EQUATE Group announced its full-year earnings for 2022

EQUATE Group announced its full-year earnings for 2022

MOSCOW (MRC) -- The EQUATE Group, a global producer of petrochemicals and the world’s leading supplier of Ethylene Glycol, announced its full-year earnings for 2022, said the company.

The EQUATE Group reported total revenue of USD3,947 million in 2022, compared to USD4,159 million in 2021. The Group also reported a net income after tax of USD611 million and EBITDA of USD1,217 million, compared to USD1,109 million and USD1,735 million, respectively, for 2021.

In the face of changing market conditions, EQUATE remained resilient. Through cost positioning and feedstock, EQUATE was able to respond to demand trends and optimize margins, resulting in a low-cost operating model and strong cash conversion.

Commenting on the results, Naser Aldousari, President & CEO of EQUATE Group, said: “As economic conditions deteriorate across the world, we have put in place a comprehensive set of immediate and long-term measures to drive resilient performance. We keep our financial position strong by focusing on disciplined and balanced capital allocation. We will continue to manage our operations and adjust our business to the changing market in order to generate long-term value for our stakeholders, as we leverage our competitive advantages and operational agility."

EQUATE Group’s results reflect their focus on operational reliability, a low cost-to-serve model, and a proactive approach in navigating challenges and market dynamics to deliver a long-term sustainable strategy.

We remind, EQUATE has nominated its April 2023 MEG India Contract Price (ICP) at $515/tonne CFR India Main Ports. The April nomination was USD23/tonne lower than the March number.


Technip Energies commences study for Texas green fuels export complex

Technip Energies commences study for Texas green fuels export complex

MOSCOW (MRC) -- Technip Energies has been selected by Texas Green Fuels (TGF) to commence pre-FEED (Front-End Engineering and Design) for the TGF Galveston Bay clean fuels export project, said Hydrocarbonprocessing.

TGF's export complex will produce industrial-scale, cost-effective, and sustainable fuels such as clean ammonia, hydrogen, and methanol. With Texas' abundance of low-cost renewable energy, developed infrastructure, competitive skilled workforce, government incentives, and lower construction costs relative to other regions, TGF expects to become one of the world's lowest-cost producers of clean fuels.

Technip Energies, a world-leading engineering and technology player for the energy transition, will perform pre-FEED which will enable TGF to confirm the technical and economic feasibility of the project. The partnership between Technip Energies and TGF will leverage Technip Energies’ global expertise to extend through EPC (engineering, procurement, and construction) of the TGF complex.

Laure Mandrou, SVP Carbon-free solutions of Technip Energies, commented: “Technip Energies is committed to bringing Texas Green Fuels’ ambitious clean fuels export project to the execution phase as clean fuels made from renewable electricity is an important path to support the world’s energy transition."

TGF’s mission is to support global net zero objectives that mitigate the adverse impacts of climate change by developing projects that convert the world’s abundant, low-cost renewable electricity into clean fuels. These clean products are produced using renewable electricity for all electricity requirements. TGF's Founders and Co-CEOs, David Glessner and Langtry Meyer, are experienced in all facets of mega-energy infrastructure export project development.

David Glessner, co-CEO of Texas Green Fuels stated: "Texas Green Fuels will build upon the strong energy culture in Texas to seamlessly offer sustainable fuels such as clean ammonia, hydrogen, and methanol for both domestic and export markets." Langtry Meyer added that "we're committed to playing a leading role in this transformative shift" and that "the market for clean fuels will grow rapidly and evolve similarly to LNG."

The TGF export complex will not only bring economic benefits to the state of Texas but also help reduce carbon emissions for industries such as marine shipping, power generation, and fertilizer. Final investment decision is expected in 2025 with commercial operations commencing in 2028.

We remind, Technip Energies has been awarded a contract by CNOOC and Shell Petrochemicals Company Ltd. (CSPC) for the Huizhou Phase III project, a mega liquid ethylene cracker located in Huizhou, Guangdong Province, China. Technip Energies is providing the proprietary technology and process design for CSPC’s 1,600 KTA(1) ethylene plant. This liquid ethylene cracker pioneers the use of a low CO2 furnace design and electrification of major compressors. The plant is anticipated to have 20% lower CO2 emissions than a similar conventional facility and will be able to maximize benefit from the rapidly decarbonizing power grid for future CO2 emission reduction.


New Energy Security Scenarios explore how the world could evolve

New Energy Security Scenarios explore how the world could evolve

MOSCOW (MRC) -- Shell plc has published its latest scenarios: the Energy Security Scenarios. The two new scenarios explore how the world could evolve following Russia’s invasion of Ukraine, said the company.

Specifically, they look into the possible energy and climate outcomes that could result from a world that has security as its dominant concern. Shell Scenarios are not predictions or expectations of what will happen, or what will probably happen. They are not expressions of Shell’s strategy, and they are not Shell’s business plan; they are one of the many inputs used by Shell to stretch thinking whilst making decisions.

The first scenario, called Archipelagos, follows how today’s pressures could play out to the end of the century. National interest remains key and renewables are mainly seen as a way to improve energy security. By 2100, net-zero emissions is within sight, but the world has failed to meet the goal of the Paris Agreement. This scenario is “exploratory”: it seeks to plot a course from where the world stood in 2022.

The second scenario, called Sky 2050, shows just how fast the world must move to meet the goal of the Paris Agreement. Global climate security becomes the primary concern. Nations race to switch to cleaner energy and a competitive landscape emerges for technology, minerals and manufacturing capacity. Competition drives rapid change and the world reaches net-zero emissions in 2050. This scenario is “normative” and extremely challenging: it set goals of net-zero emissions by 2050 and warming restricted to below 1.5°C by 2100, and then worked back to the realities of 2022 to explore how these end points could be reached.

We remind, Shell plc has published its Energy Transition Progress Report 2022, which shows it has again met its climate targets as part of its energy transition strategy. The report will be put to shareholders for an advisory vote at Shell’s Annual General Meeting on May 23, 2023.


Huge Phillips 66 biofuels project will test the industry’s green promises

Huge Phillips 66 biofuels project will test the industry’s green promises

MOSCOW (MRC) -- In the oldest refining town in the American West, Phillips 66 is promising a greener future as it moves to halt crude-oil processing and build a massive renewable diesel plant, leading a global trend, said Reuters.

That plan, announced in 2020, was initially welcomed by residents weary from a history of pollution and toxic leaks. But some have grown skeptical as the project’s details cast doubt on the environmental benefits of revamping the 127-year-old complex on 1,100 acres in Rodeo, California.

The company’s initial claim that it would slash greenhouse gasses by half doesn’t match the project’s environmental impact report, published by county regulators, which shows a 1% reduction, according to a Reuters calculation of emissions data in the report. What’s more, refining of petroleum byproducts may continue as a side project.

And renewable-diesel production will require a surge in marine and train traffic, increasing emissions and spill risk. The conversion also requires boosting natural-gas usage to produce hydrogen required to make the biofuel. These dynamics and other variables raise questions about Phillips 66’s marketing of renewable diesel as a green fuel and make it impossible to tell whether and how much the refinery overhaul will reduce community pollution, three independent environmental experts told Reuters.

The project’s environmental impact will be a test case for similar facilities worldwide. Several dozen new U.S. renewable diesel plants are planned, according to energy consultancy Stratas Advisors. Most will be conversions of oil refineries. Production capacity could triple, to 6 billion gallons, by 2026, Stratas says. Europe and Asia are seeing similar trends.

The Rodeo conversion could be either “a model or a cautionary tale,” said Gwen Ottinger, an associate professor in the Center for Science, Technology and Society at Drexel University who has studied air-pollution monitoring in Rodeo.

Phillips 66 representatives say the project, dubbed Rodeo Renewed, will significantly cut certain regulated pollutants, and will lead to large cuts in greenhouse gasses when the biofuel is burned in vehicles. The refinery’s general manager, Jolie Rhinehart, said renewable diesel is the cleanest-burning option for use in transporting goods by truck.

“Heavy-haul trucking is a vital aspect to our way of life in this country and in this world,” she said. “And renewable diesel is the lowest-emission way to fuel that energy that we need to keep our trucks moving." Rhinehart added that emissions directly from the plant, affecting local residents, would be “significantly reduced” by the project.

Some Rodeo residents worry the overhaul could become another chapter in a long story of local pollution. Sitting across the bay from San Francisco’s glittering cityscape, Rodeo is a poster child for post-industrial problems. In addition to the Phillips 66 plant, the area has hosted a second oil refinery, a lead smelter, and a dynamite factory. Vacant storefronts and rusted-out cars blight the boulevard leading to a beach too toxic for swimming. The community, in unincorporated Contra Costa County, has much higher concentrations of illness, poverty and brownfield cleanup sites than most others in California.

We remind, Nexus Circular has signed a long-term commercial agreement with Chevron Phillips Chemical (CPChem) for the supply of a significant volume annually of circular liquid feedstocks from a new advanced recycling facility. This long-term contractual commitment further strengthens CPChem’s relationship with Nexus for advanced recycled plastic feedstocks to produce Marlex Anew Circular Polyethylene.


Heartland Polymers begins integrated commercial PP production in Alberta

Heartland Polymers begins integrated commercial PP production in Alberta

MOSCOW (MRC) -- Heartland Polymers says it has successfully started production at its propane dehydrogenation (PDH) plant in Strathcona County, Alberta, which is now providing on-site feedstock for commercial polypropylene (PP) production, said Canplastics.

“Thanks to the dedication and hard work of our operations team, I am proud to report that our propane dehydrogenation plant has been providing a reliable onsite source of feedstock to our polypropylene production since the end of 2022,” Heartland CEO Todd Karran said in a March 16 news release. “Heartland is responsibly producing and shipping [PP] to customers daily, and we continue to focus on optimizing our service. As the new entrant to the market and one that brings Heartland’s promise of reliability, service and sustainability, there is high interest in our products. We expect it will continue to grow now that we have achieved commercial production."

Calgary-based Heartland says it produced approximately 200 million pounds of PP in 2022 after the initial PP production began in July, followed by the PDH plant’s start-up in October 2022.

Heartland also says the plant is unique to the industry in that it produces both polymer grade propylene (PGP) feedstock and PP product at a single site.

Heartland’s PP plant and its co-generation central utilities block (CUB) were commissioned in 2022. Before the PDH plant entered into service, Heartland was producing PP with PGP feedstock from parent company Inter Pipeline’s NGL business, Canada’s only PGP producer prior to PDH entering into service. This alternate feed source enabled Heartland to begin PP production in late fall 2022 and remains a key aspect of Heartland’s reliability in addition to its geographic location.

Heartland is currently producing a range of homo-polymers with a plan to add random co-polymers to its production schedule later in 2023. Production currently focuses on serving demand for film, sheet extrusion, fibres, and injection molding, the release said.

We remind, avago, a Belgium-based chemicals group, and Heartland, a US-based industrial hemp firm, have reached a joint development deal to produce the next generation of plastic resins. This partnership intends to drive material innovation for firms that purchase huge volumes of plastic. Heartland's hemp additives will help these producers cut the weight, cost, and carbon footprint of raw materials. Ravago is among the world's top plastic recyclers, distributors, and compounders. Along with subsidiaries, it supplies more than 6.6 M tonnes of rubber and polymer. Heartland is constructing America's first dependable industrial hemp supply chain to offer plastics additives. By leveraging renewable and carbon-negative plastic additives such as industrial hemp, Ravago can provide lighter, stronger, cheaper, and more sustainable composite products.