The Downstream Rundown: May 6, 2022

The downstream rundown: In case you missed it 5/06

In case you missed any downstream news, this piece will give you a summary of some of the top stories from last week.

Adnoc to buy 25 per cent stake in petrochemical giant Borealis

Adnoc and Mubadala Mubadala announced a strategic transaction involving Borealis, one of Europe’s leading petrochemical companies.

Under this agreement, Adnoc will acquire a 25% shareholding in Borealis from Mubadala. Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25% by Adnoc and 75% by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.

Oil falls on China growth worries as EU weighs Russian crude ban

Oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.

Brent crude futures were down $3.73, or 3.4%, to $103.41 a barrel at 1403 GMT, while U.S. WTI crude futures fell $3.98, or 3.8%, to $100.71 a barrel.

Markets in Japan, Britain, India and across Southeast Asia were closed for public holidays on Monday.

Pemex swings to $6-B profit in first quarter, debt dips

Pemex on Monday reported a $6.17 B first-quarter net profit, reversing a nearly $2 B loss in the year-ago period, driven by foreign exchange gains, growing output and higher crude prices.

Total financial debt at Pemex, one of the world's most indebted oil companies, edged down slightly to $108.1 B from $109 B at the end of 2021. Pemex attributed the improvement to strong Mexican government support and the company's own debt management operations.

bp to invest up to £18 B in UK energy system by 2030

bp intends to invest up to £18 B in the UK’s energy system by the end of 2030, demonstrating bp’s firm commitment to the UK, and helping the country to deliver on its bold ambitions to boost energy security and reach net zero.  As one of the largest oil and gas producers in the UK, bp intends to continue investing in North Sea oil and gas, while driving down operational emissions. bp is also in action on a range of lower carbon energy investments in the UK, which are expected to bring jobs and develop new skills and capabilities.

Chevron, Talos sign MOU to develop Texas carbon capture plant

Oil and gas producers Chevron Corp and Talos Energy Inc have signed a memorandum of understanding for a joint venture to develop the Bayou Bend CCS offshore carbon capture and sequestration hub in Texas, the companies said on Tuesday.

Uniper talks to German government, Gazprom about rouble payment scheme

Uniper remains in talks with Gazprom and the German government over how to implement Moscow's demand to pay for Russian gas in roubles, which the European Commission said would breach sanctions.

Uniper, in presentation slides published along with final first-quarter results, cited "ongoing discussions with German government and Gazprom on potential implementation" of the decree, which has stoked fears that supplies may be disrupted.

Saving water and reducing waste Evonik opens its first zero liquid discharge plant in India

Evonik Catalysts has opened a new zero liquid discharge (ZLD) plant at its facility in Dombivli, India. The new plant reduces the amount of fresh water required for production processes and turns material that was previously considered waste into saleable products.

ZLD purifies and recycles wastewater at the end of an industrial process, leaving little to no effluent remaining when it is completed. This means not only more efficient water use, but also a significant reduction in waste liquid.

St1 refinery deploys AspenTech solutions to support digital transformation and carbon neutrality goals

Aspen Technology, Inc. announced that it has expanded its 12-year partnership with St1 Refinery AB, part of St1 Nordic Oy Group.

The refinery, situated in Gothenburg, Sweden, is deploying AspenTech solutions to provide a vertically integrated set of production optimization solutions - from operational planning to real time control of critical equipment. This will allow an increase in operating margins while improving energy efficiency and thereby reducing CO2 emissions.

U.S. East Coast jet fuel prices decline from record highs but remain higher than other hubs

On April 4, 2022, the NYH spot price was $7.61 per gallon (gal). The price has since declined, but it has remained at elevated levels.

The NYH spot price is significantly higher than spot prices at both the U.S. Gulf Coast and the Amsterdam, Rotterdam, and Antwerp trading hubs that averaged about $3.60/gal in March and April 2022.

Rapid price increases are not uncommon in petroleum markets and are usually associated with significant supply disruptions, such as large unplanned refinery outages or natural disasters.

Burckhardt Compression to supply compressors for renewable diesel production at Preem Refinery

Burckhardt Compression has been selected by Preem Refinery as a compressor supplier for their Refinery in Lysekil, Sweden. The order includes two fully packaged API 618 process gas compressors which will be used for the facility’s Synsat and ICR unit for renewable diesel production.

Preem and Topsoe collaborate to revamp the Synsat & ICR unit at Preem’s Lysekil refinery. Topsoe’s HydroFlex technology is used to produce clean renewable diesel, based on various renewable feedstocks, including rapeseed oil.

The unit is scheduled to be fully rebuilt by 2024. The revamp will support Preem with up to 1 000 000 standard cmper year of renewable diesel securing 40% co-processing.




From the Archive



{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}