Hanwha General Chemicals renamed Hanwha Impact in line with its new strategy

MOSCOW (MRC) -- Hanwha General Chemicals, the chemical affiliate of Hanwha Group, has recently announced a new company name, “Hanwha Impact,” as it seeks to shift its identity to focus on future-oriented, green business fields, according to The Korea Herald.

The new name reflects its new vision to “create a positive impact on humanity and the earth through technological innovations,” explained the company.

To execute the vision, Hanwha Impact will increase what it called “impact investing,” investing in companies that try to make a positive impact on the society and environment.

Hanwha is looking into hydrogen-fueled vehicles, next-generation data storage technologies for sustainable infrastructure and bio-related IT projects that help improve human health, among others, it added.

Established in 1974, then as a Samsung Group company, Hanwha General Chemical was the first company in South Korea to localize production of purified terephthalic acid, or PTA, a primary component for many types of polyester.

Aiming to transform into a green energy firm, with a particular focus on hydrogen, the firm has recently acquired two firms - Power Systems Manufacturing in the United States and Thomassen Energy in the Netherlands - which holds hydrogen-based energy conversion solutions, considered more environmentally benign than traditional energy systems.

Hanwha Impact was among the four former Samsung Group companies acquired by Hanwha Group in the 2015 mega deal, worth nearly 2 trillion won (USD1.73 billion). Hanwha Group acquired 24.1% of Hanwha Impact’s remaining shares for 1 trillion won in June this year.

As MRC reported earlier, in July 2020, Lotte Chemical and Hanwha General Chemical entered into an agreement, in which Hanwha will supply 450,000 t/y of PTA to Lotte, effective July. In order to meet its supply obligation, Hanwha restarted PTA production at its No. 2 plant in Ulsan, S. Korea, which had been idle. Hanwha owns Korea's "largest" PTA facility with a capacity of 2-million t/y, Lotte noted.

PTA is used to produce polyethylene terephthalate (PET), which is used in the manufacturing of plastic bottles, films, packaging containers, in the textile and food industries.

According to MRC's ScanPlast report, the total estimated PET consumption in Russia reached 65,350 tonnes in August, 2021,, up by 19% year on year. Russia's overall estimated PET consumption increased in the first eight months of 2021 by 12% year on year to 535,610 tonnes.
MRC

MOSCOW (MRC) -- MEGlobal has announced its Asian Contract Price (ACP) for monoethylene glycol (MEG) to be shipped in November 2021, according to the company's press release.

Thus, on 15 October, the company said ACP for MEG would be at USD1,020/MT CFR Asian main ports for arrival in November 2021, up by USD140/tonne from the previous month.

The November 2021 ACP reflects the short term supply/demand situation in the Asian market.

As MRC reported earlier, MEGlobal announced its October ACP for MEG at USD880/MT CFR Asian main ports, up by USD10/tonne from September.

MEG is one of the main feedstocks for the production of polyethylene terephthalate (PET).

According to ICIS-MRC Price report, the situation in the Russian PET market was not generally changed last week.
There were virtually no free quantities of material in the spot domestic market. Most market players said the situation with the shortage of spot volumes would remain the same next month, and the balance of supply and demand in the Russian PET chips market would begin to recover, at best, in the end of the year.

MEGlobal is a fully integrated supplier of monoethylene glycol (MEG) and diethylene glycol (DEG), collectively known as ethylene glycol (EG).
MRC

MOSCOW (MRC) -- A fire at Kuwait's Mina al-Ahmadi oil refinery on Monday injured several workers but operations were unaffected, reported Reuters with reference to Kuwait National Petroleum Company's (KNPC) statement.

The atmospheric residue desulphurization (ARDS) unit where the fire broke out was isolated and the fire has been fully brought under control, the state refiner said.

A number of workers employed by a contractor suffered minor injuries and smoke inhalation, KNPC said. Some were treated on site while others were taken to hospital and are in stable condition, it said.

"The refinery operations and export operations were not affected and there has been no impact to local marketing operations and supplies to the electricity and water ministry," KNPC said on its Twitter account.

Last month, KNPC said it started full operation of a project to expand refining capacity and produce fuel that generates lower emissions, including expanding capacity at the Mina al-Ahmadi refinery to 346,000 barrels per day.

As MRC informed earlier, in November 2018, Kuwait Petroleum Co prepared a study to transform its al-Zour refinery into a commercial one to increase its profitability.

We also remind that Kuwait Olefins Co (TKOC) brought on-stream its cracker in H2 November, 2017, following a maintenance turnaround. The cracker was taken off-line in end-October 2017. Located at Shuaiba in Kuwait, the cracker has a ethylene production capacity of 850,000 mt/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 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.
MRC

MOSCOW (MRC) -- The October contract price of propylene was settled in Europe up by EUR25/tonne from the previous month. As a result, European producers raised their October contract polypropylene (PP) prices for the CIS countries. But the price increase was not proportional to the rise in monomer prices, according to ICIS-MRC Price report.

Negotiations over October export prices of European PP were over last week. All market participants said almost all European producers still had export restrictions on propylene copolymers. Producers also raised their export PP prices for October shipments. Propylene copolymers accounted for the greatest price increase, whereas prices of propylene homopolymer (homopolymer PP) grew slightly.

Deals for October shipments of homopolymer PP were done in the range of EUR1,600-1,680/tonne FCA, whereas last month's deals were done in the range of EUR1,1590-1,660/tonne FCA. Deals for block copolymers of propylene (PP block copolymers) were negotiated in the range of EUR1,850-1,900/tonne FCA, up by EUR15-50/tonne from the previous month.
MRC

MOSCOW (MRC) -- A new biojet fuel developed by energy group Eni was used for the first time on Friday to power Alitalia successor ITA as part of plans to cut carbon footprints, according to Hydrocarbonprocessing.

The sustainable aviation fuel (SAF), made from waste products and residues, will be produced at Eni refineries in Taranto and, early next year, in Livorno, Eni said in a statement.

SAFs are an alternative to traditional jet fuel considered more climate friendly since they help replace dirtier petroleum products while providing new uses for waste products.

Eni said production of its new biojet fuel was part of plans to double its bio-refining capacity of 1.1 MM tons per year by 2024, raising it to 5-6 MM tons per year by 2050.

Earlier this year, Eni pledged to fully decarbonise all its products and processes by 2050, in part by growing output from bio-refineries.

As MRC informed previously, in September 2021, Italian energy group Eni and Atlantia's airport unit Aeroporti di Roma (ADR) signed an agreement to develop biofuel for aviation to fight climate change.

As MRC reported earlier, Eni is evaluating conversion of its Livorno refinery in northwest Italy into a biorefinery, as part of the Italian company's wider strategy to make its activities more environmentally sustainable. Eni has already converted two of its Italian refineries and is looking to almost double its biorefining capacity to around 2 million mt/year by 2024, and expand this to at least five times by 2050, as part of its pledge to achieve complete carbon neutrality by 2050.

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.

Eni, abbreviation of Ente Nazionale Idrocarburi, in full Eni SpA, Italian energy company operating primarily in petroleum, natural gas, and petrochemicals. Established in 1953, it is one of Europe's largest oil companies in terms of sales.
MRC