Libyan NOC to purchase Trasta’s 50% shares in LERCO

Libyan NOC to purchase Trasta’s 50% shares in LERCO

MOSCOW (MRC) -- Libya's National Oil Corporation has announced it is proceeding with the exercise of its call option to purchase 50% of Trasta’s shares in the Libyan Emirates Oil Refining Company (LERCO), the JV company formed to operate the Ras Lanuf refinery, reported Reuters with reference to the compnay's statement on Friday.

Trasta had previously sought to block NOC’s exercise of the call option through ICC arbitration proceedings, but an award rejected Trasta’s position and upheld NOC’s right to exercise the call option, the statement added.

As MRC informed previously, in November 2021, Libya's Government of National Unity approved the sale of US oil company Hess Corporation's stake in the giant Waha oil concessions to both TotalEnergies and ConocoPhillips.

We remind that last year, TotalEnergies inaugurated the extension of Synova in Normandy, the French leader in recycled polypropylene (PP) production. TotalEnergies is therefore doubling its mechanical recycling production capacity for recycled polymers, to meet growing demand for sustainable polymers from customers, such as Automotive Manufacturer (Auto OEM) and the construction industry.

According to MRC's ScanPlast report, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.
MRC

Fitch downgrades Petkim and Tupras to negative

Fitch downgrades Petkim and Tupras to negative

MOSCOW (MRC) -- Fitch Ratings has revised its outlooks on Turkey’s major petrochemical producer Petkim and largest Turkish refiner Tupras to negative from stable, said American corporation.

The move follows Fitch’s recent sovereign rating action that downgraded Turkey to 'B+', four notches below investment grade, with a negative outlook. Turkey is mired in an economic crisis that sent the official annual inflation figure to 49% at the end of January. The Turkish lira struggling to hold ground against the US dollar. The Turkish currency lost 44% of its value against the dollar in 2021.

Fitch, in a notice released on Thursday, revised the outlook on Petkim’s long term foreign currency (LT FC) issuer default rating (IDR) to negative from stable, while also affirming the company’s 'B+' rating. “Petkim's LT FC IDR is constrained by the Country Ceiling, due to the company's sizeable exposure to the Turkish economy,” Fitch said.

In the same notice, Fitch revised the outlooks on Tupras’ LT FC and long-term local-currency (LT LC) IDRs to negative from stable and affirmed the refiner’s 'B+' ratings.

"Tupras's LT LC IDR is constrained by Turkey's LT LC IDR, due to the company's large domestic operations and significant cash holdings in Turkish banks due to preferable interest rates. Weakening of the credit profiles of Turkish banks could also affect Tupras's access to liquidity sources," Fitch said.

As per MRC, Petkim, whose majority shareholder is Azerbaijan's SOCAR, plans to start capital planned maintenance work at a polyvinyl chloride (PVC) plant in Aliaga (Turkey) in the fourth quarter of this year. It is expected that scheduled maintenance activities at this facility with a capacity of 157 thousand tons of PVC per year will continue for about six months. Thus, this plant should return to work again in the second quarter of 2023.

Petkim Petrokimya Holding A.S. - Turkish chemical company. The owner of the controlling stake in the company (51.39%) is the State Oil Company of the Republic of Azerbaijan (SOCAR). The remaining shares are owned by TURCAS. The company produces polymers (PE, PP, PVC, PA), detergents, packaging, etc.
MRC

ExxonMobil to expand CCS at LaBarge facility

ExxonMobil to expand CCS at LaBarge facility

MOSCOW (MRC) -- ExxonMobil has made a FID to expand CCS at its LaBarge, Wyoming facility. The expansion project will capture up to 1.2 metric MMt of CO2, in addition to the 6-7 metric MMt captured at LaBarge each year, said Hydrocarbonprocessing.

"Carbon capture and storage is a readily available technology that can play a critical role in helping society reduce greenhouse gas emissions,” said Joe Blommaert, President of ExxonMobil Low Carbon Solutions. “By expanding carbon capture and storage at LaBarge, we can reduce emissions from our operations and continue to demonstrate the large-scale capability for carbon capture and storage to address emissions from vital sectors of the global economy, including industrial manufacturing."

ExxonMobil completed front-end engineering and design work for the project in December 2021 and expects to issue the engineering, procurement and construction contract in March. Pending regulatory approvals, startup is estimated in 2025 with an estimated investment of USD400 MM. The expansion is part of the company’s 2030 emission-reduction plans and supports the company’s ambition to achieve net-zero GHG emissions (Scopes 1 and 2) for its operated assets by 2050. By capturing an additional 1.2 metric MMt of CO2 each year, ExxonMobil can reduce GHG emissions from its upstream operated emissions by 3%. The LaBarge facility currently captures nearly 20% of all human-made CO2 captured in the world each year.

“Our state has always been a leader in carbon capture, utilization and sequestration and we are pleased to see projects like this that bring that technology forward. Wyoming and our industries do more than talk about carbon capture technologies. We help develop and deploy them,” said Wyoming Governor Mark Gordon. “This announcement is a great example of what industry can do to reduce greenhouse emissions and develop resources. I am delighted that ExxonMobil has decided to move forward with their expansion in Wyoming. This helps Wyoming advance its commitment to develop the technology to become carbon negative.

As MRC informed before, ExxonMobil shut down at its cracker in Singapore for maintenance last year. Thus, the company halted operations at the cracker on September 14, 2020. The cracker remained off-line till end-October, 2020. Located at Jurong Island, Singapore, the cracker has an ethylene production capacity of 1 million mt/year and a propylene production capacity of 450,000 mt/year.

According to MRC's ScanPlast report, PP shipments to the Russian market totalled 1,494.280 tonnes in 2021, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.

MRC

Cabot to start up new specialty compounds plant in Indonesia in late 2022

Cabot to start up new specialty compounds plant in Indonesia in late 2022

MOSCOW (MRC) -- Cabot Corporation (Boston, Massachusetts) announces the groundbreaking of a new specialty compounds facility in Cilegon, Indonesia, according to SpecialChem.

The new facility is co-located with Cabot’s existing carbon black manufacturing site and will add 20,000 metric tons of annual global capacity for specialty compounds, including black masterbatch and conductive compounds.

It is expected that the facility will be operational at the end of 2022. The new capacity will provide a reliable, local supply to support the increasing need for specialty compounds in the rapidly growing masterbatch and conductive compounds market in Southeast Asia and globally.

The specialty compounds facility will incorporate Cabot’s latest technology advances into the plant design and operations. Additionally, being co-located with Cabot’s existing carbon black facility will enable Cabot to utilize integrated site economics through manufacturing efficiencies and reduced waste, including the use of recovered waste-heat energy from the carbon black facility.

This demand is driven by economic growth in the region as well as the evolving mobility landscape, increases in sustainable infrastructure developments and a rise in the production of electrical devices to support global connectivity needs.

This will reduce the environmental impact of the project in alignment with Cabot’s recently announced ambition to achieve net zero carbon emissions globally by 2050.

“As a global leader in black masterbatch and conductive compounds, we are pleased to break ground on this new facility to expand our global reach and better serve our customers in the region and around the world,” said Aaron Johnson, senior vice president and president, formulated solutions.

“This new facility will enable us to meet the growing needs of our customers for innovative solutions that improve performance of their products and support their sustainability needs. Furthermore, we are proud that this facility will incorporate state-of-the-art technologies and energy reuse to help us achieve our sustainability goals and net zero ambitions,” added Johnson.

As MRC reported earlier, in December 2016, Cabot Corporation announced a planned investment in new capacity to enhance its production capabilities for plastic formulations specifically for conductive compounds and masterbatches for engineering thermoplastic applications. The strategic investment at its manufacturing facility in Pepinster, Belgium was to support continued growth of Cabot’s Specialty Compounds business which aligns with Cabot’s broader strategy to drive application innovation and develop in the area of formulation solutions.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.

Cabot Corporation is an American specialty chemicals and performance materials company headquartered in Boston, Massachusetts. The company operates in over 20 countries with 36 manufacturing plants, eight research and development facilities and 28 sales offices.
MRC

ExxonMobil to expand carbon-capture at Wyoming site

ExxonMobil to expand carbon-capture at Wyoming site

MOSCOW (MRC) -- ExxonMobil has made a final investment decision (FID) to expand its carbon-capture and storage site in LaBarge, Wyoming, said the company.

The expansion will cost USD400m and increase carbon-capture capacity to 1.2m tonnes/year, ExxonMobil said. Current capacity is 6m-7m tonnes/year. ExxonMobil did not specify if the captured carbon dioxide (CO2) would be permanently sequestered or if it would be used for purposes such as enhanced oil recovery.

ExxonMobil completed front-end engineering design (FEED) in December 2021, the company said. In March, it should award a contract for engineering, procurement and construction (EPC). The expansion should start up in 2025.

As per MRC, ExxonMobil completed its first commercial sale of certified circular polymers, using its Exxtend technology for advanced recycling of plastic waste. The purchaser is Berry Global, which will use the circular polymers to manufacture containers for high-performance food-grade packaging on a mass balance approach.

As MRC informed before, ExxonMobil shut down at its cracker in Singapore for maintenance last year. Thus, the company halted operations at the cracker on September 14, 2020. The cracker remained off-line till end-October, 2020. Located at Jurong Island, Singapore, the cracker has an ethylene production capacity of 1 million mt/year and a propylene production capacity of 450,000 mt/year.

According to MRC's ScanPlast report, PP shipments to the Russian market totalled 1,494.280 tonnes in 2021, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whreas.shipments of PP random copolymers decreased significantly.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
MRC