MOSCOW (MRC) -- KBR, Inc.is pleased to announce it has entered into an agreement to invest an additional USD100 million in Mura Technology (“Mura”) bringing KBR’s aggregate investment in Mura to 18.5%, said the company.
This investment provides Mura incremental capital to accelerate development of its plastics recycling projects and enables KBR to participate more fully in this sustainability-focused, high growth sector. Funding is expected in two tranches with the first payment in the quarter ended June 30, 2022 and the remainder in 2023.
"Building on our strong partnership of collaboration and innovation, we are very excited to announce our expanded investment in Mura,” said Stuart Bradie, KBR President and CEO. “With a strategic approach to commercializing and scaling its proprietary, differentiated plastics recycling solution, Mura is very well positioned for profitable growth and value creation as the plastics circular economy develops and matures."
Mura’s mission is to commercialize its differentiated plastics recycling solution to enable a plastic-neutral, sustainable future by providing an end-to-end process to convert mixed waste plastic back to high quality chemical feedstocks. Targeting 1,000,000 tonnes of annual recycling capacity in operation or development by 2025, Mura licenses its technology through KBR to a global client base and is also developing its own portfolio of global sites.
In early 2021, KBR entered into an alliance to become Mura’s exclusive licensing partner, broadening the addressable market and customer access for this highly differentiated plastics recycling technology. Together, KBR and Mura have won numerous license awards and feasibility studies. This alliance has also produced advances in process technology innovation such as closed loop power, water recycling, modularization and digital operating solutions. Through this partnership, KBR may also expand its engagement on Mura’s own projects to provide advanced engineering, program management and integration expertise.
A circular economy, in which plastics are reused, remade, and recycled, could slash CO2 emissions by almost 40% across the globe. Mura’s plastics recycling solution will play a central role in a global circular economy by providing an innovative new way to recycle all forms of end-of-life plastic, many of which would otherwise be incinerated, sent to landfill, or leak into the environment as plastic pollution, helping to eliminate unnecessary single-use plastic and cut carbon emissions.
As per MRC, KBR has won a seven-year contract to provide maintenance services to the SATORP refinery and petrochemicals complex in Jubail, Saudi Arabia. Under contract, with Saudi Aramco TOTAL Refining and Petrochemical Company (SATORP), includes an option for a three-year extension. 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, it said. Financial terms were not disclosed.
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.