Singapore's petrochemical exports rise 21.1%

MOSCOW (MRC) -- Singapore's petrochemical exports rose by 21.1% year on year to Singapore dollar (S$) 1.61bn in June, supporting the overall increase in non-oil domestic exports (NODX), said The Business Times.

Overall NODX rose by 9.0% year on year to S$17.7bn in June, slowing down from the 12.0% expansion in May this year, data from Enterprise Singapore showed.

Non-electronic NODX, which includes pharmaceuticals and petrochemicals, rose by 10.6% year on year to S$13.7bn in June, down from the 11.7% increase in May.

NODX to six out of Singapore's top 10 export destinations rose in June, with shipments to the Thailand, South Korea, Hong Kong and the EU falling. Non-electronic NODX to the US and China rose by 22.6% and 7.6%, respectively, in June while those to the EU fell by 18.6%.

As per MRC, the value of Singapore's non-oil domestic exports (NODX) rose 6.4% year over year in April, slower than the 7.7% expansion in March, as exports of electronic products fell on a monthly basis. The pace of growth in April was almost in line with the market's consensus forecast, according to ING Bank economist Nicholas Mapa. The city-state's exports of electronic products rose 12.8% year over year in April, faster than the 11.5% expansion in March, driven by strong shipments of integrated circuits, IC parts and telecommunications equipment.
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MOSCOW (MRC) -- Synthesia Technology Inc., a leader in Polyurethane systems, polyester polyols and chemical specialties, will build a new facility in Little Rock, Arkansas, said Areadevelopment.

The USD29 million project is expected to create 50 jobs over the next three years. The location represents the company’s first U.S.-based manufacturing operation for the production of insulated products supporting the construction materials industry, according to state officials. Synthesia plans to break ground in July and begin hiring by the fourth quarter of 2022.

The project has qualified for two performance-based incentive programs through the Arkansas Economic Development Commission—the Tax Back Program and the Advantage Arkansas Program. “It is a pleasure to welcome Synthesia as they establish their first U.S. facility right here in Arkansas,” Governor Asa Hutchinson said. “With all Arkansas has to offer—our central location, our diverse infrastructure, our robust workforce, and our low cost of living, just to name a few—I am confident that Arkansas has the tools to support Synthesia as they enter U.S. markets and continue their path to success."

“We are pleased to welcome another great company to Arkansas,” Secretary Mike Preston said. “Our business community continues to expand as more and more companies come to Arkansas and see for themselves that this state is the best place to do business. It’s been a pleasure to assist Synthesia in their search for a site, and I trust that they will find central Arkansas to be the perfect fit for their new facility."

The Synthesia Technology Group is made up of a Spanish-based holding company specialized in the manufacture and commercialization of chemical products, polyester polyols and polyurethane systems for thermal and acoustic insulation and diverse industrial applications. With more than 50 years of experience, the company represents a benchmark in the residential and industrial insulation markets.

As it was written earlier, Synthesia Technology America aims to build a new, large-capacity manufacturing plant in the United States. The new polyester polyol site will produce polyols based on recycled PET technology. The project will also comprise of a systems house for producing blend polyols and PU systems. Details on the exact capacity of the new project, the predicted start-up date, or the chosen location were not yet disclosed.
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MOSCOW (MRC) -- The recovery in Russian oil production has continued this month as higher domestic demand offset a slight drop in exports to key markets, said Bloomberg.

The nation’s producers pumped 10.78 million barrels a day on average from July 1 to 17, according to data from the Energy Ministry’s CDU-TEK unit that was seen by Bloomberg. That’s 0.6% above the June level, according to calculations based on the data, indicating that the pace of the country’s output recovery has slowed.

Russia’s oil production is recovering for a third consecutive month despite unprecedented sanctions imposed by the West after the invasion of Ukraine. The initial output disruption contributed to a 50% jump in crude prices in the first half of the year, pushing global inflation higher and threatening recession. To ease fuel costs, the US has been seeking additional crude from Saudi Arabia, Moscow’s key partner in the OPEC+ alliance.

Russia’s production growth came as the country’s refineries increased runs after adapting to Western sanctions. Supplies to domestic downstream facilities so far in July reached 5.75 million barrels a day, around 6% above the average for June, the data show.

The country’s deliveries to main foreign markets via key pipelines and port facilities operated by Transneft PJSC so far in July dropped nearly 4% to 4.33 million barrels per day.

Oil watchers are following Russia’s output recovery with an eye on whether the nation could support further increases in OPEC+ quotas at the group’s next meeting on Aug. 3. After President Joe Biden’s visit to Saudi Arabia last week, the kingdom’s ministers said any oil policy decisions would be taken within the framework of the producers’ alliance.

As per MRC, the head of the International Energy Agency said the G7 proposal to impose a price cap on Russian oil should include refined products as well. The Group of Seven rich nations are considering imposing a price cap on Russian oil in an effort to keep oil flowing and curb inflation, while still limiting revenue to Moscow for the war on Ukraine that it calls a "special military operation". "My hope is that the proposal, which is important to minimise the effect on the economies around the world, gets buy-in from several countries," IEA Executive Director Fatih Birol told Reuters in an interview on the sidelines of the Sydney Energy Forum.
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MOSCOW (MRC) -- Production at Iraq’s Karbala oil refinery south of Baghdad will begin by the end of the year, oil minister Ihsan Abdul Jabbar said on Monday, as per Reuters.

The Karbala project has a production capacity of 140,000 barrels of oil per day, the minister added.

As per MRC, Technip was awarded by Oil Projects Company SCOP a significant contract for project management consultancy (PMC) services for the engineering, procurement and construction (EPC) phase of the Karbala refinery, Iraq. This award follows the front-end engineering design executed by Technip in 2010. The scope of work will cover two phases.
Phase 1: issue of enquiries for the EPC contract, bids clarification, evaluation and contracts finalisation with the EPC contractors.
Phase 2: overall management of the EPC contract execution.

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MOSCOW (MRC) -- Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, announced that construction of an integrated PTA-PET plant in Corpus Christi, Texas, will resume in August this year, said Hydrocarbonprocessing.

Corpus Christi Polymers LLC (CCP), a partnership between three companies, is expected to begin production in 2025 and ensure continued cost-competitive production to support the growth of IVL’s global PET operations into the next decade.

CCP was formed in 2018 as a joint venture between Indorama Ventures Corpus Christi Holdings LLC, a subsidiary of Indorama Ventures; DAK Americas LLC, a subsidiary of Alpek; and APG Polytech USA Holdings, Inc, a subsidiary of Far Eastern New Century, following the purchase of a partially constructed facility of M&G Resins in Corpus Christi. Each partner will procure its own raw materials and receive one third of the PTA and PET produced at the facility to sell and distribute independently.

Construction of the state-of-the-art plant is resuming following a period of pandemic-related disruptions. Through the pandemic, the partners firmly resolved to continue planning amid continued robust demand for PET packaging and the need for shorter supply chains. As the impact of the pandemic eased in 2022, the management team was strengthened in preparation for the resumption in activities.

CCP is expected to be the largest vertically integrated PTA-PET production plant in the Americas, and IVL’s biggest greenfields project in the U.S. since the development of the AlphaPet production facility at Decatur, Alabama in 2009. The new Texas facility is a significant addition to IVL’s leading global footprint, and will expand its coverage to customers across the U.S. The plant’s vertical integration optimizes PTA-PET production and, together with the availability of raw materials Paraxylene and Mono Ethylene Glycol in the U.S., ensures long-term competitive-cost supply for IVL’s locally integrated polyester value chain.

The facility will have nominal annual capacities of 1.1 million metric tons of PET and 1.3 million metric tons of PTA, shared between the partners. It will employ three state-of-the-art technologies: PTA: IntegRex, PET melt: Invista, and PET solid state: Easy Up (HCIRR – Horizontal Continuous slightly Inclined Rotary Reactor).

As per MRC, Encina Development Group (Encina; The Woodlands, Texas) and Flint Hills Resources say they are exploring a collaboration to produce renewable chemicals and fuels from plastic waste. The two have signed a non-binding term sheet that proposes construction of a facility in Corpus Christi, Texas. Flint Hills would market the aromatic products produced at the Encina Corpus Christi facility and work with its affiliates to market renewable aromatic products from other Encina plants in the US.
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