Maire Tecnimont begins a polymers reprocessing plant in Abu Dhabi

Maire Tecnimont begins a polymers reprocessing plant in Abu Dhabi

MOSCOW (MRC) -- Maire Tecnimont’s subsidiary NextChem, through the associate company GCB Polymers, inaugurates a new re-processing and upcycling plant for polymers today in the Kezad Industrial Zone, in the UAE capital city Abu Dhabi, said Hydrocarbonprocessing.

This new plant processes a very wide range of polymer products, from near to prime to the lower end of plant scraps, post-industrial and post-consumer waste, and also recycled polymers. The plant is capable of both improving and upgrading lower-quality polymers (such off-spec products, plant scraps) and upcycling plastic waste into higher-value, qualified products fit for specific industrial applications, thus representing an effective contribution to the development of a circular economy.

Located between Dubai and Abu Dhabi in the largest industrial and free trade zone in the Middle East, the plant was built by GCB Polymers, a joint venture between NextChem, P2 Polimeri and Polyme General Trading. GCB Polymers is a pioneer investor at the Kezad Polymer Park, a plastics value chain ecosystem located close to the heart of a large industrial zone, in support of UAE Circular Economy Policy, in country value and contributing to a new circular economy approach in the UAE.

“The plant at Kezad is an example of Made in Italy know-how, which was developed at home and now has been exported to help countries like the UAE develop circular economy on an industrial scale,” said Maire Tecnimont Chairman Fabrizio Di Amato at the inauguration of the plant. “By converting lower quality polymers into higher value products, and at the same time upcycling plastic waste, we are industrializing an innovative and effective way to decisively put circularity into the picture in the UAE. We are glad to keep on supporting the Country in the realization of its vision in the energy transition with more energy produced and less emissions."

The plant will use the nearby deep-water Khalifa Port on a daily basis to import and export products and will reach the production of as much as 180,000 per year tons of polymers in the next few years. These polymers can be used to make products for the home, garden furniture, pipes, packaging, and many other applications.

This initiative confirms Maire Tecnimont’s commitment to creating value in the UAE, where Maire Tecnimont has been involved in its energy transformation industry since the late 90s.

We remind, Maire Tecnimont S.p.A. announces that its subsidiary NextChem has been awarded a Pre-FEED engineering services contract by MadoquaPower2X to develop and operate an integrated renewable hydrogen and green ammonia plant located in Sines, Portugal.

Maire Tecnimont S.p.A., a company listed on the Milan Stock Exchange, heads an international industrial group that is a leader in the transformation of natural resources (plant engineering in downstream oil & gas, with technological and execution competences). Through its subsidiary NextChem, it operates in the field of green chemistry and the technologies to support the energy transition. Maire Tecnimont Group operates in about 45 countries, through approximately 50 operative companies and about 9,300 people.

Phillips 66 reports Q3 2022 financial results

Phillips 66 reports Q3 2022 financial results

MOSCOW (MRC) -- Phillips 66, a diversified energy company, announces third-quarter 2022 earnings of USD5.4 billion, compared with earnings of USD3.2 billion in the second quarter of 2022.

Excluding special items of USD2.3 billion, the company had adjusted earnings of USD3.1 billion in the third quarter, compared with second-quarter adjusted earnings of USD3.3 billion.

“Third-quarter results reflect a continued favorable market environment, as well as strong operating performance and improved market capture,” said Mark Lashier, President and CEO of Phillips 66. “Our focus remains on operating safely and reliably producing critical energy products.

“In Midstream, we increased our economic interest in DCP Midstream to capture the value of a fully integrated NGL business from wellhead to market. Our Sweeny Frac 4 started up on time and under budget. With this latest expansion, we are now processing over 550,000 barrels per day of natural gas liquids at our Sweeny Hub.

“We demonstrated our commitment to shareholder distributions, returning USD1.2 billion through share repurchases and dividends during the quarter. We look forward to providing an update on our strategic initiatives and how we will continue to deliver shareholder value at our upcoming investor day.”

We remind, Phillips 66 and FreeWire unveiled plans earlier this year to deploy FreeWire’s ultrafast, battery-integrated technology to meet the growing demand from EV drivers for high-speed, on-the-go charging. Phillips 66 will leverage its network of approximately 7,000 Phillips 66, Conoco and 76 branded U.S. sites and other strategic locations. The chargers are the first commissioned FreeWire chargers in Texas.

Celanese completes acquisition of DuPont mobility and materials business

Celanese completes acquisition of DuPont mobility and materials business

MOSCOW (MRC) -- Celanese has completed the USD11bn acquisition of DuPont’s Mobility & Materials (M&M) business, the companies said.

With the acquisition, announced in February 2022, Celanese obtains a broad portfolio of engineered thermoplastics and elastomers, brands and intellectual property, global production assets, and a “world-class organisation”, it said.

We remind, the European Commission has approved the proposed USD11 billion acquisition of Dupont's mobility and materials business by U.S. chemicals company Celanese Corp (CE.N), on the condition that the latter divests a plastics-producing business. Celanese announced the deal in February but had to offer remedies to address EU antitrust concerns. The combined entity would have been the largest producer of thermoplastic copolyester (TPC) in the European Economic Area and globally, with only a few alternative suppliers remaining. The product is primarily used by automakers.

Celanese Corporation is a global chemical leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications.

Marathon Petroleum Q3 net income increased on strong margins

Marathon Petroleum Q3 net income increased on strong margins

MOSCOW (MRC) -- Marathon Petroleum’s Q3 net income rose more than six-fold year on year to USD4.5bn, with the refining and marketing (R&M) margin more than doubling, said the company.

Crude capacity utilisation was about 98%, with total throughput of 3.0m bbl/day in Q3 – compared with 93% and 2.8m bbl/day, respectively, in Q3 2021.

“Market demand for our products remains strong, and our third-quarter results reflect our improving operational and commercial execution,” said president and CEO Michael Hennigan.

Adjusted earnings before interest, taxes, depreciation, and amortisation (adjusted EBITDA) was USD6.8bn, up from USD2.4bn in Q3 2021.

We remind, Marathon Petroleum smashed quarterly profit estimates on Tuesday, the latest U.S. refiner to benefit from a surge in fuel prices sparked by tight capacity and low inventories. The company's refining and marketing margins tripled to USD37.54 per barrel in the April-June quarter, mirroring similar gains at rivals such as Phillips 66 and sending Marathon's shares 4% higher in premarket trading. Global refining capacity has declined in the past two years because the pandemic-driven demand hit forced several less profitable operations to shut shop, while Western sanctions against Russia have tightened an already-supplied market.

Oil giants massive profits revive calls for windfall taxes

Oil giants massive profits revive calls for windfall taxes

MOSCOW (MRC) -- Global energy giants including Exxon Mobil Corp. and Chevron Corp. posted another round of huge quarterly profits, benefiting from surging natural gas and fuel prices that have boosted inflation around the world and led to fresh calls to further tax the sector, said Hellenicshippingnews.

Four of the five largest global oil companies have now reported results, combining for nearly USD50 billion in net income, lifted by tight global markets and disruption following Moscow’s invasion of Ukraine.

The sheer size of the profits has revived calls from politicians and consumer groups to impose more taxes on the companies to raise funds to offset the hit to households, businesses and the wider economy from higher energy costs. They have also criticized big oil companies for not doing enough to raise production to offset rising fuel and heating costs.

Chevron Chief Financial Officer Pierre Breber warned in an interview with Reuters that “taxing production will just reduce it."

The company reported its second-highest profit of USD11.2 billion. However, the company’s global production is down so far this year from a year ago, and other U.S. oil companies signaled that output in the top-producing U.S. shale region is waning already.

“If you raise the costs on energy producers, it will decrease investment so that goes against the intent of increasing suppliers and making energy more affordable."

U.S. President Joe Biden, who earlier this year said Exxon was making “more money than God”, told oil companies this month that they were not doing enough to bring down energy costs.

Hours after Shell reported a quarterly profit of USD9.45 billion and raised its dividend by 15% on Thursday, Biden said the company was misusing its profits.

We remind, Cyclyx International, ExxonMobil and LyondellBasell announced they have signed an agreement to advance development of a first-of-its-kind plastic waste sorting and processing facility in the Houston area. The new facility addresses a critical missing link in the plastic waste supply chain by connecting community recycling programs to new and more advanced recycling technologies that have the potential to take a much wider variety of plastic materials.