Eni signs MoU for new initiatives related to the energy transition in Libya

Eni signed a memorandum of understanding today with Libya with the aim of studying and identifying opportunities to reduce greenhouse gas emissions and develop sustainable energy in the country, in line with Eni's strategy and with the Libyan government's objectives to accelerate decarbonisation and energy transition processes, said the company.

The signing took place as part of the visit of the Prime Minister of the Government of Libyan National Unity Abulhamid Dabaiba to Italy.

Under the terms of the memorandum, Eni will work on reducing CO2 emissions through the reduction of routine gas flaring, fugitive emissions and venting, as well as possible projects for the reduction of hard-to-abate sector emissions. In addition, new solutions for the development of renewable energy and initiatives for electricity efficiency in the country will be evaluated. Finally, the company will work on the identification of additional gas resources from existing fields, to be developed as part of an integrated project for the domestic market and potentially for export.

Eni is the main international gas producer in Libya, with an 80% share of national production (1.6 bscfd in 2022). The company has been operating in Libya since 1959 and currently has a large portfolio of assets in exploration, production and development. Production activities are operated through the joint venture Mellitah Oil and Gas BV (Eni 50%, NOC 50%). Equity production was 165,000 barrels of oil equivalent per day in 2022.

We remind, ENI have joined the world's largest passenger carrier United Airlines to invest in British start-up OXCCU's efforts to slash the prohibitively high cost of lower-carbon aviation fuel. Aviation produces around 2% of the world's planet-warming emissions and the sector's own targets to emit no more than can be absorbed by natural sinks like forests or other technologies by 2050 pose a particularly daunting challenge.

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PTTGC America has selected a site for their planned plastics recycling facility, said Plasticsnews.

The company has now confirmed the recycling facility will focus on mechanical recycling of polyethylene terephthalate (PET) bottles and will be located in the Midwest Mega Commerce Center in Fayette county, Ohio.

Per the most recent update, the tentative installed capacity will be able to process up to 40,000 tonnes/year of plastic waste. In terms of feedstock sourcing, PTTGC did sign a nonbinding memorandum of understanding (MoU) with waste management company Rumpke in May of 2022.

Though plans for the facility were announced nearly a year ago, the project has yet to reach final investment decision.

New to the recycling space, PTTGC is one of Thailand's largest petrochemical and refining companies. Several years ago, PTTGC announced plans to build a large petrochemical complex in Ohio, though investment discussions are still underway.

We remind, in 2023, PTT Plc's PTT Global Chemical Plc (PTTGC) aims to raise the production of petrochemical products by 15% to serve expanding demand after the pandemic. Demand is predicted to return to levels observed before the pandemic.

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AkzoNobel has received approval to supply its water-based refinish products to Porsche China – currently one of the premium automotive brand’s biggest markets, said the company.

The company will supply its full water-based Sikkens range, including basecoats, primer and clearcoats, to provide Porsche China with a complete water-based solution for its refinishing needs.

“We’re delighted to partner with one of the world’s most prestigious vehicle manufacturers to offer our class-leading products and color expertise,” says Patrick Bourguignon, Director of AkzoNobel’s Automotive and Specialty Coatings business.

He adds that the vehicle brand sold more than 93,000 cars in China last year and the agreement will play an important role in helping Porsche China to meet the country’s strict VOC regulations.

We remind, AkzoNobel is to further strengthen its China position after reaching an agreement with Sherwin-Williams to acquire its Chinese Decorative Paints business. Completion, which is subject to regulatory approvals, is expected in the second half of 2023. The business has an annual revenue of about EUR100 million and employs around 300 people. The transaction includes the Huarun brand, which has a long history and is well recognized in China.

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PETRONAS Chemicals Group (PCG) has reached a final investment decision (FID) to acquire the maleic anhydride (MA) plant in Gebeng, Malaysia, from BASF PETRONAS Chemicals (BPC), the producer said on Tuesday.

The MA plant will now be operated by PCG’s subsidiary, PETRONAS Chemicals MTBE, following the acquisition, it said in a statement.

The MA plant had earlier been closed by BPC after a product portfolio rearrangement exercise that resulted in the permanent shutdown of its butanediol (BDO) and derivatives facility.

Financial details of the deal were not disclosed.

PCG plans to upgrade the plant to produced refined MA by the second half of 2025, it said in a statement.

We remind, Petronas Chemicals Group Bhd (PetChem) is focusing on expanding its specialties portfolio after posting a strong performance in 2022 amid geopolitical conflicts, market volatilities and general industry challenges, said the company. The group said its landmark acquisition of Sweden-based Perstorp Group resulted in further diversification of the group’s product offerings, specifically for its specialty chemicals portfolio.

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TotalEnergies confirms its commitment to the energy transition in Kazakhstan with the signature of a Power Purchase Agreement (PPA) for the Mirny project, said the company.

This will be the first PPA signed in the country for a wind project of such scale. Located in the Zhambyl region, the project aims to build a 1 GW onshore wind farm combined with a 600 MWh battery energy storage system for a reliable power supply. It represents an investment of about USD1.4 billion. After Irak, it is another prime example of TotalEnergies’ ability to leverage its position as a major partner in the upstream sector to speed up the development of renewable energy in oil and gas countries.

The electricity to be produced by the Mirny project will be sold in its entirety to the Financial Settlement Center of Renewable Energy, a public entity owned by the Government of Kazakhstan, for the supply of the national grid. The project will provide electricity to 1 million people.

This agreement has been signed in Astana between Total Eren, an affiliate of TotalEnergies, and the FSC, in the presence of Patrick Pouyanne, Chairman and CEO of TotalEnergies and the Minister of Energy and Mineral Resources of the Republic of Kazakhstan, Almasadam Satkaliyev. TotalEnergies will develop the Mirny project in partnership with the National Wealth Fund Samruk-Kazyna and the National Company KazMunayGas, which will each own a 20% stake in the project.

We remind, TotalEnergies is stepping up production of sustainable aviation fuel (SAF) and low carbon energies of its Grandpuits site. These investments reflect the Company’s ambition to develop low carbon energies and the circular economy.

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