| WTI Crude | $40.06/bbl | -0.1% |
| Brent Crude | $40.91/bbl | -0.8% |
| HH Nat Gas | $1.90/MMBtu | -1.6% |
| MB Propane | $0.51/gal | +1.6% |
| 3:2:1 Crack | $10.02/bbl | +9.2% |
Total to convert refinery into a green megacomplex
French international oil major, Total, has announced its $580 million plan to convert one of its refineries into a biofuels and circular plastics plant.
The details:
Total will stop refining crude oil at the site early next year and will begin the construction of 3 new units. They will be building a biorefinery (much like the one that Phillips 66 announced a couple of weeks ago). A joint venture plant between Total and Corbion to produce PLA (we talked about another PLA plant on Tuesday). And last but not least, a joint venture plant between Total and Plastic Energy to build France's first chemical recycling of plastics plant (based on pyrolysis, also mentioned two weeks ago).
Why are they doing this?
As much as we'd like to think that Total has decided to make this investment entirely because of its net-zero emission goals, it's a little more complicated than that. The refinery was shut down last year because of an issue with the 160-mile pipeline it relies on. The only way to resume normal operation at the refinery was to spend $700 million to replace the pipeline. So it was either that or convert the plant into this green machine.
Read the press release here.
Polystyrene chemical recycling plant to be built near Chicago
UK-based styrene producer, INEOS Styrolution, and AmSty have announced plans to build a polystyrene (PS) chemical recycling plant just outside of Chicago, Illinois.
You should know:
The plant will be licensing Agilyx's pyrolysis technology that returns polystyrene back to its styrene monomer. When it starts up it will recycle 100 tons of post-consumer waste polystyrene each day (that's a lot of styrofoam and yogurt cups).
Some context:
This is the second plant to use Agilyx's recycling technology—the first one was a joint venture between AmSty and Agilyx located in Tigard, Oregon. According to a VP at AmSty, "Other plastics can also be converted into useful intermediates, but polystyrene offers a truly circular solution. Polystyrene remains the best option for a range of applications such as food and beverage containers.".
Read the press release here.
Baker Hughes divests an oilfield specialty chemicals production site
Headquartered in India, Artek Surfin Chemicals (no chemicals related to surfing), has announced that it will be acquiring a chemical manufacturing facility from Baker Hughes.
What did they buy exactly?
The site, located in Sand Springs, Oklahoma, employs 120 people and manufactures oilfield specialty chemicals. Baker Hughes has been a leading producer of those specialty chemicals for years (defoamers, friction reducers, corrosion inhibitors, and surfactants).
Bigger picture:
For Artek, the acquisition is "another key step in our global vision and growth strategy as we continue to pursue additional strategic acquisitions such as this,". While Artek is looking to incorporate this site into its core businesses, Baker Hughes appears to be exiting its downstream integration into chemical manufacturing. Back in July, we saw Baker sell off its polyethylene waxes business to a private equity firm.
Read the press release here.