PT Chandra Asri petrochemical Tbk Officially transformed into PT Chandra Asri Pacific Tbk

PT Chandra Asri Petrochemical Tbk has officially changed its Company's name to PT Chandra Asri Pacific Tbk (Chandra Asri Group) with the stock code TPIA, said the company.

This change has officially received approval from the Ministry of Law and Human Rights of the Republic of Indonesia on January 03, 2024 that has received shareholder approval at the Extraordinary General Meeting of Shareholders (EGMS) on December 29, 2023.

This name change was implemented as part of a company’s transformation, in which it is currently intensively diversifying its business portfolio so that it is no longer focused only on the petrochemical sector, but has expanded its business to the chemical sector and infrastructure provision. Thus, changing the name to PT Chandra Asri Pacific Tbk is a strategic step to accommodate changes in broader business focus, strengthening the Company's reputation as a #YourGrowthPartner as the backbone for strategic sectors in the country.

Director of Human Resources and Corporate Affairs Chandra Asri Group, Suryandi, said "The change of the Company's name to PT Chandra Asri Pacific Tbk was implemented in line with the Company's efforts in diversifying its business to provide maximum benefits for all stakeholders. We thank all the Company's customers and partners for their consistent and neverending support which has enabled Chandra Asri Group to continue to grow and make positive contributions to Indonesia."

Chandra Asri Group is currently diversifying its business as an effort to strengthen the Company's performance. The Company acquired PT Krakatau Chandra Energi (formerly PT Krakatau Daya Electric) and Krakatau Tirta Industri in the infrastructure sector through its subsidiary, PT Chandra Daya Investment (CDI) in the beginning of 2023. Chandra Asri Group also planned to build a Chlor-Alkali and Ethylene Dichloride (CAA-EDC) Factory through its subsidiary, PT Chandra Asri Alkali to expand its chemical sector. Chandra Asri Group also continues its commitment to build a second global scale petrochemical complex (CAP2) to help Indonesia reduce the net imports.

Chandra Asri Group's Ciwandan plant, recipient of the 2023 Gold PROPER, has produced environmentally friendly products labeled under the Swadeklarasi Eco-label for HDPE and PP. The company has implemented innovations through Component Changes, enhancing production and supporting energy savings in the Polyethylene Plant reactor system. This has resulted in a reduction in Global Warming Potential (GWP) by 4,855,947.073 tons of CO2eq and an energy efficiency improvement of 12,470.40 GJ. Additionally, the company engaged in plastic waste recycling processes under the waste embedded scheme. In total, 8.94 tons of plastic pallet waste were utilized in the year 2022.

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ADNOC announced it has taken a 10.1% equity stake in Storegga to become a lead investor in the UK-based company that focuses on the development of global carbon capture and storage projects, said Hydrocarbonprocessing.

The strategic transaction represents ADNOC’s first international equity investment in carbon management and supports the company’s strategy to leverage carbon management partnerships and technology to advance global carbon capture and storage projects that can accelerate decarbonization. The investment is enabled by ADNOC’s initial allocation of $15 B to low-carbon solutions and decarbonization technologies.

ADNOC is targeting a carbon capture capacity of 10 Mtpa by 2030, equivalent to taking over 2 million internal combustion vehicles off the road.

Musabbeh Al Kaabi, ADNOC Executive Director for Low Carbon Solutions and International Growth, said: “This strategic investment marks an important milestone in ADNOC’s decarbonization journey and highlights our commitment to work with partners across industries to deliver practical solutions to enable a net zero energy future. Carbon capture is an important tool to responsibly reduce carbon emissions and meet global climate goals and ADNOC will continue to scale-up this technology as we work towards net zero by 2045.”

ADNOC’s carbon management strategy aligns with the Intergovernmental Panel on Climate Change’s (IPCC) view that carbon capture and storage is a critical enabler for the world to achieve net zero by mid-century.

Nick Cooper, CEO, Storegga, said, “Strategic collaborations are crucial for a pragmatic, prompt and affordable transition to a low-carbon future. Storegga is therefore ready to stand alongside traditional energy suppliers to accelerate decarbonization by deploying cost-effective CCS globally.

ADNOC operates Al Reyadah, the world’s first commercial scale operation to capture and store CO2 from the steel industry, with a capacity of 800,000 tons of CO2 per year. Recently, ADNOC announced major carbon capture projects, taking its committed investment for carbon capture capacity to almost 4 mtpa. ADNOC is also one of 50 founding signatories of the Oil and Gas Decarbonization Charter (OGDC). Launched during COP28 in Dubai, the OGDC is a global commitment to speed up climate action across the industry.

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South Korean major refiners are upping the ante to win the market for electric vehicle lubricants and liquid coolants for heat management amid the rapid migration to electrification and artificial intelligence-powered data management, said Kedglobal.

HD Hyundai Oilbank Co. last week launched EV lubricant brand Hyundai XTeer EVF, finally joining its three bigger crosstown rivals in the EV lubricant race.

SK Enmove Co., a unit of Korea’s No. 1 oil refiner SK Innovation Co., was the first in the country to roll out lube oil for EVs in 2013. GS Caltex Corp. and S-Oil Corp., the country’s second- and third-largest oil refiners, respectively, introduced their own EV lubricants in 2021.

As the global EV lube oil market is anticipated to register strong growth amid the fast transition to electrification in the automotive industry, competition in the Korean EV lubricant market is set to intensify.

According to global industry tracker IHS Markit, global EV lubricant demand is forecast to jump sixfold to 60 million liters in 2025 from 2020.

We remind, KBR announced that its K-GreeN technology has been selected by a consortium consisting of Lotte Chemical, Korea National Oil Corp and Samsung Engineering for Lotte Chemical's H2biscus green ammonia project development in Sarawak, Malaysia. Under the terms of the contract, KBR will provide technology license and proprietary engineering design to Lotte Chemical for its green ammonia project that will produce 800 KTA of green ammonia from hydropower.

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MRC -- KBR announced that its K-GreeN technology has been selected by a consortium consisting of Lotte Chemical, Korea National Oil Corp and Samsung Engineering for Lotte Chemical's H2biscus green ammonia project development in Sarawak, Malaysia, said Hydrocarbonprocessing.

Under the terms of the contract, KBR will provide technology license and proprietary engineering design to Lotte Chemical for its green ammonia project that will produce 800 KTA of green ammonia from hydropower.

"We are pleased to work with Lotte Chemical and support their energy transition objectives with our zero-carbon K-GreeN technology," said Doug Kelly, KBR President, Technology. "KBR is a leader in advancing clean hydrogen technologies and solutions, and green ammonia is a key enabler to achieving global net zero targets. Our green ammonia solutions and complementary technologies such as H2ACT make KBR the preferred technology licensors for major energy transition projects around the world."

KBR is a world leader in ammonia technology and has been at the forefront of innovation in the ammonia market for decades. Since 1943, KBR has licensed, engineered, or constructed more than 250 grassroot ammonia plants worldwide.

We remind, Motiva Enterprises is scheduled to shut the large CDU and large coker at its 626,000 bpd Port Arthur, Texas (U.S.). Motiva will shut the 350,000 bpd VPS-5 CDU and the 110,000-bpd DCU-2 coker for planned overhauls of the units expected to take 45 days to complete, said the three sources.

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Motiva Enterprises is scheduled to shut the large CDU and large coker at its 626,000 bpd Port Arthur, Texas (U.S.), said Hydrocarbonprocessing.

Motiva will shut the 350,000 bpd VPS-5 CDU and the 110,000-bpd DCU-2 coker for planned overhauls of the units expected to take 45 days to complete, said the three sources.

A Motiva spokesperson did not reply to a request for comment. In November, Motiva moved the overhaul’s scheduled start from March to January to avoid DCU-2's having an unplanned shutdown because of failing equipment.

VPS-5, the largest of three CDUs at the refinery that break down crude oil into feedstocks for all other units, also needs equipment repaired and replaced, the sources said. The addition of VPS-5 in 2012 more than doubled the capacity of the refinery, the nation's largest.

VPS-5 feeds residual crude oil to DCU-2, which converts it into either motor fuel feedstocks or petroleum coke, which can be a substitute for coal. A sulfur recovery unit will also be shut for work while the CDU and coker are shut, the sources said.

We remind, Motiva Enterprises shut the large coker on Monday at its 626,000-bpd Port Arthur, Texas, refinery, people familiar with plant operations said. The 110,000-bpd DCU-2 coker is scheduled to be closed for two weeks of repairs to an overhead pipe, the sources said. A Motiva spokesperson did not reply to a request for comment.

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