Hyosung Vietnam wants to invest 1 billion USD for a carbon fiber factory in Ba Ria-Vung Tau

Hyosung Vietnam wants to invest 1 billion USD for a carbon fiber factory in Ba Ria-Vung Tau

MOSCOW (MRC) -- Hyosung Vietnam wants to invest in a carbon fiber factory project in Phu My 2 Industrial Park, Phu My Town with a total capital of nearly 1 billion USD. Investment capital in the first stage is about 160 million dollars, said Vietnam.postsen.

On the afternoon of July 21, Mr. Nguyen Van Tho, Chairman of the Provincial People’s Committee received and worked with the delegation of Hyosung Vietnam Co., Ltd and Hyosung Vina Chemical Co., Ltd. to exchange some contents related to the implementation of projects in Ba Ria-Vung Tau province.

According to the representative of Hyosung Vietnam Co., Ltd., it is expected that Hyosung Vietnam will invest in a carbon fiber factory project in Phu My 2 Industrial Park, Phu My Town with a total capital of nearly 1 million USD. billion USD. Investment capital in the first stage is about 160 million dollars.

At the meeting, the representative of Hyosung Vietnam Co., Ltd. asked the province to guide the implementation of documents and procedures to apply for a project investment policy, and asked a number of questions related to the project implementation process.

Mr. Nguyen Van Tho welcomed Hyosung Group as well as its businesses for their interest in choosing Ba Ria-Vung Tau province as an investment destination. Chairman of the Provincial People’s Committee highly appreciated Hyosung Vietnam Chemical Co., Ltd. in the process of implementing the project of Polypropylene (PP) Factory and Hyosung LPG underground storage in Cai Mep Industrial Park for its efforts to ensure the project goes into operation on schedule as committed.

The Chairman of the Provincial People’s Committee said that Ba Ria-Vung Tau will support businesses to soon implement the carbon fiber factory project, and at the same time assign relevant units to coordinate to guide enterprises to complete the application in the correct order and procedures.

We remind, Hyosung TNC Corp., a South Korean textile and yarn manufacturer, is teaming up with Samsung Electronics Co. to produce eco-friendly protective clothing made from recycled PET bottles. The bottles, collected from nearby cities like Hwaseong and Suwon, including Samsung Electronics semiconductor plants, will be transformed into Regen, a recycled fiber developed by Hyosung TNC. About 10 million bottles will be recycled for the production of eco-friendly protective clothing.

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Saudi Arabia expected to extend voluntary oil cut for September

Saudi Arabia expected to extend voluntary oil cut for September

MOSCOW (MRC) -- Saudi Arabia is expected to extend a voluntary oil output cut of 1 million barrels per day for another month to include September, five analysts said, to provide additional support for the oil market, said Reuters.

In June, OPEC+ agreed on a broad deal to limit oil supply into 2024 and Saudi Arabia pledged an additional voluntary cut for July. On July 3, Saudi Arabia said it would extend the cut for another month to include August, adding that it could be extended further.

Oil prices have found some support from evidence of tightening supplies and economic stimulus in China. Brent crude was trading at over USD84 a barrel on Friday, after hitting the highest level since April on Thursday.

"Given the tentative recovery, my guess is they continue the cut for one more month and then phase it out over three months - similar to what Saudi did in 2021," said Gary Ross, founder of Black Gold Investors and a veteran OPEC watcher.

The Saudi Energy Ministry did not respond to a request for comment. In the latest comments from an OPEC member on the market, the energy minister for the United Arab Emirates told Reuters on July 21 that current OPEC+ actions are sufficient for now and the group is "only a phone call away" if any further steps are needed.

OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia, pumps around 40% of the world's crude. The group has been limiting supply since late 2022 to support the market.

Another analyst, Giovanni Staunovo of UBS, also drew a parallel with Saudi actions to bolster the market two years ago. "Looking at what they did in 2021, the full 1 million bpd cut was in place for three months, before scaling it down. So based on that they might extend it for another month," he said on July 25.

"But there are many moving parts at present, which might still impact the decision over the coming days." The Saudi voluntary cut announcement for July came as a surprise at the June OPEC+ meeting, where Riyadh shared little or no detail on the measure with other delegations prior to the meeting, OPEC+ sources said.

Saudi Energy Minister Prince Abdulaziz bin Salman said in July that OPEC+ would "continue the effort at surprising markets" and do "whatever is necessary."

Three other analysts - Tamas Varga of oil broker PVM, Warren Patterson of ING and Macquarie analyst Vikas Dwivedi also said they thought the cut would probably be extended for September.

We remind, Aramco, TotalEnergies, and SABIC have converted oil derived from plastic waste into ISCC+ certified circular polymers in the hopes of creating a domestic value chain for the advanced recycling of plastics into circular polymers in Saudi Arabia.

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Fire at Kuwait's Mina al-Ahmadi refinery put out

Fire at Kuwait's Mina al-Ahmadi refinery put out

MOSCOW (MRC) -- Firefighters managed to put out a fire in one of the bitumen production unit's lines at Kuwait's Mina al-Ahmadi oil refinery, Kuwait National Petroleum Company (KNPC) said in a statement posted on Friday, as per Reuters.

KNPC did not mention if production and operations were affected there due to the fire.

We remind, a fire broke out at Dow's Plaquemine chemical facility in Louisiana. Everyone at the facility was accounted for and the fire was being managed by the company's Emergency Operations Center, Dow Louisiana said in a statement posted on Facebook, adding that they were in contact with officials.

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OMV reports drop in Q2 earnings as oil, gas prices fall

OMV reports drop in Q2 earnings as oil, gas prices fall

MOSOCW (MRC) -- Austrian oil and gas company OMV reported a stronger-than-forecast drop in its second-quarter core earnings because of falling energy prices, said Reuters.

The company reported a clean current cost of supplies (CCS) operating result of 1.18 billion euros (USD1.29 billion) for the April-to-June period, down 60% from the same period a year prior. Analysts had forecast a second-quarter clean CCS operating result of 1.27 billion euros, according to a company-provided consensus.

Sales revenues in the second quarter fell 39% year-on-year to 8.98 billion euros. The company lowered its forecast for the price of Brent crude oil price this year to an average of $75-80 per barrel from a previous forecast above USD80 per barrel. Last year, the Brent crude oil price was USD101 per barrel.

Core earnings in OMV's energy segment halved, hit by hedging losses due to volatility in natural gas supply from Russia, as the company flagged ongoing uncertainty regarding future deliveries from the Russian state-owned gas producer Gazprom.

The company also faced significant headwinds in its chemicals and materials segment, including at petrochemicals subsidiary Borealis.

OMV is in talks with the state-owned Abu Dhabi National Oil Company (ADNOC) over a possible merger of their petrochemical divisions.

Core earnings in OMV's chemicals and materials segment fell 99% year-on-year to 7 million euros, with the company pointing to a slowdown in the chemicals sector.

Borealis incurred a loss of 58 million euros in the second quarter.


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Repsol to invest more than USD130 MM to retrofit plant to produce biofuels

Repsol to invest more than USD130 MM to retrofit plant to produce biofuels

MOSCOW (MRC) -- Spanish oil company Repsol will invest more than 120 million euros (USD132.95 million) to retrofit a decades-old diesel plant to produce second-generation biofuels, said Hydrocarbonprocessing.

As part of its strategy to pivot to renewables, Repsol targets the production of two million tons of low-carbon fuels by 2030, tripling the capacity it had at the beginning of this decade.

The Puertollano plant, built in the 1960s, will start producing biofuels for cars, trucks an shipping at the end of 2025 and will have a capacity of 240,000 tons per year. It will use organic waste, such as used cooking oils.

This will be the second plant of this type in the Iberia region, along with Repsol's plant at its Cartagena refinery, the spokesperson said.

Biofuels are seen as key to decarbonize transportation in sectors hard to electrify, like aviation and shipping.

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

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