Biden looking to address oil refinery capacity, White House adviser says

Biden looking to address oil refinery capacity, White House adviser says

U.S. President Joe Biden is looking at ways to bring in more oil supplies amid rising energy costs, including working to address oil refinery capacity, White House economic adviser Cecelia Rouse said on Friday, as per Hydrocarbonprocessing.

"He is looking for what he can do administratively, whether that's working with oil companies and refineries asking them, 'We recognize your back capacity challenges - what can we do to help you maintain your refining capacity and bring more oil online?'" Rouse, chair of the White House Council on Economic Advisers, said in an interview with CNN.


The White House is considering proposals that would tax oil and gas windfall profits, a U.S. official said last week. Rouse, asked about that tax and possibly lifting some China tariffs, confirmed that all options remained on the table.

"We want to do so in a way that is strategic and benefits the U.S. workers, U.S. businesses, U.S. economy writ large, but that is certainly on the table," she said. Some of the ideas require working with Congress, she said.

Biden has come under intense pressure to ease price pressures, especially for gasoline, before November’s midterm elections with his Democratic Party’s control of Congress on the line.

As per MRC, The White House is considering waiving U.S. gasoline environmental rules aimed at reducing summertime smog, hoping the waiver will combat rising pump prices, according to three sources involved in the discussions. The Biden administration is considering waiving U.S. gasoline environmental rules aimed at reducing summertime smog, hoping the waiver will combat rising pump prices, according to three sources involved in the discussions.
mrchub.com

Under U.S. sanctions, Iran and Venezuela sign 20-year cooperation plan

Under U.S. sanctions, Iran and Venezuela sign 20-year cooperation plan

Iran and Venezuela, oil producers grappling with crippling U.S. sanctions, signed a 20-year cooperation plan in Tehran, with the Islamic Republic's supreme leader saying the allies would continue to resist pressure from Washington, said Hydrocarbonprocessing.

The signing ceremony, carried by Iranian state TV, was overseen by Iranian President Ebrahim Raisi and his Venezuelan counterpart Nicolas Maduro and took place at the Saadabad Palace in north Tehran. The plan includes cooperation in the fields of oil, petrochemicals, defence, agriculture, tourism, and culture. It also includes repair of Venezuelan refineries and the export of technical and engineering services.

"Venezuela has shown exemplary resistance against sanctions and threats from enemies and Imperialists," Iran's Raisi said. "The 20-year cooperation document is testimony to the will of the two countries to develop ties." "Sanctions and threats against the Iranian nation over the past 40 plus years have been numerous, but the Iranian nation has turned these sanctions into an opportunity for the country's progress," he said.

Maduro said through an interpreter that a weekly flight from Caracas to Tehran would begin on July 18. In a meeting with Maduro, Supreme Leader Ayatollah Ali Khamenei vowed Iran would continue to back Venezuela in the face of U.S. pressures, according to state media.

"The successful experience of the two countries showed that resistance is the only way to deal with these pressures," Khamenei said. "The two countries have such close ties with no other country, and Iran has shown that it takes risks in times of danger and holds its friends' hands."

Maduro said: "You came to our aid when the situation in Venezuela was very difficult and no country was helping us." Defying U.S. pressures, Iran has sent several cargos of fuel to Venezuela and helped in refinery repairs. Last month, Venezuela began importing Iranian heavy crude, widening a swap agreement signed last year to exchange Iranian condensate for Venezuelan heavy crude.

Maduro arrived in Tehran on Friday with a high-ranking political and economic delegation after visiting Turkey and Algeria.

During the visit, Iran delivered to Venezuela the second of four Aframax-sized oil tankers, with a capacity of 800,000 barrels, ordered from the Iranian company SADRA, state media said. SADRA has been under U.S. sanctions for more than a decade over its links to Iran's elite Revolutionary Guards.

In May, Iran's state-owned National Iranian Oil Engineering and Construction Co signed a contract worth about 110 MM euros to repair Venezuela's smaller 146,000 bpd refinery.

As per MRC, 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.
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.
mrchub.com

INEOS Olefins Belgium joins Fluxys project for hydrogen network with open access in Antwerp

INEOS Olefins Belgium joins Fluxys project for hydrogen network with open access in Antwerp

Chemical company INEOS Olefins Belgium is the first industrial player to sign an agreement with Fluxys to participate in the feasibility study for the development of an open access hydrogen network in the port of Antwerp, said the company.

The cooperation follows the market consultation initiated by Fluxys last year to match supply and demand for hydrogen in the Belgian industrial clusters. The European Commission considers hydrogen essential for becoming carbon-neutral. When hydrogen is used as a fuel, it is carbon-free and essentially only water vapour is emitted. It is also an important raw material for the chemical industry.

Project ONE, the investment project for the construction of an ethane cracker on the right bank in the port of Antwerp, could play a significant role in the dimensioning of the hydrogen network in Antwerp. Depending on the future transition to net zero emissions and the scenario chosen, the plant has the potential to take around 100 000 tonnes of hydrogen off the grid.

Ralf Gesthuisen, Technology Manager of Project ONE: "We have identified several technological paths for Project ONE that would allow us to further reduce our emissions and achieve the transition to climate neutrality. One of them is to use more hydrogen as a fuel for our cracker's furnaces and steam boilers. From day 1 of the start-up of our plant, we have been able to meet 60% of the heat demand with the high volumes of hydrogen from the cracking process. If we gain access to more low-carbon hydrogen in the future, we can increase this to 100% and bring the emissions of Project ONE to net zero. Our participation in Fluxys' feasibility study brings us one step closer to making this a reality."

Raphael De Winter, Director Business Development & Innovation at Fluxys: "With Fluxys we are fully committed to helping develop a well-functioning market for hydrogen quickly. This requires an open access grid to which everyone can connect on an equal footing so that supply and demand can find each other smoothly. We are working on infrastructure proposals in the various industrial clusters in Belgium, providing connections between the clusters and to neighbouring countries, and working on import possibilities. In Antwerp, the interest shown by INEOS Olefins Belgium is an important step in the development of the infrastructure needed by industry. The train is leaving now: with the interest of all the companies combined, we will complete the studies for the grid in Antwerp early 2023 and conclude contracts in the first half of 2023 to be able to build."

As per MRC, INEOS is to develop a dedicated acetonitrile unit at its Cologne, Germany site to capitalise on anticipated pharmaceuticals sector demand for the material. The company is to develop a 15,000 tonne/year production facility at the site to enhance supplies for its European customer base, on the back of anticipated demand from the pharmaceutical, agrochemical and bioscience sectors.

We remind that in April 2021, INEOS Styrolution, Recycling Technologies and Trinseo announced that they had reached a significant milestone in their plans to build commercial polystyrene (PS) recycling plants in Europe. Recycling Technologies has been selected as the technology partner.

INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2020, sales were at 4 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in ten countries.
mrchub.com

CPC buys first crude with carbon offset from SOCAR

CPC buys first crude with carbon offset from SOCAR

Taiwan's state refiner, CPC Corp, said it has received the country's first crude cargo with certified carbon offset from SOCAR Trading, the trading arm of Azerbaijan's state oil company, said Reuters.

The refiner is seeking to reduce its carbon footprint through voluntary carbon offsets as Taiwan aims to become carbon neutral by 2050. The cargo of about 1.05 MM barrels of Azeri Light crude oil arrived in Taiwan on Sunday morning with cradle-to-gate greenhouse gas (GHG) emissions being offset with carbon credits certified by the Verified Carbon Standard (VCS), CPC said on its website.

Cradle-to-gate GHG emissions refer to emissions from the development, production and processing of the oil to its transportation by pipeline ship to Taiwan. The GHG emissions were calculated with Deloitte and Siglar Carbon, CPC said.

SOCAR Trading arranged and structured VCS registered carbon offset supply and retirement, the refiner said, without elaborating on the cost of the offset.

The credits were issued less than six years ago, with the majority derived from nature-based projects that also have additional Climate, Community and Biodiversity (CCB) accreditation, CPC added. Intertek and Climate Neutral Commodity certified the trade as carbon neutral, CPC said.

CPC operates two refineries at Taoyuan and Dalin in Taiwan with a combined refining capacity of 600,000 bPD.

As per MRC, SOCAR’s Heydar Aliyev oil refinery is undergoing modernization and reconstruction process to increase the refining capacity, provide the country with high-quality Euro-5 fuel, minimize environmental impact, ensure Azerikimya’s stable feedstock supply and raise export capacity of oil products. As part of the project, the refinery implements operational excellence and sustainability program to determine its performance for 2022 in accordance with the maintenance while developing the comprehensive action plan.
mrchub.com

INEOS received environmental permit for olefins project in Belgium

INEOS received environmental permit for olefins project in Belgium

Flemish Minister of Environment Zuhal Demir has granted the environmental permit to INEOS Olefins Belgium for Project One, said the company.

This clears the way for the construction and operation of the most sustainable steam cracker in Europe. Preparatory works for the construction are anticipated to start this summer.

In developing this production site in Antwerp, INEOS Olefins Belgium will comply with the most stringent environmental regulations. The site will contribute to the renewal and sustainability of the chemical cluster in Flanders. The ethane cracker of Project ONE will have the lowest carbon footprint in Europe: three times lower than the average European steam cracker and less than half of that of the 10% best performers in Europe.

John McNally, CEO INEOS Project ONE, stated: I would like to thank the Minister for her decision. In doing so, Flanders is showing that it is supportive of sustainable investments and economic growth. We have set the bar high and submitted a solid and comprehensive permit. I am proud for our entire team that these efforts have been rewarded with a favourable decision. The urgency of tackling the climate problem is now clear to everyone. With Project ONE, we do not want to stand on the sidelines as an industrial player, but want to make a fundamental difference now. By consistently opting for the best available technologies in our design, we are establishing a new environmental standard within our sector.

As per MRC, INEOS Styrolution, the global leader in styrenics, has announced the introduction of its new Styrolution® PS ECO 260 MR85 grade containing mechanically recycled post-consumer waste. This grade is available across markets in Asia at commercial scale with immediate effect. The new Styrolution PS ECO 260 MR85 contains 85 percent recycled post-consumer content from waste electrical and electronic equipment (WEEE). It offers identical mechanical properties as virgin HIPS equivalent, including very good mechanical performance, consistency and high fluidity, making it an excellent drop-in solution for application developers in the household and electronics industries.

We remind that in April 2021, INEOS Styrolution, Recycling Technologies and Trinseo announced that they had reached a significant milestone in their plans to build commercial polystyrene (PS) recycling plants in Europe. Recycling Technologies has been selected as the technology partner.

INEOS Styrolution is the leading global styrenics supplier, with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 90 years of experience, INEOS Styrolution helps its customers succeed by offering solutions, designed to give them a competitive edge in their markets. At the same time, these innovative and sustainable best-in-class solutions help make the circular economy for styrenics a reality. The company provides styrenic applications for many everyday products across a broad range of industries, including automotive, electronics, household, construction, healthcare, packaging and toys/sports/leisure. In 2020, sales were at 4 billion euros. INEOS Styrolution employs approximately 3,600 people and operates 20 production sites in ten countries.
mrchub.com