MOSCOW (MRC) -- US Refiner Phillips 66 said on Thursday it would cut greenhouse gas emissions by 30% from its operations by 2030, amid mounting pressure on the industry to join the fight against climate change and cut carbon emissions by mid-century, reported Reuters.
Since the 2015 Paris climate accord set a goal to keep global warming to well below 2 degrees Celsius (3.6 F), there has been pressure on refiners to announce ambitious targets and operate more cleanly.
"We support the ambitions of the Paris Agreement, and Phillips 66 will do its part by improving energy efficiency and developing lower-carbon technologies," Chief Executive Greg Garland said in a statement.
The refiner expects to achieve the target through investments in lower-carbon business platforms including renewable fuels, lithium-ion batteries, carbon capture and hydrogen.
It plans to reduce so called Scope 3 emissions intensity of its energy products by 15% from 2019 levels. Scope 3 emissions take into account greenhouse gas emissions from products the company sells, such as jet fuel and gasoline.
Phillips 66 currently is in the process of converting its Rodeo, California refinery, using cooking oil and food wastes, into what would be the largest renewable diesel facility in the world.
As MRC informed earlier, Phillips 66's 255,600-barrel-per-day (bpd) Alliance, Louisiana, refinery faces a monthslong shutdown for repairs following flooding from Hurricane Ida. Phillips 66 said it was still assessing the refinery and a timeline for operational restarts was not available. The sources said the company plans to complete its damage in late September next week when floodwaters fully recede. So far, the company still plans to restart the refinery, which in August it announced was up for sale.
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 1,396,960 tonnes in January-July 2021, up by 7% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 841,990 tonnes in the first seven months of 2021, up by 29% year on year. Supply of propylene homopolymers (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of statistical copolymers of propylene (PP random copolymers) subsided.
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.