Turkey top destination for Russian diesel after EU embargo

Turkey top destination for Russian diesel after EU embargo

Turkey remains the top destination for Russian diesel exports after an embargo on shipments to Europe forced traders to divert supplies to Asia, Africa, the Middle East and ship-to-ship (STS) loadings, traders said and Refinitiv Eikon data showed, said Reuters.

Russia has sent about 0.8 million tons of diesel to Turkey since the start of April, having shipped almost 1.5 million tons in the previous month, Refinitiv data shows. About half of April volumes are still in transit with the port of discharge not yet confirmed.

Some of the diesel cargoes heading to Turkey could be for STS transfers to be transported elsewhere, traders said. About 180,000 tons of diesel from Russian ports is heading to Brazil after a record high of 440,000 tons in March.

Russian diesel is gaining market share from the United States, which traditionally accounts for most of Brazil's diesel imports. Brazil buys about 30% of its diesel abroad. Rapidly growing supplies of Russian diesel to Latin America include exports to Panama (160,000 tons for March-April), Uruguay (75,000 tons) and Cuba (33,000 tons), Refinitiv data shows.

About 500,000 tons of Russian diesel have headed to Africa since the start of April. The exports have been mainly to Ghana (110,000 tons) and Tunisia (100,000 tons), but also to Libya, Morocco and Nigeria among others. In March diesel loadings from Russian ports to Africa totaled more than 1.1 million tons, Reuters calculations based on Refinitiv data showed.

This month Russia has sent only about 60,000 tons of diesel to Saudi Arabia after almost 300,000 tons in March. All the shipping data above was by cargo departure. About 300,000 tons of diesel loaded in Russian ports this month does not yet have a confirmed destination.

Another 230,000 tons of Russian diesel is awaiting STS loading near Kalamata port and could be exported to various destinations, according to Refinitiv data.

We remind, Russia has increased its diesel exports to Brazil and other parts of Latin America following an embargo on shipments to Europe, traders said and Refinitiv Eikon data showed. Russia has long been the main diesel supplier for Europe, where refineries do not produce enough fuel to meet domestic demand for diesel cars. But a full EU embargo on Russian oil products since Feb. 5 has diverted Russian diesel exports to Asia, Africa, the Middle East and STS loadings.
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Europe’s largest-ever energy security contracting package launched

Europe’s largest-ever energy security contracting package launched

Top representatives of the transmission system operator TenneT, the Hitachi Energy/Petrofac co operation and the three consortium partnerships GE/Sembcorp (SMOP), GE/McDermott and Sie mens Energy/Dragados today officially signed the contracts in Berlin to seal Europe’s largest-ever tender award for energy transition infrastructure, said the company.

The total volume of the contracts for the compo nents of the 14 systems amounts to around €30 billion. The result will be a transmission capacity of offshore wind energy in the German and Dutch North Sea that will generate as much electricity as 28 large-scale power plants.

TenneT has thereby completed the process of awarding contracts for the sea- and land-based converter stations for a total of 14 offshore grid connection systems, which was launched in Au gust 2022. TenneT had already awarded 11 of these systems at the end of March, eight of them in the Netherlands and three in Germany. Three more systems in Germany were added today. These 14 systems are to be realised by 2031.

Their “core components”, meaning the innovative two-gigawatt technology for converting alternating current into direct current and back, will be manufactured exclusively at European production sites of the consortiums’ members in all pro jects. With a contract of this magnitude, Europe will be taking a global lead – in terms of both tech nology and production – in a key sector of tomorrow’s energy supply.

We remind, McDermott has been awarded an engineering, procurement services and construction management (EPsCm) contract from Slovnaft, a.s., for the steam cracker intensification off-gas processing project at its plant in Bratislava, Slovakia.

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PPG Industries exceeds profit expectations, forecasts strong FY earnings

PPG Industries exceeds profit expectations, forecasts strong FY earnings

PPG Industries Inc. (PPG) on Thursday reported first-quarter earnings of USD264 mln, said the company.

The Pittsburgh-based company said it had net income of USD1.11 per share. Earnings, adjusted for non-recurring costs, were USD1.82 per share.

The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of USD1.55 per share.

The paint and coatings maker posted revenue of USD4.38 billion in the period, which did not meet Street forecasts. Four analysts surveyed by Zacks expected USD4.49 billion.

For the current quarter ending in June, PPG Industries expects its per-share earnings to range from USD2.05 to USD2.15. Analysts surveyed by Zacks had forecast adjusted earnings per share of USD1.33.

The company expects full-year earnings in the range of USD6.95 to USD7.25 per share.

We remind, PPG will invest USD11 million to double the production capacity of its powder coatings plant in San Juan del Rio, Mexico. The expansion project is expected to be completed by mid-2023 and will allow the plant to meet the expected future demand for powder coatings in Mexico.

PPG is a leading supplier of powder coatings to the automotive, transportation, appliance, furniture and other markets. The company expanded the business with its 2020 acquisition of Alpha Coating Technologies, which manufactures powder coatings for light industrial applications and heat-sensitive substrates, and its 2021 acquisition of Worwag, which makes liquid, powder and film coatings for industrial and automotive applications. PPG recently agreed to acquire the powder coatings business of Arsonsisi, including a manufacturing plant in Verbania, Italy.

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New packaging solution uses OBP to create molding flake

New packaging solution uses OBP to create molding flake

AEG, a leading resource for CPG Packaging, announced the launch of EZ-Lock X ORG, an innovative packaging solution developed in partnership with Ocean Recovery Group (ORG), and certified “plastic negative” by rePurpose Global, said Worldbiomarketinsights.

EZ-Lock X ORG was created to meet growing industry demand for scalable, customizable, and domestically assembled cannabis packaging with a measurable environmental impact.

AEG has heavily invested in ORG –its recycling facility in the Dominican Republic– to establish a robust, closed-loop infrastructure to combat plastic pollution at scale. Ocean-bound plastic (OBP) is gathered at the ORG’s collection and processing site in the Dominican Republic, where the facility sorts, washes and produces flake. The flake is used in the injection molding process to form AE Global’s EZ Lock x ORG child-resistant cannabis packaging.

“At AE Global, we have proven that we are the industry leader in sustainable packaging. Our closed-loop OBP recovery program captures and converts at-risk materials before it can harm the environment. It helps our customers achieve their sustainability goals through eco-friendly packaging options and plastic recovery,” said AEG’s Managing Partner, Mike Forenza.

With every purchase of an EZ-Lock x ORG tray, nearly 35 grams of plastic are recovered, which roughly equates to twice the amount of plastic used to generate each tray, certifying it Plastic Negative by rePurpose Global. AEG maintains a robust reporting system allowing customers to track, report and communicate their impact through their sales and marketing channels. AEG has funded the recovery of 80,000 pounds of ocean-bound plastic through this initiative, while ORG has recovered 2,148 tons.

We remind, more than 120 European packaging industry associations issued a joint letter urging co-legislators to preserve the internal market legal basis of the EU Packaging and Packaging Waste Regulation in its entirety, as the best way to achieve the environmental and economic objectives of the proposal. The internal market legal basis addresses the differences among the various national rules on the management of packaging and packaging waste and resulting internal market barriers, while providing a high level of environmental protection.

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Indorama Ventures remains committed to supply North American lithium-ion battery market

Indorama Ventures remains committed to supply North American lithium-ion battery market

Indorama Ventures Public Company Limited (IVL), a global sustainable chemical company, is continuing to assess plans to build and operate a world-class lithium-ion battery solvents plant at one of its petrochemical facilities in the U.S. Gulf Coast, including sourcing new license partners to speed up the development of the technology, said the company.

Indorama Ventures' Integrated Oxides & Derivatives (IOD) business segment is exploring licensing opportunities with a range of technology partners, after withdrawing from an initial non-binding agreement with Capchem Technology USA Inc.

Entering the lithium-ion battery market will reinforce the company's downstream specialty products portfolio, serving attractive end-market applications. Indorama Ventures is leveraging its global integrated petrochemicals model by investing in adjacent businesses that offer High Value Add (HVA) products that contribute to a more sustainable world.

Alastair Port, Executive President, Integrated Oxides and Derivatives (IOD), IVL, said, "The EV market is a significant opportunity for Indorama Ventures to leverage our world-class petrochemical assets in the U.S. Gulf Coast, which are ready to host a new world-class lithium-ion battery solvents plant. From our base near Houston, our Integrated Oxides & Derivatives business has a successful track record of working with technology license partners to benefit the high-growth North American market."

We remind, Indorama Ventures Public Company Limited (IVL) are collaborating to use flake from recycled PET trays to produce PET film suitable for food packaging trays, said the company. The partnership is an important step in diverting PET trays from landfill or incineration to support the EU’s recycling targets and create a circular economy for PET trays.

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