maintains over 90% recycling rate.

RIL is focusing on sustaining India's post-consumer PET recycling rate which is currently the highest in the world.

As MRC reported earlier, in June 2021, Reliance Industries signed an agreement with Abu Dhabi National Oil Co (ADNOC) to build a multi-billion-dollar chemical project in Ruwais, marking the group’s first investment in a greenfield overseas project. Reliance, which operates the the world’s biggest refining complex at Jamnagar in western India, is becoming more international in its focus. Previously, it has bought stakes in some overseas explorations and manufacturing assets.

According to MRC's ScanPlast report, Russia's estimated PET consumption totalled 411,200 tonnes in the first six month of 2021, up by 12% year on year. Russian companies processed 62,910 tonnes in June, compared to 85,890 tonnes a month earlier.

Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.
MRC