Chevron plans USD16bn for 2024 capex

Chevron plans USD16bn for 2024 capex

MRC -- Chevron expects 2024 capital expenditures (capex) of $15.5bn-16.5bn for its subsidiaries and $3bn for its affiliates, the US-based energy major said on Wednesday.

Two-thirds of its planned $14bn upstream spending is allocated to the US, including $6.5bn to develop its US shale and tight portfolio. About 80% of its estimated $1.5bn downstream spending is allocated to the US. Both budgets include about $2bn in lower carbon capex.

For its affiliates capex, about a third is for its Chevron Phillips Chemical (CP Chem) joint venture, including the Golden Triangle Polymers Project in the US and Ras Laffan Petrochemical Project in Qatar.

Qatar Energy and CP Chem began construction on the $8.5bn Golden Triangle Polymers Project integrated cracker in March. The companies secured $4.4bn funding for the Qatar cracker and polymers complex in October. Start-up for both projects are expected in 2026.

Meanwhile, nearly half of Chevron’s affiliates capex will be for its Tengizchevroil’s integrated Future Growth Project – Wellhead Pressure Management Project (FGP-WPMP) project in Kazakhstan, with WPMP field conversion to start up in H1 2024.

With the acquisition of PDC Energy, Chevron announced an annual capex guidance of $14bn-16bn through 2027. Chevron's $53bn acquisition of US oil major Hess Corp is expected to close in H1 2024. Chevron produces crude oil and natural gas and manufactures transportation fuels, lubricants, petrochemicals and additives.

We remind, Chevron Lummus Global LLC announced the completion and successful startup of an ISOTERRA unit as part of Chevron's renewable fuel conversion project at their El Segundo Refinery in Southern California. The ISOTERRA unit leverages both the refinery's existing assets and Chevron Lummus Global's proprietary catalyst and reactor internals technology to achieve exceptional diesel yields.

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Cepsa and C2X set up joint project to develop the largest green methanol plant in Europe

Cepsa and C2X set up joint project to develop the largest green methanol plant in Europe

MRC -- Cepsa, which is owned by Mubadala and Carlyle, and C2X, an independent company majority owned by A.P. Moller Holding with A.P. Moller – Maersk as minority owner, announce a joint ambition to develop a green methanol plant in the port of Huelva, southern Spain, said the company.

Green methanol is made by using green hydrogen and non-fossil sources of carbon captured from the atmosphere or from agricultural and forestry waste and can replace fossil methanol, reducing carbon emissions in hard-to-abate industries such as long-distance shipping and other industries such as chemicals and plastics.

The project’s aim is to reach an estimated annual production capacity of 300,000 tons of green methanol, which Cepsa calculates would prevent the emission of up to 1 million tons of CO2. The plant would have the capacity to reach a maximum production of 380,000 tons. A final investment decision for this project, which would entail an investment of up to €1 billion, is expected to be made in 2025.

If approved, the project has the opportunity to create 2,500 direct and indirect jobs, further supporting the Andalusian Green Hydrogen Valley being developed by Cepsa and its partners with an ambition to reach a green hydrogen production capacity of 2GW by 2030. Some of the green hydrogen produced will supply the new green methanol facility.

We remind, Cepsa has begun to search for and develop projects for the construction and operation of biomethane production plants from agricultural and livestock waste to decarbonize its industrial activity, replacing the use of natural gas with this renewable gas.

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Nextchem awarded a process design contract by DG Fuels for a bio-waste to SAF facility in the U.S.

Nextchem awarded a process design contract by DG Fuels for a bio-waste to SAF facility in the U.S.

MRC -- MAIRE S.p.A. announces that NEXTCHEM, through its subsidiary MyRechemical, leading the Waste-to-Chemical segment, has been selected by DG Fuels Lousiana to provide the Process Design Package in relation to a SAF facility under development in St. James Parish, Louisiana (U.S.), said Hydrocarbonprocessing.

The plant, expected to be operational in 2028, will produce 350,000 tons per year of SAF derived from biomasses and waste resources. MyRechemical has been selected as technology licensor in relation to a gasification unit and a gas treatment unit able to process 1,000,000 tons per year of bagasse and sugar cane trash and pulp, representing the first step for SAF production.

The gasification technology and the know-how to transform synthetic gas into valuable products play a pivotal role within NEXTCHEM’s technology portfolio, making MAIRE a key player to enable the decarbonization of the world’s industries through the circular economy. Contributing to a sustainable mobility with the use of a wide range of clean fuel solutions, including the valorization of agricultural waste is, in fact, one of MAIRE’s main objectives as envisaged in its business plan.

DG Fuels (the parent of DG Fuels Louisiana) is a U.S. company engaged in renewable hydrogen and biogenic based, synthetic low emissions aviation fuel. The company has established several partnerships and offtake agreements with major global airlines and is currently developing its first SAF facility. The project meets the requirements set in the U.S. Department of Energy (DOE)’s Clean Fuels & Products Shot initiative aimed at decarbonizing the aviation sector through the industrialization of SAF. Additionally, SAF derived from biomass or waste resources is eligible under the Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) established by the International Civil Aviation Organization (ICAO) to reduce the carbon offsetting requirements of airlines.

Alessandro Bernini, MAIRE CEO, commented: “The award is a strong recognition of our efforts to implement and industrialize the waste-to-chemicals solutions developed by NEXTCHEM. The industry is rewarding our expertise and commitment to technologies that support the global decarbonization roadmap. Having been selected for this strategic project confirms that our technology is best positioned in a competitive market such as the US, where circularity is playing a key role in achieving carbon footprint reduction targets”.

We remind, MyRechemical, part of the Sustainable Technology Solutions business unit led by NEXTCHEM, and Dimeta B.V. have agreed to carry out a study to explore the feasibility for the development of plants to produce renewable and recycled carbon Dimethyl Ether (DME), a low-carbon sustainable liquid gas from waste, that can be used as a clean-burning fuel, based on MyRechemical’s Waste-to-Chemicals technologies and expertise.

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Cepsa extends extra discount of 10 cents per liter for loyalty customers until January

Cepsa extends extra discount of 10 cents per liter for loyalty customers until January

MRC -- Cepsa is extending its discounts of 10 cents per liter for private and professional customers until January 15 through its Cepsa GOW and Starressa programs, said the company.

The promotion, which has been enthusiastically received by users since it launched in late October, may be used for any type of fuel (gasoline, diesel, and LPG) and is available at the 1,500 establishments that comprise Cepsa's network of service stations in Spain. To participate, customers who are members of Cepsa's loyalty programs will only have to identify themselves with the Cepsa GOW app, their Starressa card, or by presenting their ID card.

Also, the users who sign up for Cepsa GOW and Starressa before January 15 will get a €10 welcome discount. Any customer who wishes to join the Cepsa loyalty program can do so easily and free of charge, through the web page, the Cepsa GOW app, or at the point of sale. For Cepsa GOW, you can even immediately use it once registered.

With this promotion, individual drivers will earn a higher balance in the Cepsa GOW loyalty program, which they can then redeem to buy gas, in-store purchases, or to wash their vehicles at Cepsa Service Stations. In addition, these discounts are compatible with Cepsa's savings programs with Wizink and Carrefour, by presenting the cards together. Meanwhile, professional customers will receive a direct welcome discount of €10 and 10 cents per liter on gas, in addition to the benefits offered by the Starressa program for carriers and fleets.

We remind, Cepsa, which is owned by Mubadala and Carlyle, and C2X, an independent company majority owned by A.P. Moller Holding with A.P. Moller – Maersk as minority owner, announce a joint ambition to develop a green methanol plant in the port of Huelva, southern Spain.

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Lummus and NET Power sign strategic supplier agreement for heat transfer equipment

Lummus and NET Power sign strategic supplier agreement for heat transfer equipment

MRC -- Lummus Technology announced it has signed a Strategic Supply Agreement with NET Power Inc. to design and supply recuperative heat exchangers for NET Power's near-zero emissions power generation process, said Hydrocarbonprocessing.

The HXR recovers energy from the turboexpander exhaust and air separation unit to reheat recirculated CO2, making it one of the most important equipment components in the NET Power Cycle.

"Lummus is proud to partner with NET Power, which has developed a way to efficiently and effectively produce electricity that is clean and economical," said Leon de Bruyn, President and Chief Executive Officer, Lummus Technology. "The NET Power Cycle system combines seamlessly with our advanced heat exchanger technology to minimize energy consumption and carbon emissions. We look forward to working with NET Power to deliver low carbon power and help them expand their offering to consumers around the world."

As the licensed NET Power HXR supplier, Lummus will provide HXR systems for NET Power's utility-scale power plants. Upon completing the Project Permian Front-End Engineering Design (FEED), NET Power intends to issue a purchase order to Lummus for its first utility-scale power plant in Texas. Under the terms of the Strategic Supply Agreement, Lummus intends to leverage its global supply chain network to increase global HXR manufacturing capacity, enabling NET Power deployments at scale to help countries and communities around the world rapidly achieve their energy and environmental goals.

"This Strategic Supply Agreement marks an important milestone in implementing NET Power's three-pillared strategy of proving our technology, building our backlog, and manufacturing for scale," said Brian Allen, President and COO of NET Power. "Lummus' expertise in licensed technology as well as designing equipment for proprietary processes makes them an ideal strategic supplier to enable NET Power to deliver the energy trifecta."

Lummus has provided process industries worldwide with licensed technologies for more than 100 years. During that time, Lummus has designed and supplied more than 25,000 heat exchangers, including high pressure applications. The NET Power Cycle HXR leverages Lummus' decades of experience in heat transfer equipment design and delivery for proprietary systems.

NET Power's transformational technology produces power while inherently capturing nearly all emissions with its patented oxy-fuel combustion and supercritical CO2 cycle. NET Power seeks to deploy utility-scale plants that produce clean, on-demand power at low cost and address critical issues of air quality and land use, virtually eliminating air emissions including nitrogen oxides (NOx), sulfur oxides (SOx), and carbon dioxide (CO2).

We remind, Lummus Technology and Toshiba Energy Systems & Solutions Corporation announced a master collaboration agreement to jointly pursue carbon capture projects. Lummus will provide its post-combustion carbon capture technology and Toshiba will provide its advanced amine-based solvents specifically tailored for post-combustion carbon capture and its system design guidelines optimized for Toshiba's solvents.

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