Khaled bin Mohamed bin Zayed chairs meeting of Executive Committee of ADNOC Board of Directors

Khaled bin Mohamed bin Zayed chairs meeting of Executive Committee of ADNOC Board of Directors

MOSCOW (MRC) -- His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has chaired a meeting of the Executive Committee of the ADNOC Board of Directors at ADNOC Headquarters, said the company.

During the meeting, His Highness approved ADNOC’s accelerated decarbonisation plan to bring forward its net zero ambition to 2045, from its previous target of 2050, and to achieve zero methane emissions by 2030. ADNOC is the first company in its peer group to accelerate its net zero target to 2045.

His Highness noted that these new, ambitious targets mark a new chapter in ADNOC’s transformational journey to a lower carbon future. The company has placed sustainability at the heart of its long-term strategy, including the decarbonisation of its operations, investing in renewables, building a global hydrogen value chain, deploying innovative climate technology solutions and advancing nature-based solutions such as planting mangroves in the UAE.

His Highness and members of the Executive Committee called on ADNOC to seek new global partnerships with other progressive energy companies, customers and technology leaders to collaborate on and boost its decarbonisation plan.

His Highness and members of the Executive Committee were briefed on ADNOC’s 2022 upstream carbon intensity performance of ~7 kgCO2e/boe as it responsibly contributed to meeting growing global energy demand. In 2022, ADNOC’s industry leading methane intensity was ~0.07%, and the company was awarded the Gold Standard Pathway by the Oil and Gas Methane Partnership 2.0.

Additionally, in 2022, the company achieved greenhouse gas (GHG) emissions reductions of ~4mt by using grid energy from solar and nuclear power to supply 100% of its onshore operations as well as ~1mt from energy efficiency and flaring reduction projects. These results, independently assured by DNV*, place ADNOC in the top tier of lowest carbon intensity oil and gas producers in the world.

His Highness highlighted ADNOC’s role as a key enabler of the UAE’s updated Nationally Determined Contribution (NDC), which raises the ambition of the UAE’s nationwide emissions reductions to 40% by 2030, as well as ADNOC’s role in supporting the UAE’s recently updated Energy Strategy 2050, its new National Hydrogen Strategy and Abu Dhabi’s Climate Change Strategy.

His Highness noted that ADNOC’s employees are crucial to delivering on its decarbonisation plan and commended its efforts to develop and empower talent. He stressed that people are the nation’s greatest asset and the UAE Leadership will continue to prioritise human capital development.

We remind, Abu Dhabi National Oil Co has increased its buyout offer for Covestro AG to around 11 billion euros (USD12.3 billion). ADNOC's latest bid values Covestro at about 57 euros per share, the person said, up from a mid-50 euro per share range. Covestro had rejected ADNOC's initial takeover proposal last month, saying the offer was too low. A Covestro spokesperson declined to comment, while ADNOC did not immediately respond to a Reuters request for comment.

Plastics Industry Association Submits Comments, Disappointed with EPA Draft Strategy on Plastic Pollution

Plastics Industry Association Submits Comments, Disappointed with EPA Draft Strategy on Plastic Pollution

MOSCOW (MRC) -- The Plastics Industry Association (PLASTICS) has submitted comments in response to the Environmental Protection Agency’s (EPA) request for public input on its Draft National Strategy to Prevent Plastic Pollution, said EPA.

“The plastic industry appreciates the opportunity to submit comments to the EPA, however, we are disappointed with the agency’s draft strategy,” said PLASTICS’ President and CEO Matt Seaholm. “The EPA was directed by Congress in an overwhelmingly bi-partisan way to focus on post-consumer materials management and infrastructure, and instead the agency’s first stated objective in this strategy is to reduce the production of essential materials rather than address plastic waste.”

“The strategy is not focused on improving infrastructure, meanwhile, the plastics industry continues to invest billions of dollars in innovations to expand recycling capacity. Understanding and addressing the essential nature of plastics and tackling environmental challenges should not be mutually exclusive.”

“We don’t recycle enough, and we need to improve recycling rates in the U.S., period. PLASTICS remains eager to collaborate with the EPA, stakeholders and anyone who is willing to work towards our common goal of effective solutions to keep plastic waste out of the environment,” concluded Seaholm.

It was reported earlier, European Union lawmakers plan to accept changes made by countries last week to the bloc's renewable energy law, to give assurances to France and others on potentially exempting ammonia plants. EU countries on Friday agreed late changes to the law, adding an amendment that said some ammonia plants would struggle to switch to renewable fuels, and a pledge from the European Commission to consider exempting them from renewable targets.

PPG appoints John Bruno, vice president, finance

PPG appoints John Bruno, vice president, finance

MOSCOW (MRC) -- PPG announced that John Bruno, current vice president, investor relations, has been appointed vice president, finance. Bruno will continue to report to Vince Morales, PPG senior vice president and chief financial officer (CFO), said the company.

Bruno will also continue to serve as PPG’s primary investor relations contact until his successor is named.

In his new role, Bruno will influence key organic growth and strategy initiatives for all of PPG’s strategic business units. He will also help to drive manufacturing efficiencies, optimize cost structures and focus on improved working capital and cash generation across the entire enterprise.

Bruno has held a variety of diverse finance roles of increasing responsibility during his 28 years with PPG, including business-specific finance support as well as broad corporate roles. Prior to assuming the investor relations role in 2017, he served as PPG’s regional CFO for the Asia-Pacific region where he supported significant PPG expansion and profitable sales growth in the region. Bruno also spent several years in Europe serving as a key integration lead for PPG’s acquisition of SigmaKalon, where he helped to drive synergy capture and integration efficiencies. In prior finance roles, he was PPG’s director of internal audit and worked in other business finance leadership roles. Bruno also worked in various finance roles at U.S. Steel Corp. prior to joining PPG in 1995.

Bruno is a certified public accountant and earned a Bachelor of Science degree in finance and a Master of Business Administration degree from Duquesne University.

We remind, PPG Industries Inc. (PPG) on Thursday reported second-quarter results that beat Wall Street's estimates and raised its full-year profit forecast, but management warned of continued "tepid" industrial production and lower home sales. PPG reported net income of USD490 million, or USD2.06 a share, compared with USD443 million, or USD1.86 a share, in the same quarter last year. Revenue rose 4% to USD4.87 billion, up from USD4.69 billion in the prior-year quarter. Adjusted for acquisition and restructuring costs, PPG earned USD2.25 a share. Analysts polled by FactSet expected PPG to report adjusted earnings per share of USD2.14, on sales of USD4.84 billion.

Linde's revenue drops 3% to USD8.2 billion in Q2

MOSCOW (MRC) -- Linde PLC booked USD8.2 billion in revenue during the second quarter of fiscal 2023, which is 3% lower compared to the same period the year before, said the company.

Meanwhile, operating profit during the reported quarter climbed to USD2 billion, in comparison to USD589 million last year, while its net income skyrocketed by nearly 100% to USD1.6 billion. Its diluted earnings per share (EPS) surged 331% year on year to USD3.19 per share. The company projected its third-quarter diluted EPS to move in the range of USD3.48 to USD3.58.

"This performance is driven by our employees’ ability to continuously optimize the base business and increase network density, all while securing high-quality growth opportunities...Regardless of the geopolitical or economic uncertainty, we will continue to generate long-term shareholder value," CEO Sanjiv Lamba said.

We remind, Linde has signed a long-term agreement to supply green hydrogen to Evonik. Linde will build, own and operate a nine-megawatt alkaline electrolyzer plant on Jurong Island, Singapore. The plant will produce green hydrogen, which Evonik will use to manufacture methionine, an essential component in animal feed. The new supply agreement supports the planned expansion of Evonik’s existing facility and will help Evonik limit its greenhouse gas emissions in Singapore.

BASF, Huntsman, and Chinese partners agree to petrochemical deal in China

BASF, Huntsman, and Chinese partners agree to petrochemical deal in China

MOSCOW (MRC) -- BASF and Huntsman together with their Chinese partner companies – Shanghai Hua Yi (Group Company), Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. and Shanghai Chlor-Alkali Chemical Co., Ltd. – announce the planned separation of their joint MDI (diphenylmethane diisocyanate) production at Shanghai Lianheng Isocyanate Co., Ltd. (SLIC), said Hydrocarbonprocessing.

Going forward, the companies will operate the two MDI plants located at the site in Caojing, China independently. Huntsman together with Shanghai Chlor-Alkali Chemical Co., Ltd, and BASF together with Shanghai Hua Yi (Group Company) and Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd will each take over one of the MDI plants.

“The SLIC joint venture has been an important partnership to establish MDI production in China as one of the pioneers at the Shanghai Chemical Park,” said Ramkumar Dhruva, President Monomers division at BASF. “The new organizational setup will allow BASF and our partners Shanghai Hua Yi and Sinopec Shanghai Gaoqiao Petrochemical Co., Ltd. to further develop our MDI operations in Shanghai while serving the demand of our customers in the region even more effectively.”

“Through the production of crude MDI in the SLIC joint venture over almost 20 years, Huntsman together with its partner, Shanghai Chlor-Alkali Chemical Co., Ltd, has been able to successfully build its polyurethanes business in China. As we move to integrate these assets into our downstream operations, we will be even better positioned to meet the future innovation and growth needs of our customers,” said Tony Hankins, President of Huntsman Polyurethanes.

Huntsman, together with Shanghai Chlor-Alkali Chemical Co., Ltd, will own and operate the original MDI plant that started commercial production in 2006, along with a hydrogen chloride recycling unit for the production of chlorine, a precursor for MDI, that was added in 2018. BASF will own and operate the MDI plant that was added in 2018, including the manufacturing facilities for the precursors aniline and nitrobenzene. All employees currently employed in the Joint Venture will be transferred to the respective organizations.

The new operational setup is in preparation and is expected to become effective during the fourth quarter of 2023, and is subject to pending regulatory authority approvals, permits and other customary closing conditions.

In addition to the plant in Caojing, BASF operates MDI production sites in Chongqing, China as well as in Yeosu, South Korea; Antwerp, Belgium; and Geismar, Louisiana. Following the restructuring of the joint venture, BASF’s global production capacity for MDI will total around 1.9 million tons.

Huntsman operates world-scale MDI production and splitting facilities in Rotterdam, the Netherlands, and Geismar, Louisiana, in addition to its Caojing facilities.

MDI is an important precursor in the manufacture of polyurethanes – versatile polymers that are used in the automotive and construction industries, in appliances such as refrigerators, and in footwear.

We remind, BASF and Zhejiang Guanghua Technology Co.,Ltd. (KHUA) have signed a Letter of Intent (LoI) for the supply of Neopentyl Glycol (NPG) from BASF’s Zhanjiang Verbund site to KHUA. This agreement marks a significant milestone in the long-term partnership between both parties. KHUA, a reputed manufacturer of saturated polyester resins for the powder coatings industry in China, is planning to build a 100 kilotons per annum (KT/a) production plant for high-end powder coatings resins in Donghai Island, Zhanjiang Economic & Technological Development Zone, where BASF is building a world-scale NPG plant with an annual production capacity of 80,000 metric tons.