| WTI Crude | $38.05/bbl | +3.2% |
| Brent Crude | $39.98/bbl | +3.8% |
| HH Nat Gas | $2.21/MMBtu | -6.0% |
| MB Propane | $0.46/gal | +0.4% |
| 3:2:1 Crack | $9.21/bbl | -6.2% |
LyondellBasell starts-up its brand new molecular recycling plant
International petrochemical company, LyondellBasell, has announced the successful start-up of its chemical recycling pilot plant at its site in Ferrara, Italy.
History lesson:
Just over 2 years ago LyondellBasell signed an agreement with the Karlsruhe Institute of Technology (KIT) to "advance chemical recycling". Then, this time last year, it was announced that the construction of a pilot plant was about to begin.
The details:
They call the technology MoReTec (molecular recycling technology) and it aims to return post-consumer plastic waste back into its molecular form. The technology has shown that the use of a novel catalyst in the pyrolysis process has made the depolymerization process faster and more energy-efficient (aka cheaper).
Bigger picture:
If the technology proves to be economical then it could be the holy grail of plastics recycling. LyondellBasell loves to license its technologies, so keep in mind that it doesn't have to be just them who use the new process.
Read the press release here.
Ascend buys two companies in Italy to expand more in Europe
Privately-owned (by SK Capital) global leader in the production of Nylon, Ascend Performance Materials, has announced the acquisition of two companies in Italy.
Why the acquisition?
Prior to this acquisition Ascend only had one production facility in Europe. By purchasing these two companies (that are also in the Nylon business) Ascend will now have one additional production facility in Europe and one new distribution center. This allows the company to better serve customers on a global scale.
Some context:
As a general rule, chemical companies owned by private equity firms tend to be more involved in M&A than their peers. The last time we saw Ascend was when it announced a new facemask material way back in July.
Read the press release here.
Shell drops half of its furnaces and can still produce the same amount
Dutch energy giant, Shell, has announced the installation of some new furnaces at its Moerdijk site in the Netherlands.
What are they doing exactly?
Shell will be installing 8 brand new ethylene steam cracker furnaces in place of 16 older ones (and it won't reduce the capacity of the plant). The investment will reduce emissions at the site by 10%, and is a step towards Shell's goal of net-zero emissions by 2050. Check out the hype video here.
What are they saying?
The EVP of Shell's global chemicals business said about the announcement, "We continue to invest in innovation, even in difficult economic times. Steam cracking makes base chemicals, which are transformed into a range of finished products that help society live, work and respond to climate change."
Read the press release here.