NextChem awards LanzaTech engineering contract for Hydrogen Valley project

NextChem awards LanzaTech engineering contract for Hydrogen Valley project

MOSCOW (MRC) -- Maire Tecnimont S.p.A. announces that NextChem, through its subsidiary MyRechemical, has kicked off the engineering phase of Hydrogen Valley in Rome, which is based on NextChem’s waste-to-chemical technology and has received the EU Commission grant within IPCEI HY2USE initiative, as already communicated, said the company.

NextChem has started, through MyRechemical, the engineering of waste conversion to Circular Gas™ that will be the feedstock for the ethanol and hydrogen production. In this framework, NextChem has awarded LanzaTech an engineering contract to deliver a process design package for a syngas fermentation unit to produce circular ethanol for sustainable mobility and chemicals based on its biocatalyst technology.

MyRechemical’s chemical conversion technology allows the recovery of waste that cannot be mechanically recycled as well as other types of non-recyclable dry waste. The engineering phase of the Hydrogen Valley is expected to be completed in 2023.

LanzaTech is a global leader in gas fermentation, making sustainable fuels and chemicals via biological conversion of waste carbon emissions, including industrial off-gases. LanzaTech’s expertise in fermentation scale up, reactor design, machine learning and synthetic biology has enabled the company to commercialize its recycling process and demonstrate production of 100 different chemicals.

We remind, Maire Tecnimont announced that its main subsidiaries Tecnimont, KT-Kinetics Technology and Stamicarbon have been granted new awards for a total amount of approximately EUR200 mln for licensing as well as engineering, procurement and construction (EPC) activities. These contracts have been awarded by leading international clients based in a wide spectrum of countries, from North America to the Far East.

Shares of Saudi Kayan in red as it suffers largest loss since listing in Q3

Shares of Saudi Kayan in red as it suffers largest loss since listing in Q3

MOSCOW (MRC) -- Saudi Kayan Petrochemical Co. turned to losses of SR812 million (USD216 million) in the third quarter of 2022, against profits of SR667 million during the same period last year, making it the company's largest loss since listing on Oct. 1, 2011, said Arabnews.

The petrochemical firm also recorded losses of SR453 million in the first nine months of 2022 on the back of higher feedstock costs and lower selling prices.

The losses were against profits of SR1.9 billion the homegrown petrochemical producer made in the same period a year earlier, according to a bourse filing.

In response to the earning announcement, shares of Kayan slipped 3.77 percent at SR13.80 to lead the fallers at 10:07 a.m. Saudi time.

Saudi Kayan attributed the losses to a rise in the average cost of feedstock and lower selling prices, despite a slight increase in sales to SR9.1 billion in the first nine months.

We remind, Saudi Kayan Petrochemical Company has appointed Metab Zaid Al-Shahrani as its new CEO, effective 24 July. Al-Shahrani has held various leadership positions at SABIC and was until recently CEO of Saudi Methanol Company (AR-RAZI). In his new role, he succeeds Omar Ali Al-Ruhaily, who will take on another position in SABIC’s manufacturing sector, Kayan said in a brief regulatory filing.

Solvay raises its forecast for 2022

Solvay raises its forecast for 2022

MOSCOW (MRC) -- Solvay, the Belgian chemical group, raised its full-year forecast on Monday, citing higher-than-expected third-quarter profit, said Reuters.

The group expects its earnings before interest, taxes, depreciation and amortization (Ebitda) for 2022 to be up 28% compared to 2021, compared to a previous forecast of 14% to 18%.

Solvay anticipates net sales of around 3.6 billion euros for the third quarter and an underlying EBITDA of around 900 million euros, higher than expected according to the group.

We remind, Solvay announced it is increasing its Amodel® polyphthalamide (PPA) resin capacity by 15% at its Augusta manufacturing site in Georgia as a result of operational excellence initiatives. The new capacity facilitates the production of innovative and more sustainable Amodel® PPA grades that offer a reduced CO2 footprint due to manufacturing improvements.

French refinery strikes continue at two sites

French refinery strikes continue at two sites

MOSCOW (MRC) -- The strike at the TotalEnergies' Gonfreville and Feyzin refineries have been renewed on Monday, a CGT trade union representative told Reuters.

We remind, TotalEnergies has shut down its OX production unit at Gonfreville, France, following a strike that affected a cracker and refinery at the site, according to market sources. This information has not been confirmed by the company. Unions at several TotalEnergies sites in France began industrial action in late September to demand a pay increase.

We remind, the Flemish government recently awarded TotalEnergies the contract to install 1,500 electric vehicle charging points in Antwerp. In the heart of Europe and in Belgium's most populous city, the company is reinforcing its commitment to offering and developing sustainable mobility, with the aim of becoming Belgium's leading company in the public charging market by 2024.

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible.

INOVYN becomes INEOS Inovyn, unveils new logo

INOVYN becomes INEOS Inovyn, unveils new logo

MOSCOW (MRC) -- INOVYN officially unveiled its new name and logo on the occasion of the INOVYN Awards 2022 Opening Ceremony. The vinyl chloride producer will now be referred to as INEOS Inovyn, said the company.

The new logo sees INOVYN fully align its company brand as a full member of the INEOS family. The INEOS brand has continued to strengthen over its 25 years, with the development of its different businesses in chemicals, energy, sports, hygienics, automotive and clothing.

“Our new logo and visual profile shows just how we’ve all come to share the same DNA and values across the wider INEOS Group,” says Geir Tuft, CEO of INEOS Inovyn. “It shows consistency across our brands and it is a nod to our common nature as a diverse, ambitious, committed, optimistic, empowered, open-minded, uncompromising and bold brand."

The new direction also marks a turning point for INOVYN’s hydrogen business which will now be renamed as INEOS Hydrogen. The name of most legal entities and commercial products of INEOS Inovyn, however, will remain unchanged.

We remind, INEOS has agreed a long-term Power Purchase Agreement for renewable offshore wind power in Belgium with sustainable energy producer Eneco. Under the terms of the ten-year deal, which begins in 2022, INEOS will purchase 65,5-Megawatt (250 GWh per annum) of off-shore wind power from Eneco, produced at the SeaMade offshore wind park in the Belgian North Sea.

INEOS Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.