Curacao expects to receive final proposals in leasing oil refinery by late February

Curacao expects to receive final proposals in leasing oil refinery by late February

MOSCOW (MRC) -- Curacao expects to receive final proposals from companies interested in leasing its 330,000 bpd oil refinery by the end of February, the latest attempt to restart the plant after Venezuela's PDVSA ceased operations there in 2018, reported Reuters.

A committee to find a company interested in operating the Caribbean facility late last year selected a short list of firms willing to move ahead with a proposal, Curacao's state-run Refineria di Korsou (RdK) said in a press release on Friday.

"These companies are currently conducting evaluations... Site visits at the refinery and the (neighboring) terminal located at Bullenbaai should also be expected to take place during the upcoming weeks," the statement said.

RdK did not disclose the names of companies interested.

In May 2021, the refinery said it had reached an agreement with CORC B.V. to operate the plant and the oil terminal, but the pact fell apart amid negotiations on fiscal terms.

Prior deals with industrial conglomerate Klesch Group and oil firm SPS Drilling E&P to operate the refinery and lease a portion of the 15-MM-bbl terminal respectively were also terminated over disagreements about terms and fees.

A payment dispute between PDVSA and US oil producer ConocoPhillips led to the plant being idled in 2018, and the Venezuelan company's long-term lease expired at the end of 2019. Attempts to resume operations have failed since.

As MRC wrote previously, Venezuelan petrochemicals produced by joint ventures between state-run chemical firm Pequiven and foreign partners arrived in the United States in November, 2021, despite Washington's efforts to limit trade with the OPEC oil and gas producer. At least two cargoes of methanol, a widely used industrial product whose prices have soared this year, have discharged at Houston area ports since October amid a rapid expansion of the South American country's global sales of petrochemicals and oil byproducts, according to tanker tracking and US customs data.

From January to October, 2021, PDVSA and Pequiven exported about 1.75 MM tons of petrochemicals and byproducts, putting the trade on track this year to double the 1.03 MM tons exported for the whole of 2020, according to the internal data.

According to MR''s ScanPlast report, Russia's estimated PE consumption totalled 2,265,290 tonnes in the first eleven months of 2021, up by 14% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,363,850 tonnes in January-November, 2021, up by 25% year on year. Supply of homopolymer PP and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding PP random copolymers decreased significantly.

PPG Industries unveiles increase in Q4 Iicome

PPG Industries unveiles increase in Q4 Iicome

MOSCOW (MRC) -- PPG Industries Inc. (PPG) revealed a profit for its fourth quarter that increased from the same period last year, according to the company's statement.

The company's bottom line totaled USD286 million, or USD1.20 per share. This compares with USD272 million, or USD1.14 per share, in last year's fourth quarter.

Excluding items, PPG Industries Inc. reported adjusted earnings of USD298 million or USD1.26 per share for the period.

The company's revenue for the quarter rose 11.4% to USD4.19 billion from USD3.76 billion last year.

PPG Industries Inc. earnings at a glance (GAAP): Earnings (Q4): USD286 Mln. vs. USD272 Mln. last year. -EPS (Q4): USD1.20 vs. USD1.14 last year. -Revenue (Q4): USD4.19 Bln vs. USD3.76 Bln last year.

As MRC reported earlier, in June 2021, PPG announced an expansion of its coatings manufacturing capacity in Europe for packaging applications. The investments at sites in The Netherlands and Poland will support growing customer demand in the region for the latest generation of coatings for aluminum and steel cans used in packaging for beverage, food and personal care items. The projects include a further expansion of the company’s location in Tiel, The Netherlands, which will increase the plant’s production capacity for PPG INNOVEL non-BPA internal coatings for beverage cans by 30%. Expected to be completed in the first quarter of 2022, the project follows a 50% expansion completed at the end of 2020.

BPA is the main feedstock for the production of polycarbonate (PC).

According to MRC's ScanPlast report, Russia's estimated consumption of PC granules (excluding imports and exports to/from Belarus) decreased in the first eleven months of 2021 by 11% year on year due to a major fall of imports and higher exports. Thus, overall estimated consumption totalled 74,300 tonnes in January-November 2021 versus 83,600 tonnes a year earlier.

PPG Industries Inc. is an international American company manufacturing paints and varnishes, chemicals, optical components, specialty materials, glass and fiberglass. The company includes over 150 production units and representative offices in more than 60 countries around the world. PPG is one of the 500 largest US corporations by sales.

Tank Holding acquires rotomolder Dutchland Plastics

Tank Holding acquires rotomolder Dutchland Plastics

MOSCOW (MRC) -- Tank Holding, said to be North America’s largest rotational molder, has acquired Wisconsin-based rotomolder Dutchland Plastics LLC for an undisclosed amount, said Canplastics.

Dutchland makes high-volume rotationally molded products including kayaks, coolers, playground equipment, and furniture at manufacturing sites in Oostburg, Wis., and Canastota, N.Y.

"Dutchland brings significant volume and capacity to our rotational molding platform,” Tank CEO Greg Wade said. “They have valuable long-term customer relationships and strengthens an important part of Tank Holding’s overall growth strategy."

Wade also noted that Dutchland’s two plants “complement the locations of our other facilities, which provides customers more options to optimize capability, capacity, and logistics." The Dutchland purchase is Tank’s sixth in the past year.

As per MRC, Tank Holding, the parent company of intermediate bulk container (IBC) manufacturer Snyder Industries, has acquired the IBC manufacturing assets from material handling container provider Hoover Ferguson.

We remind, private equity firm Olympus Partners has acquired Tank Holding Corp., said to be the largest rotational molder in North America. The terms of the deal have not been disclosed.

Tank, which includes the brands of Norwesco, Snyder Industries, Bonar Plastics, Bushman, Chem-tainer, Meese, Stratis Pallets, and Dura-Cast, is owned by Olympus Partners and the management team, and currently operates 39 manufacturing plant locations and employs over 1,500 people throughout North America, prior to the Dutchland acquisition.

Asahi Kasei to produce acrylonitrile using biomass-derived raw material

Asahi Kasei to produce acrylonitrile using biomass-derived raw material

MOSCOW (MRC) -- Asahi Kasei announced Tongsuh Petrochemical Corp., Ltd. (TSPC) acquired the international certification ISCC PLUS for its acrylonitrile (AN) as a sustainable product, and production of AN using biomass propylene is scheduled to begin in February 2022, said Hydrocarbonprocessing.

AN is used as a raw material to make ABS resin, acrylamide, acrylic fiber, and various other chemical products. Recent demand growth has been particularly robust in the applications of carbon fiber as a material to reduce the weight of wind turbine blades, etc., and nitrile rubber for medical gloves, whose use is expanding due to heightened awareness for hygiene.

Propylene is one of the most important chemical intermediates in organic chemistry. It is generated during the thermal cracking of hydrocarbons and can be produced also by bioethanol from biomass fermentation processes. Biomass means plant or animal materials that can be used to produce bioenergy. These are usually wastes from agriculture, private households, industry or forestry. Food crops such as rapeseed, corn, wheat, sugar beet or sunflowers are also used as raw materials.

International Sustainability and Carbon Certification (ISCC) is an international certification system that offers solutions for the implementation and certification of waste and residue raw materials, nonbio renewables and recycled carbon materials and fuels. ISCC PLUS is a certification system that covers mainly bio-based carbon materials, which are produced outside the EU and supplied globally to manage and ensure sustainable raw materials in the supply chain.

In order to achieve carbon neutrality by 2050, measures to reduce CO2 emissions throughout the product chain of fossil fuel-derivatives are gaining momentum, and AN customers are increasingly seeking to manufacture products using AN with low CO2 emissions in order to contribute to GHG reduction. Under these circumstances, Asahi Kasei and TSPC sought to reduce CO2 emissions across the AN supply chain, and in October 2021, TSPC became the first AN manufacturer in Asia to acquire ISCC PLUS certification.

In order to contribute to society’s carbon neutrality, the Asahi Kasei Group will continue efforts to further reduce CO2 emissions by improving the AN catalysts and processes based on original technologies as well as the procurement of biomass raw material, aiming to be a global sustainable partner for its customers.

As MRC informed before, in March 2020, Asahi Kasei decided to discontinue its business for the styrenic resins SAN (Styrene-acrylonitrile resin), ABS (Acrylonitrile butadiene styrene), and ACS. According to the company, the operations of SAN plant at Kawasaki Works will be closed in March 2021. The business to be discontinued began with the 1962 start-up of the SAN plant in Kawasaki, now part of Asahi Kasei’s Kawasaki Works, followed by the 1964 start-up of the ABS plant at the same site (function transferred to Mizushima in 1978). The ACS business began in 1995. The ABS plant at Asahi Kasei’s Mizushima Works, which started up in 1967, was closed in 2015 due to deteriorating profitability as domestic Japanese demand decreased significantly.

As MRC informed before, in July 2019, Asahi Kasei decided to expand its plant for the artificial suede LamousTM in Nobeoka, Miyazaki Prefecture, Japan, by four million m2/year, increasing the total production capacity to 14 million m2/year upon completion in 2021.

Hexion shareholders approve acquisition by private equity firm

Hexion shareholders approve acquisition by private equity firm

MOSCOW (MRC) -- Hexion Holdings Corporation has announced that stockholders holding approximately 64.32% of the outstanding shares of common stock of the Company delivered to the Company written consents approving the proposed acquisition of the Company by affiliates of American Securities LLC, according to MorningStar.

Under and subject to the terms of the definitive merger agreement with affiliates of American Securities LLC, Hexion stockholders will be entitled to receive USD30.00 in cash for each share of common stock they own.

Hexion last month entered into a definitive agreement to be acquired by American Securities for USD2.06bn, including the assumption of around USD1.24bn in net debt, for a total enterprise value of around USD3.3bn.

The sale to American Securities, along with the earlier deal to sell its epoxy business to Westlake Chemical, concludes Hexion’s evaluation of strategic actions aimed at maximising shareholder value.

As MRC reported before, in July 2021, Hexion Inc., a major American manufacturer of phenol and bisphenol A (BPA), has recently announced that in order to help address climate change, it has committed to reduce absolute carbon emissions by 20% by 2030.

Asd in November,2021, Hexion Holdings Corporation announced that as a result of its ongoing strategic review it had entered into a definitive agreement to sell its epoxy-based Coatings and Composite businesses, which includes the epoxy speciality resins and base epoxy resins and intermediates product lines (together, the “Epoxy Business”) for approximately US1.2bn to Westlake Chemical Corporation.

Based in Columbus, Ohio, Hexion Inc. is a global leader in thermoset resins. Hexion Inc. serves the global adhesive, coatings, and industrial markets through a broad range of thermoset technologies, specialty products and technical support for customers in a diverse range of applications and industries.