Solvay signs MoU with Cyclic Materials

Solvay signs MoU with Cyclic Materials

Solvay has signed a memorandum of understanding (MoU) with Canadian start-up Cyclic Materials to develop a supply chain for recycled rare earth permanent magnets, said the company.

Under the agreement, the partnership will develop the production and supply of recycled mixed rare earth oxides which will be sent from Cyclic Materials' site in Ontario, Canada to Solvay’s plant in La Rochelle, France.

Cyclic Materials recycles rare earth permanent magnets to produce raw materials for applications in the automotive, wind energy and electronics industries and is working to build domestic supply chains across Europe and North America.

Solvay has been working with Cyclic Materials to validate product compatibility with its rare earth separation process.

“Cyclic Materials will provide us key raw materials for our plant to successfully produce rare earths for magnet manufacture, electronics and catalysts,” said Ilham Kadri, Solvay CEO. “As the European Commission finalises the European Critical Raw Materials Act, supplies of recycled materials are becoming critical to European manufacturers. This MoU prepares us for a future offtake agreement which will further our efforts to provide certifiably recycled materials to these markets.”

The agreement will help Solvay to implement the development of a major hub for rare earth magnets in Europe. Last year, the Belgian-headquartered firm announced plans to expand rate earth operations at its La Rochelle site.

We remind, Solvay in advanced negotiations to divest its stake in Rusvinyl. The company confirms it is in advanced negotiations to divest its stake in Rusvinyl, an independent 50/50 joint venture in Russia, to its joint venture partner, Sibur. In addition to the recently obtained preliminary clearance from Russian governmental authorities, the potential transaction is still subject to several other regulatory approvals. Solvay will keep the market informed if and when appropriate, in accordance with applicable law.

Solvay is a science company whose technologies bring benefits to many aspects of daily life. With more than 21,000 employees in 63 countries, Solvay bonds people, ideas and elements to reinvent progress.

First Middle East LNG cargo to Germany delivered by ADNOC

First Middle East LNG cargo to Germany delivered by ADNOC

ADNOC and RWE Aktiengesellschaft (RWE) announced today the successful delivery of the first shipment of LNG from Abu Dhabi in the United Arab Emirates (UAE) to the Elbehafen floating LNG terminal in Brunsbuttel, Germany, said Hydrocarbonprocessing.

Produced by ADNOC Gas at Das Island, Abu Dhabi, the shipment of 137,000 cubic meters of LNG is the commissioning cargo for the new floating LNG terminal in Brunsbuttel and the first-ever LNG cargo to be shipped to Germany from the Middle East. This landmark cargo follows the inaugural ammonia shipment in October 2022, and furthers cooperation on energy security, decarbonization and lower-carbon fuels between the UAE and Germany.

To mark the successful arrival of the LNG cargo, a ceremonial event was held earlier today in Brunsbuttel, which was attended by His Excellency Ahmed Alattar, UAE Ambassador to the Federal Republic of Germany; Dr. Alexander Lucke, Deputy Director General for Energy Security, German Ministry of Economic Affairs and Climate Action; His Excellency Joschka Knuth, State Secretary in the Schleswig-Holstein Ministry of Energy Transition, Climate Protection, Environment and Nature; Ahmed Alebri, Acting Chief Executive Officer, ADNOC Gas; and Andree Stracke, Chief Executive Officer, RWE Supply & Trading.

Speaking at the event, Ahmed Alebri, Acting CEO of ADNOC Gas said: “The successful delivery of the Middle East’s first LNG cargo to Germany demonstrates how the UAE is continuing to work closely with our strategic partners in responsibly providing secure, sustainable and affordable energy supplies. The global demand for energy is increasing and as we build on the strong economic, energy security and climate action ties between our two nations, ADNOC Gas stands ready to provide further shipments of this key transition fuel to our partner, RWE and German industry."

The cargo delivery marks an important milestone in developing Germany’s domestic LNG supply infrastructure, supporting the country’s energy security with natural gas. The cargo is sufficient to produce approximately 900 million kilowatt hours of electricity, enough to supply approximately a quarter million German homes for a year.

We remind, Abu Dhabi National Oil Co (ADNOC) announced the formation of, ADNOC Gas, effective 1 Jan 2023, a new worldscale gas processing, operations and marketing company. ADNOC Gas combines the operations, maintenance and marketing of the ADNOC Gas Processing and ADNOC LNG (liquefied natural gas) businesses into one global consolidated business.

Repsol adding production line in Spain to boost Reciclex polyolefins capacity

Repsol adding production line in Spain to boost Reciclex polyolefins capacity

Repsol will nearly double the production capacity of its Reciclex recycled polyolefins with a new production line at its Puertollano Industrial Complex in Spain, said the company.

The company will invest EUR 26 M to install a new 25,000 tonnes/y production line for polyolefins with mechanically recycled plastic content. Repsol currently has 16,000 tonnes/y of Reciclex polyolefins capacity.

Start-up is scheduled for 4Q 2024. Repsol has set a goal to recycle the equivalent of 20% of its polyolefin production by 2030, reaching a production of 100,000 tonnes/y.

We remind, Repsol S.A. (Madrid, Spain), Naturgy and Reganosa are joining forces to develop a renewable hydrogen production center in Galicia, Spain. The project involves the installation of an electrolysis plant powered by 100% renewable energy on the grounds of the former Meirama thermal power plant in the municipality of Cerceda (A Coruna). With the promotion of this energy vector, the three companies reinforce their commitment to a fair energy transition.

PBF Energy posts bumper quarterly profit, partners with Eni on biorefinery

PBF Energy posts bumper quarterly profit, partners with Eni on biorefinery

PBF Energy Inc posted a higher fourth-quarter profit on Thursday and said it sealed a joint venture with a unit of Italian energy group Eni for a renewable diesel project in the United States, said the company.

Shares of PBF jumped 10% to USD45.90. As part of the 50-50 venture, Eni will contribute USD835 million, excluding working capital, plus up to an additional USD50 million that is subject to the achievement of project milestones, PBF said.

The joint venture, St. Bernard Renewables LLC (SBR), will own the renewable diesel project currently under construction and co-located with PBF’s Chalmette refinery in Louisiana. “A little short on earnings, but strong buyback figure and sold half of the RD (renewable diesel) project for more than the total cost to build,” said Matthew Blair, analyst at Tudor, Pickering, Holt & Co.

PBF in December had announced a USD500 million share repurchase program, of which the company said on Thursday it returned about USD188.9 million, including USD32.5 million in 2023. U.S. refiners last year benefited from increased exports after their cost-wary European counterparts reduced capacity due to a surge in European natural gas prices.

PBF’s gross refining margin, excluding special items, rose to USD1.71 billion in the reported quarter, from USD998.7 million a year ago. Total crude oil and feedstocks throughput climbed 8% in the October-December quarter to 86.4 million barrels.

The company expects full-year 2023 throughput between 935,000 barrels per day (bpd) and 995,000 bpd, and in the current quarter between 845,000 bpd and 905,000 bpd. PBF said net income attributable to stockholders rose to USD637.8 million, or USD4.86 per share, in the three-month period ended Dec. 31, from USD165.3 million, or USD1.36 per share, in the year-ago quarter.

However, on an adjusted basis, it posted a profit USD4.41 per share, missing average analysts’ estimate of USD4.98 per share, according to Refinitiv data.

We remind, PDVSA has allocated an oil cargo to a unit of Eni for a February loading, the first to the Italian firm following a contract suspension this year by new management at the state-run company, people familiar with the matter said. Eni and Spanish oil firm Repsol in May last year received authorizations from the U.S. State Department to take the crude to Europe for outstanding Venezuela debt and dividends, an exception to U.S. oil sanctions on Venezuela.

Alterra, Freepoint sign licensing agreement

Alterra, Freepoint sign licensing agreement

Alterra has announced that it has licensed its chemical recycling technology to a subsidiary of Freepoint Eco-Systems Holdings LLC for a proposed chemical recycling facility to be sited in the Gulf Coast region, marking its first licensing transaction in North America, said Recyclingtoday.

This 192,000-metric-ton-per-year facility will be among the largest advanced recycling plants in the world, with the potential to increase the capacity to 288,000 metric tons per year, according to the Akron, Ohio-based company.

Currently, Alterra operates an industrial-scale, fully continuous recycling facility in Akron that can process 20,000 metric tons of plastic per year. The company licenses its proprietary technology to convert end-of-life plastic into feedstock for new plastic products worldwide.

Freepoint announced plans in late 2021 to build an advanced recycling facility in Ohio that will convert scrap plastic into feedstock for use in the production of prime-quality plastic. The company broke ground on that plant, in Hebron, Ohio, in late 2022. It will span 25 acres and use an existing 260,000-square-foot warehouse. It will be able to recycle 90,000 tons of materials per year. Earlier in 2021, the company announced that it was constructing its first chemical recycling facility in Texas as part of a strategic partnership with Plastic Energy Ltd. and TotalEnergies.

The Gulf Coast facility the company is licensing Alterra’s technology for will recycle end-of-life plastic otherwise destined for landfills or incineration, producing ISCC Plus-certified outputs that will be sold exclusively to Shell under a supply agreement.

Phil Turley, general manager of plastic circularity at Shell, says, “Shell is delighted to be strengthening its existing relationships with Alterra and Freepoint. With the potential to recycle more than 190,000 [metric tons] of postuse plastic per year, this facility will support Shell in delivering more of the circular chemicals our customers want.”

Among the other licensing agreements Alterra has entered into globally is with a joint venture formed by Neste Oyj, an oil refining and marketing company based in Espoo, Finland, and Ravago, a recycler and distributor of polymers that is based in Luxembourg, for a facility in the North Sea Port in Vlissingen, the Netherlands.

We remind, Freepoint Eco-Systems LLC has announced a partnership with Alterra to develop a large pyrolysis-based chemical recycling facility in the US Gulf Coast Region. Though operational timing was not disclosed, this facility will have the capacity to process 190,000 tonnes/year of waste plastic, one of the highest volumes yet announced. The facility will utilise Alterra's proprietary thermochemical liquefaction process technology. Currently, Alterra operates a 20,000 tonnes/year pyrolysis facility in Akron, Ohio.