CNOOC shares surge by 44% in Shanghai debut

CNOOC shares surge by 44% in Shanghai debut

MOSCOW (MRC) -- China oil giant CNOOC Ltd shares surged as much as 44% in their Shanghai debut on Thursday, defying broad market weakness, as investors sought safety in the Chinese oil giant amid high energy prices and quickening inflation, reported Reuters.

After opening 20% higher, CNOOC shares immediately shot up 44% on the Shanghai Stock Exchange, hitting a price ceiling for the day and triggering a 30-minute trading halt. The stock ended the session up 27.7%.

It marked a bright spot in a bleak Shanghai market that slumped more than 2% amid COVID-19 lockdowns and geopolitical tensions.

"CNOOC is being chased by investors who are seeking shelter in big caps with relatively low valuation and high dividends," said Linus Yip, chief strategist at First Shanghai Group. "The stock also whets market appetite at a time when oil prices are climbing and inflation accelerating."

China's largest offshore oil producer raised 28.08 billion yuan ($4.41 billion) in the country's 11th-biggest public stock offering. It said it would use the proceeds to fund one gas and seven oilfield projects in China and overseas, and to replenish capital.

The Shanghai listing "is a key milestone in the company's history," CNOOC Chairman Wang Dongjin said in a statement.

CNOOC will fully exploit financing channels both home and abroad, to promote quality growth, and create value for shareholders, he added.

As MRC wrote before, China's Ministry of Commerce on Nov. 10, 2021, allocated an additional 1 million mt of quotas to Sinopec, PetroChina and CNOOC to export their domestically produced bunker fuel oil for bonded bunkering at China's ports in 2021.

CNOOC is China's third largest national oil company after CNPC and Sinopec. The company was founded in 1982. The headquarters is located in Beijing. The company is engaged in the production, processing and marketing of oil and natural gas offshore China. The Chinese government owns 70% of the company's shares.
MRC

LyondellBasell to cease operation at its Houston refinery by end December

LyondellBasell to cease operation at its Houston refinery by end December

MOSCOW (MRC) -- LyondellBasell has announced its decision to cease operation of its Houston Refinery no later than December 31, 2023, as per the compay's press release.

In the interim, the company will continue serving the fuels market, which is expected to remain strong in the near-term, and consider potential transactions and alternatives for the site.

"After thoroughly analyzing our options, we have determined that exiting the refining business by the end of next year is the best strategic and financial path forward for the company," said Ken Lane, interim CEO of LyondellBasell. "These decisions are never easy and we understand this has a very real impact on our refinery employees, their families and the community. We are committed to supporting our people through this transition."

Lane added, "While this was a difficult decision, our exit of the refining business advances the company's decarbonization goals, and the site's prime location gives us more options for advancing our future strategic objectives, including circularity."

LyondellBasell's Houston Refinery has a rated capacity to transform 268,000 barrels per day of crude oil into transportation fuels and other products including lubricants, chemical intermediates and petroleum coke.

As MRC wrote earlier, in July, 2021, Neste and LyondellBasell announced a long-term commercial agreement under which LyondellBasell will source Neste RE, a feedstock from Neste that has been produced from 100% renewable feedstock from bio-based sources, such as waste and residue oils and fats. This feedstock will be processed through the cracker at LyondellBasell’s Wesseling, Germany, plant into polymers and sold under the CirculenRenew brand name.

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 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.

As a leader in the global chemical industry, LyondellBasell strives every day to be the safest, best operated and most valued company in our industry. The company's products, materials and technologies are advancing sustainable solutions for food safety, access to clean water, healthcare and fuel efficiency in more than 100 international markets. LyondellBasell places high priority on diversity, equity and inclusion and is Advancing Good with an emphasis on our planet, the communities where we operate and our future workforce. The company takes great pride in its world-class technology and customer focus. LyondellBasell has stepped up its circularity and climate ambitions and actions to address the global challenges of plastic waste and decarbonization. In 2022, LyondellBasell was named as one of FORTUNE Magazine's "World's Most Admired Companies" for the fifth consecutive year.
MRC

Arlanxeo to increase its EPDM output in China by 15%

MOSCOW (MRC) -- Arlanxeo is to increase the annual production capacity of its EPDM plant in Changzhou by 15%, according to ERJ with reference to the Dutch-based synthetic rubber company's statement.

“Independently designed and implemented” at the Chinese plant, the project involves “upgrading downstream applications to achieve efficient and sufficient product supply.”

In its statement, Arlanxeo added that an acceleration of new infrastructure and automotive industry projects in China were driving increased demand for its elastomers.

The operational efficiency programme covers the production of various grades of Keltan-branded EPDM materials produced at the 160 kilotonnes per annum plant.

These products, noted Arlanxeo, are used in component parts for 5G construction, ultra-high voltage, charging pile and ‘big data’ centres in new infrastructure areas. Other applications include: parts for trains and rail transit systems; profiles for new energy vehicles; washing machine gaskets; and air-conditioner dampers.

As MRC informed before, in October 2020, Arlanxeo sold its Canadian olefins business, which produces butadiene and raffinate in Sarnia, Ontario, to Mitsubishi Corp. for an undisclosed sum.

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 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.

Arlanxeo is a wholly-owned subsidiary of Saudi Aramco.
MRC

AkzoNobel India launched Tru Color technology

AkzoNobel India launched Tru Color technology

MOSCOW (MRC) -- Dulux, the flagship decorative paint brand from AkzoNobel India has launched the next generation of colour innovation for consumers in India, said Chemindigest.

Dulux’s iconic Velvet Touch ultra-luxury interior emulsions now come power-packed with the Tru Color technology edge across the entire range (of Dulux Velvet Touch Diamond Glo, Dulux Velvet Touch Pearl Glo and Dulux Velvet Touch Platinum Glo).

Rajiv Rajgopal, Managing Director AkzoNobel India says, “Dulux Velvet Touch epitomises the best quality of paint. As Indian consumers are increasingly spending more time rejuvenating their homes, walls have become a canvas of self-expression. Dulux India is now further empowering consumers to flourish through colours. We’re delighted to present the all new Dulux Velvet Touch with the Tru Colour technology. This is our promise of intense rich colours with ultra-smooth finish so that every living space feels like home."

Inspired by global contemporary design themes, Tru Color brings to life a specially curated palette of intense rich colours made with the finest ingredients and colour pigments for an ultra-smooth finish. AkzoNobel’s global aesthetic center at Amsterdam has distilled its colour expertise into three design palettes – Essential, Accent and Atmosphere.

As per MRC, AkzoNobel expects business in Russia to wind down in the next couple of months due to difficulties accessing raw materials and the increasing deterioration of supply chains. The firm, which operates four plants in the country, expects its Russian assets to go out of business within the next couple of months due to the impact of sanctions imposed on the country and intensifying supply chain disruption, as well as the ability of key customers to finance orders.

As MRC previously reported, AkzoNobel completed a capacity expansion at its industrial coatings plant in Songjiang, near Shanghai, China, in March 202, doubling its packaging lacquer and coating capacity. After expansion, the plant became one of the world's largest enterprises for the production of industrial coatings, as well as epoxy and polyester resins.

AkzoNobel is the world's largest manufacturer of paints and coatings, also a leader in specialty chemicals.
mrchub.com

SATORP selects KBR for maintenance services at its Jubail petrochemical complex

SATORP selects KBR for maintenance services at its Jubail petrochemical complex

MOSCOW (MRC) -- KBR announced that it has been awarded a 7-year contract with an option to extend for another 3 years, for the provision of General Maintenance Services (GMS) by Saudi Aramco TOTAL Refining and Petrochemical Company (SATORP), for its project in Jubail, Kingdom of Saudi Arabia, according to CISION.

Under the terms of the contract, KBR will provide preventive, predictive, corrective, and shutdown maintenance services at the refinery, with a focus on continuous improvement and sustainable asset performance. By integrating lessons learned from a decade-long partnership, KBR aims to achieve top quartile plant performance while optimizing costs.

Through this partnership, KBR reaffirms its commitment to Saudization and maintaining a Zero Harm safety culture at the refinery.

KBR has been a pioneer in the downstream industry for over 70 years and has delivered several large-scale maintenance projects for some of the world's largest and technically complex downstream facilities.

As MRC reported earlier, KBR and ExxonMobil Catalysts and Licensing will collaborate to bring significant advancements to propane dehydrogenation (PDH) technology. Under the collaboration, ExxonMobil's new proprietary catalyst technology will be combined with KBR's proprietary K-PRO PDH technology to convert propane into propylene. Enabled by the superior performance of ExxonMobil's new catalyst, the combined technology solution could offer financial savings compared to PDH technologies currently available.

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 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.
MRC