Tatneft to produce and sell Attar branded tires in Kazakhstan

MRC -- Tatneft has decided to produce car tires under the Attar brand ("attar" means "horses" in Kazakh) at a newly built tire plant in the city of Saran in Kazakhstan, the oil company's press service said, said Interfax.

"The products will be produced by the Tatneft tire division facility in Saran and sold both in Kazakhstan and exported," the press release says.

Earlier, it was reported that KamaTyresKz LLP, a joint venture of Tatneft and Kazakhstan's Allur, had begun producing tires in December 2022 at a new plant in the city of Saran, Karaganda region of Kazakhstan. This was reported by the press service of the Head of Tatarstan Rustam Minnikhanov, who heads the board of directors of Tatneft. The annual production capacity is 3.5 million tires: 3 million tires for passenger cars, and 500,000 tires for trucks.

Tatneft sold its tire business in Russia, which had been producing tires under the Kama and Viatti brands, in mid-2022. It was sold to Tatneftekhiminvest-Holding, a structure that coordinates the activities of enterprises of Tatarstan's petrochemical complex.

Two Tatneft subsidiaries, the Tatneft-Aktiv LLC Technology Park and geophysical company TNG-Algis LLC, acquired the unprofitable Eco Town LLC plant in Kemerovo from local entrepreneurs in the fall of 2022. The plant was originally built to process 10,000 tonnes of large tires per year into crumb rubber.

Tatneft announced in February 2024 that it would create a network of collection and processing points to convert used car tires into recycled materials for the production of recycled tires. The network will cover 17 Russian cities, including 10 cities with a population of over a million.

We remind, Tatneft and Kazakh company KazMunayGas have signed an agreement for a new production site in the Atyrau region of Kazakhstan. The new facility will produce butadiene rubbers for use in tire manufacturing. The joint venture was signed by Nail Maganov, general director of Tatneft, and Alik Aidarbayev, management board chairman of KazMunayGas. Production will commence in 2026 at the SEZ National Industrial Petrochemical Technopark (Free Economic Zone). Approximately 2,000 jobs will be created at the site during the construction period, and more than 700 job positions at the point the facility goes into operation.

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Eastman increases oxos prices on 15 Feb 2024

Eastman increases oxos prices on 15 Feb 2024

MRC -- Effective 15 Feb 2024, or as contracts allow, Eastman Chemical Company is announcing an off-list price Increase in NAR and LAR for the following product: Eastman 2-Ethylhexanol, all grades and packages: USD0.04/lb (USD0.09/kg).

We remind, Leading North American recycler, Rumpke Waste & Recycling (Rumpke) and molecular recycling pioneer Eastman, announced a groundbreaking partnership to help address the global plastic waste crisis. Later this year, Rumpke will begin collecting and sorting hard-to-recycle and colored PET packaging waste, materials that are largely unaddressed in today’s recycling ecosystem and will provide 100 percent of this waste stream as feedstock to Eastman’s molecular recycling process.

Founded in 1920, Eastman is a global specialty materials company that produces a broad range of products found in items people use every day. With the purpose of enhancing the quality of life in a material way, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. The company’s innovation-driven growth model takes advantage of world-class technology platforms, deep customer engagement, and differentiated application development to grow its leading positions in attractive end markets such as transportation, building and construction, and consumables.

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ExxonMobil announces 2023 results

ExxonMobil announces 2023 results

MRC -- ExxonMobil Corporation on 2 Feb 2024 announced 4Q 2023 earnings of USD7.6 bn, or USD1.91/share assuming dilution, said the company.

Earnings excluding identified items were USD10.0 bn, or USD2.48/share assuming dilution. For the full year 2023, the company reported earnings of USD36.0 bn, or USD8.89/share assuming dilution.

“Our consistent strategy and execution excellence across the business delivered industry-leading earnings and enabled us to return more cash to shareholders than our peers in 2023 1,” said Darren Woods, chairman and chief executive officer.

“These results demonstrate the fundamental improvements we’ve made to our business, reflecting our progress in high-grading our portfolio through investments in advantaged projects and select divestments, while, at the same time, driving a higher level of efficiency and effectiveness throughout the business. The foundation of our success comes from the resiliency, hard work and commitment of our people. As I reflect on our industry-leading results over the past year, I have a great sense of pride in what our people accomplished.”

We remind, QatarEnergy and ExxonMobil are on track to commence LNG production at their Golden Pass LNG export terminal, situated on the US Gulf Coast near Sabine Pass, Texas, during the first half of 2025. QatarEnergy, a state-owned entity, holds a substantial 70 percent stake in the Golden Pass project, which boasts a capacity exceeding 18 million metric tons per annum (mtpa). Notably, QatarEnergy will offload 70 percent of the terminal's capacity. In parallel, ExxonMobil, a prominent US-based energy firm, possesses a 30 percent share in the venture.

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Linde reports full year and Q4 2023 results

Linde reports full year and Q4 2023 results

MRC -- Linde plc reported 4Q 2023 results. Europe, Middle East & Africa (EMEA) sales of $2100 M were up 4% versus prior year, said the company.

Compared with 4Q 2022, underlying sales grew 2%, driven by 6% higher pricing partially offset by 4% lower volumes.

Operating profit of $615 M was 29.3% of sales, 420 basis points above prior year and 350 basis points higher when excluding the effects of cost pass-through.

We remind, Linde announced it has signed a record number of new small on-site projects during 2023, its fourth consecutive year of growth, said the company. Linde signed 53 new small on-site projects with capex totaling $270 million for the supply of nitrogen and oxygen during 2023. Small on-site projects use Linde’s proprietary ECOVAR technology, which is designed to be highly efficient, flexible and reliable while helping customers minimize their environmental impact.

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Berlin considers nationalising Rosneft's German business

MRC -- With the German government's temporary seizure of Russian oil firm Rosneft's, opens new tab assets in Germany set to expire, Berlin is looking at nationalising them, said Reuters.

Moscow criticised the potential nationalisation and said it would defend its interests. Following Russia's invasion of Ukraine in 2022, the European Union, the United States, Japan and Canada froze some $300 billion of Russian central bank assets, while Moscow moved to seize some Western assets.

Germany's economy ministry told Rosneft on Tuesday that if Russia regained control over the companies, which include Berlin's main PCK Schwedt refinery, the refineries' operations would be jeopardized because contractual partners would refuse to cooperate, law firm Malmendier Legal said in a statement published on LinkedIn.

Reuters reported on Wednesday that Berlin was preparing for a possible nationalisation of Rosneft's German activities, including its 54.17% stake in Schwedt refinery, which the German government put under a trusteeship in September 2022 in the wake of Russia's invasion of Ukraine.

We remind, Rosneft-owned Tuapse oil refinery on the Black Sea will not resume operations this month, at the very least, sources, familiar with the maintenance schedule. Rosneft, Russia's largest oil producer, did not reply to a request for immediate comment. Russia has been beset in the past month by a number of refinery outages triggered by fires or suspected drone attacks, prompting authorities to reduce fuel exports to safeguard the domestic market.

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