Russia remains China's top oil supplier in August, sales up 26%

Russia remains China's top oil supplier in August, sales up 26%

MOSCOW (MRC) -- Russia maintained its spot as China's top crude oil supplier in August, Chinese government data showed on Wednesday, even as discounts on Russian crude continued to narrow and Moscow cut exports, as per Reuters.

China's imports from Russia -- including supplies via pipelines and seaborne shipments -- jumped 26% from August last year to 10.54 million metric tons, or 2.48 million barrels per day (bpd), the second highest on the record, according to data from the General Administration of Customs.

Russian arrivals over the first eight months of the year were up a quarter from a year earlier to 71.21 million tons. Shipments from Saudi Arabia totaled 8.01 million tons, or 1.89 million bpd, down 5.5% from a year earlier, but rising from 5.65 million tons in July.

Saudi exports to Asian refiners continue to be depressed by higher official selling prices, with the price for Asian refiners of the kingdom's signature Arab Light grade having risen by 20 cents to $3.20 a barrel over Oman/Dubai in August.

Saudi Arabia's ongoing unilateral cuts saw output reduced by 1 million bpd through August, and Riyadh has announced it will extend the cuts until the end of the year. Meanwhile, Moscow pledged that it would reduce crude exports by 500,000 bpd in August, and later announced it would extend cuts of 300,000 bpd until the end of the year.

Tightening supply and strong demand from Indian and Chinese independent refiners has seen the discount on sanctioned Russian crude narrow sharply. August-delivery ESPO shipments were priced at around a $4 per barrel discount to the ICE Brent benchmark, versus $6 for July delivery cargoes and $8.50 for shipments delivered in March, according to trading sources.

Chinese refiners use intermediary traders to handle shipping and insurance of Russian crude to avoid violating Western sanctions. Imports from Malaysia, used as a trans-shipment point for cargoes from Iran and Venezuela, soared 70% from a year earlier to 5.73 million tons, or 1.35 million bpd in August, the third largest supplier after Russia and Saudi Arabia.

China's imports of U.S. crude reached nearly 400,000 tons, up from zero a year earlier and taking the year-to-date volume to 9.85 million tons, more than doubling the year-ago amount.

We remind, Russia's United Oil- and Gas-Chemical Co. and China's Xuan Yuan Industrial Development have agreed to jointly invest USD686 MM in construction of a transshipment oil complex in Russia's far east. The complex will facilitate Russia's oil exports to China as Moscow expands its infrastructure to diversify exports of commodities eastward and away from Europe, which it now deems politically "unfriendly".

India's ONGC willing to wait to regain oil from Russian project

India's ONGC willing to wait to regain oil from Russian project

MOSCOW (MRC) -- India's state-run Oil and Natural Gas Corp wants to eventually receive a share of crude from a Russian project it partly owns but is willing to wait because Russian oil is hard to ship right now, the head of ONGC's overseas investment arm, said Reuters.

Russian President Vladimir Putin last year removed an Exxon Mobil subsidiary as operator of the Sakhalin-1 oil and gas project in Russia's Far East and transferred it to a new operator. ONGC Videsh has since regained its 20% stake in the project and is in talks with Russian government officials and company shareholders to resume taking oil under a production-sharing arrangement, said Rajarshi Gupta, CEO of ONGC Videsh.

"If we can be in a position to lift our oil and market our oil, that would be better," Gupta said in an interview at the World Petroleum Congress in Calgary, Canada. "As of now, there are so many restrictions on that oil, so if someone else is dealing with that, I'm OK with it for the time being."

Western governments have slapped sanctions on Russian oil over the war in Ukraine, which Russia calls a special military operation. It is difficult to secure insurance and shipping to transport Russian oil, Gupta said, and such shipments must abide by an international price cap. The cap allows third countries to buy Russian fuel using Western ship insurance if there is proof the purchase does not exceed price limits of $60 per barrel for crude.

The talks with Russia and other project shareholders may take six months to conclude, Gupta said. Sakhalin-1 produces about 200,000 barrels of oil per day. Other shareholders include Japan's Sodeco and Russia's Rosneft.

ONGC, India's top explorer, has investments in three Russian projects in total but the company is not actively looking to invest further in Russia for now, he said. "There are not enough sellers, not enough buyers," Gupta said. "People are waiting for things to evolve (with the Russia-Ukraine war)."

ONGC accounts for about two-thirds of India's oil production and about 58% of its gas output. The country relies on imports for most of its oil and gas.

India's crude oil imports fell for a third month in a row in August, government data showed on Tuesday, as refiners in the world's third biggest importer carried out maintenance and reduced shipments from Russia.

We remind, Russia's Sakhalin Energy, which produces liquefied natural gas and oil, has fully resumed production following maintenance. The company has said it planned maintenance in July without providing a timeframe. Sakhalin Energy's Sakhalin-2 operating company was transformed into a Russian entity via a presidential decree amid Western sanctions against Moscow over its actions in Ukraine.

Henkel joins with MedTech Europe to drive innovation in the medical technology industry

Henkel joins with MedTech Europe to drive innovation in the medical technology industry

MOSCOW (MRC) -- Henkel, a leading global provider of adhesives, sealants and functional coatings, today announced its membership with MedTech Europe, the industry association representing the medical technology sector in Europe, said the company.

This collaboration aims to foster innovation and promote sustainable development in the value chains supporting the medical technology industry.

Henkel has a long history of supporting the medical technology industry with its advanced adhesive and surface solutions. Through this, Henkel and MedTech Europe will collaborate on various initiatives such as supporting research and development projects, driving thought leadership and engaging in industry forums. The goal is to accelerate the adoption of innovative solutions, address industry challenges, and contribute to advancing the medical technology sector.

The partnership with MedTech Europe is part of the company's broader strategy to strengthen its collaborations within the healthcare industry and ecosystem. By collaborating with industry associations, healthcare organizations, and technology providers, Henkel aims to drive innovation and create value for patients, healthcare professionals, and its partners throughout value chains.

“Joining forces with MedTech Europe is an exciting step for us. Together, we will be able to leverage our combined expertise to develop innovative solutions that address the ever-evolving needs of the medical technology industry,” said Dr. Philipp Loosen, Vice President and Head of Industrials EIMEA and Global Key Accounts Medical at Henkel Adhesive Technologies. “MedTech Europe represents the medical technology industry in Europe, covering a wide range of products, including medical devices, diagnostics, imaging equipment, and more.”

Chemical regulatory compliance is important to Henkel, and MedTech Europe provides multiple platforms to collaborate, contribute, and advocate the same through their working groups that deep dive into the aspects of sustainability, chemicals, and medical device regulations. “This is another milestone on our journey to becoming the key player in chemical regulatory compliance for our medical customers that contributes to sustainability and the environment,” said Senthil Pichandi, Vice President Global Product Safety and Regulatory Affairs (PSRA), Henkel Adhesive Technologies.

We remind, Henkel Adhesive Technologies is helping to meet these intersecting challenges through innovative solutions tailored specifically for demanding automotive applications. Henkel is launching its next-generation range of thermal gap fillers with the offering of Bergquist gap filler TGF 4400LVO.

TotalEnergies On: A Third Selection of Start-Ups Working to Advance The Energy Transition

TotalEnergies On: A Third Selection of Start-Ups Working to Advance The Energy Transition

MOSCOW (MRC) -- Ten new companies joined the TotalEnergies On program, the accelerator for start-ups developing products and/or services in the fields of electricity and renewable energies, said the company.

An overview of the solutions offered by ten start-ups harnessing innovation to advance the energy transition.

What do BeePlanet Factory (manufacture of second-life batteries from electric vehicle batteries) and Time2Plug (electric vehicle recharging solutions) have in common? Both are now well established companies in the electricity sector, and both benefited from the TotalEnergies On program. The program is a start-up accelerator launched by TotalEnergies in June 2022 to support the development of new businesses in the electricity and renewable energies sector.

The ten start-ups selected for this third promotion of the program are companies offering solutions and developing cutting-edge technologies for the entire electricity value chain: renewable electricity production, energy storage, decentralized energy management, trading, sales to end consumers, and electric mobility. Many of the solutions are digital and some are based on artificial intelligence.

We remind, TotalEnergies ENEOS and PTT Global Chemical (GC) celebrated the official launching of a total capacity of 6.7 megawatt-peak (MWp) solar photovoltaic (PV) system for GC's 5 production facilities in Thailand. GC is Thailand's largest integrated petrochemical and refining business and a leading corporation in the Asia-Pacific region, with a target to reduce greenhouse gas emissions for 20 percent by 2030 on its journey towards achieving Net Zero emissions by 2050.

LanzaJet strengthens collaboration with Technip Energies to accelerate the global deployment of SAF

LanzaJet strengthens collaboration with Technip Energies to accelerate the global deployment of SAF

MOSCOW (MRC) -- LanzaJet, a leading sustainable fuels technology company and sustainable fuels producer, and Technip Energies today announced an agreement to strengthen their exclusive collaboration to support the global deployment of the LanzaJet Alcohol-to-Jet (ATJ) Process technology, said Hyrocarbonprocessing.

LanzaJet will continue to integrate the Technip Energies’ Hummingbird® Technology for converting ethanol to ethylene into the overall LanzaJet ATJ Process to produce sustainable aviation fuel (SAF). Importantly, this expanded alliance leverages the combined strengths of the companies to support customers through the engineering, development, and construction of projects resulting in a global capability to deploy this industry-leading SAF technology solution at pace.

Jimmy Samartzis, Chief Executive Officer of LanzaJet, said: “We’re preparing to deploy our LanzaJet ATJ Process worldwide, and this expanded alliance with Technip Energies enables us to do that with a global industry leader and the strongest combination of technologies that will allow aviation to decarbonize in the near- and long-term, and to tackle the climate problem head-on. LanzaJet’s – and the world’s – first alcohol-to-jet biorefinery is scheduled to be completed this year, which already incorporates Technip Energies’ Hummingbird® technology. This alliance allows us to accelerate engineering and project development efforts globally to meet the decarbonization challenge facing our global society today.”

The two companies have collaborated for years, most recently at LanzaJet Freedom Pines Fuels, which is scheduled for mechanical completion later this year. The SAF produced at LanzaJet Freedom Pines Fuels will significantly increase the amount of SAF produced in the United States – with 10 million gallons of sustainable fuels being produced annually in Soperton, GA. As a result of this expanded relationship, LanzaJet and Technip Energies will work together on announced LanzaJet projects in the United States, the United Kingdom, Europe, India, Australia, and New Zealand.

We remind, ExxonMobil announced the startup of two new chemical production units at its Baytown, Texas, manufacturing facility. The $2-B expansion is part of ExxonMobil’s long-term growth plans to deliver higher-value products from its U.S. Gulf Coast refining and chemical facilities.