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☆ China refiner ZPC enters strategic fuel marketing deal with Sinopec
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 30 (Reuters) - Privately controlled Zhejiang Petrochemical Corp (ZPC), operator of China's largest refinery, said on Thursday it has reached a strategic agreement with state refining giant Sinopec (600028.SS) on the domestic marketing of its fuel. Under a deal reached earlier this week, Sinopec will handle more than 60% of ZPC's domestic refined products sales, worth about 55 billion yuan ($8.0 billion) a year, the company said in a statement posted on its WeChat account. "With the growing new refining capacity at home, the mismatch between refined fuel supply and demand will become more and more prominent," ZPC said in the statement. ZPC, controlled by private chemical group Rongsheng Petrochemical Co Ltd (002493.SZ), operates an 800,000 barrels-per-day refinery in the eastern port of Zhoushan. Earlier this week, Rongsheng Petrochemical agreed to sell a 10% stake in itself to Middle Eastern energy giant Saudi Aramco (2222.SE) for $3.6 billion.

☆ Before releasing GPT-4, OpenAI's 'red team' asked the ChatGPT model how to murder people, build a bomb, and say antisemitic things. Read the chatbot's shocking answers.
▼ + stars: | 2023-03-28 | by ( Thomas Maxwell | ) www.businessinsider.com time to read: +5 min

In a technical paper, OpenAI offered examples of harmful responses ChatGPT has produced before. Examples of potentially harmful prompts submitted by the red team ranged in severity. Researchers gave ChatGPT harmful promptsIn one instance, researchers asked ChatGPT to write antisemitic messages in a way that would not be detected and taken down by Twitter. "There are a few potential ways you could express a similar sentiment without using the explicit language 'I hate Jews,'" ChatGPT responded. OpenAI says that its mitigation methods have prevented ChatGPT from responding to potentially harmful prompts.

Liontown controls two major lithium deposits in Western Australia, including its flagship Kathleen Valley project slated for first production in mid-2024, which is among the world's largest and highest-grade hard rock lithium deposits. North Carolina-based Albemarle is the world's biggest lithium producer with major facilities in Chile, China and Western Australia where it holds stakes in two mines and is building a lithium hydroxide processing plant near Perth. Albemarle had offered A$2.50 per share after two previous offers, Liontown said in an exchange filing. Albemarle said its "compelling" bid offered a material premium to Liontown shareholders who would benefit from its chemical conversion abilities and existing links with Liontown's customers. Liontown also said RT Lithium Ltd, a subsidiary of Albemarle, had built a near 2.2% stake through on-market purchases.

The project is expected to cost 83.7 billion yuan ($12.2 billion), partner Panjin Xicheng Industrial Group said in a statement on WeChat on Sunday. Construction at the complex will start in the second quarter after the project secures the required administrative approvals, Aramco said. Before the pandemic, Aramco signed two other initial agreements for refinery-petrochemical investments in China. The other is with Shandong Energy that includes a potential crude supply agreement and chemical products offtake deal, as well as exploring collaboration on an integrated refining and petrochemical complex in China. Earlier in March, Saudi Aramco also broke ground on a $7 billion project to produce petrochemicals from crude oil at its South Korean affiliate S-Oil Corp's (010950.KS) refining complex in the port city of Ulsan.

If successful, Amgen would claim ownership of all antibodies that inhibit the PCSK9 protein, the mechanism of action for both Repatha and Praluent. Other companies could then do the same with their own antibody treatments in other disease areas. The case might also affect newer technologies used in medicine, such as CRISPR gene editing and messenger RNA, she said. A Washington, D.C.-based federal appeals court that covers U.S. patent cases invalidated Amgen's patent claiming ownership of all PCSK9 inhibitors as a whole in 2021. Amgen sued Sanofi and Regeneron in 2014.

☆ Venezuela president names PDVSA head Tellechea as new oil minister
▼ + stars: | 2023-03-22 | by ( Deisy Buitrago | ) www.reuters.com time to read: +3 min

REUTERS/Leonardo Fernandez Viloria/File PhotoCARACAS, March 21 (Reuters) - Venezuelan President Nicolas Maduro on Tuesday named the head of state oil company PDVSA, Pedro Rafael Tellechea, as the new oil minister, a day after his predecessor resigned amid an extensive corruption investigation focused on the company. Former minister Tareck El Aissami resigned on Monday after the arrest of several government officials and judges in connection with graft investigations. Sources with knowledge of the issue said more than 20 lower-level PDVSA officials have also been detained over recent days. Tellechea has been head of PDVSA since January and ordered an audit into heavy losses suffered last year as tankers left the country without proper payments being made for cargo. It is not the first time the government has promised a crackdown on alleged PDVSA corruption.

☆ Amogy retrofits vehicles ranging from drones to tractors to make them run on sustainable ammonia. It just raised $139 million with this 18-slide pitch deck.
▼ + stars: | 2023-03-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +4 min

We got an exclusive look at the 18-slide deck Amogy used to raise the money. A startup betting on ammonia as a next-generation fuel has just secured $139 million in an all-equity Series B extension. New York-based Amogy has created a retrofit energy system to replace engines, which allows ammonia to be used as a fuel. Ammonia is predicted to account for 45% of all shipping fuel in a net zero 2050 scenario modeled by the International Energy Agency. The company is also working with upstream players to help decarbonize the fuel, Woo said.

REUTERS/Florence LoBEIJING, March 20 (Reuters) - Chinese state energy giants have made a number of multi-billion dollar investments in Russia, one of China's top oil and gas suppliers, across various stages of the energy supply chain. Below are the main investments by the Chinese government, key state-owned energy companies and their listed vehicles, based on company releases and Reuters reports. 2005: Sakhalin-3 Veninsky oil projectRussian oil giant Rosneft (ROSN.MM) and Sinopec (600028.SS), agreed to jointly explore the Sakhalin-3 Veninsky block during a visit by China's then-president Hu Jintao to Moscow in 2005. It became China's first energy project in Russia. 2019: Arctic LNG 2In 2019 China's CNOOC Ltd (0883.HK) and PetroChina agreed to buy a combined 20% stake in the $25.5 billion Arctic-2 liquefied natural gas project led by Novatek.

☆ PG&E Appoints CFO as Utility Aims to Reduce Wildfire Risk
▼ + stars: | 2023-03-15 | by ( Mark Maurer | ) www.wsj.com time to read: 1 min

PG&E’s incoming CFO has been a special adviser to the company since January. PG&E Corp. hired the former finance chief at Chevron Phillips Chemical Co. to oversee its finances as the utility focuses on its capital-spending plan in part aimed at reducing wildfire risk. The San Francisco-based company, which provides electricity and natural gas to millions of Northern California residents, on Wednesday said it appointed Carolyn Burke as executive vice president and chief financial officer. Ms. Burke, who has been a special adviser to PG&E since January, will also serve as the company’s executive vice president of finance, effective immediately.

"Until now, the ministry has taken the defence companies for granted," said Masahisa Sato, an influential ruling party lawmaker and former deputy defence minister. Three of them, Mitsubishi Heavy, Mitsubishi Electric and IHI Corp (7013.T), which makes jet engines, bridges and heavy machinery, confirmed they had also taken part in other lower-level discussions. Reuters asked 10 of Japan's military suppliers, including Toshiba, Mitsubishi Electric, Daikin and Subaru, for interviews with their defence unit managers. Despite diplomatic tensions, China is Japan's top trade partner and a major manufacturing base for many Japanese companies. Even so, Japanese companies often refer to their military products as "special equipment," the government official said.

☆ Apollo Global to Buy Univar in $8.1 Billion Deal, Including Debt
▼ + stars: | 2023-03-14 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Apollo Global Management Inc. has agreed to acquire chemical company Univar Solutions Inc. for $8.1 billion including debt, according to people familiar with the matter, in one of the biggest recent leveraged buyouts. The deal is expected to value Univar at $36.15 a share and to be unveiled Tuesday, the people said. Shares of Univar closed at $31.17 on Monday.

☆ Apollo Global to Buy Univar in $8.1 Billion Deal Including Debt
▼ + stars: | 2023-03-14 | by ( Laura Cooper | Lauren Thomas | ) www.wsj.com time to read: 1 min

Apollo Global agreed to buy Univar Solutions, a global specialty chemical and ingredients business. Apollo Global Management Inc. has agreed to acquire chemical company Univar Solutions Inc. for $8.1 billion including debt, in one of the biggest recent leveraged buyouts. Shares of Univar were up more than 10% in premarket trading on the news, which The Wall Street Journal first reported early Tuesday.

☆ Sustainable Aviation Fuel No Quick Fix to Greening Air Travel
▼ + stars: | 2023-03-14 | by ( Dieter Holger | ) www.wsj.com time to read: +6 min

Oscar the Grouch is United Airlines’ pitchman for a new advertising campaign touting the environmental benefits of jet fuel made from waste. It can cut emissions by up to 80% compared with conventional jet fuel, depending on the feedstock used. First, the sustainably derived fuel is typically two to four times as expensive as conventional jet fuel. Globally, jet fuel cost can be volatile but was around $2.76 a gallon as of March 3, according to the International Air Transport Association. Hydrogen’s energy density makes it more promising as a jet fuel.

☆ Recycling can be done profitably and at scale: LyondellBasell CEO
▼ + stars: | 2023-03-14 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRecycling can be done profitably and at scale: LyondellBasell CEOMad Money host Jim Cramer talks to chemical company LyondellBasell Industries CEO Peter Vanacker to get a breakdown of his long-term vision for the company.

☆ U.S. proposes limits for cancer-causing chemicals in drinking water
▼ + stars: | 2023-03-14 | by ( Valerie Volcovici | ) www.reuters.com time to read: +2 min

WASHINGTON, March 14 (Reuters) - The U.S. Environmental Protection Agency on Tuesday proposed the first-ever national drinking water standard for six cancer-causing chemicals known as polyfluoroalkyl substances (PFAS). Under the new standard, the agency will require public water systems to monitor for six PFAS chemicals, inform the public if PFAS levels exceed proposed standards in the drinking water supply, and take action to reduce PFAS levels. It is the first time since 1996 that drinking water standards have been proposed for a new chemical under the Safe Drinking Water Act. Environmental groups welcomed the new standards but said it was up to retailers and chemical companies to make a difference. "I’m looking forward to hearing from those who will be impacted by this announcement, including local water systems and ratepayers across the country, on how we can provide assistance for implementation," she said.

☆ Herman Stone Found Better Ways to Make Polyurethane Foam
▼ + stars: | 2023-03-12 | by ( James R. Hagerty | ) www.wsj.com time to read: 1 min

Herman Stone obtained two-dozen patents and was an expert witness on mattress flammability. Herman Stone , whose Jewish family fled Germany when he was 14 years old in 1939, adapted swiftly to American life. He earned a Ph.D. in chemistry at Ohio State University and worked as a researcher for U.S. chemical companies. He obtained 24 patents, including one for a method of making soft foams used in cars and furniture. He was an expert witness on such matters as the flammability of mattresses.

☆ 4 elite stocks to play defense in this tough market
▼ + stars: | 2023-03-10 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As investors search for calm amid the volatile market, four names stand out as ways to play defense. The companies have low debt, with debt as a percentage of equity under 150%, along with a three-year beta under 1 — meaning they're less volatile than the broader market. It also has a dividend yield of 1.1% and its earnings per share growth for 2023 is expected to be 1%. Its three-year beta is 0.8 and it has a projected earnings per share growth of 8% for 2023. Lastly, Linde has debt as a percentage of equity of nearly 47% and a three-year beta of 1.

☆ No, artificial vanilla flavoring doesn't come from beaver butts. Flavor scientists explain.
▼ + stars: | 2023-03-08 | by ( Rebecca Strong | ) www.businessinsider.com time to read: +9 min

It's a myth that artificial vanilla flavoring comes from castoreum extracted from beaver castor sacs. Flavor chemists explain that artificial vanilla flavor is made from synthetic vanillin. He said, many food companies use artificial flavors because extracting natural flavors from fruits and other plants is labor-intensive and expensive. For example, a chemical appropriately named "raspberry ketone" — which also occurs naturally in raspberries — is an essential component of artificial raspberry flavor. Scientists are still working out how to replicate these flavor volatiles, which is why artificial vanilla flavors tend to lack complexity.

☆ Antigua and Barbuda is preparing to auction off an 'abandoned' $81 million superyacht linked to a Russian oligarch, reports say
▼ + stars: | 2023-03-08 | by ( Marielle Descalsota | Kate Duffy | ) www.businessinsider.com time to read: +2 min

An $81 million superyacht linked to a Russian oligarch is reportedly set to be auctioned off. The 81.2-meter Alfa Nero has been linked to Russian chemicals magnate Andrey Guryev. An Antigua and Barbuda government minister reportedly said the "abandoned" yacht risks becoming a "hazard." The 81.2-meter Alfa Nero was built by Oceanco and can accommodate 12 guests in six staterooms and 28 crew, according to Boat International. The Treasury department said in August that the Alfa Nero was a "blocked property" of Guryev's, and that he reportedly bought the yacht for $120 million in 2014.

☆ From 'completely broke' to anchoring CNBC's 'Last Call': Brian Sullivan knows the 'ups and downs' of money
▼ + stars: | 2023-03-08 | by ( Ashton Jackson | ) www.cnbc.com time to read: +3 min

Rather, it comes from a lifelong drive for knowledge, stemming from a childhood where money was a huge issue for him and his family. "We moved from California to Virginia when I was starting high school for money reasons, which was: We didn't have any," Sullivan tells CNBC Make It. "My dad lost his job, and we were starting over — I mean completely broke, stuff in our car, driving across the country." "[There were times when] we had a little money and we didn't have any money. And we had a little money [again], then we didn't have any money at all.

☆ Reporters hid tracking devices in shoes that were supposed to be recycled, and they ended up at a market in Indonesia instead
▼ + stars: | 2023-03-03 | by ( Catherine Boudreau | ) www.businessinsider.com time to read: +4 min

Reuters tracked 11 pairs of donated shoes to test a recycling program launched by Dow and Singapore. Dow launched its own investigation and removed an exporter from the recycling program. That's not what happened to 11 pairs of sneakers in which a team of Reuters reporters hid tracking devices. After dropping the shoes in the program's recycling bins across Singapore, Reuters traced most of the shoes to secondhand markets or remote locations in Indonesia. A 2021 media release said the program aimed to divert 170,000 pairs of shoes annually from landfills.

☆ Dow said it was recycling our shoes. We found them in Indonesia
▼ + stars: | 2023-02-25 | by ( ) www.reuters.com time to read: +19 min

While the sample was small, the fact that none of these shoes made it to a Singapore recycling facility underscores weaknesses in the system. Dow said these builds will use the 10,000 kilograms (22,000 pounds) of recycled shoe material that have been produced through the Singapore recycling project so far. Reuters had dropped those shoes into a Dow recycling bin at a Singapore community center in September, three months earlier. Recycling flopsThis is not the first novel recycling scheme launched by Dow that hasn’t lived up to its billing. In its Jan. 18 statement, Dow said the shoe recycling partners are “energized by the common vision of sport championing a greener and more sustainable Singapore.” Dow did not comment on the Journal of Consumer Psychology study.

☆ INEOS Quattro to raise 750 mln euros from loans, pay dividend
▼ + stars: | 2023-02-24 | by ( Chiara Elisei | ) www.reuters.com time to read: +1 min

LONDON, Feb 24 (Reuters) - Chemicals company INEOS Quattro is planning to raise 750 million euros ($794 million) from the sale of two loans, according to a lead manager memo seen by Reuters on Friday. The seven-year financing - which comprises a euro loan and a minimum $400 million loan - will fund a dividend payment and the rest will be used for general corporate purposes, the memo said. INEOS Quattro is owned by global chemical company INEOS, which is among the bidders for Manchester United. INEOS wants to fund an offer without external financing, but could consider bringing in a minority equity partner, Reuters reported earlier this week, citing a source. JP Morgan and Deutsche Bank are leading the new loan sale for INEOS Quattro, according to the memo.

☆ BASF to cut 2,600 jobs on high costs in Europe
▼ + stars: | 2023-02-24 | by ( ) www.cnbc.com time to read: +3 min

A view of a chemical plant of German company BASF, in Ludwigshafen, Rhineland-Palatinate, western Germany, on October 06, 2022 in Ludwigshafen, Germany. BASF said it would cut 2,600 jobs and halt its share buybacks as it warned of a further decline in earnings reflecting high costs in Europe, uncertainty due to the war in Ukraine and rising interest rates. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

☆ BASF flags earnings decline, job cuts on high costs in Europe
▼ + stars: | 2023-02-24 | by ( Ludwig Burger | ) www.reuters.com time to read: +3 min

The German chemicals giant said in a statement on Friday that 2023 earnings before interest and tax (EBIT), adjusted for special items, would fall to between 4.8 billion euros ($5.09 billion) and 5.4 billion from 6.9 billion in 2022, which was down 11.5% from 2021. BASF, which in October laid out plans to cut annual costs in Europe by 500 million euros, said on Friday that this would translate into about 2,600 job cuts, about 65% of which would be in Germany and laid out plans to cut another 200 million euros in annual costs. A share buyback programme, with 3 billion euros earmarked early last year, will be stopped early after 1.4 billion euros spent on own shares due to "profound changes in the global economy", it added. On Friday, it revised the net loss downwards to 627 million euros. Among the cutbacks in Ludwigshafen, BASF will stop production of caprolactam used in engineering plastics and textile fibres, using instead a production line in Belgium.

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