Ineos and Sinopec Agree Fourth Venture in China

Ineos and Sinopec Agree Fourth Venture in China

MOSCOW (MRC) -- Ineos has agreed a fourth joint venture with Sinopec that will see it take a 50% share in the Tianjin Nangang project, which is currently underway and due to go on stream at the end of 2023, said Chemanager-online.

“This latest joint venture with Sinopec significantly expands Ineos’ petrochemical production and business footprint in China. It is a further example of the close relationship and growing collaboration between Sinopec and Ineos,” said Ineos chairman and CEO Jim Ratcliffe.

Ma Yongsheng, chairman of Sinopec added that the decision to enter into another joint venture is driven by the companies’ dual goals of reducing carbon emissions and managing the energy transition within their businesses, from refining all the way through petrochemicals. “Sinopec will give Ineos a significant local presence and Ineos will contribute its technological and operational expertise, which will create a win-win for the cooperative development of both companies,” he said.

The project at Tianjin comprises a 1.2 million t/y ethane cracker and derivative plants. These include units for 300,000 t/y ABS and 500,000 t/y HDPE, which the partners had previously announced in July as two separate joint ventures.

The Terluran ABS plant is the second of three such plants that Ineos has agreed to build and operate in China in partnership with Sinopec. A first plant with capacity of 600,00 t/y is currently under construction in Ningbo and due on stream by end 2023. The location for a third ABS plant has still to be decided.

We remind, INEOS Enterprises has completed the acquisition of ASHTA Chemicals Inc, from Bigshire Mexico S. de R.L. de C.V. The deal, consists of a 100ktpa Potassium Hydroxide (KOH)/65 kte Chlorine plant.

Amcor inks 5-yr deal with ExxonMobil to purchase certified-circular polyethylene material

Amcor inks 5-yr deal with ExxonMobil to purchase certified-circular polyethylene material

MOSCOW (MRC) -- Amcor, a global leader in developing and producing responsible packaging solutions, has announced a five-year deal with ExxonMobil to purchase certified-circular polyethylene material in support of its target to achieve 30% recycled material across its portfolio by 2030, said Hydrocarbonprocessing.

The volume of material will increase incrementally each year and is expected to reach 100,000 metric tpy at the end of the 5-yr period.

Made possible by ExxonMobil’s Exxtend technology for advanced recycling, Amcor intends to leverage this material across its global portfolio, with a particular focus on the healthcare and food industries, which are required to meet stringent safety requirements for recycled plastic. The agreement expands upon Amcor’s initial purchase of certified-circular polyethylene material from ExxonMobil earlier this year.

Amcor is already delivering a variety of solutions containing recycled content to customers around the world, including Mondelez International who has made the switch to 30% food-grade recycled packaging for its Cadbury Dairy Milk, Caramilk and Old Gold family blocks in Australia.

We remind, Amcor plc is tripling the company's recycled content target. The company, in conjunction with the release of a new sustainability report, revealed Nov. 17 the new goal is 30 percent — up from the previous 10 percent — by 2030.

ExxonMobil to invest USD17 bn in lower-emissions efforts

ExxonMobil to invest USD17 bn in lower-emissions efforts

MOSCOW (MRC) -- ExxonMobil announced its corporate plan for the next five years, with a sizeable increase in investments aimed at emission reductions and accretive lower-emission initiatives, including its Low Carbon Solutions business.

The corporate plan through 2027 maintains annual capital expenditures at USD20-USD25 billion, while growing lower-emissions investments to approximately USD17 billion. This disciplined approach prioritizes high-return, low-cost-of-supply assets in the Upstream and Product Solutions businesses and supports efforts to reduce greenhouse gas emissions intensity from operated assets, as well as those emitted from other companies.

“Our five-year plan is expected to drive leading business outcomes and is a continuation of the path that has delivered industry-leading results in 2022,” said Darren Woods, chairman and chief executive officer. “We view our success as an ‘and’ equation, one in which we can produce the energy and products society needs – and – be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies. The corporate plan we’re laying out today reflects that view, and the results we’ve seen to date demonstrate that we’re on the right course.”

Investments in 2023 are expected to be in the range of USD23 billion to $25 billion to help increase supply to meet global demand. The company also remains on track to deliver a total of approximately $9 billion in structural cost reductions by year-end 2023 versus 2019.

Upstream earnings potential is expected to double by 2027 versus 2019, resulting from investments in high-return, low-cost-of-supply projects. More than 70% of capital investments will be deployed in strategic developments in the U.S. Permian Basin, Guyana, Brazil, and LNG projects around the world. By 2027, Upstream production is expected to grow by 500,000 oil-equivalent barrels per day to 4.2 million oil-equivalent barrels per day with more than 50% of the total to come from these key growth areas. Approximately 90% of Upstream investments that bring on new oil and flowing gas production are expected to have returns greater than 10% at prices less than or equal to USD35 per barrel, while also reducing Upstream operated greenhouse gas emissions intensity by 40-50% through 2030, compared to 2016 levels.

Near-term Upstream investments are projected to keep production at approximately 3.7 million barrels of oil equivalent per day in 2023 assuming a USD60 per barrel Brent price, offsetting the impact of strategic portfolio divestments and the expropriation of Sakhalin-1 in Russia.

We remind, ExxonMobil today announced the successful startup of its new polypropylene production unit at the Polyolefins Plant in Baton Rouge, Louisiana. The unit increases polypropylene production capacity along the Gulf Coast by 450,000 metric tons per year, meeting growing demand for high-performance, lightweight and durable plastics, particularly for automotive parts that can improve fuel efficiency and reduce vehicle emissions. Polypropylene, a polymer with several applications, is also used to improve the safety and efficiency of everyday products like medical masks and food packaging.

Evonik names new chief financial officer

Evonik names new chief financial officer

MOSCOW (MRC) -- German chemicals group Evonik (EVKn.DE) said on Wednesday that Chief Financial Officer Ute Wolf would step down at the end of the first quarter of 2023, said the company.

Maike Schuh, current head of the company's performance materials division, will succeed Wolf from April 1.

"Ute Wolf has worked very successfully and achieved a lot with Evonik," says Bernd Toenjes, Chairman of the Supervisory Board. "I regret her departure and thank her on behalf of the entire Supervisory Board for her work." In addition to Finance, Wolf is also responsible for Group IT and the Americas region. She is also very successfully involved in the Diversity Council and in promoting women in management positions.

"I am very pleased that we were able to recruit Maike Schuh as successor," adds Toenjes. "I have known her personally for years and hold her in high regard. In addition to her proven expertise in several financial functions, she also gained valuable experience at operational businesses in Germany and abroad. After eight years at Evonik, Maike Schuh will contribute this experience to the further development of the Finance Department as our future Chief Financial Officer."

Ute Wolf's tenure included four acquisitions in North America, which were successfully integrated. At the same time, Wolf introduced three international shared services centers. They bundle essential financial services in the Group in Europe, America and Asia, improve processes and lead to significant efficiency gains. As a recognized expert, Wolf is involved in various external bodies, including the Exchange Council of the Frankfurt Stock Exchange and the Accounting Standards Committee of Germany, ASCG.

We remind, Evonik has started manufacturing commercial quantities of ceramides - a special class of lipids - at its site in Dossenheim near Heidelberg in Germany. Maximizing capacity utilization at the Dossenheim site provides Evonik with further flexibility and supply security, including increased independence from alternative routes of supply, to cater to the growing demand for ceramides in the personal care market.

Borealis and Eneco sign powerful ten-year deal

Borealis and Eneco sign powerful ten-year deal

MOSCOW (MRC) -- Polyolefins producer Borealis and Eneco, an integrated sustainable energy company, have signed a second ten-year power purchase agreement (PPA) to supply renewable electricity for Borealis production operations in Belgium, said the company.

With a total operational capacity of approximately 487 megawatt (MW), SeaMade is the largest wind farm in the Belgian North Sea. It comprises two offshore concessions commissioned at the end of 2020, Seastar (with 252 MW), and Mermaid (235 MW), each with two offshore substations. The farm’s 58 wind turbine generators, each with 8.4 MW capacity, are located around 45 km off the coastal city of Ostend. Taken together, Seastar and Mermaid have the capacity to power the equivalent of around 500,000 Belgian households every year.

Eneco established itself as a pioneer in the renewable energy transition by becoming one of the first energy companies in Europe to chart a sustainable course for the production and supply of renewable power to its customers in Belgium, the Netherlands, UK, and Germany. Eneco has a 12.5% combined stake in the SeaMade project; the rest is held by partners Otary RS NV (70% stake) and Electrabel NV (17.5%). In procuring 100% of the SeaMade output, Eneco moves closer to its goal of becoming completely climate neutral by 2035 as defined in its One Planet Plan.

We remind, Borealis is designing a first-of-its-kind commercial-scale advanced mechanical recycling plant to be located in Schwechat, Austria. The plant will be based on Borealis’ own Borcycle™ M technology, which transforms polyolefin-based post-consumer waste into high-performance polymers suitable for demanding applications. This represents another tangible step forward on Borealis’ path to net zero.