European Parliament supports RED III, bolstering EU's renewable energy goals

MOSCOW (MRC) -- The European Parliament has overwhelmingly approved RED III, an updated Renewable Energy Directive, with 470 votes in favor and 120 against, said Hydrocarbonprocessing.

RED III aims to increase the share of renewable energy in the EU's final energy consumption to 42.5% by 2030 (with a 45% target for member states) and streamline approval processes for renewable energy projects.

Notably, biomass from wood remains classified as renewable, and a 'Positive silence' principle will expedite approvals when no administrative feedback is given. Additionally, FEDIOL, representing the EU's vegetable oil and protein industry, supports RED III's ambitions, emphasizing the role of crop-based biofuels in reducing GHG intensity in the transport sector and contributing to the EU's emissions reduction goal of at least 55% by 2030 while supporting farmers' incomes.

We remind, China's oil refinery throughput in August rose to a record, data showed on Friday, as processors in the world's second-largest crude consumer kept run rates high to meet summer travel demand and capitalize on strengthening export margins. Total refinery throughput was a record 64.69 million metric tons last month, data from the National Bureau of Statistics (NBS) showed, up 19.6% from a year ago, the fastest annual growth since March 2021.

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MOSCOW (MRC) -- Saudi Kayan Petrochemical Company (Saudi Kayan) announced on Thursday that a limited fire occurred on Wednesday, September 13, 2023, in one of the operating units of the Bisphenol Plant, which is considered a raw material for the Polycarbonate Plant, said Maal.

It was brought under control immediately without any impact on the other operational units of the company, and there were no human injuries.

Saudi Kayan is currently determining the root causes, evaluating the effects resulting from this fire, and determining the financial impact as well, knowing that all of the company’s plants and facilities are subject to comprehensive insurance coverage in accordance with its regulated terms and conditions.

Saudi Kayan confirmed that it is currently working to determine the causes, evaluate the resulting effects, and determine the financial impact.

The statement affirmed that all of the company’s factories and facilities are subject to comprehensive insurance coverage, in accordance with the regulatory terms and conditions.

Any fundamental developments in this regard will be announced later, it noted.

We remind, Sabic and Sinopec announced the commercial operation of a new polycarbonate (PC) plant at their 50-50 joint venture (JV) - Sinopec Sabic Tianjin Petrochemical Co Ltd (SSTPC). Established in 2009, SSTPC is a mega-size petrochemical complex that already consists of nine world-scale production plants producing chemicals, polyethylene, and polypropylene. With an annual designed capacity of 260 KT, the new PC plant is a vital component of Sabic's PC growth strategy in China, allowing for further collaborations with global and local customers.

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MOSCOW (MRC) -- PPG (Pittsburgh, Pa.) announced that it has completed an expansion of its powder coatings plant in Sumare, Brazil, said the company

The USD2.7 million (13 million Brazilian reals) project increased the production capacity of the facility by 40%. The unit is expected to reach full capacity this month.

The plant has been equipped with new, state-of-the-art, highly automated equipment, allowing for better process control and quality and less setup time for color matching and production. Additional investments in automation are planned at the site, including the integration of connectivity devices and process synchronization technology.

This investment aims to meet the growing demand for powder coatings from local manufacturers of appliances, agricultural machinery, transportation, and other industries for products such as steel furniture, storage structures, gym equipment and electrical panels and transformers.

The expansion is part of PPG’s latest global investment to upgrade five powder coatings manufacturing facilities in the U.S. and Latin America, announced earlier this year to meet growing customer demand for sustainably advantaged products.

“Powder coatings are one of the fastest-growing coating technologies in the world, and PPG is committed to meeting the growing global demand by investing in R&D, facility expansions, and acquisitions to develop our production capacity and expand our global presence,” said Marizeth Carvalho, PPG general manager, Latin America South and global business director, Powder Coatings. “A key factor driving the rapid adoption of powder coatings is the growing interest in more sustainable solutions,” Carvalho said.

Powder coatings do not contain volatile organic compounds (VOCs) and are fully recoverable. This means that the powder that is not deposited on a substrate during application can be reused in the painting system, reducing waste and contributing to the achievement of sustainability goals for PPG and its customers.

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.

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MOSCOW (MRC) - India's Reliance Industries said on Thursday that it plans to temporarily shut three units at its plant in Jamnagar in the western Indian state of Gujarat for planned maintenance and inspection activities, said Reuters.

The oil-to-telecom conglomerate owned by billionaire Mukesh Ambani is the operator of the world's biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day.

Reliance will temporarily shut a crude distillation unit and delayed coking in SEZ refinery, fluidized catalytic cracker in DTA refinery and a refinery off gas cracker, the company said in a statement to the stock exchanges. The maintenance of these units lasting between four-to-seven-weeks will begin from mid-September.

The company added that all other units of the Jamnagar facility will operate normally during the maintenance period.
Reuters had reported in August that the company planned to shut some units for maintenance in September-October at the Jamnagar complex citing sources.

While Reliance said that it does not expect any material impact on overall operations of Jamnagar complex, trade sources told Reuters last month that the shutdown of units would curtail the company's crude imports and may push up gasoline margins.

We remind, Reliance Industries Ltd has turned its sights on the domestic market, offering a high-performance diesel at a lower price than fuel sold by state-owned retailers. Jio-bp, the retail fuel joint venture of Reliance and bp will sell diesel mixed with detergents and dispersants at 1 rupee cheaper per liter than gasoil sold by the state-run companies, such as, Hindustan Petroleum Corp and Bharat Petroleum.

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MOSCOW (MRC) -- Construction chemicals maker Sika said Chairman Paul Haelg will step down in 2024 after 12 years at the Swiss firm, adding that it is also making changes to its management, said Reuters.

The company said it will propose current board member Thierry Vanlancker as its new chairman at its AGM next year.

During Haelg’s time at Sika, the company grew enormously and also fended off Saint-Gobain in a bitter takeover battle involving the family of Sika’s founder.

Sika, whose products are used to reinforce and waterproof concrete used in building projects, additionally announced changes to its executive management team ahead of its investor day on Oct. 3, where the company will reveal its new strategy.

We remind, Sika has agreed to acquire a leading manufacturer of tile setting materials operating under the umbrella brand Chema in Peru. The acquisition strengthens Sika’s position in the fast-growing mortar market and provides major cross-selling opportunities through increased presence in the distribution channel. In addition, it significantly extends Sika’s manufacturing footprint. In 2022, the business to be acquired generated sales of CHF 50 million.

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