BASF and Envision Energy enter a collaboration to drive sustainable energy solutions

BASF and Envision Energy enter a collaboration to drive sustainable energy solutions

MRC -- BASF process catalysts, a leading provider of innovative catalyst technology, today announced a new collaboration with Envision Energy, a leading green technology provider of comprehensive net zero solutions, said Hydrocarbonprocessing.

The collaboration aims to further develop the conversion of green hydrogen and CO2 into e-methanol through an advanced, dynamic process design.

Backed by their respective expertise, the two companies aim to optimize the process of producing e-methanol from green hydrogen and CO2, paving the way for a more sustainable energy landscape. This collaboration will see BASF provide its cutting-edge SYNSPIRETM catalyst technology, which Envision Energy will integrate with its innovative energy management system. The two organizations plan to demonstrate the viability of the advanced process design next year, at Envision Energy’s Chifeng site in Inner Mongolia, China.

The new catalyst developed by BASF represents a significant breakthrough in sustainable energy solutions. It enables the efficient conversion of green hydrogen and CO2 into e-methanol. Methanol (or e-methanol when produced with renewable energy) is one of the most versatile and clean-burning fuels. E-methanol offers immense potential to replace fossil fuels and their derivatives gasoline and kerosene by providing an alternative source of energy for road, shipping and air transport, as well as other industries. Not only can e-methanol be used without a change in infrastructure, but its inherent stability also allows it to be stored at room temperature and ambient pressure, giving it an indefinite shelf life, thereby to reduce greenhouse gas emissions and promote a more sustainable energy ecosystem.

Envision Energy will design a process package that maximizes the efficiency of the catalyst technology while fully enabling the dynamic conversion of green hydrogen and CO2 into e-methanol, in sync with the onstream time of wind power. Envision Energy will leverage its pioneering AIoT (Artificial Intelligence of Things) platforms to optimize the novel, dynamic mode of chemical plant operation.

Detlef Ruff, Senior Vice President, process catalysts at BASF, said: “BASF process catalysts looks forward to working with Envision Energy in our shared mission to drive sustainable energy solutions. By combining our innovative catalyst technology with Envision Energy’s deep expertise, we are confident we can unlock the full potential of green hydrogen and CO2 conversion to e-methanol.”

Frank Yu, Vice President of Envision Energy added: “Driving and delivering sustainable energy solutions can only be achieved through organizations coming together. This collaboration demonstrates our commitment to bringing innovative advances to the sustainable energy value chain, to create sustainable energy solutions that are economically viable and environmentally friendly. For Envision Energy, it is all about optimizing our clients and partners’ environmental sustainability, as we work towards becoming the leading provider of green hydrogen and its derivatives.”

This collaboration exemplifies the spirit of partnership and innovation that is necessary to address the challenges of the global energy transition. By leveraging their respective strengths, BASF and Envision Energy aim to accelerate the adoption of renewable energy sources and contribute to a greener and more sustainable future.

We remind, BASF and Inditex make a breakthrough in textile-to-textile recycling with loopamid, said the company.
BASF and Inditex jointly announce a breakthrough in their efforts for boosting recyclability in the textile industry. With the launch of loopamid.

Olin announces 4Q 2023

Olin announces 4Q 2023

MRC -- Olin Corporation announced financial results for 4Q ended 31 Dec 2023. Epoxy sales for 4Q 2023 were USD313.1 M, compared to USD484.2 M in 4Q 2022, said the company.

The decrease in Epoxy sales was primarily due to lower product pricing and USD94.0 M of lower cumene and bisphenol A sales. 4Q 2023 segment loss was (USD23.1) M, compared to segment earnings of USD30.5 M in 4Q 2022.

The USD53.6 M decrease in Epoxy segment earnings was primarily due to lower pricing and incremental costs associated with inventory reduction, partially offset by lower raw material and operating costs, mainly decreased natural gas and electrical power costs, and an improved product mix.

Epoxy 4Q 2023 results included depreciation and amortization expense of USD13.0 M compared to USD22.4 M in 4Q 2022.

We remind, Olin shares rose more than 3% in afterhours trading on Thursday after its Q4 adjusted earnings beat its earlier guidance. Olin reported $210.1 million in adjusted earnings before interest, tax, depreciation and amortization (EBITDA). Earlier, it expected Q4 adjusted EBITDA to be in the $200 million range. Olin expects Q1 adjusted EBITDA to rise 10% over Q4 levels, reaching $231 million.

Valero Energy reports mixed results for Q4 and full year 2023

Valero Energy reports mixed results for Q4 and full year 2023

MRC -- The Renewable Diesel segment of Valero Energy reported $84 M of operating income for 4Q 2023, compared to $261 M for 4Q 2022, said the company.

Segment sales volumes averaged 3.8 M gallons/d in 4Q 2023, which was 1.3 M gallons/d higher than 4Q 2022.

Valero's fourth-quarter net income of $1.2 billion represents a decrease from the $3.1 billion reported in the same period last year. Full-year net income also declined to $8.8 billion from $11.5 billion in 2022. Despite these challenges, the company increased its quarterly cash dividend by 5 percent to $1.07 per share, underscoring its commitment to shareholder returns.

The Refining segment's operating income fell to $1.6 billion in Q4 2023, down from $4.3 billion in Q4 2022, reflecting the volatile nature of the refining industry. However, the Ethanol segment showed remarkable improvement, with operating income rising to $190 million in Q4 2023 from just $7 million in the same quarter of the previous year, primarily due to higher production volumes and lower corn prices.

We remind, Valero Energy plans to operate its 14 oil refineries in North America and Britain at up to 96.5% of their combined total throughput capacity of 3.2 million bpd in the fourth quarter. Valero's refineries in the U.S., Canada and Wales ran at 95% of their combined capacity in the third quarter of the year, Bhullar said in conference call to discuss results with Wall Street analysts.

Indorama Ventures halts PTA production in Indonesia for renovation

Indorama Ventures halts PTA production in Indonesia for renovation

MRC -- Indorama Ventures, a global leader in the manufacturing of Polyethylene Terephthalate (PET), Purified Terephthalic Acid (PTA), Monoethylene Glycol (MEG) in the United States, as well as polyester yarns and fibers, has recently undertaken a scheduled maintenance initiative by temporarily shutting down its PTA production facility in Cilegon, Indonesia, said Chemanalyst.

This strategic move, which commenced in mid-January, is expected to continue until the end of the month, allowing for essential maintenance activities to be conducted on the production facility.

The Cilegon facility, with an impressive annual PTA production capacity of 500 thousand tons, plays a crucial role in Indorama Ventures' global operations. The decision to temporarily suspend production underscores the company's commitment to ensuring the long-term reliability and efficiency of its facilities. Scheduled maintenance is a standard practice in the manufacturing industry, allowing companies to address wear and tear, conduct necessary upgrades, and ensure that equipment is in optimal condition for continued production.

This development comes in the wake of Indorama Ventures' strategic decision to maintain reduced production loads of purified terephthalic acid (PTA) in several European countries, including the Netherlands, Portugal, and Spain. The combined capacity of Chemical, Meta, and Polyester (CMP) production in these regions stands at 1.725 million tons. The ongoing market dynamics have influenced PTA production facilities across Europe to operate at reduced utilization levels.

The temporary shutdown of the Cilegon facility in Indonesia aligns with the company's proactive approach to managing its global production capacities in response to market conditions. By strategically adjusting production levels based on market demand, Indorama Ventures aims to maintain operational efficiency and adapt to the evolving landscape of the petrochemical industry.

The decision to undergo maintenance at the Cilegon facility is not isolated but part of a broader strategy to ensure the overall health and sustainability of Indorama Ventures' operations. The temporary closure allows the technical teams to perform thorough inspections, conduct necessary repairs, and implement upgrades to enhance the facility's efficiency and reliability.

In addition to the scheduled maintenance in Indonesia, the company's approach to managing PTA production in Europe reflects its adaptability to market dynamics. The reduced production loads in the Netherlands, Portugal, and Spain are a strategic response to the prevailing market conditions, demonstrating Indorama Ventures' commitment to optimizing its production capabilities in alignment with global demand.

As the scheduled maintenance activities progress in Cilegon, Indonesia, stakeholders, including employees, investors, and the local community, are keenly observing the developments. The temporary suspension of PTA production is not only a practical necessity for facility upkeep but also a testament to Indorama Ventures' commitment to maintaining high standards of operational excellence.

We remind, 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.

LG Chem and Enilive: a joint venture agreement for the biorefinery in South Korea

LG Chem and Enilive: a joint venture agreement for the biorefinery in South Korea

MRC -- LG Chem and Enilive move a further step forward to the final investment decision on the project of a new biorefinery in South Korea by signing the joint venture agreement, said the company.

Last Sep 2023, Enilive (a company directly controlled by Eni, which holds 100% of its share capital) and LG Chem announced they were exploring the possibility to develop and operate a new biorefinery at existing LG Chem's integrated petrochemical complex in Daesan, South Korea, with the aim to complete the biorefinery by 2026 and to make it process approximately 400,000 tonnes of renewable bio-feedstocks annually using Eni's Ecofining technology and produce multiple products including Sustainable Aviation Fuel (SAF), Hydrotreated Vegetable Oil (HVO), and bio-naphtha. LG Chem and Eni will combine expertise in this initiative. The final investment decision is expected in 2024.

We remind, LG Chem has started the construction of its nickel-cobalt-manganese-aluminium cathode materials plant on a 170-ha site in Clarksville, TN, US. The project is scheduled to come online in 2026. It will produce 60,000 tonnes/y of battery materials, enough for approximately 600,000 electric vehicles, and will be the biggest of its kind in the country. The project has an initial investment of around $1.6 bn.