Perstorp received funding from EU Innovation Fund

MOSCOW (MRC) -- Perstorp has received funding from the EU Innovation Fund for a joint initiative for large-scale production of sustainable methanol, said the company.

Project Air, developed by Perstorp and energy major Uniper was awarded €97m by the Commission’s European Climate, Infrastructure and Environmental Executive Agency (CINEA) to develop technology enabling carbon neutrality in the chemicals industry.

Capacity for Project Air will be built at Perstorp’s existing facilities in Stenungsund, Sweden, strengthening the sustainable chemicals cluster in the region. This initiative will combine carbon capture and utilisation (CCU) processing for converting carbon dioxide (CO2), residue streams, renewable hydrogen and biomethane and apply this to the first large-scale sustainable methanol plant of its kind.

The project is expected to lead to a 123% relative decrease in greenhouse gas (GHG) emissions avoidance, in comparison with conventional methanol synthesis. Currently, 52 projects across 16 countries are supported by the Innovation Fund aiming to meet the European Green Deal’s target of carbon neutrality.

We remind, Perstorp moves to make more eco-friendly polyols at Swedish site. Perstorp, a Sweden-based speciality chemicals provider, is transforming a huge majority of the polyols generated at their largest production facility in Perstorp, Sweden, to 'Pro-Environment' products. It will convert all base polyols prepared at its Perstorp unit - neopentyl glycol (Neo), pentaerythritol (Penta), and trimethylolpropane (TMP) - to 'Pro-Environment'.

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MOSCOW (MRC) -- Brazilian chemical maker Unigel said it will invest up to USD1.5 billion in its complex in the state of Bahia to produce so-called green hydrogen, the first in the country to do so on an industrial scale, said Reuters.

The plant, located in the city of Camacari, should have the first of three phases inaugurated by the end of 2023, expanding capacity until it achieves production of 100,000 tonnes of hydrogen by 2027, or 600,000 tonnes of one of its derivatives, ammonia.

The green hydrogen, obtained from the conversion of wind or solar energy, will use electrolysers to be supplied by Thyssenkrupp Nucera.

We remind, Unigel announced plans to build a green hydrogen plant in the northeastern state of Bahia, with an initial investment of USD120 million and the goal of making it one of the largest of its kind in the world. The plant will starts its production planned for late 2023. At this moment, Unigel's integrated green hydrogen and green ammonia plant is expected to be the largest in the world. In the first phase of the project, Unigel installs three 20 MW standard electrolyzers from thyssenkrupp nucera, adding up to a total capacity of 60 MW.

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MOSCOW (MRC) -- Chemical company Saudi Basic Industries Corp. has reaffirmed its commitment to accelerating the circular carbon economy by announcing plans to process 1 million metric tons of plastics through its Trucircle solutions initiative, said the company.

Abdulrahman Al-Fageeh, acting CEO of the firm – also known as SABIC – unveiled the ambition during the World Economic Forum Annual Meeting in Davos.

Trucircle is a portfolio of products offered by SABIC which include circular and bio-based products based on second and third-generation renewable feedstock, mechanically recycled polymers, ocean and ocean-bound recycled solutions, and closed-loop services and design for recyclability.

“At SABIC, we are committed to helping provide our customers with more sustainable solutions, and our target of one million metric tons of Trucircle solutions by 2030 intends to help usher in the new circular economy,” said Al-Fageeh.

He added: “Driving circularity for plastics will require a rapid transformation of the entire value chain, which is only possible through collective action, innovation, and collaboration across the industry and ecosystem of waste management. Therefore, we are working hard with downstream and upstream partners to accelerate this process.”

SABIC pioneered the industry back in Davos in 2019 when it announced plans to build a world-first small-scale commercial unit to produce certified circular polymers from the advanced recycling of used plastics.

Since then, the company has been employing existing facilities to process smaller volumes of advanced recycled materials for brand owners and customers for various applications already available in the market.

Construction of the company’s first commercial unit in Geleen, the Netherlands, is now entering the final stages, and deliveries of the first circular polymers are expected in 2023.

As a next step on the roadmap to meet its new 2030 target, SABIC will upscale volumes globally of advanced and mechanical recycling and bio-based materials.

It also announced that it is exploring a new world-scale commercial advanced recycling investment that would have a potential capacity to process around 200 kilotons of circular materials per year, as well as other projects such as a small-scale advanced recycling plant in Saudi Arabia.

Since 2020, SABIC’s certified circular polypropylene has been used in ice cream tubs from Unilever’s A-brand ice cream brand, Magnum, the first to use recycled plastic in the ice cream industry. In another successful collaboration, the chemical major teamed up with Mars and Landbell in an innovative closed-loop recycling project designed to close the loop on Kind snack bar wrap based on certified circular polypropylene.

On Dec. 18, SABIC signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corporation, known as Sinopec, to assess the economic and technical feasibility study to develop an integrated petrochemical complex with an existing refinery in Yanbu.

In November, SABIC and Saudi Aramco signed another initial agreement with Polish refining firm PKN Orlen to explore the potential of joint investments in petrochemical projects in Poland and other European markets.

During the same month, the firm also announced that it is intending to set up a plant to convert crude oil into petrochemicals, capitalizing on growing demand.

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MOSCOW (MRC) -- Singapore’s Indorama Corporation acquires 99.02% state-owned shares in equity capital of Ferganaazot JSC, the State Assets Management Agency said Uzdaily.

The deal cost is USD140 million. Singaporean company will also invest another USD100 million for the modernization of the plant. Term sheet of the transaction on sale of 99.02% state block of shares in equity capital of Ferganaazot was signed on 16 January 2023 at Uzbekistan-Singapore Business Forum, organized on the eve of the state visit of the President of the Republic of Uzbekistan to Singapore.

The agency said that Deloitte works as leading financial advisor of the transaction, the International Finance Corporation (IFC) supports as strategic advisor, while KPMG conducts inpedendent valuation of the Company. The privatization process of the enterprise started in December 2021.Ten Express of Interests were received. Based on qualification results 4 applicants were recognized as fully compliant with the qualification criteria and accepted for the next stage of the process.

The qualified applicants were given the opportunity to conduct their own due diligence of the Company, to review analytical reports on financial, tax, legal and environmental issues, prepared by the Advisor, to meet with the management of the Company and prepare their Binding Offers.

As a result of Binding Offer process, the best offer was submitted by Indorama Corporation Pte. Ltd (Singapore). The submitted purchase price amounts USD140 million (USD130 million plus 107 billion soums) besides investor’s investment obligations of USD100 million for modernization of the company.

Indorama Corporation Pte. Ltd. as one of the largest international producers of mineral fertilizers is capable to conduct deep modernization of the Company, which production assets depreciation level currently exceeds 80%.

Indorama Corporation is an international industrial conglomerate with more than 160 manufacturing facilities in 38 countries. Indorama is one of the world's leading manufacturers of fertilizers, polymers, industrial chemicals, fibres, textiles, agricultural and medical gloves with over 45,000 employees. The company has been actively investing in Uzbekistan since 2010, and is developing projects in textiles, agriculture and fertilizer production with more than 3,000 local employees.

We remind, in mid-October this year, Indorama opened its R-PET facility in Cavite, Philippines which is a joint venture with Coca-Cola Beverages Philippines (CCBPI). Construction at its Indonesian R-PET plant is also ongoing, with commencement date expected towards the close of 2023.

Indorama Ventures Public Company Limited, listed in Thailand (Bloomberg ticker IVL.TB), is one of the world’s leading petrochemicals producers, with a global manufacturing footprint across Europe, Africa, Americas, and Asia Pacific. The company’s portfolio comprises Combined PET, Integrated Oxides and Derivatives, and Fibers. Indorama Ventures products serve major FMCG and automotive sectors, i.e., beverages, hygiene, personal care, tire, and safety segments.
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MOSCOW (MRC) -- Perstorp has appointed Ib Jensen as CEO, effective 1 March, said the Swedish chemicals producer.

Jensen will succeed Jan Secher, who is to step down after nine years as CEO, said the company. Prior to his upcoming new position, Jensen has been an executive at Arxada, Lonza, Syngenta, Danisco, and Lego.

In October, Perstorp was acquired by Malaysia’s Petronas Chemicals Group (PCG).

“This decision [by Secher to step down] is based on a personal direction set more than a year ago, prior to the acquisition by PCG, allowing for a full search process to be conducted for his replacement,” said Perstorp.

We remind, Perstorp moves to make more eco-friendly polyols at Swedish site. Perstorp, a Sweden-based speciality chemicals provider, is transforming a huge majority of the polyols generated at their largest production facility in Perstorp, Sweden, to 'Pro-Environment' products. It will convert all base polyols prepared at its Perstorp unit - neopentyl glycol (Neo), pentaerythritol (Penta), and trimethylolpropane (TMP) - to 'Pro-Environment'.

mrchub.com