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Ammonia21-Oct-2024
Iberia holds four of six projects
ICIS data shows product costs could drop to
sub €3/kg with subsidy
Projects must commence operations in five
years
LONDON (ICIS)–On 7 October the European
Commission announced it had signed grant
agreements with six renewable hydrogen
production projects as part of the EU Hydrogen
Bank scheme, indicating that one of the
original seven winners of funding had
withdrawn. ICIS data shows project costs could
result in hydrogen below €3/kg as a result of
the support.
From the point of signing contracts, the five
projects will need to commence hydrogen
production within five years, indicating that
their supply would be online before 2030, the
year 42% of all hydrogen used in industry must
be renewable fuels of non-biological origin
(RFNBO) according to the renewable energy
directive.
The total production from the six projects will
amount to roughly 1.5 million tonnes of
hydrogen over the entire 10-year period covered
by the EU Hydrogen Bank process, meaning that
at least 150kt/year of RFNBO will be produced
by the scheme by 2030.
Companies bid on a €/kg basis for support,
meaning for every kilo produced by the
projects, a subsidy would be paid to the bid
amount, thus reducing the potential sales price
for the projects to RFNBO buyers.
Bids ranged from €0.37-0.48/kg of RFNBO. The
support was designed to bridge the gap between
RFNBO and conventional high emissions hydrogen.
ICIS understands that current RFNBO sales
prices for around 2029 can reach up to €15/kg,
with some producers citing production costs in
the single figures.
ICIS Hydrogen Foresight project data for
Spanish electrolysers indicates that, following
the subsidy, product costs from the Catalina
and HYSENCIA projects respectively could fall
to €2.73/kg and €3.11/kg.
The project to withdraw from the scheme was the
El Alamillo H2 project, coordinated by Benbros
Energy S.L. The project had bid for support of
€0.38/kg, the second-lowest bid level of the
seven successful bidders.
Ethylene21-Oct-2024
HOUSTON (ICIS)–Here are the top stories from
ICIS News from the week ended 18 October.
IPEX: Global spot index rises again on
increases in NE Asia
The global spot ICIS Petrochemical Index (IPEX)
rose for the second consecutive week in the
week ended 11 October, by 0.3%, again due to
price increases in northeast Asia.
Argentina’s Rio Tercero shuts TDI plant
on global oversupply
Petroquimica Rio Tercero has shut its toluene
di-isocyanate (TDI) plant in Cordoba on the
back of global oversupply, a spokesperson for
the Argentinian producer confirmed to ICIS on
Tuesday.
Brazil’s Senate approves EU Reach-like
rules to increase chemicals
control
Brazil’s Senate approved on 15 October the
creation of a National Inventory of Chemical
Substances aiming at “reducing negative
impacts” of toxic chemicals on human and
environmental health.
INSIGHT: Decarbonized chemicals,
plastics gain momentum with multiple production
pathways
Momentum is building in the zero-to-low carbon
chemicals and plastics space with many
different pathways to production that will give
customers more options to reduce their carbon
footprint.
US Ascend to close South Carolina
plant, move polymer production to
Florida
Ascend Performance Materials plans to shut down
its remaining operations Greenwood, South
Carolina, and move the site’s polymer
production to its complex in Pensacola,
Florida, US-based nylon producer said on
Friday.
Polyethylene Terephthalate21-Oct-2024
LONDON (ICIS)–Join global analyst team lead
for recycling Helen McGeough
as she looks ahead to the 3rd
ICIS Recycled Polymers Conference
on 7 November in Berlin and
tells Matt Tudball what she’s
looking forward to seeing from the diverse
group of topics and presenters, including:
Waste collection challenges and
developments
ICIS study on penetration rates of
recycling in the wider virgin polymer market
Chemical Recycling and its impact on the
market
Investment in recycling for low carbon
solutions
Prices of feedstocks impacting the recycled
polymers chains
3rd ICIS Recycled Polymers Conference |
Europe
Hotel Palace Berlin, Germany |
Conference: 7 November
Training: 6 November
You will be able to hear from out ICIS experts
on the following session:
Set the scene with ICIS: The European
plastics recycling market landscape
Panel discussion: Waste collection
challenges and developments
ICIS insight on pricing trends for
plastics, mixed plastic waste and pyrolysis oil
To discover more and register you place click
here > https://events.icis.com/website/11605/home/
Global News + ICIS Chemical Business (ICB)
See the full picture, with unlimited access to ICIS chemicals news across all markets and regions, plus ICB, the industry-leading magazine for the chemicals industry.
Petrochemicals21-Oct-2024
LONDON (ICIS)–Click
here to see the latest blog post on
Chemicals & The Economy by Paul Hodges,
which reviews the Paris Motor Show and suggests
2025 will be make-or-break for European
automakers.
Editor’s note: This blog post is an opinion
piece. The views expressed are those of the
author and do not necessarily represent those
of ICIS. Paul Hodges is the chairman of
consultants New
Normal Consulting.
Speciality Chemicals21-Oct-2024
LONDON (ICIS)–Here are some of the top stories
from ICIS Europe for the week ended 18 October.
Turkey PP grades slide as
sellers rush to sell before November
Spot prices for all grades of polypropylene
(PP) in Turkey suffered sizeable decreases this
week as sellers made a strong push to offload
material.
FAKUMA ’24: Foggy path
ahead for Europe polymers
A thick morning mist hung over Lake Constance,
as thousands gathered at the lakeside city of
Friedrichshafen, Germany, for the Fakuma
plastics trade fair. It is a fitting metaphor
for the challenge facing the polymer industry
in Europe: impossible to see more than few feet
in front of you. Or, for the more
pessimistically minded, the risk of a plunge
into icy waters if you don’t watch your step.
EPCA
’24: Europe MMA moving past pessimism but
uncertainty remains
The Europe methyl methacrylate (MMA) market is
moving past the pessimism seen in previous
years, with there being some hope about demand
improvements – although this remains clouded in
uncertainty.
FAKUMA ’24: ICIS experts
predict top talking points at plastics
fair
A turbulent 2024 for plastics markets – from
Europe’s rocky road to economic recovery to Red
Sea attacks spiking shipping costs and throwing
trade flows out of whack – has posed big
questions for demand, supply and optimism for
the year to come.
IPEX:
Global spot index rises again on increases in
NE Asia
The global spot ICIS Petrochemical Index (IPEX)
rose for the second consecutive week in the
week ended 11 October, by 0.3%, again due to
price increases in northeast Asia.
Crude Oil21-Oct-2024
SINGAPORE (ICIS)–Saudi Aramco chief Amin
Nasser on Monday called for a new energy
transition plan that considers the needs of all
countries, specifically those in Asia and the
broader Global South, amid growing oil demand.
Single one size fits all plan for every
country is unrealistic – Nasser
Transition will be a costly affair, with an
estimated $100-200 trillion required globally
by 2050
World not yet at peak oil demand
“This may be Asia’s century. But Asia’s voice
and priorities, like those of the broader
Global South, are hard to see in current
transition planning, and the whole world is
feeling the consequences,” Nasser, the
President and CEO of Aramco, told delegates at
the Singapore International Energy Week (SIEW)
conference in Singapore.
“Transition progress is far slower, far less
equitable, and far more complicated than many
expected… Our main focus should be on the
levers available now.”
Each country needs to choose an energy mix that
helps them meet their climate emissions “at a
speed and a manner that is right for them”,
Nasser said.
Asia, accounting for over half of the world’s
energy supplies, still relies on oil and gas
for 84% of its energy needs. Alternatives are
mostly meeting consumption growth, not
displacing demand for oil and gas, he said.
Furthermore, large segments such as heavy
transportation and petrochemicals have few
economically viable alternatives to oil and
gas.
Instead of forgoing conventional energy, Nasser
encouraged countries to invest in these “proven
and reliable” energy sources that developing
nations need and can afford.
At the same time, the world needs to invest in
technologies that will reduce the cost of
renewables and that can compete in price and
performance.
“We need to provide… energy that is secure,
affordable, and sustainable. You cannot talk
about sustainability without making sure you
ensure security and affordability,” he said.
On energy transition costs, Nasser said:
“Transition will be expensive for everyone,
with estimates of between $100 and $200
trillion required globally by 2050.”
“For developing countries, almost $6 trillion
may be required each year. Moreover, in a
transition that requires staggering amounts of
front-end capital investment, the cost of
capital is more than twice as high in
developing countries where the need is
greater.”
GLOBAL SOUTH OIL DEMAND TO CONTINUE
GROWTH TRAJECTORYEven though oil
growth has plateaued in some mature economies,
such as the EU, the US, and Japan, they still
consume large amounts of oil, Nasser said.
“While US oil consumption is roughly 22 barrels
per person per year, and the EU is around 9
barrels, it is 2.4 barrels in Vietnam, 1.4
barrels in India, and only 1 barrel in Africa,”
Nasser said.
This means that oil demand will continue to
grow in the Global South, he said.
Currently, the world is consuming “record
amounts of oil”, at 100 million barrels, or 80%
of energy, compared to 84% thirty years ago.
More than 100 million barrels per day will
realistically still be required by 2050, a
stark contrast to some predictions that oil
will fall to 25 million barrels per day by
then, Nasser said.
“Being short 75 million barrels every day will
be devastating for energy security and
affordability,” Nasser added.
Focus article by Jonathan Yee
Gas21-Oct-2024
SINGAPORE (ICIS)–Here are the top stories from
ICIS News Asia and the Middle East for the week
ended 18 October.
China
VAM exports may slow throughout
October
By Hwee Hwee Tan 14-Oct-24 16:55 SINGAPORE
(ICIS)–Persistent increases in China’s vinyl
acetate monomer (VAM) domestic prices have
pushed up spot export offers, dampening buying
interest for Chinese cargoes in Asia this
month.
China
Sept crude imports dips 0.6 on year; down 7.4%
on month
By Fanny Zhang 14-Oct-24 17:51 SINGAPORE
(ICIS)–China’s crude oil imports in September
totaled 45.5 million tonnes, down by 0.6% year
on year and lower by 7.4% from the previous
month, official data showed on Monday.
India
Sept inflation at nine-month high; Aug
industrial output shrinks
By Priya Jestin 14-Oct-24 22:46 MUMBAI
(ICIS)–India’s retail inflation hit a
nine-month high of 5.49% in September, mainly
on firmer food prices, while the country’s
industrial output in August shrank for the
first time in 22 months.
Oil
prices fall by more than $3/barrel on abating
Mideast tensions
By Nurluqman Suratman 15-Oct-24 14:57 SINGAPORE
(ICIS)–Oil prices fell by over $3/barrel on 15
October on moderating concerns over potential
supply disruptions, following news that Israel
may refrain from targeting oil facilities in
Iran.
Asia
fatty alcohols demand to remain firm near term
despite proposed EUDR delay
By Helen Yan 15-Oct-24 16:41 SINGAPORE
(ICIS)–Asia’s fatty alcohol mid-cuts demand is
expected to remain firm in the near term
despite the proposed one-year delay in the
implementation of the EU Deforestation
Regulation (EUDR).
Asian
synthetic rubber discussions in limbo as
buy-sell differences deepen
By Ai Teng Lim 16-Oct-24 13:28 SINGAPORE
(ICIS)–Spot trade liquidity for Asian spot
imports of various synthetic rubbers, from
styrene-butadiene-rubber (SBR), polybutadiene
rubber (PBR) and acrylonitrile-butadiene-rubber
(NBR), are tapering amid widening differences
in near-term pricing outlook between buyers and
sellers.
Asia
BG demand expected to stay weak in Q4
By Joy Foo 17-Oct-24 13:22 SINGAPORE
(ICIS)–The gap between China and southeast
Asia butyl glycol (BG) import markets narrowed
in October as lackluster demand has weighed
down southeast Asia’s import discussions.
India
petrochemicals demand subdued pre-Diwali; weak
rupee effects unclear
By Jonathan Yee 18-Oct-24 13:00 SINGAPORE
(ICIS)–India’s petrochemicals demand is losing
momentum, hindered by the prolonged monsoon
season, economic uncertainty, and volatile
crude prices.
Ammonia18-Oct-2024
HOUSTON (ICIS)–Green hydrogen company Ohmium
International announced it has signed a term
sheet with renewable energy joint venture
SwitcH2 BV to develop electrolyzer solutions
for an offshore floating green hydrogen and
ammonia synthesis project.
Ohmium designs and manufactures scalable proton
exchange membrane (PEM) electrolyzers, which it
touts as enabling cost-competitive green
hydrogen production, and under this agreement
they will develop PEM electrolyzer solutions
for the offshore project to be led by SwitcH2.
Ohmium’s PEM electrolyzers will utilise
nearshore solar and wind power, along with
treated seawater, to produce green hydrogen.
The hydrogen will be fed into an on-deck
ammonia synthesis unit, and the resulting
product will eventually be offloaded onto an
ammonia carrier for transport.
The project will be located off southern Europe
and create an industrial scale floating green
hydrogen and ammonia production facility with
an estimated an annual production capacity of
up to 55,000 tonnes of green hydrogen and
almost 300,000 short tons of green ammonia.
Officials said the project is anticipated to
have green ammonia production by 2029.
“We are pleased to have Ohmium join us in
making this pioneering project possible,” said
Bob Rietveldt, SwitcH2’s director and
co-founder.
“Their product delivers high efficiency, and
the comprehensive, standardized design enables
flexible and rapid installation, at scale.”
Ohmium CEO Arne Ballantine said the company was
thrilled to be part of what it called a
transformative project and that they appreciate
the expertise that SwitcH2 brings to offshore
floating production.
“The market for green ammonia is poised to grow
exponentially in the coming decades, especially
as a source of clean fuel for the global
shipping industry, and Ohmium is looking
forward to collaborating with SwitcH2 in
helping address that need,” said Ballantine.
Nylon18-Oct-2024
HOUSTON (ICIS)–Ascend Performance Materials
plans to shut down its remaining operations
Greenwood, South Carolina, and move the site’s
polymer production to its complex in Pensacola,
Florida, US-based nylon producer said on
Friday.
The Greenwood site produces nylon 6,6 products
based on monomers made from its other
locations. The site makes nylon 6,6 polymer
chips for textiles, bulk continuous filament
(BCF) fiber for carpets, as well as industrial
fibres for high-tenacity and technical fiber
applications such as tire yarn and airbags.
In January 2024, Ascend said it would end
industrial fiber spinning operations in
Greenwood. By early 2025, it will end all other
operations in Greenwood.
Earlier on Friday, Ascend confirmed that
was laying off workers at its Pensacola complex
in the face of lower demand for automobiles,
housing and consumer goods, a global trend that
has persisted for the past two years. It did
not specify the number of people who were laid
off.
The layoffs were completed in late September,
Ascend said.
Thumbnail Photo: Nylon. (By
Shutterstock)
(adds paragraph 5)
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