Survival of the fittest: petrochemical manufacturers battle global glut
The survival mode of petrochemical producers is on in Europe and Asia. Years of capacity building in China, the top market for petrochemicals, and high energy prices in Europe have pushed margins down two years in a row.
Exploring 'Future Fuels' - Methanol’s Superstorage Solution
Technical inquiries to SRC Group ramped up after it received Approval in Principle (AIP) for a concept which ‘reinvented methanol fuel storage’ on board ships. Delivering the answers has seen technical talk converting…
Erma First CCUS Earns LR AIP
Lloyd’s Register (LR) has awarded Approval in Principle (AiP) to ERMA FIRST for its amine absorption-based Carbon Capture & Storage (CCS) system.ERMA FIRST’s CCS system uses absorption technology to mix CO2 (carbon dioxide) flue gases with a proprietary amine solvent…
Exxon Banks Record $56B Profit in '22
Exxon Mobil Corp posted a $56 billion net profit for 2022, the company said on Tuesday, taking home about $6.3 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
Planning Starts on Series of 10 Ammonia Fueled Bulk Carriers
WinGD and CMB.TECH announced plans to collaborate on a fleet of ammonia fuelled bulk carriers. The pair signed an agreement on the development of ammonia-fuelled two-stroke engines, aiming to install the ammonia dual-fuel X72DF engine on a series of ten x 210…
Has Green Hydrogen Sprung a Leak?
The green hydrogen express is gathering pace, but it may have a worrying problem with leaks.As governments and energy companies line up big bets on the much-touted fuel of the future, some scientists say the lack of data…
Cheniere Asks Biden Admin to Drop Pollution Rule
Cheniere Energy Inc has asked the Biden administration to exempt it from limits on emissions of cancer-causing pollutants, arguing they would force the top U.S. exporter of liquefied natural gas to shut for an extended…
The Path to Zero: ABB, Ballard Progress Work on High-power Fuel Cell Concept
ABB and Ballard are progressing to decarbonize marine transport and have received an AiP from DNV for their high-power fuel cell concept, the development of which was launched in 2018. The high-power fuel cell unit is…
Sandia’s Combustion Research Facility Celebrates 40th
The weather on March 6, 1981, was nothing too remarkable for the San Francisco Bay Area — a little drizzle with temperatures in the 50s and fairly calm wind. The remarkable event that day was taking place on Sandia National Laboratories’ California campus…
World's First Barge-to-Ship Methanol Bunkering Carried out in Rotterdam
On May 10, 2021, the methanol-dual fueled chemical tanker Takaroa Sun, owned by NYK Bulkship (Asia) Pte. Ltd. participated in what is touted as the world’s first barge-to-ship bunkering of methanol fuel. The bunkering…
Great Ships of 2020: Seri Everest, World’s Largest Ethane Carrier
Seri Everest, the first in a series of three 98,000 cbm Very Large Ethane Carriers (VLECs) built at Samsung Heavy Industries Co., Ltd. (SHI) and delivered to MISC Berhad on October 30, 2020. Seri Everest is the first…
Fortescue Assessing Green Ammonia Plant in Australia's Tasmania
Fortescue Metals Group said on Tuesday it was assessing prospects to build an ammonia plant in the southern island state of Tasmania, as part of its push to become a major renewable energy producer.The project would include…
Exxon Committed to Singapore Refinery Expansion
Exxon Mobil Corp said on Thursday it remained committed to expanding its refining-petrochemical complex in Singapore amid an ongoing review of its projects globally.Along with other oil producers, Exxon has been slashing…
Shell to Shut Its Convent, La. Refinery Amid Pandemic
Royal Dutch Shell said on Thursday it will shut down its refinery in Convent, Louisiana, the largest U.S. facility to close since the coronavirus pandemic first hit and devastated economic demand worldwide.The shutdown…
Baker Hughes Plots Low Carbon Future
Baker Hughes is pivoting to customers preparing for the transition to a low-carbon future, bolstering its footprint beyond oil and gas oilfield services, its chief executive said on Tuesday.The company will continue to…
PipeChina to Buy $56B Worth of Pipelines
China took a major step in the reform of its national oil and gas pipeline network, with newly formed PipeChina agreeing to buy pipelines and storage facilities valued at 391.4 billion yuan ($55.9 billion).Under the deal…
China Grants Zheijang First Private Fuel Export License
China has granted Zhejiang Petroleum & Chemical Co (ZPC) a license to export refined oil products, making it the first private oil refiner to win such permission, two sources with knowledge of the matter said on Thursday.The…
China's Sinopec Starts Hiring for New Risk Management Unit
China Petrochemical Corp, or Sinopec Group, has started hiring for six top management positions for a new commodities risk management unit, according to a statement posted on the state energy company's official wechat…
BP to Sell Petrochemicals Business to Ineos for $5B
British oil major BP will sell its global petrochemicals business to Ineos for $5 billion, a transaction delivering BP's divestments target a year earlier than originally scheduled.Brian Gilvary, BP’s chief financial officer…
China to Boost Energy Reserve Capacity, Support Unconventional Gas Exploration
China said on Friday it will bolster the capacity of the country's energy reserves and offer lower gas and electricity charges to key industries, as it looks to ensure energy supply and offset the impact of the coronavirus…
