ExxonMobil to invest $1.4 bn in China ethylene project in 2024

U.S. energy giant ExxonMobil plans to invest 10 billion yuan (about $1.4 billion) in its Huizhou ethylene project in south China's Guangdong Province this year, said Cgtn.

Addressing the Guangdong Provincial High-quality Development Conference in Shenzhen on Sunday, Jean-Marc Taton, chairman of ExxonMobil China, said ExxonMobil has already invested over 30 billion yuan in the first phase of its Huizhou ethylene project.

Taton said that the first phase is expected to be operational by the end of this year after a test run.

Dubbed one of China's major foreign investment projects, the ExxonMobil Huizhou ethylene project is located in the Huizhou Daya Bay Petrochemical Industrial Park.

The project, with a total investment of about $10 billion, will be built in two phases. The first phase mainly consists of a steam cracker and production facilities for high-performance polyethylene and polypropylene.

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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Yokogawa Electric Corporation announced that it has invested in and signed a memorandum on a business partnership with Tsubame BHB Co., Ltd. Tsubame BHB, a university-based startup that was founded by a group headed by Professor Emeritus Hideo Hosono of the Tokyo Institute of Technology, has developed an ammonia synthesis method that makes use of electride catalysts, said Hydrocarbonprocessing.

Ammonia is mainly used in the production of fertilizers, pharmaceuticals, and chemicals. As well as playing an essential role in improving crop yields for a growing world population, it is hoped that it can also serve as a hydrogen carrier and fuel. While the synthesis of ammonia from hydrogen and nitrogen is conventionally done under high temperature and high pressure conditions, Tsubame BHB's electride catalysts enable the synthesis of hydrogen and nitrogen at relatively low temperature and pressure levels and thus are able to reduce the environmental impact of the ammonia synthesis process. Tsubame BHB has already received an order to supply a small distributed ammonia production plant.

In view of an anticipated major surge in energy demand that will drive the need for ammonia fuel and hydrogen carriers, Tsubame BHB has raised capital and is working to optimize the design of processes used by medium and large-scale ammonia synthesis facilities and developing catalysts that do not require the use of rare or precious metals. Yokogawa will work with Tsubame BHB to jointly develop solutions that automate the ammonia production process, improve the efficiency of remote operations by integrating the handling of data from upstream renewable energy and hydrogen production facilities, employ demand forecasting to optimize supply chains, and streamline operations and maintenance. Both companies will also consider accelerating the overseas expansion of this business.

Koji Nakaoka, a Yokogawa senior vice president and head of the company's Energy & Sustainability Business Headquarters and Global Sales Headquarters, said, “In accordance with Yokogawa's Purpose, which states, ‘Utilizing our ability to measure and connect, we fulfill our responsibilities for the future of our planet,' we shall undertake investigations that include working with Tsubame BHB on the development of solutions that enable ammonia manufacturing and provision with a low environmental burden, for the achievement of a decarbonized society.

We remind, ORLEN and Yokogawa Europe, the regional headquarters for Japan’s Yokogawa Electric Corporation, announce they have joined forces to initiate industrial-scale production of carbon neutral synthetic aviation fuels.
In a landmark Memorandum of Understanding signed on September 21, the two companies have come together to enhance the technological process responsible for synthesizing fuel from carbon dioxide and green hydrogen. ORLEN is looking to establish itself as a frontrunner in this emerging market segment, poised to drive effective decarbonization of the aviation industry.

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Russia’s crude oil exports and transit from its western ports are seen at around 8.2 MMt this month, in line with market forecasts, industry said Hydrocarbonprocessing.

Russia's loading plans for the ports of Primorsk, Ust-Luga and Novorossiisk in February were revised up earlier this month due to additional Rosneft volumes freed up after the shutdown of its Tuapse oil refinery.

The Tuapse refinery will not resume operations in February.

Rosneft has added nine cargoes to February's provisional loading plans for Primorsk, Ust-Luga and Novorossiisk, while Gazpromneft will ship one additional cargo from Ust-Luga, the data obtained by Reuters showed.

Oil loadings from Russia's western ports in February are seen broadly unchanged from January on a daily basis, the sources added.

We remnd, Russia reduced fuel oil supplies via rail for further export by 1.2% in January from the same month a year ago and by 6.2% from December amid refinery outages, according to industry sources and Reuters calculations. Russia's energy infrastructure has been hit by drone attacks and fires in the past month, adding to uncertainty in global oil and gas markets already rocked by the conflict in the Middle East.

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EQUATE has nominated its March 2024 MEG India Contract Price (ICP) at $563/tonne CFR (cost & freight) India Main Ports, said the company.

The March nomination was USD11/tonne higher than February number.

We remind, EQUATE has nominated its February 2024 MEG India Contract Price (ICP) at USD552/tonne CFR (cost & freight) India Main Ports, said the company. The February nomination was USD32/tonne higher than January number.
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Trading house Vitol has bought the first naphtha cargo produced for export by Nigeria's new 650,000-bpd Dangote oil refinery, said Hydrocarbonprocessing.

Dangote issued a tender to sell the 60,000 metric ton cargo earlier this month for Feb. 23-29 loading.

Vitol declined to comment.

We remind, Trafigura and Vitol still help to export limited supplies of Russian refined products within the rules of international sanctions, but they are considering whether to resume more trade in Russia's oil, as per Reuters.
The two Swiss companies were among the largest lifters of Russian crude oil and refined products before the country's invasion of Ukraine last February. By last summer, both firms had already sharply reduced their presence in Russian oil and later sold their interests in Vostok, a major upstream development in Siberia.

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