US EPA requires chemical makers to cut ethylene oxide emissions

Cen | June 02, 2020

US EPA requires chemical makers to cut ethylene oxide emissions
Chemical makers must curb ethylene oxide leaks, though not nearly as much as the US Environmental Protection Agency had proposed last year. Chemical production facilities collectively will have to cut emissions of this carcinogenic gas from storage tanks, vents, and leaky equipment by 0.69 metric tons per year, under a rule the EPA unveiled June 1. This is less than a tenth of the reduction of ethylene oxide releases by manufacturers of miscellaneous organic chemicals that the agency proposed in November. Ethylene oxide, a basic chemical building block made from natural gas or petroleum, is used to make a raft of products from plastics to medicines and is carcinogenic. The compound is also used to sterilize medical equipment.

Spotlight

The chemical and petrochemical industries traditionally have been highly receptive to new control and supervision technologies. These industries have invested more money and time in research and innovation than any other indus trial sectors. Nevertheless, objective benchmarking criteria using the more innovative manufacturing sectors.


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CHEMICAL TECHNOLOGY

Verra Opens the Door to Engage Blockchain Climate Initiatives

BICOWG | December 28, 2021

The Blockchain Infrastructure Carbon Offset Working Group applauds the Dec. 15 announcement of a Legal Due Diligence Questionnaire for Related Instruments by The Verified Carbon Standard a universally accepted standard for certifying carbon emissions reductions. "As pioneers in the crypto carbon space, it's encouraging to see this announcement from Verra — it is truly a dream come true. I imagine we're not far off from Verra adopting blockchain tech in a meaningful capacity," said Joshua Bjiak, CTO at Creol The move by Verra opens the door to tokenizing officially sanctioned units and heralds a new day for close collaboration between the traditional carbon market space and the decentralized climate finance community. BICOWG and its member organizations look forward to supporting this collaboration and furthering the critical work to combine "the best of the carbon market" and the "best of crypto" to achieve effective climate action at a massive scale. Joseph Pallant, founder of Blockchain for Climate Foundation, stated, "We've seen the carbon market develop excellent carbon offset standards, protocols, and projects over more than 20 years. The opportunity to ever more securely and transparently bridge these off-chain environmental assets onto the blockchain creates a win-win, enabling crypto projects to incorporate real carbon offsets, thereby funding proven, verified climate action on the ground, around the world." There's been significant growth in new projects working proactively to beat climate change through generation, purchase, and retirement of carbon credits, including Klima DAO, Regen Network, Toucan Protocol, Blockchain for Climate, and others. Moves by traditional carbon market leaders like Verra to extend their diligence and expertise into the blockchain space will enable further growth of on-chain carbon market. This year's exponential growth of innovative blockchain and climate projects was made possible by the committed efforts of early pioneers. Looking ahead to 2022, BICOWG is buoyed to see the growing pathways for collaboration between these two spaces, and the impetus to weave in additional initiatives together in the spirit of halting the destruction brought in by climate change. Gregory Landua, CEO of Regen Network Development, stated, "By embracing emerging standards like IBC Verra and other pillars can lead the way towards scaling, transparency, and governance needed to reverse atmospheric carbon accumulation. The agile DAOs and Web3 teams building open source tools and the existing institutions are natural allies in the emerging regenerative finance movement." About BICOWG: Blockchain Infrastructure Carbon Offset Working Group is a coalition of blockchain protocols, projects, and nonprofits working together to explore carbon measurement methodology and incentivize carbon markets. Core working group members include Regen Network, Klima DAO, Toucan, SZNS, FungyProof, F2Pool/Stakefish, Blockchain for Climate, and Gitcoin.

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RAW MATERIALS

Clariant completes sale of its Pigments business

Clariant International Ltd | January 04, 2022

Clariant, a focused, sustainable and innovative specialty chemical company, completed the sale of its Pigments business to a consortium of Heubach Group and SK Capital Partners. As announced upon signing of the transaction, the base enterprise value of the sale amounts to CHF 805 million subject to closing accounts adjustments and before a potential earn-out payment of CHF 50 million which is subject to the business’ 2021 financial performance. Clariant rolled over approximately CHF 115 million to retain a 20 % stake in the new holding company, alongside Heubach and SK Capital. This combined business is a global pigments player with approximately 3 000 employees generating approximately EUR 1 billion in annual sales with strong service and production capabilities across the globe. This roll-over allows Clariant to further benefit from the improving profitability of the Pigments business, participate in future growth opportunities and realize synergies via the combination with Heubach’s Pigments business. Clariant’s net cash inflow after roll-over and initial debt adjustments, but before closing account adjustments, tax, transaction cost and a potential earn-out payment amounts to approximately CHF 615 million. Clariant intends to use the proceeds of the divestment to invest into growth projects within the core Business Areas, execute the strategy along sustainability and innovation, fund the performance improvement programs as well as strengthen Clariant’s balance sheet to reach and defend a solid investment rating. “The Pigments divestment concludes Clariant’s transformation into a high-value specialty chemical company, allows us to invest in profitable growth in our most attractive segments and to address the increasing demand for more sustainable products. We are convinced that the Heubach and SK Capital consortium is the best owner of the Pigment activities and I wish our former colleagues all the best in their new environment. Clariant looks forward to participating in the group’s further development as a shareholder.” Conrad Keijzer, Chief Executive Officer of Clariant

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CHEMICAL MANAGEMENT

Six Pines Investments LLC purchases stake in top plastics recyclers to accelerate transformation to a circular economy for plastics

Six Pines | December 17, 2021

Six Pines Investments LLC, a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC announced its equity investment in two leading circular plastics recyclers, Nexus Circular LLC and Mura Technology Ltd. In October 2020, CPChem announced success in its first commercial scale production of polyethylene using advanced recycling technology. The company markets its new circular polyethylene under the name Marlex® Anew™ Circular Polyethylene and is working toward an ambitious annual production goal of 1 billion pounds of circular polyethylene by 2030. Mura and Nexus are leading plastics recyclers that convert waste plastics into high quality feedstock used in advanced recycling technologies to produce circular plastics. These strategic investments made from its Six Pines subsidiary reflect CPChem’s commitment to foster innovation and accelerate the transition to a circular economy for plastics. “We are excited about the capabilities and opportunities at Mura and Nexus. We share a common goal to keep plastic waste out of the environment. Waste plastics should not end up in the environment, as they can be sustainably recycled to create new plastics again and again. Investing in Nexus and Mura will accelerate our efforts to produce Marlex® Anew™ Circular Polyethylene and the expansion of our circular product portfolio.” Benny Mermans, vice president of sustainability at CPChem Plastics are life-enriching products that are essential for our future; however, the plastic waste challenge must be addressed. CPChem believes that solving the global problem of plastic waste will require innovation, investment and cooperation throughout the entire plastics value chain. Six Pines’ investments advance CPChem’s ambition to reduce waste and reuse valuable resources, accelerating change for a sustainable future. About Six Pines Six Pines Investments LLC is a wholly-owned, sustainable investment subsidiary of Chevron Phillips Chemical Company LLC one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, CPChem and its affiliates own more than $17 billion in assets, including 31 manufacturing and research facilities in six countries. CPChem is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. About Nexus Nexus is the leading operational, commercially scaled converter of waste plastics to feedstocks, which in turn are converted back to virgin plastics. Nexus is rapidly rolling out plants globally with a limited set of partners ready to move quickly and with purpose to address the plastics waste problem, for which many seek a real, proven solution today. The process is an environmentally friendly (no wastewater, nor air issues) end-to-end business, including engineering, software, front-end waste plastic sorting, all regulatory requirements /ISCC Plus certification, training/safety, and strategic pricing/positioning, guided by financially driven metrics. Operational and economically proven, Nexus has produced and shipped consistent, on-spec tanker loads of products to large global partners who blend it in their current streams and convert to virgin plastics. Nexus is located in Atlanta, Georgia. About Mura Mura Technology intends to become the world’s leading producer of recycled hydrocarbons, creating a circular economy for plastic, whilst helping to decarbonize the petrochemical industry and eliminate global plastic pollution. We are pioneering a scalable process to divert waste plastic away from incineration, reduce carbon emissions and prevent millions of tons of plastic from entering the natural environment every year, turning the $120 billion lost resource of plastic waste into a valuable global commodity.

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CHEMICAL MANAGEMENT

International Petroleum Corporation Announces Results of Share Repurchase Program

nternational Petroleum Corporation | December 20, 2021

International Petroleum Corporation is pleased to announce that IPC repurchased a total of 625,383 IPC common shares during the period of December 10 to 17, 2021 under the previously announced share repurchase program. The share repurchase program, announced by IPC on December 1, 2021, is being implemented in accordance with the Market Abuse Regulation No 596/2014 and Commission Delegated Regulation No 2016/1052 and the applicable rules and policies of the Toronto Stock Exchange and Nasdaq Stockholm and applicable Canadian and Swedish securities laws. During the period of December 10 to 17, 2021, IPC repurchased a total of 557,651 IPC common shares on Nasdaq Stockholm. All of these share repurchases were carried out by Pareto Securities AB on behalf of IPC. For more information regarding transactions under the share repurchase program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of December 10 to 17, 2021. During the same period, IPC purchased a total of 67,732 IPC common shares on the TSX and/or alternative Canadian trading systems. All of these share repurchases were carried out by ATB Capital Markets Inc. on behalf of IPC. As previously announced, all common shares repurchased by IPC under the share repurchase program will be cancelled. Following cancellation of the above repurchased shares, the total number of issued and outstanding IPC common shares will be 154,489,164 and IPC will not hold any common shares in treasury. The total number of issued and outstanding shares is 155,367,757 and IPC currently holds 878,593 common shares in treasury. A full breakdown of the transactions conducted during the period of December 10 to 17, 2021 according to article 5.3 of MAR and article 2.3 of the Safe Harbour Regulation on Nasdaq Stockholm is attached to this press release. Since December 3, 2021 up to and including December 17, 2021, a total of 878,593 IPC common shares have been repurchased under the share repurchase program through the facilities of the TSX, Nasdaq Stockholm and/or alternative Canadian trading systems. A maximum of 11,097,074 IPC common shares may be repurchased over the period of twelve months commencing December 3, 2021 and ending December 2, 2022, or until such earlier date as the share repurchase program is completed or terminated by IPC. International Petroleum Corp. is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange and the Nasdaq Stockholm exchange under the symbol "IPCO".

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Spotlight

The chemical and petrochemical industries traditionally have been highly receptive to new control and supervision technologies. These industries have invested more money and time in research and innovation than any other indus trial sectors. Nevertheless, objective benchmarking criteria using the more innovative manufacturing sectors.

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