Vietnam to auction gasoline from reserves because of power outage hit Nghi Son refinery

Vietnam to auction gasoline from reserves because of power outage hit  Nghi Son refinery

MOSCOW (MRC) -- Vietnam will auction 100 MM liters (26.4 MMg) of gasoline from its national reserves, state media reported on Tuesday, as a supply shortage enters its second month, said Hydrocarbonprocessing.

The Southeast Asian country has had to tap into its fuel reserves since its largest refinery cut production last month due to a disagreement between shareholders over financing for crude oil procurement. A source familiar with Nghi Son refinery's operations, who declined to be identified, said it would not resume full production at least until the end of April, later than the mid-March target announced by the trade and industry ministry earlier this month.

The 200,000 bpd refinery is currently operating at 55%-60% of capacity. It typically meets a third of Vietnam's needs. A power outage hit the refinery on Monday, forcing some of its units to shut down, two sources familiar with the matter said late on Tuesday, without elaborating. On Monday, Vietnam raised its RON92 gasoline price by 3.9% to a record high 25,530 dong (USD1.12) per liter, amid a global surge in energy prices.

In a bid to reassure businesses and consumers, the industry ministry has said it would ensure sufficient petroleum supplies for domestic use. Trading firms have increased fuel imports and other refineries have ramped up production, it said. Vietnam imported 803,000 m3 of petroleum products in the first half of February, a significant jump from an average monthly amount of 500,000 m3, government data showed.

The planned auction of the RON92 gasoline will take place later this month, at a starting price of 14,058 dong per liter, several state newspapers reported, citing the industry ministry.

As it was reported before, Hyosung Vina Chemicals Co Ltd is in plans to restart its No. 2 polypropylene (PP) line in Southern Vietnam. This PP line with an annual capacity of 300,000 mtt year was taken offline in mid-December 2021 due to propylene supply disruption. The No. 2 line shall be able to resume production once the upstream propane dehydrogenation (PDH) unit restarts. The 600,000 tons/year PDH plant remain shut at the time of this report.

As MRC wrote previoulsy, Hyosung Vina Chemicals Co Ltd starte up its new No. 2 PP plant in Southern Vietnam in August 2021. Besides, a new PDH unit was also scheduled for a start-up at the same site that month.

Numaligarh Refinery Limited selects AspenTech for refinery digitalization

Numaligarh Refinery Limited selects AspenTech for refinery digitalization

MOSCOW (MRC) -- Aspen Technology, a global leader in asset optimization software, announced that Indian energy company Numaligarh Refinery Limited (NRL) has chosen to partner with AspenTech in the company’s digitalization journey, said Hydrocarbonprocessing.

Shri Bhaskar Jyoti Phukan, Director (Technical) & Managing Director I/c, Numaligarh Refinery Limited, said: “NRL is accelerating digitalization to stay at the forefront of innovation. Key initiatives include maximizing refinery capacity and achieving operational excellence across areas such as product delivery and production of low-volume, high-value products. Based on the anticipated value that AspenTech solutions can deliver, Numaligarh Refinery has scaled in the adoption of aspenONE Performance Engineering and Manufacturing and Supply Chain solutions. In doing so, the company can be assured of a reliable technology-driven pathway towards achieving operational excellence and production optimization in their refinery."

Lawrence Ng, Vice President of Sales, Asia Pacific & Japan, Aspen Technology, added: “Based on more than a decade of collaboration between both companies, we are pleased that Numaligarh Refinery has chosen to transform digitally with AspenTech. Domain expertise remains mission-critical and our AI solutions can be a powerful working strategy to accelerate business outcomes in the new normal."

As per MRC, Honeywell announced Numaligarh Refinery Limited (NRL), a public sector undertaking under the Indian Ministry of Petroleum and Natural Gas, will use UOP technology to produce cleaner-burning diesel fuel in compliance with India’s BS-VI emission standards and increase crude oil conversion.

The NREP expansion is part of the Government of India’s Hydrocarbon Vision 2030 for the northeast Indian states. It also is integrated with a new crude oil pipeline from Paradip in Odisha to Numaligarh in Assam, and a product pipeline from Numaligarh to Siliguri in West Bengal where NRL has its own marketing terminal for product distribution.

Numaligarh Refinery Limited (NRL) was established as a Company on 22nd April 1993 in accordance with the provisions made in the historic Assam Accord signed on 15th August 1985. NRL has embarked on a major integrated Refinery Expansion Project to treble its capacity from 3 MMTPA to 9 MMTPA at an estimated investment of more than Rs. 28,000 Crore, one of the highest in the region. The project also includes setting up of a Crude Oil Import Terminal at Pardeep Port in Odisha and laying of about 1640 KM of pipelines for transportation of imported Crude Oil to Numaligarh.

Pembina appoints Burrows as new CEO and president

Pembina appoints Burrows as new CEO and president

MOSCOW (MRC) -- Canadian energy midstream firm Pembina Pipeline has appointed Scott Burrows as its new president and CEO, said Reuters.

Burrows took over as interim CEO in November after Mick Dilger left. Before that, he was Pembina’s CFO for about seven years.

Meanwhile, Cameron Goldade will continue as interim CFO while management and the board evaluate internal and external candidates for that position. Goldade was previously vice president, capital markets.

Pembina is a large supplier of natural gas liquids (NGL), including ethane, to the petrochemical industry in Alberta.

As per MRC, Pembina Pipeline and Kuwait's Petrochemical Industries Company (PIC) have made a final investment decision to build a new propane dehydrogenation plant and polypropylene (PP) plant in Alberta province, Canada. Thus, the JV (50:50) created for the construction of these enterprises - Canada Kuwait Petrochemical Corp (CKPC) - plans to commission new facilities in mid-2023.

As per MRC, Pembina Pipeline booked a Canadian dollar (CD) 323m (USD256m) impairment charge in Q4 on its share of a planned integrated propane dehydration/polypropylene (PDH/PP) project in Alberta province.

Pembina Pipeline has been a gas supplier to the North American energy system for over 60 years. Pembina owns and operates pipelines that transport a variety of hydrocarbon liquids, including conventional and synthetic crude oils and others, produced in Western Canada and North Dakota.

BASF increases stake in B2B Cosmetics

BASF increases stake in B2B Cosmetics

MOSCOW (MRC) -- BASF is to further invest in France’s B2B Cosmetics after its initial investment in 2019, said the company.

Financial details were not disclosed. BASF and B2B Cosmetics have developed the branded technology Emuage, which aims to deliver “freshly-made, personalised cosmetics” to customers. The two firms are now aiming to scale up production of the technology and aim to open stores selling the product in Switzerland, France, and the Middle East in coming months.

"The Emuage technology allows users to create their own individualised personal care products by simply choosing capsules, placing them into the machine and receiving the final product – for example for hair, sun or skin care,” said the company.

In January, 2019, BASF and B2B Cosmetics announced an exclusive, long-term strategic partnership in the field of personalized personal care products, including a strategic investment into B2B Cosmetics by BASF. The French company B2B Cosmetics will contribute a unique personalization system, marketed under the name Emuage technology. BASF will bring in expertise in personal care solutions.

As MRC wrote before, BASF will build a battery recycling prototype plant in Schwarzheide, Germany, at the site of its cathode active materials (CAM) plant.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.

HollyFrontier Corporation reports Q4 and full year results

HollyFrontier Corporation reports Q4 and full year results

MOSCOW (MRC) -- HollyFrontier Corp posted a wider-than-expected quarterly loss on Wednesday, as the U.S. refiner faced heavy refining maintenance and weather-related downtime, sending its shares down as much as 8%, said Hydrocarbonprocessing.

Flooding in British Columbia, Canada, cut crude oil supplies to Puget Sound refinery and severe weather conditions and operating problems restricted output at processing plants in New Mexico and Oklahoma, HollyFrontier said last month.

Its refinery utilization in the reported quarter fell to 83.6%, from 93.8% in the previous year and total operating costs and expenses also rose nearly 88% to USD5.64 B. On an adjusted basis, the company posted a quarterly loss of 11 cents per share, slightly bigger than average analysts' expectation of 9 cents per share, according to Refinitiv IBES. For the current quarter, HollyFrontier expects to run between 490,000 and 510,000 bpd of crude.

The outlook reflects impact of weather-related downtime at Puget Sound refinery, a scheduled turnaround at the Woods Cross refinery, Utah, as well as maintenance activities at the Navajo refinery, New Mexico, throughout the first quarter. However, a sustained recovery in demand for fuel and refined products from the pandemic-driven lows helped narrow HollyFrontier's losses from the year-ago numbers.

Refinery gross margin for the 4Q of 2021 was USD8.70 per produced barrel, a 116% increase from the year-ago period. Throughput, or the amount of crude processed, rose 12% in the quarter to 462,740 bpd. "We believe that demand for transportation fuels will continue to strengthen as the global economy recovers from the pandemic," Chief Executive Officer Michael Jennings said on a conference call. The Dallas, Texas-based refiner said 4Q net loss attributable to stockholders narrowed to 24 cents per share, compared with a loss of 73 cents per share, a year earlier.

"Within refiners, we believe HFC is best positioned to grow earnings in the next year by adding Puget Sound, Sinclair assets and its renewable diesel projects," said Manav Gupta, analyst at Credit Suisse. Shares of HollyFrontier were trading 6.5% lower at USD32.20 in morning trade on the NYSE.

As per MRC, HollyFrontier Corporation has announced the completion of the previously announced acquisition of the Puget Sound Refinery, the on-site cogeneration facility and related logistics assets, from Equilon Enterprises LLC d/b/a Shell Oil Products US for aggregate cash consideration ofUSD613.6 mn, which consists of a base cash purchase price of USD350.0 mn, hydrocarbon inventory with an estimated closing value of approximately USD266.2 million and other closing adjustments and accrued liabilities of USD2.6 mn.

As reported MRC, Hollyfrontier and its pipeline partner will buy almost all of Sinclair Oil's assets in two deals totaling around USD2.6 billion, the companies said, adding new refining, pipeline and storage assets to their portfolio. The deals come as US fuel demand continues to recover from last year's coronavirus-led record lows, with states starting to reopen and road travel trending toward pre-pandemic levels.

HollyFrontier Corporation, headquartered in Dallas, Texas, is an independent petroleum refiner and marketer that produces high value light products such as gasoline, diesel fuel, jet fuel and other specialty products. HollyFrontier owns and operates refineries located in Kansas, Oklahoma, New Mexico, Washington and Utah and markets its refined products principally in the Southwest US, the Rocky Mountains extending into the Pacific Northwest and in other neighboring Plains states. In addition, HollyFrontier produces base oils and other specialized lubricants in the US, Canada and the Netherlands, and exports products to more than 80 countries. HollyFrontier also owns a 57% limited partner interest and a non-economic general partner interest in Holly Energy Partners, L.P., a master limited partnership that provides petroleum product and crude oil transportation, terminalling, storage and throughput services to the petroleum industry, including HollyFrontier Corporation subsidiaries.