SIBUR to register climate project with Global Carbon Council

MRC -- SIBUR, a Russian petrochemical company, will issue carbon credits following the registration of a solar power projects at one of its facilities, said the company.

The project will be registered with the Global Carbon Council (GCC), an international carbon offsetting programme.

During COP28, the Qatar-registered GCC announced the launch of its own carbon credit registry, which, among other things, will enable Russian businesses to register projects and issue carbon credits, something they are currently prevented from doing by IHS Markit, an international carbon credit market operator.

SIBUR has applied to the GCC to register a solar power project at its POLIEF facility. Once the project is registered, SIBUR will become the first Russian company to issue carbon credits under an international programme since Russia established its own system for emissions trading. SIBUR plans to issue around 18,000 carbon credits.

The solar power plant, which has a capacity of 4.9 MW (10,080 solar panels) and takes up an area of more than 8 hectares, supplies power for the production of Vivilen PET pellets using recycled plastics.

Elena Myakotnikova, Head of SIBUR’s Climate Initiatives and Carbon Regulation, said: “We have been upgrading our production facilities and reducing our environmental footprint thanks to consistent investment over a period of many years. The registration of our carbon credits with the Global Carbon Council will be a milestone in terms of recognition of our climate-related projects, laying the foundation for our carbon credits to be traded on the international market.”

We remind, Expert RA ranked SIBUR Holding at ESG-II(b), which means a very high degree of respect for sustainability interests when making key decisions, with a stable outlook. The analysts derived the rating from non-financial reporting disclosed by SIBUR on an annual basis and took into account its environmental and social performance along with corporate governance aspects.

mrchub.com

Global monoethylene glycol (MEG) producer EQUATE has nominated its December 2023 MEG India Contract Price (ICP) at $477/tonne CFR (cost & freight) India Main Ports, a company source said.

The December nomination was $9/tonne higher than November number.

We remind, EQUATE has nominated its October 2023 MEG India Contract Price (ICP) at $503/tonne CFR (cost & freight) India Main Ports, said the company. The October nomination was $29/tonne higher than the September number.
mrchub.com

Law enforcement agencies in northern China have shut down large-scale manufacturing of counterfeit Viton™ FreeFlow™ fluoroelastomer, a product falsely bearing Chemours' trademarks, at a local chemical plant, said the company.

During an investigation at the facility, authorities discovered a substantial quantity of the fake fluoroelastomer, including 4.7 tons of finished products and 9 tons of raw materials (expected to produce approximately 20 tons of finished products), as well as packaging materials and related business documents. The value of the counterfeit products was reported to be in the millions of dollars.

The plant and its affiliated entities reportedly purchased genuine Viton™ FreeFlow™ fluoroelastomer from Chemours local subsidiaries to help mask their counterfeiting operations.

Local police, in collaboration with Chemours’ local counsel and a subsidiary, have so far apprehended two individuals who now face charges related to the illegal production and distribution of counterfeit goods. The suspects' identities are being withheld pending further investigation.

“This operation represents a significant stride in our ongoing battle against counterfeit production and the illicit trade of fake goods,” said Eric von Brockdorff, Global Product & Business Director for Chemours. “Counterfeit goods, especially in the chemical sector, pose substantial risks to safety, product quality, and the reputation of authentic products.”

“The success of this interdiction also underscores the importance of our collaborative efforts with law enforcement agencies in combating counterfeit production,” von Brockdorff added. “It’s yet another way we put the interests of our customers and business partners first.”

We remind, Chemours, a global chemistry company with leading market positions in Titanium Technologies, Thermal & Specialized Solutions, and Advanced Performance Materials, today announces that it, along with DuPont de Nemours, Inc. and Corteva, Inc., have reached settlement agreement with the State of Ohio for $110 million to resolve claims associated with the manufacture and sale of per- and polyfluoroalkyl substances (PFAS).

mrchub.com

A fire at a crude oil distillation unit at a refinery in the central Iranian city of Isfahan injured four people, the official IRNA news agency reported, as per Reuters.

Two of the injured were firefighters, a senior official at Isfahan governorate said, adding that the fire had been extinguished, the semi-official Fars news agency reported.

The official said pipes at the entrance of unit 3 of the refinery caught fire. He did not say what caused the pipes to catch fire.

The semi-official ISNA news site said the unit that caught fire had been under repair.

We remind, the death toll from a blast at an oil terminal in Guinea's capital Conakry on Monday has risen to 13, a senior police source said, as the government warned the incident could have repercussions for the wider population. The explosion at the West African nation's main oil terminal rocked the Kaloum administrative district in downtown Conakry early in the morning, blowing out the windows of nearby homes and forcing hundreds to flee, according to a Reuters witness.

mrchub.com

MEGlobal has nominated its January 2024 monoethylene glycol (MEG) Asian Contract Price (ACP) at $840/tonne, stable from its December ACP, a company source said.

The price is on a CFR (cost & freight) Asia basis.

We remind, MEGlobal has nominated its December 2023 monoethylene glycol (MEG) Asian Contract Price (ACP) at $840/tonne, $10/tonne higher from its November ACP, a company source said. The price is on a CFR (cost & freight) Asia basis.

mrchub.com