Reliance consumer products limited launches FMGC brand ‘independence’ in Gujarat

Reliance consumer products limited launches FMGC brand ‘independence’ in Gujarat

MOSCOW (MRC) -- Reliance Consumer Products Ltd., the FMCG arm and a fully owned subsidiary of Reliance Retail Ventures Ltd., launched its indigenous madefor-India consumer packaged goods brand, INDEPENDENCE in Gujarat, said Timesofindia.

Introduced to consumers and kirana partners on the occasion of the centenary celebration of Pramukh Swami Maharaj at Akshardham in Ahmedabad, INDEPENDENCE offers a wide range of products under several categories including staples, processed foods and other daily essentials.

Drawing on Reliance Industries’ (RIL) ethos, Reliance Consumer Products Ltd. aims to empower Indians with indigenously developed products. The company plans to develop Gujarat as a “go-to-market” state to create excellence in execution for its FMCG business, as it prepares for a national rollout for the brand.

Building on the equity and affinity of brand “Reliance” in Gujarat, the company plans to make ‘INDEPENDENCE’ launch an empowering movement for all the stakeholders such as consumers, manufacturers, distributors and kiranas in India. INDEPENDENCE products are tailor made with a distinct understanding of Indian consumer needs and are sure to find a place in Indian households, as they are not just made in India but made for India.

We remind, Abu Dhabi Chemicals Derivatives Company RSC Ltd (“TA’ZIZ”) and Reliance Industries Limited (RIL), have agreed to launch TA’ZIZ EDC & PVC, a world-scale chemical production partnership at the TA’ZIZ Industrial Chemicals Zone in Ruwais. The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than USD2 billion.

Unique crude-to-chemicals technology set to deploy in first commercial development

Unique crude-to-chemicals technology set to deploy in first commercial development

MOSCOW (MRC) -- Lummus Technology, a global provider of process technologies and value-driven energy solutions, announced that its licensed TC2C crude-to-chemicals technology will move forward in its first commercial deployment through S-Oil's Shaheen Project in South Korea, said the company.

S-Oil recently confirmed its final investment decision on the Shaheen Project. Once complete, Shaheen will be one of the world's largest ethylene plants and the first commercial deployment of TC2C, a breakthrough technology that transforms whole crude into value-added chemicals.

"TC2C increases chemical yield more than any other crude-to-chemicals technology currently under development, while also enhancing energy efficiency, reducing carbon intensity and lowering operating costs," said Leon de Bruyn, President and Chief Executive Officer of Lummus Technology. "As we reach milestones such as S-Oil's final investment decision, we are grateful for our partnership with Saudi Aramco Technologies Company and Chevron Lummus Global. These milestones put us closer to revolutionizing petrochemical production and transitioning to more sustainable processes."

S-Oil's new plant will deploy several Lummus and Chevron Lummus Global (CLG) technologies to process crude to produce ethylene, propylene, butadiene and other basic chemicals. Upon completion, the plant will have an annual production capacity of up to 3.2 MMt of petrochemicals.

TC2C converts crude into value-added chemicals in a uniquely integrated process combining Lummus' ethylene technology with Saudi Aramco's separation and catalyst technologies and CLG's hydroprocessing catalysts and reactor technologies. TC2C maximizes conversion of crude at lower carbon intensity, higher energy efficiency and lower capital than conventional refinery/petrochemical complexes. Unlike any other crude-to-chemicals technology, TC2C processes low-value refinery streams such as slurry oil and pyrolysis oil, and it can be tailored to maximize olefins, aromatics or any combination.

Saudi Aramco is the majority shareholder of S-Oil. In 2018, Saudi Aramco Technologies Company, Lummus and CLG entered into the joint development agreement for the development, commercialization and marketing of TC2C.

We remind, Saudi Aramco has signed 59 corporate procurement agreements (CPAs) worth a potential total of USD11 billion with up to 51 domestic and international manufacturers, as a part of its coveted in-kingdom total value add (IKTVA) localisation programme. IKTVA is at the heart of Aramco’s long-term local content strategy and plays a crucial role for domestic contractors while also awarding large-scale deals to its pool of long-term agreement (LTA) contractors.

LyondellBasell increases greenhouse gas emissions reduction targets

LyondellBasell increases greenhouse gas emissions reduction targets

MOSCOW (MRC) -- LyondellBasell, a leader in the global chemical industry, today announced it is increasing the company's 2030 greenhouse gas (GHG) emissions reduction target for scope 1 and scope 2 emissions from 30 percent to 42 percent, relative to a 2020 baseline, said the company.

In addition, the company is establishing a 2030 scope 3 GHG emissions reduction target of 30 percent, relative to a 2020 baseline and in accordance with guidelines from the Science Based Targets Initiative (SBTi). The company's previously announced goal to achieve net zero scope 1 and 2 GHG emissions from global operations by 2050 remains unchanged.

"We believe a more ambitious GHG reduction target is achievable and will create substantial value for all of our stakeholders," said Peter Vanacker, CEO of LyondellBasell. "Reducing emissions while simultaneously building a world-class Circular and Low Carbon Solutions business is needed to meet the demands we are seeing throughout the value chain. This approach is not only good for society, but also good for business. We will follow a disciplined approach to prioritize high-return projects and will continue to meet or exceed our return expectations."

Estimates of the capital expenditures necessary to achieve its emissions reduction goals are built into the company's long-range plan. These investments are not expected to represent a significant portion of total capital expenditures over the next three years, nor change the capital allocation strategy. While many of the GHG emissions reduction projects are still in the early stages of development, the company will evaluate, pursue and prioritize its GHG emission investments based on each project's rate of return.

LyondellBasell will submit its climate goals to SBTi to be validated against SBTi guidance. The SBTi defines and promotes best practice for corporate GHG emissions target setting aligned to the latest climate science.

We remind, LyondellBasell announced it has made a decision to move forward with engineering to build an advanced recycling plant at its Wesseling, Germany. Using LyondellBasell's proprietary MoReTec technology, this commercial scale advanced recycling plant would convert pre-treated plastic waste into feedstock for new plastic production. The final investment decision is targeted for the end of 2023.

U.S. begins buying back oil for strategic reserve

U.S. begins buying back oil for strategic reserve

MOSCOW (MRC) -- The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year's record 180 MM barrel release from the stockpile, said Hydrocarbonprocessing.

The department will buy 3 MM barrels for delivery in February, a senior official told reporters. The 180 MM sale pushed levels in the SPR to the lowest since 1984, raising concerns about energy security.

"We'll be releasing a solicitation to purchase 3 MM barrels of oil for delivery in February of next year, 2023," the official said. "This approach will lock in a price upfront when companies submit their bids."

To help relieve supply shortages at refineries after an oil spill last week shut down the Keystone crude pipeline, the Energy Department will also execute an exchange of about 2 MM barrels from the SPR, that companies will have to send back at a later date.

"We are able to do that at the same time we're doing the 3 MM barrel buyback," the official said.

We remind, Californian regulators voted to approve a plan to reduce the state's carbon-dioxide emissions by 85% by 2045, reaching carbon neutrality then, including by cutting petroleum usage to one-tenth of the current level.
California's environmental policies have led to drastic shifts away from petroleum fuels as state regulators have sought to improve public health and reduce environmental impacts of fossil fuel production. The state has also angered its fuelmakers, which argue its policies hurt fuel consumers.

Covestro transports products from Asia on ships of Lidl

Covestro transports products from Asia on ships of Lidl

MOSCOW (MRC) -- Covestro will from now on ship its plastic precursors on ships of Tailwind Shipping Lines, a subsidiary of German food retailer Lidl. Since this year, the discount giant has been developing its own capacity in sea freight due to the continuing difficulties of large shipping companies on the busy sea routes between Europe and Asia, said the company.

Currently, two of its own ships and two additional chartered ships belong to Tailwind Shipping Lines. In addition to the non-food products from and for Lidl, Tailwind offers space on these ships also for interested companies. Covestro uses this now to also become more independent from the busy main routes and shipping companies and to increase the speed and punctuality of its own deliveries.

"Ocean shipments have been severely disrupted since the pandemic began, and the scheduling accuracy of large shipowners has fallen from 70 to 20 percent," says Sucheta Govil, Chief Commercial Officer at Covestro. "To increase our reliability and punctuality, we are therefore actively looking for alternatives. With Tailwind, we have found a partner to navigate the direct route from Asia to Europe with its ships - and who is therefore exactly where it helps us."

We remind, Covestro is taking another major step forward on its path to climate neutrality. The company has signed several multi-year power purchase agreements (PPA) with CGN New Energy, including one that will cover around 30 percent of the electricity needs of the important production site in Shanghai.

Covestro is one of the world’s leading manufacturers of high-quality polymer materials and their components. With its innovative products, processes and methods, the company helps enhance sustainability and the quality of life in many areas. Covestro supplies customers around the world in key industries such as mobility, building and living, as well as the electrical and electronics sector.