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[SUMMARY] What's up with the Chemical Industry? Monthly Summary - February 2023
Published 2 months ago • 5 min read
What's up with the Chemical Industry!
February 2024
Hi there guys!
Can't believe its already end of february... this 2024 is flying by!
As stated guys, you are subscribed to the monthly newsletter which typically has 3 main parts... Please note that Piping Systems is going to be the next "Equipment & Tech" e-mail, just in case you are into that.
Monthly Newsletter Content (divided in 2-3 e-mails)
Chemical Industry News
Chemical Industry Stocks & Markets
Industry/Company/Equipment Insight
Chemical Industry News
The News
Honeywell to supply technologies for Vietnam’s first green-hydrogen project
Honeywell partners with The Green Solutions Group Corporation for Vietnam's first green hydrogen plant in the Mekong Delta
Honeywell brings project automation, energy management, and battery storage solutions to integrate renewable energy sources into the plant.
MoU signed at COP28 in Dubai, witnessed by Vietnam's Prime Minister, Pham Minh Chinh. (read more)
Air Liquide announces €50-million investment in new nitrogen plant in Singapore, plant revamp in New York
Air Liquide invests €50 million+ in Singapore plant and upgrades Malta, New York facilities for GlobalFoundries, boosting energy efficiency.
New Singapore plant to be operational by 2026, leveraging state-of-the-art designs to reduce electricity usage.
Renewed partnership with GlobalFoundries in Malta includes upgrading New York units for sustainability over 15 years.
Aim to reduce carbon footprint aligns with GlobalFoundries' Journey to Zero Carbon Goal, targeting 25% emissions reduction by 2030 despite capacity growth.(read more).
Exxon Mobil blends traditional oil/gas with low-carbon solutions, focusing on carbon capture.
Wade Maxwell, VP of Engineering, emphasizes this at the ARC Advisory Group Forum.
Multiple carbon reduction initiatives, including a Baytown recycling facility, are underway.
Agreements to capture/store CO2 on the U.S. Gulf Coast start in 2025.
Acquisition of CO2 pipeline operator Denbury for $4.9 billion in July 2023 strengthens efforts.
Direct air capture (DAC) is highlighted for industrial emissions.(read more)
QatarEnergy and Chevron Phillips Chemical break ground on US$6bn Ras Laffan petrochemical complex:
QatarEnergy and CPChem start construction on a $6bn petrochemical complex in Ras Laffan Industrial City, Qatar.
The complex includes a large ethane cracker and two polyethylene trains, aiming for startup in late 2026.
CPChem handles project management for the joint venture, with QatarEnergy owning 70%.
A similar facility in Texas is also under construction through their joint venture, Golden Triangle Polymers, with a final investment decision in 2022.(read more)
Saudi Aramco Secures Several Deals Valued at $6 Billion
Aramco finalizes $6 billion procurement agreements with Saudi suppliers, boosting localization efforts.
Agreements strengthen domestic supply chain, enhance resilience, and support Aramco's iktva program for economic growth.
Spanning various sectors, agreements include instrumentation, electrical, and drilling equipment.
Strategic partnerships and MoUs further drive localization initiatives, fostering opportunities for the Saudi workforce (read more)
Thyssenkrupp Uhde to recommission an ammonia plant in Egypt
Egypt-based Delta Company for Fertilizer and Chemical Industries to renovate an ammonia plant complex in Dakahlia, Talkha, Egypt.
thyssenkrupp Uhde will conduct the front-end-engineering-design (FEED) and provide state-of-the-art uhde ammonia technology for the plant's revamp, increasing its capacity from 1275 to 1400 metric tons of ammonia per day.
BASF Divests Two Joint Ventures in Korla, China
BASF initiated the sale of its shares in two joint ventures in Korla, China, in Q4 2023.
This aligns with BASF's strategy to adjust its global portfolio for 1,4-butanediol (BDO) and downstream products to offer low carbon footprint alternatives.
Recent reports prompted BASF to accelerate divestment, pending negotiations and approvals.
Shell to convert German refinery to base oil production
Shell is implementing changes at its Wesseling site in Germany to enhance value creation while reducing emissions:
Conversion of hydrocracker to produce base oils for engine and transmission lubricants.
Investment in an electrolyzer for hydrogen production from water using renewable energy.
Construction of a biomethane liquefaction plant at the Rheinland site. (read more)
Shell to convert German refinery to base oil production
Shell is implementing changes at its Wesseling site in Germany to enhance value creation while reducing emissions:
Conversion of hydrocracker to produce base oils for engine and transmission lubricants.
Investment in an electrolyzer for hydrogen production from water using renewable energy.
Construction of a biomethane liquefaction plant at the Rheinland site. (read more)
Shell to convert German refinery to base oil production
Shell is implementing changes at its Wesseling site in Germany to enhance value creation while reducing emissions:
Conversion of hydrocracker to produce base oils for engine and transmission lubricants.
Investment in an electrolyzer for hydrogen production from water using renewable energy.
Construction of a biomethane liquefaction plant at the Rheinland site. (read more)
US helium system auction draws few bids
The privatization of the US Federal Helium System proceeded with only one substantial bid from Messer, despite industry concerns and protests.
Single Bidder: Messer submitted the only significant bid of $353,350,000, with limited interest shown by other potential buyers.
Helium Pricing Concerns: Concerns were raised about the low bid of $21 million for federally-owned helium, significantly below market value.
Controversial Process: Opposition from various industries and an ongoing lawsuit highlight concerns about potential supply disruptions and economic impacts. (read more)
Air Liquide and Dow Renew Supply Deal for German Site
Air Liquide and Dow renewed industrial gas supply agreement for Dow’s chemical production site in Stade, Germany.
Air Liquide to invest nearly €40 million to modernize facilities, including two air separation units (ASU) and a partial oxidation unit (POX), and introduce a new CO₂ recycling solution.
Modernization aims to increase operational efficiency by 15%, reduce emissions by 15,000 tons/year, representing 80% of direct CO₂ emissions from the site. Scheduled completion in 2024. (read more)
Air Liquide, Dow renew industrial gases supply deal at Stade, Germany
Following deal extension, Air Liquide will invest close to €40 million this year to modernize two existing ASUs, add CO2 reuse solution to partial oxidation plant to cut emissions. (read more)
EU approves €6.9B state aid for hydrogen across 33 projects
Support for 3.2 GW electrolyzers, 2,700 km pipelines; decision will unlock €12 billion investment; seven member states seek support, with 24 projects in Germany. (read more)
Short News:
Japan’s p-xylene exports fall in 2023 on sluggish mainland China, Taiwan demand
Shell chemical losses widen on oversupply, soft demand despite margins uptick
Bodal Chemical registers lower income despite higher volume across businesses
Ascend Elements targets 90% carbon footprint reduction by 2030
Lilac raises $145 million for US lithium project
Novartis Acquires Morphosys for €2.7 Billion in Cash
AstraZeneca to Construct New US Cell Therapy Facility
Merck Opens New €20 Million Distribution Center in Brazil
Bp selects BASF’s carbon capture technology for blue-hydrogen project in Teesside
TotalEnergies, Shell, Chevron Intensify Focus on African Oil and Gas Resources
Final thoughts
The increasing activity in the hydrogen industry, as seen with Honeywell's involvement in Vietnam's green hydrogen project, Air Liquide's nitrogen plant advancements, and Exxon Mobil's carbon capture initiatives, highlights a growing demand for sustainable solutions. Maybe I should write more about Hydrogen Economy? Let me know!
This trend reflects the optimism among chemical companies worldwide, driven by both environmental concerns and economic opportunities in the emerging green economy.
Overall, these developments underscore the pivotal role of the hydrogen sector in driving innovation and sustainability across industries.
See you next month!
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