Recycle-PET-Bottles – Russian-Sanctions 01-03-2022
Recycle-PET-Bottles – Russian-Sanctions
Crude Oil Prices Trend
WHETHER OIL PRICES will rise to a high of $135/bbl – the worst-case warning highlighted in the above ICIS chart – was very much up in the air as this blog went to press.
The risk that this could happen, from yesterday’s Brent price of $105/bbl, has increased because of the EU and US decision to remove some Russian banks from SWIFT (Society for Worldwide Interbank Financial Telecommunication).
SWIFT is a secure messaging system that makes fast, cross-border payments possible, enabling international trade. Recycle-PET-Bottles – Russian-Sanctions
Only on Friday, it seemed as if expulsion from SWIFT wouldn’t happen because of objections from countries such as Germany. But those countries are now onboard. This underlines, as with all major conflicts, the pace at which events move.
“Russian exports of all commodities from oil and metals to grains will be severely disrupted by fresh Western sanctions, dealing a blow to Russia’s economy and hurting the West with a spike in prices and inflation, traders and analysts said,” wrote Reuters in this 27 February article.
The traders and analysts believed a spike in energy costs would happen despite some Russian banks – including Gazprombank, which services large oil and gas payments – having escaped full-blocking sanctions.
But the Reuters article and other media reports say that efforts are being made to minimise the impact of the SWIFT sanctions on energy markets.
On the other hand, we need to consider that Russia is the world’s second largest oil producer – and that OECD crude inventories are at a seven-year low, according to Ajay Parmar, ICUS Senior Analyst. Recycle-PET-Bottles – Russian-Sanctions
Russia supplies 2.3m bb/day of oil by pipeline to Europe, including via the Druzhba pipeline, which supplies refineries and petrochemicals complexes in Hungary, Slovakia, Czech Republic, Poland and the former East Germany.
ICIS data forecast that in 2022, 2.79m tonnes of ethylene (11% of total European capacity) and 2.34m tonnes of propylene (12% of total European capacity) will be reliant on refineries located along the Druzhba pipeline.
Towards promoting environmental sustainability, Coca-Cola Nigeria has revealed plans for the collection and recycling of 15 per cent of its products in the Nigerian market this year. Recycle-PET-Bottles – Russian-Sanctions
To achieve the set target, the Director, Public Affairs, Communications and Sustainability, Coca-Cola Nigeria, Amaka Onyemelukwe, said the company, its bottling partners Nigerian Bottling Company and through funding from the Coca-Cola Foundation will increase its investments to scale pet collection across the country and drive the required behavioral changes.
Coca-Cola foundation will be investing over $2 million to scale up collection across the six geographical zones and drive behavioural change projects in 2022. “Our goal is to achieve our 2030 ambitious goal of enabling 100 per cent collection for every packaging we put in the market,” she said.
Onyemelukwe disclosed this to newsmen in Lagos and explained that concerted efforts to stem the tide of environmental degradation has seen the company make huge investments in leadership, by fostering industry collaboration, encouraging investments and attracting international intervention, including funding.
She further informed that through funding from the Coca-Cola Foundation in partnership with a local Non-Governmental Organisation (NGO) and a waste aggregator, a mini factory has been set up in Delta State for the conversion of pet bottles into strapping belts, which would be commissioned in the second quarter of 2022. It is expected that this will drive more positive actions as regards environmental sustainability.
She said: “We are aware that more investors have begun to have the confidence to invest in the setup of recycling plants to further drive positive action, which will be commissioned later in 2022. In 2021, over $1.1 million in grants were awarded to various NGO partners and social ventures to drive recycling initiatives in various communities. Recycle-PET-Bottles – Russian-Sanctions
Recycle-PET-Bottles – Russian-Sanctions