Brazil's Petrobras to raise diesel, gasoline prices

Brazil's Petrobras to raise diesel, gasoline prices

MOSCOW (MRC) -- Brazilian state-run oil company Petrobras said it will raise gasoline and diesel prices at its refineries starting Wednesday after what it called an "abrupt" increase in global oil prices, said Reuters.

Petrobras said in a statement it will hike average gasoline prices by 16.3% to 2.93 reais (USD0.5893) per liter, while diesel prices will be raised by an average of 25.8% to 3.80 reais per liter.

It is the first price hike by the oil giant since a new pricing policy was implemented under President Luiz Inacio Lula da Silva, who took office in January pledging to change the firm's strategy in order to help it lower consumer costs at the pump.

Petrobras approved the new policy in May, ditching a more market-based strategy in favor of greater flexibility to smooth price swings, but said it had no option other than raising prices this time.

"The consolidation of oil prices at a higher level makes it necessary for Petrobras to make the price adjustments for both fuels," the company said.

Crude oil prices in international markets have registered gains for the past seven weeks. Chief Executive Jean Paul Prates had previously said that even though the new policy would avoid passing international volatility onto customers, Petrobras' fuel prices would not dip "below profitability".

The newly implemented pricing system is meant to be less volatile than its predecessor, which used a so-called fuel import parity policy that more closely aligned prices at the pump with the oil market and exchange rates.

Prates said at the time the company would still adjust prices based on market factors, but the price tweaks would be rolled out more slowly. Petrobras said its gasoline prices are still down roughly 5% year-to-date, while diesel prices have fallen by an accumulated 15.4% in the period.

We remind, Petrobras is not planning to sell its 36% stake in petrochemical firm Braskem, newspaper Valor Economico reported on Thursday, citing unnamed sources. Petrobras is one of Braskem's main shareholders alongside conglomerate Novonor, which holds a controlling stake in the firm but has sought to sell it to repay creditors after entering bankruptcy protection. According to Valor Economico, Petrobras CFO Sergio Leite said during a meeting with analysts that the company has no plans to sell off its stake in Braskem.

Decarbonization group's biofuel bunkering trial finds 20% drop in emissions

Decarbonization group's biofuel bunkering trial finds 20% drop in emissions

MOSCOW (MRC) -- The Global Center for Maritime Decarbonization (GCMD) found net carbon emissions fell 20% using a vegetable oil biofuel blend compared with very low sulfur fuel oil (VLSFO) in a trial for a dual-fuel liquefied petroleum gas (LPG) carrier, as per Hydrocarbonprocessing.

This was the third of five supply chain bunkering trials that the GCMD has undertaken as part of an USD18-MM project to test different biofuel blends to reduce carbon emissions. The trials are key to helping the fuel and shipping industries come up with green fuels to meet the International Maritime Organization’s 2030 and 2050 decarbonization targets.

The biofuel blend used in the latest trial comprised marine gasoil blended with 30% hydrotreated vegetable oil (HVO) that was produced from 100% waste and residues. Using the HVO resulted in an 83% reduction in emissions compared to using fossil-based marine gasoil, the GCMD said in a statement.

GoodFuels supplied about 200 metric tons of the biofuel blend to the mid-sized gas carrier Kaupang operated by Eastern Pacific Shipping. Meanwhile, blending marine gasoil with 30% biofuel as a pilot fuel for LPG combustion led to a 20% net reduction in emissions versus sailing on very low sulfur fuel oil.

A tracer was dosed with the HVO and blended with marine gasoil onboard the bunker vessel for origin and quantity monitoring. "Transparency is becoming even more crucial as we are now starting to bring the new generation of sustainable marine fuels to market," said Johannes Schurmann, commercial director at GoodFuels.

The remaining supply chain trials will be run in the next few months, while details of the assurance framework will be shared through a public report in early 2024, according to GCMD. Previous trials involved blends comprising used cooking oil methyl ester (UCOME) blended with very low sulfur fuel oil and high sulfur fuel oil respectively.

Biofuel bunkering volumes have trended higher at the world's top bunker hub, Singapore, with bio-blended low sulfur fuel oil sales climbing to a monthly record high in July.

We remind, Midwest distillate inventories increased rapidly in June and early July due to increased regional refinery production and limitations on moving distillate and other products outside the region. Distillate fuel oil includes products such as diesel fuel and heating oil. In the five weeks between June 9 and July 14, regional distillate inventories increased 18% (4.7 million barrels). Prior to June, Midwest regional inventories had been trending near or below the bottom of the previous five-year (2018–22) range.

Adani to go ahead with USD50 billion hydrogen project with or without TotalEnergies

Adani to go ahead with USD50 billion hydrogen project with or without TotalEnergies

MOSCOW (MRC) -- Billionaire Gautam Adani's group is prepared to go ahead alone on the $50 billion green hydrogen project after its French partner, TotalEnergies SE, put investment in the venture on hold following allegations of fraud, as per Deccanherald.

Adani group CFO Robbie Singh in an investor call on first-quarter earnings of Adani Enterprises Ltd last week stated that the project is not dependent on the equity from TotalEnergies and the group is going ahead with the investment with or without the French giant.

TotalEnergies had last year agreed to take a 25 per cent stake in Adani New Industries Ltd (ANIL), which is building the green hydrogen project. The French energy giant in February paused the planned $4 billion investment pending an investigation into a US short seller's allegations of accounting and stock manipulation, which Adani denies. 'The project is not dependent on that equity as we are going ahead with the project as it is and at the same pace,' Singh said, according to a transcript of the investor call.

We remind, Adani Group Chairman Gautam Adani called on Bangladesh Prime Minister Sheikh Hasina in Dhaka on Saturday following the full load commencement of power supply to Bangladesh from the Group’s Ultra Super-Critical Thermal Power Plant in Godda, India. The Godda USCTPP, which marks the Adani Group’s entry into transnational power projects, is India’s first commissioned transnational power project where 100% of the generated power is supplied to another nation.

Azelis appoints new CEO for Americas

Azelis appoints new CEO for Americas

MOSCOW (MRC) -- Azelis Group NV, a leading global innovation service provider in the specialty chemicals and food ingredients industry, announces that Todd Cottrell will assume the role of CEO of Azelis Americas when Frank Bergonzi retires on September 30, 2023, said the company.

To ensure a seamless transition, Frank will support Todd with onboarding into his new role, and subsequently will remain available as a consultant to contribute to Azelis’ growth strategy in the Americas through the end of 2025.

Todd brings more than 30 years of expertise and industry knowledge that span both technical and executive roles. He has worked for some of the global leaders in the CASE (coatings, adhesives, sealants and elastomers) industry, his last position having been Managing Director Americas for a large European manufacturer. Over his extensive career, Todd also served in regional director and regional president roles in France and China, as well as multiple industry board positions. Todd holds BSc in Chemical Engineering from Michigan Technological University and an MBA from Duke University, both in the USA.

As CEO of Azelis Americas, Todd will be responsible for driving growth through the development of principal partnerships, market expansion, both organic and inorganic, operational excellence within all market segments, and digital, innovation, and sustainability strategies that drive value for our principals and customers.

Frank, who has led Azelis in the Americas for over seven years, first as CEO & President of KODA Distribution, and afterward as CEO of Azelis Americas following the Group’s acquisition of KODA in 2015, has decided to retire after a 40-year career. During his tenure in Azelis, Frank has led the Americas region to record growth, both organically and through M&A. Azelis Americas has seen both new market segment additions as well as geographical expansion in this period. The business has become the leading innovation service provider for the specialty chemicals and food ingredients industry in the Americas, growing from USD725 million in revenue at the end of 2015 to $1.7 billion in 2022. Seven acquisitions have been completed in the Americas since 2015, and the footprint has grown from the US and Canada to Latin America.

We remind, Azelis, a leading global innovation service provider in the specialty chemicals and food ingredients industry, announces that it has signed an agreement to acquire 100% of the shares of Gillco Ingredients (“Gillco”), a leading specialty ingredient provider in the food & nutrition market in the USA.

Occidental’s 1PointFive selected for US grant to develop Texas DAC hub

Occidental’s 1PointFive selected for US grant to develop Texas DAC hub

MOSCOW (MRC) -- Occidental Petroleum’s carbon capture, utilisation and sequestration (CCUS) subsidiary, 1PointFive, has been selected to receive a grant from the US Department of Energy (DOE) for the development of its South Texas Direct Air Capture (DAC) Hub in Kleberg county, south of Corpus Christi, said the company.

The hub is expected to include the world’s first DAC plant designed to remove up to 1m tonnes/year of carbon dioxide (CO2). The funding by the DOE's Office of Clean Energy Demonstrations will support the development of the DAC hub, Occidental said on Friday without disclosing financial details.

“We believe this selection validates our readiness, technical maturity and the ability to use Oxy’s expertise in large projects and carbon management to move the technology forward so it can reach its full potential,” said Occidental's CEO, Vicki Hollub.

1PointFive, along with Canada's Carbon Engineering and international energy and chemicals engineer Worley, is working on the front-end engineering and design for the first DAC plant at the south Texas Hub.

The DAC plant’s design is being adapted from the “Stratos” project, which is 1PointFive’s first commercial-scale DAC plant under construction in the Permian Basin in west Texas.

1PointFive’s lease agreement for the South Texas DAC Hub covers about 106,000 acres of pore space, estimated to accommodate up to 3bn tonnes of CO2 in saline formations.

The company estimates that the hub has the potential to remove and store up to 30m tonnes/year of CO2 through DAC.

The property is located near industrial emitters on the Texas Gulf Coast, where CO2 also can be captured, transported and sequestered at the hub.

We remind, Occidental said its subsidiary 1PointFive will acquire all the outstanding equity of Canada's Carbon Engineering Ltd. The cash deal will total approximately USD1.1bn, to be made in three annual payments. Occidental has been working with Carbon Engineering on direct air capture (DAC) deployment since 2019.