Russian wholesale gasoline prices stable, diesel up

Russian wholesale gasoline prices stable, diesel up

MRC -- Russian wholesale gasoline prices were steady, while diesel prices edged up amid government efforts to ensure stability on the domestic fuel market, said Hydrocarbonprocessing.

Gasoline Ai-92 grade prices were down 0.04% on the day at 50,629 roubles ($544.87) per metric ton, data from the St Petersburg International Mercantile Exchange (SPIMEX) showed.

Diesel prices rose by 0.15% on the day to 56,377 roubles per metric ton, exchange data showed. For the week, gasoline prices declined by 2.45%, while diesel decreased by 2.18%.

Russia introduced a ban on fuel exports on Sept. 21 to tackle high prices and shortages. The government eased restrictions on Oct. 6, allowing the export of diesel by pipeline, but kept measures on gasoline exports in place.

We remind, Russia has sent record volumes of sea-borne fuel oil and vacuum gasoil to India in September, replacing some crude oil volumes, traders said and LSEG data showed. The move will cement India's position as the top buyer of Russian crude and products at the expense of shipments by previously dominant OPEC producers, allowing Moscow to collect stable and rising revenue despite Western sanctions.

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BASF launches renewable sourced acrylic binders for architectural coatings

BASF launches renewable sourced acrylic binders for architectural coatings

MRC -- BASF launches the Acronal MB portfolio of acrylic binders for architectural coatings in North America, said the company.

These binders offer the same quality and performance as the existing Acronal products, with the added benefit of a reduced CO2 footprint for a more sustainable can of paint. BASF's biomass balance approach, certified by REDcert2, allows the use of sustainably sourced bio-feedstocks to replace the fossil-based raw materials required in the manufacturing of Acronal products.

Since the renewable raw materials are substituted early in the value chain, the resulting Acronal MB binder is chemically equivalent to its fossil based Acronal product and no reformulation is required.

In the architectural coatings industry, the majority of greenhouse gas emissions come from indirect sources in the value chain, including purchased raw materials. By incorporating Acronal MB acrylic binders into architectural formulations, BASF enables its customers to significantly reduce the product carbon footprint in their can of paint.

We remind, BASF is continuing its commitment to affordable solutions for growers by once again offering low-interest financing of BASF products. BASF’s 2024 Grower Finance Program will offer growers 1.99% APR on all participating BASF products through March 15, 2024, significantly less than current U.S. interest rates. Financing for BASF cotton seed will remain at 0% APR.

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Russia's September fuel oil and VGO exports to India hit record high

Russia's September fuel oil and VGO exports to India hit record high

MRC -- Russia has sent record volumes of sea-borne fuel oil and vacuum gasoil to India in September, replacing some crude oil volumes, traders said and LSEG data showed, said Hydrocarbonprocessing.

The move will cement India's position as the top buyer of Russian crude and products at the expense of shipments by previously dominant OPEC producers, allowing Moscow to collect stable and rising revenue despite Western sanctions. India has also become a major exports of fuels to Europe on the back of refining cheaper Russian barrels.

The European Union's full embargo on Russian oil products came into effect on Feb. 5 and the bulk of Russia's fuel oil and VGO was redirected to other regions, mostly Asia. In September, fuel oil and VGO shipments from Russian ports to India totaled 1.4 million metric tons after 0.7 million tons in August, according to LSEG data and Reuters calculations. Most of those cargoes will arrive at Indian ports in October.

In total, Russian fuel oil and VGO exports to India have exceeded 5.5 million tons between January and September, 2023 versus 2.5 million tons in the first nine months of 2022. India buys straight-run fuel oil and VGO for refining, partially replacing more expensive Urals barrels, market sources added.

United Arab Emirates, China, Singapore and Malaysia are also among the big importers of Russian fuel oil and VGO, accounting in total about 1.3 million metric tons in September, according to LSEG data and Reuters calculations.

Croatia, which is allowed to buy Russian VGO under EU embargo terms, increased vacuum gasoil imports last month twice to August to 66,000 metric tons and purchased another 66,000 tons in October, shipping data showed.

Russia also exports in September about 160,000 tons of fuel oil to Senegal, which buys it for power generation, according to data from LSEG and market sources. No cargoes with fuel oil or VGO from Russian port were seen heading to Saudi Arabia last month after record volumes in June and July.

We remind, Russian wholesale gasoline prices were steady, while diesel prices edged up amid government efforts to ensure stability on the domestic fuel market. Gasoline Ai-92 grade prices were down 0.04% on the day at 50,629 roubles ($544.87) per metric ton, data from the St Petersburg International Mercantile Exchange (SPIMEX) showed. Diesel prices rose by 0.15% on the day to 56,377 roubles per metric ton, exchange data showed. For the week, gasoline prices declined by 2.45%, while diesel decreased by 2.18%.

mrchub.com

TechnipFMC reported Q3 2023 results

TechnipFMC reported Q3 2023 results

MRC -- TechnipFMC reported third quarter 2023 results, said the company.

Total Company revenue in the third quarter was $2,056.9 million. Income from continuing operations attributable to TechnipFMC was $90 million. These results included after-tax charges and credits totaling $3.7 million of expense, or $0.01 per share.

Adjusted income from continuing operations was $93.7 million, or $0.21 per diluted share.

Adjusted EBITDA, which excludes pre-tax charges and credits, was $237.5 million; adjusted EBITDA margin was 11.5 percent.

Included in total Company results was a foreign exchange loss of $46.4 million, or $39.1 million after-tax. When excluding the after-tax impact of foreign exchange of $39.1 million, income from continuing operations was $129.1 million. Adjusted EBITDA, excluding foreign exchange, was $283.9 million.

We remind, TechnipFMC has been awarded a significant(1) contract to supply flexible pipes to Petrobras for the pre-salt fields offshore Brazil. The Company will design, engineer, and manufacture 14 kilometers of gas injection riser pipes. TechnipFMC will also supply associated services including packing and storage.

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LyondellBasell receives supply chain excellence award from SC Johnson

LyondellBasell receives supply chain excellence award from SC Johnson

MRC -- LyondellBasell is pleased to announce it received the Supply Chain Excellence Award from SC Johnson in recognition of its strong supply chain support during weather disruptions and the pandemic, said the company.

Winners were announced at an awards ceremony during SC Johnson’s Together We Win event in Milwaukee on September 19, 2023.

“We are honored to be the recipient of the Supply Chain Excellence Award, and we value our longstanding relationship with SC Johnson,” said Palmer Giddings, vice president, Polyolefins Americas at LyondellBasell. “Our customer-focused global supply chain organization provided exceptional performance to support SC Johnson with solutions during unprecedented times ensuring their products were able to reach consumers.”

Out of thousands of suppliers in SC Johnson’s network, LyondellBasell was among the seven recipients that were recognized at the award presentation event.

We remind, LyondellBasell acquired its 50% share from De Paauw Sustainable Resources (DPSR) CEO Roy de Paauw and ING Corporate Investments, said the company. DPSR is a plastics waste recycling company based out of the Netherlands. The Dutch plastic recycling firm engages in the procurement, processing, and trade of post-consumer and post-industrial plastic packaging waste.

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