CHEMICAL MANAGEMENT, MARKET OUTLOOK
Globenewswire | March 23, 2023
NOVA Chemicals Corporation announced sector-leading ESG ambitions to drive the circular economy for plastics, in line with its vision to become the leading sustainable polyethylene producer in North America.
By 2030, the company aims to
Set new industry standards for driving the transition to the plastics circular economy and solidifying the market for recycled polyethylene, with 30 per cent of its polyethylene sales[i] from recycled contet;
Be at the forefront of decarbonization by reducing its Scope 1 and 2 absoute CO2 emissions by 30 per cent[ii]; and
Become a Top 30 company in Canada.
Outlined in NOVA 2030: Our Roadmap to Sustainability Leadership, NOVA Chemicals has also shared its aspiration to reach net-zero Scope 1 and 2 emissions by 2050.
“NOVA’s Roadmap to Sustainability Leadership details a strong plan forward for the company to become the leader in sustainable polyethylene production while building on our commitments to developing innovative solutions for our customers, enabling the circular economy, and being a responsible steward of our environment,” stated Danny Dweik, CEO. “Plastic products play an essential role in our daily lives. With our renewed purpose of reshaping plastics for a better, more sustainable world, we have developed a clear pathway to become a catalyst for a low carbon, zero-plastic-waste future.”
To achieve these aspirations, NOVA Chemicals anticipates investing between USD$2-4 billion by 2030 to expand its sustainable product offerings, decarbonize assets, and build a state-of-the-art mechanical recycling business while exploring new advanced recycling technologies to create high-quality, high-performance recyclable and low carbon plastics.
Building on its proprietary, Advanced SCLAIRTECHTM technology, NOVA Chemicals will explore expanding its product portfolio to include the development of innovative, advanced materials. These new product offerings, which will include the company’s first ASTUTE™ polyolefin plastomers line, will better serve existing customers and provide more options for sustainability-focused end markets such as electric vehicles and renewables.
NOVA Chemicals has already begun growing its portfolio of recycled and recyclable polyethylene resins through its recently announced launch of SYNDIGO™ recycled polyethylene, a new portfolio of products made from circular polymers to encourage both waste and emissions reductions.
The company’s 2030 aspirations are shorter-term objectives that will help NOVA Chemicals reach its ultimate goal of achieving net-zero Scope 1 and 2 absolute CO2 emissions by 2050. NOVA Chemicals has developed a technical solutions-focused roadmap for decarbonizing its asset base by improving energy efficiencies, electrifying and acquiring renewable power, and exploring clean hydrogen as a low carbon fuel source and Carbon Capture, Utilization, and Storage. The company will also continue to pursue new technologies to abate and eliminate emissions from its production processes, such as the development of its proprietary Low Emissions Ethylene Process technology.
The company has also announced a virtual power purchase agreement (VPPA) with Shell Energy for renewable power, marking the first of many opportunities to increase low carbon, renewable energy in its power portfolio.
Today’s announcement builds upon NOVA Chemicals’ long-standing commitment to developing innovative solutions for its customers while enabling the circular economy and preparing for and responding to a changing world. NOVA’s approach to managing its material ESG topics including Responsible Care® and its commitment to the environment, health, and safety, can be found in its annual ESG report.
About NOVA Chemicals Corporation
NOVA Chemicals aspires to be the leading sustainable polyethylene producer in North America. Our driving purpose is to reshape plastics for a better, more sustainable world by delivering innovative solutions that help make everyday life healthier and safer and acting as a catalyst for a low carbon, zero-plastic-waste future. NOVA Chemicals’ innovative and quality product offerings, value chain collaboration, and unique customer experience is what sets us apart; our customers use our products to create easy-to-recycle and recycled content films, packaging, and products.
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CHEMICAL TECHNOLOGY, SCIENCE AND RESEARCH
Methanex | February 28, 2023
On February 27, 2023, Methanex, a methanol producer and supplier, and MOL announced the successful completion of a duel-fuel vessel called "Cajun Sun", a net-zero voyage with bio-methanol fuel consumption. Their collaboration shows that methanol as a marine fuel can produce net-zero emissions.
Methanex's subsidiary Waterfront Shipping conducted the Cajun Sun operation, leased from MOL. It departed from Geismar, U.S. and arrived in Antwerp, Belgium. The journey started on 17th January and ended on 4th February. For the 18-day trans-Atlantic voyage, the mixture of the ISCC-certified bio-methanol with negative carbon intensity and natural gas methanol produced net-zero greenhouse gas emissions on a lifecycle basis. This innovative fuel solution would assist shipping companies with net-zero carbon emissions. In addition, it would support the chemical industry's venture toward low-carbon emissions.
MOL's Executive Officer for Bunker Business Division, Kazuhiro Takahashi said, "We're pleased to complete the net-zero voyage by utilizing bio-methanol. This is another example of what we can collectively accomplish in our long-term partnership with Methanex and Waterfront Shipping that was solidified in early 2022 when we purchased a 40 per cent interest in Waterfront Shipping." He added, "MOL, as a pioneering shipping company, is committed to reducing the environmental impact of the shipping sector. The use of methanol, which can be readily adopted today, is one of the very promising alternative fuels. We are also contributing to various stages of supply chain through the development and usage of alternative fuels in the global shipping industry."
(Source – Globe Newswire)
About Methanex
Headquartered in Vancouver, British Columbia, Methanex, a chemical manufacturing company, is a methanol producer and supplier to international markets in Europe, North America, Latin America and Asia Pacific. It is a publicly traded company with shares listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and "MEOH" on the NASDAQ Global Market in the United States. Methanol is a liquid chemical produced primarily from natural gas. It is used as a chemical feedstock in manufacturing products like building materials, foams, resins and plastics. It is also used to produce methyl tertiary-butyl ether and energy applications.
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CHEMICAL MANAGEMENT, PRODUCTS AND TECHNOLOGIES
PIC Group, Inc. | March 14, 2023
PIC Group, a leading provider of power and energy service across the world, announced being awarded the Operation and Maintenance (O&M) Agreement by LS Power for the Patriot Hydro Portfolio. Under the provisions of the O&M Agreement, PIC Group will have as operational as well as transitional services responsibility, including full care, control, and custody of the Patriot Hydro Portfolio's day-to-day operations and maintenance services through 2025. The Patriot Hydro Portfolio consists of a fleet of 42 hydroelectric power assets dispersed across 11 states.
Frank Avery, President and CEO at PIC Group, said, "PIC Group's systematic and knowledge-based approach to operations and maintenance adds value to the assets with the objective of meeting or exceeding the shared goals of compliance with all regulations and requirements, performance through high availability and reliability as well as O&M cost management across the Patriot Hydro assets."
(Source – Business Newswire)
"PIC Group's proven track record in successfully managing complex programs and larger portfolios of assets uniquely positions them to support the transition, operate and maintain the Patriot Hydroelectric fleet. We look forward to working with PIC Group with their professional, customer centric approach to operations and maintenance," mentioned Anthony Hammond, Senior Vice President, Head of Asset Management at LS Power.
(Source – Business Newswire)
About PIC Group, Inc.
Established in 1988, PIC Group, Inc. is committed to generating value by offering worldwide energy services to sites on four continents: North America, South America, Asia, and Africa. PIC provides O&M services (care, control, and custody), commissioning and startup, documentation and training, and staffing to the oil and gas, power generation, pulp and paper, petrochemical, and manufacturing industries.
About LS Power
LS Power is a North American power and energy infrastructure development, investment, and operating corporation. Since its establishment in 1990, LS Power has developed, built, operated, or acquired over46,000 MW of power production capacity, including wind, utility-scale solar, natural gas-fired, hydro, and battery energy storage projects, 17,000 MW of which are now operational.
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