Plastics Recycling – Crude slumps 20-06-2022
Plastics Recycling – Crude slumps
Crude Oil Prices Trend
Eni has been selected by QatarEnergy as a new international partner in the North Field East (NFE) expansion project.
The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, and Eni CEO, Claudio Descalzi, signed the partnership agreement for the creation of the new Joint Venture company during an official ceremony today. QatarEnergy will hold a 75% interest while Eni the remaining 25% interest. The JV will hold 12,5% interest in the entire NFE project, including the 4 mega LNG trains with a combined capacity of 32 MTPA.
The NFE project will expand Qatar’s LNG export capacity from the current 77 million tons per annum (MTPA) to 110 MTPA. A $28.75 billion investment, NFE is expected to start production before the end of 2025 and will deploy state of the art technologies to minimize overall carbon footprint, including carbon capture and sequestration.
The agreement marks the completion of a competitive process started in 2019 and has a duration of 27 years. It is a strategic move for Eni, which expands Eni’s presence in the Middle East and gains access to a world leading LNG producer, detaining among the largest natural gas reserves in the world. It is also a significant milestone in the Company’s diversification strategy, adding a cleaner and reliable energy source to its portfolio.
In his remarks during the ceremony, Eni CEO Descalzi said: “We are honored and delighted for having been selected as partner in the North Field East expansion project. As a newcomer joining this world leading LNG project, we feel the privilege and the responsibility of being a strategic partner of choice for the State of Qatar. This agreement is a significant milestone for Eni and fits our objective to diversify into cleaner and more reliable energy sources in line with our decarbonization strategy.
Eni looks forward to working with QatarEnergy on this project to positively contribute to increasing worldwide gas security of supply.”
The two-day Plastics Recycling Show Europe exhibition and conference taking place at the RAI Amsterdam opens to visitors at 9.30 am on June 22.
This year’s event is set to be the biggest ever with over 200 exhibitors and more than 40 expert speakers. Winners of the Plastics Recycling Awards Europe 2022 will also be announced on June 23rd. Plastics Recycling – Crude slumps
The two-day event draws together contributions from EU political leaders and every part of the plastics industry from major brands to material suppliers, plastics recycling machinery and equipment suppliers, plastics recyclers and waste management specialists.
Companies and organisations from across Europe will be showing new technologies and applications for recycled plastics. Thousands of industry professionals are expected to attend the event, which has grown rapidly since it was first held in 2017.
Among the exhibitors will be Powerfil, a business unit of recycling machine manufacturer EREMA GmbH, launching a new high performance melt filter; REPI is expanding its portfolio of additives for PET recycling with the brand new Stabiplus line, its latest solution to boost a circular economy in polymer recycling; FIMIC is profiling its range of five different melt filter models suitable for highly contaminated plastic materials including post-industrial and post-consumer plastics; Sesotec presents its new Varisort+ Flex sorting module, developed to separate mixed material streams into separate fractions using up to three sensors for C (colour), M (metal) and N (plastics);
CHT Group will present intelligent auxiliaries for quality improvement and process optimisation in the aqueous plastics cleaning process; Gneuss will present three extrusion technologies for closed loop recycling: the Gneuss Process Unit (GPU), the MRSjump Extruder and the JUMP polyreactor; Nordsonis highlighting a new feature for its BKG continuous melt filters: melt pressure controlled venting start, which provides increased pressure consistency for all kinds of polymers and contamination levels; Barcelona-based Altero will show its latest pelletizing lines for recycling of post-consumer and post-industrial plastic waste. Plastics Recycling – Crude slumps
Indaver’s depolymerisation plant to be the first of its kind in Europe
From yoghurt pot to yoghurt pot – agreement closes the loop for polystyrene
Indaver, a leading player in the European waste industry, and INEOS Styrolution, the global leader in styrenics, have signed an offtake agreement today giving INEOS Styrolution access to styrene monomer (“SM”) produced from post-consumer waste at Indaver’s planned depolymerisation plant. Plastics Recycling – Crude slumps
This agreement closes the loop towards a circular economy for polystyrene. It will enable INEOS Styrolution to produce polystyrene from recycled feedstock replacing styrene monomer produced from fossil feedstock.
“The benefits are tremendous”, explains Dr. Alexander Glück., President EMEA at INEOS Styrolution. “We recognise plastics waste as a valuable resource that must not end up in landfill or be incinerated. Together with Indaver we reduce waste, we produce polystyrene with identical properties as the virgin material with a lower CO2 footprint and we reduce the use of fossil feedstock.”
With the recycled polystyrene meeting stringent food grade specifications, an old dream has finally come true: The material that has been used to preserve food can be recycled and used for the same purpose again.
“We are very pleased with this agreement”, says Paul de Bruycker, CEO at Indaver. “Our companies share the same vision of a true circular economy for polystyrene. The material is eminently suitable to allow for depolymerisation, an advanced recycling method that we deploy in our new recycling plant.” Plastics Recycling – Crude slumps
The depolymerisation technology allows to recycle polystyrene by converting it back into its building block, styrene monomer. Thanks to this process, the recycled material can meet the strict food contact standards.
The report covers the Partnership’s commitment to communities, MRFs, materials manufacturers, brands and retailers and people. Plastics Recycling – Crude slumps
The Recycling Partnership has released their 2022 Impact Report, detailing their work with communities, Materials Recovery Facilities (MRFs), materials manufacturers, brands and retailers and people. The report presents a system with goals related to their stakeholders. The system goes as follows:
- all households can recycle,
- people know what and how to recycle,
- materials recovery facilities are fully modernized,
- stakeholders work together to overcome material-specific obstacles to recycling,
- packaging that enters the system is designed for, or on a path to, recyclability, and
- recycling has a sustainable public-private funding stream based on smart policy.
With regards to economic impact, $95 million has been invested in The Recycling Partnership to date. The organization accumulated a total of $241 million in total value creation, including: Plastics Recycling – Crude slumps
- $163 million in capital and state investments in recycling
- $24 million in new recyclables collected
- $19 million in technical assistance to cities and states
- $16 million in carbon savings
- $13 million in avoided landfill costs
- $6 million in member consulting
Canadian petrochemical producer Nova Chemicals has introduced a specialized high-density polyethylene (HDPE) resin that can be used to produce recyclable all-polyethylene packaging. The resin technology, which can produce recyclable PE packaging, aims to help customers and brand owners to meet their sustainability goals. Plastics Recycling – Crude slumps
The special HDPE resin will be used to make 100pc high-density machine direction oriented film, which can then substitute for biaxially-oriented polypropylene and biaxially-oriented polyethylene terephthalate to manufacture fully recyclable all-PE laminates. The PE laminates produced will have high stiffness, good heat resistance and clarity.
Oriented film structures can be used in replacement of traditional mixed material packaging that cannot be recycled.
These are suitable for applications in areas such as food packaging, heavy duty shipping sacks and e-commerce. Plastics Recycling – Crude slumps
Nova has been increasing its efforts to produce recyclable plastics as part of its sustainability efforts and ambition to create a circular economy for plastics.
Oil prices went down to a four-week low on Friday on worries that interest rate hikes by major central banks could slow the economy and cut global energy demands.
On Friday, Brent futures fell 5.6 percent to settle at $113.12 a barrel, while the West Texas Intermediate crude fell 6.8 percent to settle at $109.56.
Russia says cutting oil production would have risks Plastics Recycling – Crude slumps
The idea of cutting oil production in Russia to further increase prices has risks and would require calculation, Deputy Finance Minister Alexei Sazanov told Reuters on Friday.
While Deputy Prime Minister Alexander Novak told RBC business channel on Thursday that Russia had no need to cut its oil output in response to the EU’s embargo.
Novak earlier said he expected Russia’s annual oil production for 2022 would be about 500 million tons, down from 524 million tons last year.
Sovcomflot fleet fully covered by Russian insurers: CEO
Russia’s state-run Sovcomflot has insured all its cargo ships with Russian insurers and the cover meets international rules, its CEO said, after Western insurers withdrew cover.
Western insurers halted insurance cover for Russia’s biggest shipping group when Sovcomflot was hit by sanctions after Moscow sent troops across the border into Ukraine.
Sources told Reuters this month that state-controlled Russian National Reinsurance Company had become the main reinsurer of Russian ships, including Sovcomflot’s fleet.
“Technically, we meet all international trade requirements,” CEO Igor Tonkovidov told reporters. “Currently, the company’s fleet is almost fully busy in shipping hydrocarbons, cargoes are delivered to different parts of the world.” Plastics Recycling – Crude slumps
Sovcomflot is a key shipper of Russian oil and liquefied natural gas cargoes globally.
Idemitsu Kosan Co.,Ltd. (“Idemitsu”) and JERA Co., Inc. (“JERA”) have today concluded a memorandum of understanding (“MOU”) stipulating that they will jointly consider establishing a hydrogen supply chain based in the Ise Bay area.
On the back of demand for decarbonization, hydrogen—which emits no CO2 when burned—is expected to be used in large quantities at power plants and in industrial areas as a next-generation replacement for fossil fuels.
It is essential, therefore, to develop large-scale receiving and supply bases near areas where hydrogen will be in demand. Plastics Recycling – Crude slumps
The Ise Bay area, where many industries are concentrated, has the future potential to become a large-scale receiving and supply base. Idemitsu is engaged in the business of receiving and refining crude oil and supplying petroleum products in the area. JERA, meanwhile, owns thermal power plants and LNG receiving terminals in the area and strives to ensure a stable supply of electricity in the Chubu region.
The MOU stipulates that the two companies will jointly consider the following as they look to establish a hydrogen supply chain based in the Ise Bay area where each operates businesses:
- Establishment of hydrogen receiving, storage, processing, and supply bases
- Technological and economic analysis of transportation methods for hydrogen in the Ise Bay area
- Development of a hydrogen supply network
Idemitsu and JERA will utilize their accumulated technology, knowledge, and assets to contribute to the establishment of a stable, economical supply chain for hydrogen as part of their efforts to achieve carbon neutrality. The two companies will also cooperate with “Hydrogen Utilization Study Group in Chubu”, which is working to establish cross-industrial hydrogen supply chain throughout the Chubu region.
Idemitsu has adopted the “CNX* Center” concept of transforming existing manufacturing bases such as refineries and complexes into new low carbon and resource-recycling energy hubs. Idemitsu aims to establish a supply chain that supplies CO2-free energy by taking advantage of the unique characteristics of each of the group’s sites while fulfilling responsibility for the stable supply of energy. Plastics Recycling – Crude slumps
Under its “JERA Zero CO2 Emissions 2050” objective, JERA has been working to reduce CO2 emissions from its domestic and overseas businesses to zero by 2050, to promote the adoption of greener fuels, and to pursue thermal power that does not emit CO2 during power generation.
Producers of for example asphalt and cement are forced to seek out alternative high-heat fabrics for particulate dust filtration amidst the global Aramid shortage.
“The merger of Dow and Dupont […] has significantly contributed to the shortage of fibers we’re seeing today. Supply chain is a huge problem with Meta-aramid […]; there doesn’t seem to be any changes in that issue until the end of 2022,” said Chris Plotz, director of education and technical affairs at the International Nonwovens and Disposables Associations (INDA). Plastics Recycling – Crude slumps
The ongoing shortage is creating problems not only for the asphalt and cement industry, which relies heavily on Meta-Aramid filter bags to meet their environmental compliance mandates but equally for producers of PPE (Personal Protective Equipment) and aircraft supplies.
However, there is an available solution to take the strain out of the market and ease the current bottleneck: PyroTex® classic, the flame and heat resistant fiber produced by PyroTex Industries in Europe.
Plastics Recycling – Crude slumps