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Crude Oil Prices Trend
The contract price of paraxylene in Europe for March shipments has increased by EUR110 per tonne compared to the level of the previous month, ICIS reported .
The contract price was agreed on free delivery terms – FD NWE (North West Europe).
Contract prices were confirmed at EUR760 per tonne, FD NWE and EUR770 per tonne, FD NWE. Thus, the average contract price was approved in the middle of confirmed deals at EUR765 per tonne, FD NWE.
Limited supply, strong demand, as well as rising crude oil prices and higher material quotations in Asia put upward pressure on paraxylene prices in the European market.
Earlier it was reported that the contract price of paraxylene in Europe for February supplies was agreed at the level of EUR655 per tonne, which is EUR55 per tonne higher than the level of January this year.
Paraxylene is a raw material for the synthesis of terephthalic acid – an intermediate product for the production of polyethylene terephthalate (PET).
US domestic prices for PE have increased to almost seven-year highs while prices for PP are at record levels, as the US petrochemical industry continues to reel from last month’s winter storm in Texas.
Operations at US Gulf Coast petrochemical facilities have yet to fully recover one month after freezing temperatures triggered widespread power outages and plant shutdowns, leading to considerable supply constraints, according to analysis by Wood Mackenzie. Chemicals rPETRecycling CircularEconomy
As a result, prices will continue to be elevated over much of the first half of 2021, supported by pent-up demand related to coronavirus recovery, the insights company said.
More than 80 per cent of US olefins capacity was immediately offline following the peak of extreme weather conditions in mid-February. During that time, Wood Mackenzie noted it could take weeks to recover given that disruptions across the value chain would lead to a staggered and complex restart, setting the stage for volatility in supply and prices amid stronger demand.
Fulcrum BioEnergy, a pioneer in the production of low-carbon, transportation fuels from municipal solid waste, has recently announced the site selection and launch of development activities on its first United Kingdom residual waste to low-carbon, Sustainable Aviation Fuels (SAF) plant, according to Hydrocarbonprocessing.
The “Fulcrum NorthPoint” biorefinery will be located at the Essar Oil (UK) Limited refinery at Stanlow, Ellesmere Port, in the North West of England.
“The UK has a rich history in aviation related innovation, and we are proud to be able to continue to support the industry with the introduction of our low-carbon, waste-to-jet fuel platform,” said Jim Macias, President and Chief Executive Officer of Fulcrum. “Launching our first UK project at Stanlow, in collaboration with Essar, brings tremendous benefits in terms of plant operability, efficiency of feedstock and fuel product logistics. Chemicals rPETRecycling CircularEconomy
On-site storage via Stanlow Terminals Limited and direct access to airport pipelines, make this an attractive site for our project.
Fulcrum’s innovative and patented waste-to-fuels process will help reduce the impacts from climate change, boost the economy by supplying low-carbon, drop in transportation fuel as well as bringing high-paying jobs and investment to the North West of England.”
Evonik is pooling its activities for circular plastics as part of the transition to a circular economy. The company offers solutions for all stages in the polymer value chain.
Evonik will also increase the use of sustainable raw materials from circular sources in its own production processes. Overall, the company expects its global circular plastics programme to generate additional sales of more than €350m a year by 2030.
Harald Schwager, Deputy Chairman of Evonik’s executive board, said: “The careful use of resources and protection of the climate leads us down the path towards a circular economy. We have the innovative capability to create new materials cycles with fewer fossil-based feedstocks and more circular ones. We intend to utilise that potential.” Chemicals rPETRecycling CircularEconomy
Lauren Kjeldsen, responsible for Evonik’s global circular plastics programme, added: “We are working closely with partners along the entire polymer value chain to make this happen. Innovations are the key to success.”
Seri Plastic will set up a jointly owned business with Unilever and will buy and convert the London-based group’s plant in the southern town of Pozzilli, which will recycle plastic waste based on EU circular economy models.
The deal is in line with Unilever’s “Clean Future” global project, which includes the aim of halving the use of plastics in its packaging by 2025, the statement said.
Seri Industrial Group has signed an industrial and commercial agreement with consumer goods group Unilever to develop its plastic business, the Italian company said on Monday. wned business with Unilever and will buy and convert the London-based group’s plant in the southern town of Pozzilli, which will recycle plastic waste based on EU circular economy models. Chemicals rPETRecycling CircularEconomy
JEPLAN, Inc. (Representative Director: Masaki Takao; Head Office: Chiyoda-ku, Tokyo; Japan Environment Planning, “JEPLAN”) and Sojitz Corporation (Representative Director: Masayoshi Fujimoto; Head Office: Chiyoda-ku, Tokyo; “Sojitz”) have agreed to jointly promote a PET (polyethylene terephthalate) chemical recycling business in Japan and overseas utilizing JEPLAN’s chemical recycling technology, and JEPLAN has issued a third-party allotment of new shares underwritten by Sojitz. Additionally, Sojitz has agreed to acquire a 25% stake in PET Refine Technology, Co., Ltd. (Representative Director: Daigo Iga; Head Office: Kawasaki-shi, Kanagawa; “PRT”), a subsidiary of JEPLAN, and to jointly operate the company. Chemicals rPETRecycling CircularEconomy
Using its proprietary chemical recycling technology BRING™, JEPLAN is able to selectively extract the intermediate BHET (Bis(2-Hydroxyethyl) terephthalate) from PET, the material used to make PET bottles and polyester fabric. The company is then able to recover high-purity monomers in order to manufacture recycled PET resin that meets strict bottle-grade quality standards at an industrial scale.
As the winter storms hit the US Gulf Coast, Wood Mackenzie estimated that 45% of US paraxylene (PX) capacity had been affected, said Hydrocarbonprocessing.
However, it has since come to light that 73% of US capacity was impacted by the severe weather, with INEOS Texas City declaring force majeure the week of the storms. All PX assets affected by the storms are either fully integrated into refining systems or embedded within refinery complexes, many of which were shut down or reduced due to weather impacts. Chemicals rPETRecycling CircularEconomy
As of mid-March, all US refineries associated with PX production have started to ramp up operations across major processing units, according to Genscape. Despite this, reports circulate of paraxylene asset restarts running into delays even after other units within the refinery have moved towards normal output levels.
With major PX supply outages in the region, PX prices are expected to rise again in April. April’s forecast increase follows last month’s settlement, which was the largest increase for the US PX contract price in a single month since September 2018.
Oil demand is expected to increase over the next decade and the fossil fuel will remain to be a crucial part of the energy mix, even as renewables draw increasing attention, reported Reuters with reference to Hess Corp Chief Executive John Hess’ statement at CERAWeek. Chemicals rPETRecycling CircularEconomy
At the biggest gathering of top energy leaders, investors and politicians from around the globe, climate change and renewable fuels are taking center stage this year with oil companies trying to reorient their portfolios as the fossil fuel industry reels from the coronavirus pandemic, which destroyed fuel demand and caused the loss of thousands of jobs.
“We don’t think peak oil is around the corner – we see oil demand growing for the next 10 years,” Hess said. “We’re not investing enough to grow oil and gas in the future,” he said, explaining that prices would need to rise to support that investment.
While demand is likely to recover sharply after the pandemic, supply is going to be slower to resume, he said, as shale producers, in particular, operate conservatively to meet shareholder’s needs.
As MRC informed previously, oil producers face an unprecedented challenge to balance supply and demand as factors including the pace and response to COVID-19 vaccines cloud the outlook, according to an official with International Energy Agency’s (IEA) statement
The cold snap that gripped the United States in February not only caused chaos in Texas and the southwest, it also triggered a shortage in plastics that has disrupted a supply chain already under strain from a lack of microchips and growing congestion at ports as a result of the coronavirus pandemic. Chemicals rPETRecycling CircularEconomy
So factories have had to shut their doors and consumers are feeling the crunch.
At Toyota, a petrochemicals shortage affected production at plants in Kentucky, West Virginia and Mexico.
Honda cited supply chain issues “related to the impact of Covid-19, congestion at various ports, semiconductor shortages and severe winter weather” to justify the temporary closure of five of its factories in Canada and the United States.
Danish recycler Plastix has launched what it calls “green ropes” produced through clean-tech mechanical reclaim technology with recyclate from discarded maritime fibres, such as abandoned fishing nets and ropes.
The company said it converts its recycled “OceanIX” range with the help of value-chain partners into this new product, which it claims is the first-of-its-kind rope made with almost-100% reclaimed content. “The ‘almost’ in that is because of the 2% stabilisers we add to all OceanIX products,” a Plastix spokesperson told Plasteurope.com. Chemicals rPETRecycling CircularEconomy
In July 2020, the Danish firm partnered with US nanotechnology and biocomposite specialist Titan Bioplastics to expand the use of recycled plastics waste in products
Chemicals rPETRecycling CircularEconomy