Topsoe increases climate commitment through industry-leading net-zero targets

Topsoe increases climate commitment through industry-leading net-zero targets

MOSCOW (MRC) -- Topsoe, a global leader in carbon emission reduction technologies, today announces its commitment to reach net zero emissions by 2040, setting near-and long-term company-wide emission reduction targets. The target commitments have been sent to SBTi for validation, said Hydrocarbonprocessing.

Through investment in renewable energy technology and changes to production processes, Topsoe aims to reduce operational emissions by 30% in 2024 and at least 95% in 2030, with a transition to 80% renewable power within all the Company’s operations by 2025.

This is the latest milestone in Topsoe’s transformational decarbonization strategy. By engaging with suppliers on their emission reduction progress and collaborating with customers and other business partners, Topsoe believes it can reach net zero a decade ahead of the Paris targets.

Kim Gron Knudsen, Chief Strategy and Innovation Officer, said: “Our vision is to become the global leader in carbon reduction technologies. Net-zero by 2050 as set out in the Paris Agreement can only be achieved through a joint effort between companies, countries, and citizens. But we need to focus on ourselves as much as on our customers. By moving first and demonstrating that an energy-intensive company such as Topsoe is ready to do what it takes to achieve these ambitious targets, we hope to inspire others in the industry to set bold targets to create a more sustainable future."

Roeland Baan, CEO of Topsoe, said: "Our commitment to reaching net zero in our entire value chain, builds on our aim to reduce our customers’ greenhouse gas emissions. We already deliver insights, technology, and solutions to the entire value chain for low-carbon emission fuels and chemicals, so?we are uniquely positioned to help our customers and society in this battle against climate change. Our customers expect us to take a lead – and we are doing so."

Earlier this year, Topsoe announced its ambitious target of reducing its customers’ greenhouse gas emissions by 12 million tonnes in 2022. Due to a significant interest in Topsoe’s decarbonization solutions the first half year of 2022, Topsoe has decided to increase its 2022 target to 16 million tonnes CO2e. Topsoe aims to achieve the target with its portfolio of renewable fuels and low carbon technologies for hard-to-abate industries, such as transport, chemicals, steel and cement.

Earlier this month, Topsoe announced Final Investment Decision on the construction of a 500 MW solid oxide electrolysis plant, which will be the world’s largest, in Herning, Denmark. The plant is expected to be operational in 2025.

As per MRC, Topsoe has made a final investment decision (FID) to build what will be “the world’s largest” solid oxide electrolyzer cells (SOEC) electrolyzer plant. The plant at Herning in Denmark’s Jutland region will have an initial capacity of 500 MW per year, with an option to expand to 5 GW.

As per MRC, Topsoe’s technologies are set to reduce its customers’ greenhouse gas emissions by 12 MMt in 2022 alone. These reductions will not be one-offs but ongoing for the years to come. The key driver is Topsoe’s renewable fuels solutions, producing low-carbon fuels from waste and biomass.

Olin cuts Q3 guidance

Olin cuts Q3 guidance

MOSCOW (MRC) -- Olin has cut its Q3 earnings guidance as global economic conditions have worsened faster than expected, said the US-based chlor-alkali and epoxy producer.

"We have seen global economic conditions worsen faster than expected with an accelerated deterioration in both European and North American demand particularly in epoxy and vinyls intermediates, which has been aggravated by increased Chinese exports precipitated by continuing weak Chinese domestic demand,” said CEO Scott Sutton.

The company now expects Q3 2022 adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) in the range of USD530-550m.

Olin's previous guidance, issued on 28 July, was for a 15% decline in adjusted EBITDA, from Q2 2022 adjusted EBITDA of USD727m.

"Olin's proactive actions and strategy have us well-positioned with a strong balance sheet, meaningful levered free cash flow, and solid positive earnings profile, to deliver on our previously anticipated recession scenario results in fourth quarter 2022 and continuing into 2023”, Sutton said.

“Core electrochemical unit (ECU) pricing for merchant chlorine and caustic soda continues to move higher," he added.

Other chemical producers - including Huntsman and Eastman – have also cut guidance, and on Monday Austrian fibres group Lenzing suspended its earnings guidance for full year 2022, citing a dramatic worsening in market conditions in Q3.

We remind, Olin said that it plans to permanently shut down 225K ECU tons of diaphragm-grade chlor-alkali capacity at its Freeport, Texas, facility by the end of this year. Following the closure, Olin (OLN) said it will have rationalized more than 1M ECU tons of diaphragm-grade chlor-alkali capacity in less than two years.

Olin Corporation is a leading vertically-integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, and industrial cartridges.

Chart Industries and C.A.T. Group sign MoU, bringing full carbon capture solutions to Middle East, Africa

Chart Industries and C.A.T. Group sign MoU, bringing full carbon capture solutions to Middle East, Africa

MOSCOW (MRC) -- Chart Industries, Inc., a leading diversified global manufacturer of highly engineered equipment for the industrial gas and clean energy industries and C.A.T. Group, a leader in the contracting industry serving a wide spectrum of sectors such as Energy, Utilities, Civil, Infrastructure and Buildings have signed an MoU to bring carbon capture solutions to customers in the Middle East and Africa, said Hydrocarbonprocessing.

The MoU focuses on the two companies bringing Chart’s carbon capture solutions to their customers in these regions, with special focus on the state-owned companies and energy companies. With the combination of C.A.T. and Chart, customers can be provided with an optimized turn-key solution.

Chart’s expertise and ability to provide solutions in various liquefaction and/or refrigeration processes and equipment technologies, carbon capture process technologies (including their Sustainable Energy Solutions, Inc. Cryogenic Carbon Capture™ technology), carbon dioxide storage tanks, trailers, vaporizers and other associated equipment couples well with C.A.T. Group’s broad customer relationships in the Middle East and Africa as well as their decades-long project prime contractor experience.

"We are pleased to partner with C.A.T., a well-respected global contracting leader, with specific focus on the energy transition,” stated Jill Evanko, Chart’s CEO and President. “We anticipate that our companies’ complementary strategies for bringing carbon capture technologies and full project solutions will accelerate customers’ decisions on their clean energy actions, in particular in the Middle East and Africa where carbon capture is a natural piece of the move to more sustainable answers."

"C.A.T. Group is excited to partner with Chart Industries,” said Joe Gebara the Group CEO. “Chart’s technology, equipment and services are well respected in the LNG and Carbon Capture domains, and jointly we will bring complete solutions in the Energy Transition to our clients in the Middle East and Africa."

We remind, U.S. refiners last quarter imported West African oil at the highest rate in nearly three years, customs data showed, buying the gasoline-friendly crudes as they boosted motor fuel production to meet summer driving demand. Imports from West African nations, primarily by East Coast operations of PBF Energy, Phillips 66 and Monroe Energy, were at least 11.6 MM barrels in the second quarter, U.S. customs and ship-tracking data on Refinitiv Eikon showed, the highest since the third quarter of 2019.

Uzbekistan GTL plant produces synthetic jet fuel by synthesizing natural gas

Uzbekistan GTL plant produces synthetic jet fuel by synthesizing natural gas

MOSCOW (MRC) -- At the initiative and support of the President of the Republic of Uzbekistan Shavkat Mirziyoyev, a new period has begun in Uzbekneftegaz JSC and in system enterprises - the process of implementing priority tasks and long-term plans, said Hydrocarbonprocessing.

On the basis of the "gas-liquid" technology, the production of one of the leading plants in the world - "Uzbekistan GTL" is expanding. In order to produce new types of products, constantly monitor their quality at the Uzbekistan GTL plant, a “Working Group” was created, headed by the Chairman of the Board of JSC “Uzbekneftegaz” Mekhriddin Abdullayev, which constantly studies the state of production of synthetic fuel products, processes of storage, sale and delivery of products.

It is gratifying that during the visit of the members of the "Working Group" headed by the Chairman of the Board, the production of another new type of product was launched. For the first time in the history of not only Uzbekistan, but the whole world, the Uzbekistan GTL plant has launched the production of synthetic jet fuel that meets international standards (ASTM D-7566) and technical requirements.

Twenty-three basic physicochemical and technical parameters of synthetic kerosene have been brought to the full required level. Work has been completed to bring the freezing point, which is one of the main indicators, to the level of international standard requirements (-47°C). At the moment, the Uzbekistan GTL plant has received positive conclusions from the international organizations IATA, ASTM International, Def Stan on permission to use GTL kerosene as a synthetic component for aviation fuel.

In accordance with the recommendations of the International Aviation Regulatory Organization (IATA), a sample taken from the first batch of synthetic kerosene produced at the GTL plant was sent to the SGS laboratories in Estonia, Belgium and France for analysis and relevant conclusions in order to obtain a certificate compliance.

The Chairman of the Board noted that on June 15 this year, the production of the first synthetic oil in the history of Uzbekistan was launched at the Uzbekistan GTL plant, on June 29, 2022, the first synthetic diesel in the history of the petrochemical industry of Uzbekistan, and then synthetic GTL naphtha, and officially announced that another development of specialists gave its results, and for the first time in world history, synthetic jet fuel was produced by synthesizing natural gas.

In addition, during the visit, members of the Working Group, headed by the Chairman of the Board, studied the processes of production, storage, sale and supply of import-substituting petroleum products and hydrocarbons. Instructions were given to increase the production of synthetic jet fuel, control the production of synthetic jet fuel in accordance with the international standard (ASTM D-7566) and technical requirements.

It was emphasized that in connection with the transition of the Uzbekistan GTL plant to full operation, it is necessary to gradually increase the production of synthetic fuel and ensure high quality products. Also, as a result of the increase in production volumes, tasks were identified to reduce the cost of production.

It was established that from September 14 of this year, the starting price per ton of synthetic diesel fuel sold through the Uzbek Republican Commodity and Raw Materials Exchange will be reduced to 13 MM 897 thousand 109 soums. The price was reduced for the second time in two months, on August 29 of this year, the starting price for synthetic diesel fuel was reduced from 15 MM 550 thousand 500 soums to 14 MM 504 thousand 378 soums.

The state of work to ensure the synchronous operation of about 11 thousand pieces of equipment and main production units at the plant was also studied and an open conversation was held with engineers, young specialists working in technological processes.

A working meeting was held with the participation of the heads of production departments of the plant and management personnel, the necessary instructions were given to ensure the uninterrupted production of synthetic fuel products, timely and high-quality delivery of fuel products to consumers.

To date, the GTL complex has produced only 55 thousand tons of synthetic diesel fuel and 20.5 thousand tons of synthetic naphtha, and are daily supplied to consumers through the Uzbek Republican Commodity Exchange. It should be noted that the Uzbekistan GTL complex plans to produce import-substituting oil products and hydrocarbons for a total of USD1 B U.S. dollars or more than 12.8 T soums per year.

We remind, the capacity of the Shurtan Gas Chemical Complex will triple, investments in the expansion project will amount to USD1.8 billion. Uzbekneftegaz has launched a project to expand the Shurtan gas chemical complex in the Kashkadarya region in the south of the country. "The capacities of the Shurtan gas chemical complex, the firstborn of our gas chemical region, will triple," said President of Uzbekistan Shavkat Mirziyoyev at the ceremony of laying the foundation stone for the expansion project.

Nexam signs a new agent in South Korea

Nexam signs a new agent in South Korea

MOSCOW (MRC) -- Nexam Chemical - which invents, develops, produces and sells additives to the plastics industry worldwide - signs a new agent in Seoul, South Korea, said the company.

An order to carry out a larger industrial trial to repair recycled plastic with Nexam Chemical's Reactive Recycling solution has been placed. The Reactive Recycling solution significantly improves the properties of plastics and polymers.

The order for reactive recycling for recycled PET (r-PET) to Korea is worth SEK 140,000. The upgraded r-PET is to be used in automotive applications with a sales potential for Nexam Chemical of SEK 14 million per year.

"With a new agent and in a new market, we look forward to more projects and new business. Being able to repair recycled plastic has many advantages - in this case providing the automotive industry with new applications," says Johan Arvidsson, CEO of Nexam Chemical.

"In 2020, South Korea banned the import of PET bottles to encourage and improve domestic collection and recycling of PET. From 2022, they will ban the import of plastic waste from abroad, which could be a good business opportunity for us. This is because it puts more focus on domestic recycling and can accelerate demand for Nexam's products," said Mr. Saan-Soo Cha.

The agent, Mr. Sang-Soo Cha, has almost 30 years of experience from the chemical industry and has previously, among other things, worked for several years as sales director and general manager for Perstorp AB within the Korean division.

"For the product portfolio for reactive recycling, Mr. Cha is also developing our NEXIMID portfolio with a focus on the electronics industry, an area where a lot of research and development is going on in South Korea," says Johan Arvidsson.

As per MRC, Nexam Chemical has received an order from an existing customer in the area of PET additives for deliveries to the USA. The customer is a market-leading manufacturer of PET foam. It is the single largest order in the United States and also one of the largest ever for Nexam Chemical globally. Nexam Chemical has previously delivered products to this customer and this order confirms good growth in the business.