Billion Industrial Holdings to build PET plant in Vietnam

MOSCOW (MRC) -- China’s Billion Industrial Holdings to build PET plant in Vietnam, said the company.

The Further Investment will include purchase of land of a gross floor area of approximately 200,000 square meters, purchase of equipment for manufacturing of polyester bottle chips, and construction of new factory with a total construction area of approximately 14,000 square meters with an expected annual production capacity of approximately 300,000 tons.

The Company expect that the new manufacturing facilities for the polyester bottle chips production business will be put into commercial production gradually from June 2023.

As of the date of this announcement, the Group has not entered into any legally binding agreement in relation to the Further Investment. The Company will make further announcement(s) and will comply with the applicable provisions under the Listing Rules in relation to the Further Investment if and when appropriate.

The Board considers that the development of a new polyester bottle chips production facility in Vietnam will benefit the Group and generate good financial returns, primarily because (i) Vietnam’s advantageous location in the region provides convenient conditions for procurement and transportation of raw and auxiliary materials; (ii) a huge market space exists in neighbouring markets; and (iii) the polyester bottle chips markets are expanding and the Group may capture the growing market demand through the Further Investment.

We remind, Koch Technology Solutions (KTS), a Koch Engineered Solutions company, and Ioniqa Technologies announced a partnership to scale up and commercialize Ioniqa’s advanced Polyethylene Terephthalate (PET) recycle technology in the plastics industry. As part of this collaboration, KTS has committed to invest up to €30 MM in Ioniqa. Ioniqa has developed an innovative process that utilizes low-grade post-consumer PET to infinitely produce a feedstock that displaces virgin raw materials used in the production of polyester products.

Billion Industrial Holdings Limited is an investment holding company principally engaged in the manufacture and sale of polyester filament yarn products. The Company is also engaged in the manufacture and sale of polyester thin films products. Through its subsidiaries, the Company is engaged in the sales of raw materials.

mrchub.com

MOSCOW (MRC) -- PETRONAS Chemicals Group Berhad (PCG), the petrochemical arm of PETRONAS, and ExxonMobil have signed a memorandum of understanding to assess the potential for large-scale implementation of advanced plastic recycling technology to help create a circular economy for plastics in Malaysia, said the company.

The companies will also evaluate opportunities to support improvements to plastic waste collection and sorting in the country. Representing PCG at the signing was Ir. Mohd Yusri, Managing Director/Chief Executive Officer, and for ExxonMobil, Dave Andrew, Vice President of new market development.

"PCG has been continuously exploring and implementing innovative technologies to develop sustainable solutions demanded by its customers,” said Ir. Mohd Yusri. “This collaboration is yet another significant step towards the transition into a circular economy on the back of increased demand for circular products and signifies our commitment to use recycled raw materials in the chemical industry."

"Advanced recycling plays an important role in meeting the growing demand for circular products, while helping to address the challenge of plastic waste,” said Andrew. “Leveraging new technologies and the expertise of both of our organizations, we hope to accelerate a more circular economy for plastics in the region."

The agreement builds on a long-standing relationship between ExxonMobil and PETRONAS that has seen multiple successful collaborations and business ventures in Malaysia and abroad.

PCG is committed to accelerating the region’s transition to a more circular economy for plastics. The company is currently conducting several feasibility studies on plastics recycling. In 2019, PCG signed an agreement with Plastic Energy to convert end-of-life plastics using a pyrolysis process, and the facility is on track to be operational by 2025. In addition, PCG is collaborating with waste management companies to unlock the value within the solid waste ecosystem in Malaysia. These collaborations will help to divert plastic waste from landfills and create an ecosystem that is conducive to the transition to a circular economy.

To enhance awareness of proper management of plastic waste in Malaysia, PCG also developed an education module titled “Plastic, Sustainability & You” that is distributed to schools nationwide. The module was developed in collaboration with The Ministry of Education, Solid Waste Management and Public Cleansing Corporation and Malaysian Plastics Manufacturers Association. Using the content from this module, PCG conducted webinar sessions and has successfully reached more than 130,000 people in Malaysia.

ExxonMobil plans to build approximately 500,000 metric tons of advanced recycling capacity at its integrated manufacturing facilities around the world by year-end 2026. At its proprietary Exxtend technology at its advanced recycling facility in Baytown, Texas, ExxonMobil has processed more than 5,000 metric tons of plastic waste since the facility started up in 2021, and is on track to complete large-scale expansion of the facility later this year. The company is assessing additional sites for advanced recycling in the U.S., Canada, Europe and Singapore, and collaborating with Plastic Energy to build an advanced recycling plant in France.

ExxonMobil is a founding member of the Alliance to End Plastic Waste, which is focused on accelerating investment in safe, scalable and economically viable solutions around the world to help address plastic waste in the environment. ExxonMobil also helped form the Houston Recycling Collaboration, which brings government, industry, and the community together to improve recycling rates, reduce landfill and transform waste into a valuable resource.

We remind, Malaysian state energy company Petronas reported a jump in second-quarter profit on higher oil and gas prices and said it would double its dividend to the government this year. The world's fourth-biggest LNG exporter reported a profit for the April-June period of 23 B ringgit (USD5.13 B), up from 9.6 B a year earlier. Revenue rose 63% to 93.3 B ringgit. Petronas will pay the government, its sole shareholder, a total of 50 B ringgit (USD11.16 B) in dividends this year, CEO Tengku Muhammad Taufik told a media briefing.
mrchub.com

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.
mrchub.com

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.
mrchub.com

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.
mrchub.com