Slovakia wins EU OK on Russian oil-based products sales to Czech Republic

The European Union has granted Slovakia a one-year extension on exporting fuels produced from Russian oil to the Czech Republic, said Reuters.

The country's only refiner, Slovnaft, which is owned by Hungary's MOL, is looking to cut its use of Russian oil but has said it needs more time to do so.

While the EU has imposed sanctions on Russian crude, some countries have exemptions. An exemption allowing the Czech Republic to import Russian-origin crude products expired on Dec. 5.

However, an extension until Dec. 5, 2024 was part of amendments approved as part of a 12th package of EU sanctions against Russia on Monday.

Slovakia had sought the extension. Without it, Slovnaft would lose the ability to export to its neighbour and be left producing only for the domestic market.

We remind, disruption to energy flows in the Red Sea is unlikely to have large effects on crude oil and LNG prices as vessel redirection opportunities imply that production should not be directly affected, Goldman Sachs said. Oil prices advanced on Tuesday, extending gains from the previous session, as attacks by Yemen's Iran-aligned Houthi militants on ships in the Red Sea disrupted maritime trade and forced companies to reroute vessels.

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Dow launched two caustic soda products - Caustic DEC and TRACELIGHT™ DEC, part of Dow’s Decarbia™ portfolio of reduced-carbon solutions, with up to 90% lower carbon dioxide, said the company.

Powered by renewable energy, this electrolysis production process helps lower our customers` Scope 3 emissions, thereby supporting their sustainability goals while maintaining the same product quality. The electrolysis process is also certified by the International Sustainability and Carbon Certification (ISCC) PLUS auditing program using a mass balance approach.

Within Europe, Dow’s caustic soda production plants in Stade and Schkopau in Germany achieved the ISCC PLUS third-party qualification this year. Customers can now benefit from high-quality caustic soda solutions for a variety of industrial and food applications with externally verified sustainability benefits.

“On our accelerated journey towards carbon neutrality, we continue to implement technologies that enable low-carbon solutions. As one of the largest caustic soda producers in Europe, decarbonizing our product portfolio is a major step towards a more sustainable future, as caustic soda is used in a broad range of end applications,” said Andrew Jones, global business director, Dow Chlor-Alkali & Vinyl (CAV) & Propylene Oxide/Propylene Glycol (POPG). “With our latest range of renewable power enabled solutions, our customers will continue to benefit from the same high-quality products with a reduced carbon footprint.”

We remind, Dow announced that it has been named to the Dow Jones Sustainability World Index (DJSI) by S&P Dow Jones Indices, the world's leading index provider focused on providing essential sustainability intelligence. This is the 23rd year Dow has achieved this prestigious ranking as one of the top companies in the global chemical industry in terms of sustainability performance.

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Indorama Ventures Public Company Limited, a global sustainable chemical company, has been selected for inclusion in the Dow Jones Sustainability World Index (DJSI World) for the fifth consecutive year and the Dow Jones Sustainability Emerging Markets Index (DJSI Emerging Markets) for the seventh year in a row, said the company.

The continued inclusion reflects the company's commitment to sustainability and robust ESG practices. Indorama Ventures ranked in the 92 nd percentile amongst 11 chemical companies eligible for listing out of 89
chemical companies invited, with a Corporate Sustainability Assessment (CSA) Score of 73 out of 100.

The score reflects the company’s best-in-class performance in innovation management, covering product
innovation, process innovation, and open innovation, which involves collaborative research and development
with external organizations such as customers, suppliers, brand owners, and academic institutions. It also
recognizes the company’s achievements in decarbonization, climate change resiliency and adaptation, plastic
waste management and recycling, corporate social responsibility, and contribution to the Sustainable
Development Goals (SDGs).

Yash Lohia, Chairman of the ESG Council at Indorama Ventures, stated, "We are honored to be included
in the Dow Jones Sustainability Indices for another year, reaffirming our leadership, excellence, and
pioneering approaches to sustainability and innovation. Our dedication to addressing global challenges and
contributing to a more circular future remains unwavering. This milestone underlines our purpose of
reimagining chemistry together to create a better world.”

We remind, Indorama Ventures Public Company Limited, a global sustainable chemical company, today announces that it has recycled 100 billion post-consumer PET bottles since February 2011. This has diverted 2.1 million tons of waste from the environment and saved 2.9 million tons of carbon footprint from the product lifecycles. Demonstrating its commitment to support the establishment of a circular economy for PET, in the last ten years Indorama Ventures has spent more than $1 billion towards waste collection of used PET bottles.

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Abu Dhabi National Oil Company P.J.S.C. and OCI Global, announced that they have entered into a sale and purchase agreement for the acquisition by ADNOC of OCI’s entire majority shareholding in Fertiglobe plc, said Hydrocarbonprocessing.

Fertiglobe is listed on the Abu Dhabi Securities Exchange and is the world’s largest seaborne exporter of urea and ammonia combined, the largest nitrogen fertilizer producer in the Middle East & North Africa, and an early mover in sustainable ammonia, with production facilities in Egypt, Algeria and the UAE.

The transaction, which will see ADNOC become majority shareholder in Fertiglobe, supports the Company’s ambitious chemicals strategy and its plans to establish a global growth platform for ammonia, a key lower carbon fuel and hydrogen carrier that is expected to play an important role in the energy transition.

For Fertiglobe, this transaction supports the company’s future growth plans, enabling it to accelerate the pursuit of new market and product opportunities, and expand its focus on clean ammonia as an emerging fuel and hydrogen carrier.

Under the terms of the Agreement, ADNOC will purchase OCI’s 50% + 1 share stake in Fertiglobe at a price of AED 3.20 per share, representing a total purchase price of AED 13.28 billion ($3.62 billion). The SPA also incorporates an earn-out mechanism for FY2024 and FY2025, linked to commodity pricing and the free cash flow performance of the Fertiglobe business during the relevant period. Following the completion of the transaction, ADNOC’s shareholding in Fertiglobe will increase to 86.2% while the free float traded on ADX will remain at 13.8%.

Khaled Salmeen, Executive Director, Downstream, Marketing & Trading Directorate at ADNOC, said: “Working in close partnership with OCI since 2018, we have successfully listed and grown Fertiglobe into the world’s largest seaborne exporter of ammonia and urea fertilizers. Today’s agreement reinforces ADNOC’s long-term commitment to Fertiglobe and our continued focus on delivering growth and maximizing value for the company’s shareholders. This important transaction supports ADNOC’s ambitious chemicals growth strategy and accelerates our plan to establish a global growth platform for ammonia and clean ammonia.”

Building on ADNOC and OCI’s strong and long-standing strategic partnership, the two companies have also signed a Memorandum of Understanding (“MoU”) to explore potential cooperation on future growth opportunities for ammonia imports into Europe and product distribution. Both partners have deep knowledge and understanding of the role that ammonia has to play in global decarbonization and energy transition, and the MoU provides a robust framework to leverage each Company’s strengths in pursuing opportunities in the energy transition and decarbonization areas.

We remind, Abu Dhabi National Oil Co is closing in on a deal with Austria's OMV to combine two entities in which the companies own stakes to create a chemicals giant, two people with knowledge of the talks said to Reuters. In July OMV said it had entered into talks to merge petrochemicals group Borealis - which is owned by OMV and ADNOC in a 75:25 split - and Borouge, which is 54:36 owned by ADNOC and Borealis.

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INEOS Phenol has started production at Europe’s largest Cumene facility in Marl, Germany, said the company.

The world scale 750,000 tonne facility produces up to 50% lower CO2 emissions per tonne of product. The significant reduction in emissions is enabled by pioneering cumene technology in combination with unique heat integration at the Marl Chemical Park.

The well located plant will use existing pipeline connections between INEOS’ phenol and acetone production sites in Gladbeck, the Evonik Chempark in Marl, and the BP refinery and cracker complex in Gelsenkirchen. The site also benefits from the nearby Marl harbour waterway connection. Most of the waste heat from the plant is used for a district heating circle further reducing the carbon footprint of the site.

We remind, INEOS has announced an agreement with LyondellBasell to buy its Ethylene Oxide and Derivatives business including the Bayport Underwood site, Texas. The deal includes the 420 kt Ethylene Oxide plant, the 375 kt Ethylene Glycols plant and the 165kt Glycol Ethers plant together with all associated third-party business on the site, for $700 million.

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