Repsol will invest EUR105 mkn in the Puertollano Industrial Complex

Repsol will invest EUR105 mln in the Puertollano Industrial Complex to build the first plant in the Iberian Peninsula capable of manufacturing ultra high molecular weight polyethylene (UHMWPE), a material considered a 'super polymer' due to its exceptional properties, said the company.

This new plant will be operational by the end of 2024 and will have an annual capacity of 15,000 tons. For the construction of the plant, Repsol has selected the technology of DSM, a renowned UHMWPE producer based in the Netherlands. This involves the use of cutting-edge, proven technology that adapts to the needs of customers.

UHMWPE is a material that, due to its exceptional hardness and strength characteristics, can replace steel in some applications and has high impact resistance, high toughness and self-lubricating capacity.

Applications include highly differentiated products with high added value, such as lithium-ion battery separators, construction profiles, coatings, parts for personal and military protection and medical applications such as prostheses, implants or dialysis filters. Currently, the UHMWPE market is growing due to the extraordinary characteristics of this material, which combines excellent mechanical properties with high lightness.

Repsol lifted the force majeure for the supply of butadiene in Tarragona (Tarragona, Spain), announced earlier in February. On February 10, the company stopped two lines for the production of butadiene with a total capacity of 130 tons per year in Tarragona. According to a company source, butadiene production was resumed on 23 March.

Earlier it was reported that against the backdrop of a change in global strategy, the Spanish Repsol, formerly a major investor in the Russian fuel and energy complex, announced its withdrawal from Russia in December last year. The company will sell its shares in the oil assets of Evrotek-Yugra and ASB Geo to a Russian partner, Gazprom Neft.

Repsol is the largest oil and gas company in Spain and Latin America, one of the ten largest oil and gas corporations in the world.
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Borouge, the strategic joint venture between Abu Dhabi National Oil Companyand Borealis AG (“Borealis”), one of the world’s leading providers of innovative and differentiated polyolefin solutions, has listed on the Abu Dhabi Securities Exchange (“ADX”) , following the completion of Abu Dhabi’s largest-ever Initial Public Offering (“IPO”) and the Middle East’s largest-ever petrochemicals listing, said the company.

The IPO, which raised gross proceeds of more than USD2.0 billion for the offering of 10% of the Company’s total issued share capital, attracted total gross demand of more than $83.4 billion and was almost 42 times oversubscribed in aggregate. The retail offering (comprising Tranche 1 and Tranche 3), which attracted higher retail demand than any UAE IPO in nearly 20 years, was 74 times oversubscribed. Borouge’s shares were priced and sold in the IPO at AED 2.45, implying a market capitalization for the Company of USD20.05 billion at the time of listing.

Founded in 1998 as a strategic joint venture between ADNOC and Borealis, Borouge is one of the world’s leading providers of innovative and differentiated polyolefin solutions for the agriculture, infrastructure, energy, packaging, mobility and healthcare industries. With the landmark IPO offering local and international investors the opportunity to own shares in one of the world’s leading petrochemical players, Borouge expects to pay a dividend of $975 million for the fiscal year 2022; and to pay a dividend of no less than USD1.3 billion for fiscal year 2023, equivalent to a 6.5% dividend yield based on the offer share price.

As pre MRC, Abu Dhabi-headquartered petrochemicals firm Borouge said on Monday it secured seven cornerstone investors, including India's wealthy Adani family for its USD2 billion initial public offering (IPO). Borouge, a joint venture between Abu Dhabi National Oil Company (Adnoc) and Austrian chemical producer Borealis, on Monday said it secured seven cornerstone investors, including India’s wealthy Adani family for its USD2 billion initial public offering (IPO).

We remind, Borealis (Vienna), a leading producer of polyolefins, has delayed the start-up of a new, world-scale propane dehydrogenation (PDH) plant at its existing production site at Kallo, Belgium, which is the company's biggest investment in Europe, until Q3 2023, citing Covid-19. The plant in Kallo in the port of Antwerp was previously targeted to begin operations by the end of next year.

Borealis is owned by OMV AG and Mubadala Investment Co., the Abu Dhabi state investment company. Borealis is a leading provider of innovative solutions in the fields of polyolefins, base chemicals and fertilizers. With headquarters in Vienna, Austria, Borealis currently employs around 6,500 and operates in over 120 countries.
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Solvay opened its New Applications Development Lab and 3D printing technology line, the latest investment in Solvay’s Research & Innovation Center in Alpharetta, Ga, said the company.

The center is part of the global headquarters of the company’s Materials business, which provides solutions that enable the future of electric vehicles, the hydrogen economy, aerospace and other advancements that support a more sustainable society.

In the last four years, Solvay has invested more than $30 million in the Alpharetta site, including in the new lab, which represents an important contribution to the company's continued focus on customer collaboration to support the North America region. It will serve as a workshop for Solvay and its customers to develop advanced prototyping, virtual engineering validation, special testing, and secondary operations activities. By inviting its customers to engage in real-time with Solvay’s versatile engineering teams, they can co-create innovative creative solutions much more efficiently than before.

Solvay’s Alpharetta site was the first stop of a seven-day Belgian Economic Mission to visit and recognize Belgian companies that are growing in the U.S. The mission is led by Her Royal Highness Princess Astrid of Belgium, Representative of His Majesty the King. The Solvay event was also attended by Belgian Ministers, high-ranking Belgian officials, Deputy Commissioner of the Georgia Department of Economic Development Abby Turano, Solvay leadership and employees, and other guests. It included a ribbon cutting and tour of the new lab as well as the decoration of Mike Finelli, President, Group Growth Initiatives and Chief North America Officer at Solvay, for services rendered to Solvay and to Belgium in its development in the US.

The company has a strong and growing presence in North America: in 2021 the region represented 26% of Solvay’s net sales and more than 5,400 employees work in 25 states at 38 industrial sites, 3 R&I Centers, and 3 corporate offices, including in Alpharetta, where the company employs more than 450 full-time workers and contractors.

As per MRC, Solvay, a leading global supplier of specialty polymers, announces the production of the new generation solvent Rhodiasolv IRIS, with eco-friendly properties. Previously manufactured in China, this solvent will now be produced from 2023 onwards at Solvay's Melle site, France.

We also remind that in August, 2020, through the acquisition of the Solvay polyamide (PA) business, BASF enhanced its R&D capabilities in Asia Pacific with new technologies, technical expertise, and upgraded material and part testing services. BASF is planning to integrate the R&D centers from Solvay into its R&D existing facilities in Shanghai, China, and Seoul, Korea. The enhanced capabilities will boost BASF’s position as a solution provider to develop advanced material solutions for key industries.

Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 24,100 employees in 64 countries, Solvay bonds people, ideas and elements to reinvent progress. The Group seeks to create sustainable shared value for all, notably through its Solvay One Planet plan crafted around three pillars: protecting the climate, preserving resources and fostering better life. The Group’s innovative solutions contribute to safer, cleaner, and more sustainable products found in homes, food and consumer goods, planes, cars, batteries, smart devices, health care applications, water and air purification systems. Founded in 1863, Solvay today ranks among the world’s top three companies for the vast majority of its activities.
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Venezuela's oil exports last month fell to the lowest level since October 2020 as repairs at the country's main oil port added to delays shipping cargoes, documents from state-run PDVSA and vessel tracking data showed, said Reuters.

Exports from the U.S.-sanctioned country were recovering this year following a pact with Iran that provided a stable supply of diluents needed for producing exportable grades and lighter crudes for making refined products.

But shipping delays linked to oil quality issues, port maintenance that shut Jose port's two largest berths, and slower authorizations for vessels to set sail reversed the trend last month, the documents and data showed.

Two of PDVSA's four upgraders, which turn its extra heavy crude into exportable grades, also were temporarily shut due to outages since April, the documents showed.

PDVSA, its joint ventures and other state companies shipped a total of 21 cargoes in May, carrying an average of 391,452 bpd of crude and fuel, a 49%-fall from April and 34% below exports of the same month last year.

Most cargoes headed to Asia, while allies of President Nicolas Maduro's administration, including Iran and Cuba, also received Venezuelan crude and fuel.

The May exports included 103,500 bpd of fuel oil to Asia and the Middle East. Venezuela also shipped about 135,000 metric tons of petroleum coke and methanol, below the 242,000 tons of the previous month.

As per MRC, Iranian state firms have started preparations to revamp Venezuela's largest oil refinery, the 955,000-bpd Paraguana Refining Center, four people close to the talks said, following a contract to repair its smallest facility.
A deal would deepen an energy relationship that has become a lifeline for Venezuela's dilapidated oil industry amid a crisis caused by decades of mismanagement and underinvestment, and aggravated by U.S. sanctions on the South American country.

We remind, Venezuela has begun importing Iranian heavy crude to feed its domestic refineries, documents from the state-run oil company PDVSA showed, a deal that widens a swap agreement signed last year by the U.S. sanctioned countries. The two nations last year initially agreed to a swap deal, with PDVSA importing Iranian condensate to dilute and process its extra heavy oil for export. In return, Venezuelan crude is being shipped via the National Iranian Oil Company (NIOC).

As per MRC, Venezuela's exports of oil and refined products last month recovered to mid-2021 levels, boosted by sales of its flagship crude grade and fuel oil bound for Asia, according to tracking data and documents from state-run oil company PDVSA. Higher exports come as Russia's invasion of Ukraine and resulting shipping bans and financial sanctions could spur demand for Venezuela's crude and residual products, traders said. Oil importers this week have rejected Russian vessels, sending buyers searching for new crude and fuel supplies.
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The U.S. Environmental Protection Agency is expected to release on Friday retroactive mandates for the volume of biofuels oil refiners were required to blend into their fuel for the years 2020 through 2022, said Hydrocarbonprocessing.

The mandates, typically set ahead of time each year, were delayed due to the fallout of the coronavirus pandemic which severely reduced U.S. energy demand. Reuters reported earlier this week that the EPA is likely to raise ethanol blending mandates for 2021 above a figure it proposed in December to align with actual U.S. consumption levels.

The mandates for 2020 and 2022 are expected to be within range of the December proposals. The decision on the mandates involved White House staff, who have had to weigh how the policy could affect record-high gasoline prices, surging food costs and inflation, and Farm Belt constituents. Higher mandates can raise demand for corn and impose costs on fuel producers.

Under the U.S. Renewable Fuel Standard (RFS), oil refiners must blend billions of gallons of biofuels into the nation's fuel pool, or buy credits from those that do. Small refiners can receive an exemption from the requirements if they can prove financial harm from the mandates.

The law has been a hotbed of controversy, typically pitting the powerful oil and corn lobbies against each other. The EPA in December proposed rejecting numerous pending applications for small refinery exemptions, following a court decision that narrowed the situations in which the agency can grant them. As a response to the likely denials, the EPA is expected to release a proposed rule that would extend RFS compliance for small refiners for the years 2019, 2020 and 2021, Reuters reported on Wednesday, citing sources.

As per MRC, refiners worldwide are struggling to meet global demand for diesel and gasoline, exacerbating high prices and aggravating shortages from big consumers like the United States and Brazil to smaller countries like war-ravaged Ukraine and Sri Lanka.
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