| WTI Crude | $40.03/bbl | +2.1% |
| Brent Crude | $41.34/bbl | +2.1% |
| HH Nat Gas | $2.14/MMBtu | -7.4% |
| MB Propane | $0.53/gal | +1.0% |
| 3:2:1 Crack | $10.05/bbl | -6.5% |
Lummus to provide its PP technology again
Russian multinational energy corporation, Lukoil, has announced that it has selected Lummus Technology's polypropylene (PP) technology called Novolen for a new plant in Bulgaria.
Some context:
It was just one month ago that we last saw Lukoil choose Lummus' technology for PP production in Russia. This plant is about half as large (280,000 tons per year instead of 500,000) and will be the first of its kind in southeast Europe. This agreement means that Lummus Technology will provide the basic engineering design, training, services, and catalysts for the new PP plant.
Background on the technology:
Novolen is the second most popular gas-phase technology and accounts for about 12% of the world's PP production. Spheripol (a competitor licensed by LyondellBasell) isn't a gas-phase production method and it accounts for about 34%. They both have complicated histories, and you can read a full (but brief) overview of PP technologies here.
Read the press release here.
Mitsui Chemicals gets deeper into the corrective lens market
Japanese chemical company and piece of the Mitsui conglomerate, Mitsui Chemicals, has announced its acquisition of a German coatings company.
Who did they buy?
The thin film coatings company, COTEC, manufactures, sells, and researches hydrophobic and anti-reflective coatings. These coatings are typically used in the eyewear and precision optics industries.
Why did they buy them?
Mitsui Chemicals has a VIsion Care Materials Division, and the corrective lens market appears to have quite a bit of growth potential. According to Mitsui, the company has a "commitment to product development aimed at vision correction and improving the health and comfort of the eyes. It is all part of the Mitsui Chemicals Group’s effort to bring people a better view of the world.".
Read the press release here.
Petrofac to design a new green hydrogen plant in Australia
Oilfield services company headquartered in London, Petrofac, has announced it will be providing the front end engineering design (FEED) for a new green hydrogen plant in Australia.
The big deal:
We've seen Petrofac's interest in the hydrogen industry before (here's an MoU they signed a month ago) but this is the company's first opportunity to play a critical part in it. If the project goes well then Petrofac should be able to land more FEED contracts in the future since it's a little easier once your foot is in the door. Since EPC firms like Petrofac make money from designing new plants, many of them are looking to diversify out of oil & gas projects.
The project details:
The green hydrogen plant is part of the Infinite Blue Energy Group's landmark hydrogen project in Western Australia. Once it's up and running it will produce 25 tons of green hydrogen per day by the electrolysis of water using solar and wind power. The plant is expected to be operational sometime in 2022.
Read the press release here.