Media Focus on Multinational Corporations[2022.05.30]






Chevron to focus on lowering carbon intensity

Chevron Corp Chief Executive Michael Wirth on Wednesday told shareholders the U.S. oil producer plans to focus on lowering the carbon intensity of its operations, said Hydrocarbonprocessing.

'We aim to lead in lower carbon intensity oil, products, and natural gas, and to advance new products and solutions that reduce the carbon emissions of major industries,' Wirth said in a statement.

He added that Chevron is doing its part to grow domestic supply, with U.S. oil and gas production up 10% over the first quarter of last year.

As per MRC, Chevron and ExxonMobil have signed separate agreements with state energy company PT Pertamina to explore lower carbon business opportunities in Indonesia. Chevron signed an MoU through its subsidiary, Chevron New Ventures Pte. Ltd, and is looking at potential businesses in new geothermal technology, carbon offsets through nature-based solutions, carbon capture, utilization, and storage (CCUS), Pertamina said.

We remind that Chevron Phillips Chemical, a joint venture of Phillips 66 and Chevron, will make a final investment decision on a new cracker in far southeast Texas in 2022, followed by an FID in 2023 on an USD8 billion joint venture petrochemical complex along the US Gulf Coast in 2023.


Repsol to invest EUR80 mln in low-emission projects

Spain-based energy company Repsol will invest EUR80 million to build two new low-emission refineries in Spain as part of its goal to reduce its carbon emissions, said the company.

Repsol said the first project involves building one of the worlds largest refineries to manufacture net zero emissions fuels, using CO2 and green hydrogen generated with renewable energy.

It said the second project would involve the generation of gas from urban waste, which will replace part of the traditional fuels used in the production process.

'Both initiatives - innovative, sustainable, and generating high added-value - anticipate the refinery of the future and represent an important impetus to technological and industrial development that is essential in the current context of economic recovery,' Repsol said.

The company's CEO Josu Jon Imaz San Miguel said that Spain must base its decarbonization strategy on its technological and industrial capabilities.

'The production of green hydrogen and its combination with the capture and use of CO2 to produce net zero emissions fuels is part of Repsols industrial decarbonization strategy. With this project, Spanish industry positions itself to be a relevant European player in reducing emissions,' he said.

Repsol lifted the force majeure for the supply of butadiene in Tarragona (Tarragona, Spain), announced earlier in February. On February 10, the company stopped two lines for the production of butadiene with a total capacity of 130 tons per year in Tarragona. According to a company source, butadiene production was resumed on 23 March.

Repsol is the largest oil and gas company in Spain and Latin America, one of the ten largest oil and gas corporations in the world.


TotalEnergies to Supply LNG for South Korea's Hanwha Energy

TotalEnergies has signed a long-term sale contract with South Korea's Hanwha Energy Corp. for the supply of 600,000 metric tons of liquefied natural gas (LNG) per year over 15 years, the French energy group said on Tuesday.

The LNG will be sourced from TotalEnergies' global portfolio, before supplying Hanwha and HDC's greenfield 1-gigawatt power plant under construction, starting 2024.

We are pleased to extend our long-standing cooperation with Hanwha, with whom we are already partnering on the Daesan petrochemical site, and in the United States for the development of 1.6 GW of renewables,Stéphane Michel, president of gas, renewables and power at TotalEnergies, said. With this new contract, TotalEnergies increases its natural gas shipments to South Korea, the worlds third largest importer of LNG in 2021. Our company is keen to support the countrys switch away from coal for power generation, with both LNG supplies and renewables projects, such as our significant Bada2 GW offshore wind project.



UAE's ADNOC, BP and Masdar forge energy partnership

The Abu Dhabi National Oil Company (ADNOC), oil major BP and Abu Dhabi future energy company Masdar have joined forces to develop clean hydrogen and technology hubs.

Announcing their new-energy partnerships, ADNOC said the H2Teesside low-carbon hydrogen project with BP had moved into the design phase.

Other partnerships include a feasibility study for a low-carbon hydrogen project in the UAE and an expanded ADNOC-BP-Masdar partnership to explore the production of sustainable aviation fuels from municipal waste and green hydrogen in Abu Dhabi.

Masdar and BP will also explore potential collaboration on HyGreen Teesside, BP's green hydrogen project powered by offshore wind in the UK's Teesside industrial cluster.


Aramco Can't Add Oil Production Capacity Faster Than Promised

The world's largest oil company, Saudi Aramco, cannot increase its oil production capacity any faster than it has already promised, the head of Saudi Aramco told Reuters on Tuesday on the sidelines of the WEF in Davos.

Aramco is still planning on increasing its oil production capacity to 13 million barrels per day (bpd)—but that won't be complete for another five years. In the meantime, Saudi Arabia's capacity remains at 12 million barrels per day.

Amin Nasser, the head of Saudi Aramco, said that it could achieve this 13 million bpd goal no faster. 'If we could do it before 2027, we would have done it. This is what we tell policymakers. It takes time'.

Nasser also had a warning for the oil market:

'The world is running with less than 2% of spare capacity. Before COVID the aviation industry was consuming 2.5 million bpd more than today. If the aviation industry picks up speed, you are going to have a major problem,' adding that the war only masked what would have happened anyway.

'We were going through an energy crisis because of a lack of investment. And it started to bite following the pandemic,' Nasser said.

As for the slumping oil demand due to its strict Covid lockdowns, Nasser pointed out that that wouldn't last long—and oil demand growth would soon resume as a result.

Saudi Arabia is currently producing 10.346 million bpd as of OPEC's latest Monthly Oil Market Report (MOMR) that showed April data. This is lower than the 10.436 million bpd quota set for the country for April, and much lower than the 12 million bpd capacity that The Kingdom claims to have today.

Saudi Arabia's production quota for May was raised to 10.549 million bpd, and 10.663 million bpd for June.


Eni, TotalEnergies Start Drilling on Cronos-1 Prospect Offshore Cyprus

Italy's Eni and TotalEnergies of France began drilling an exploration gas well off the coast of Cyprus on Monday, the island's energy ministry said.

The Tungsten Explorer drillship arrived on location south-west of the island on Monday and started drilling work on the 'Cronos-1' prospect, the ministry said.

Eni Cyprus and TotalEnergies EP Cyprus BV, the local units of the two energy majors, collaborate on the project. Eni is operator of the offshore area known as Block 6, with a 50% participation interest. Total has the remaining 50%.

In February 2018 they reported a gas discovery at the Calypso well, another area of the same block.


Aramco and PTT team up on green and blue hydrogen

The Saudi Arabian and Thai energy companies will also collaborate on liquid natural gas.

Saudi Aramco, the Saudi Arabian oil and gas giant will be collaborating on liquid natural gas, green and blue hydrogen with PTT, the state-owned energy company from Thailand.

The goal of the collaboration is to strengthen their cooperation in a spectrum of energy projects.

Saudi Aramco and PTT will cooperate in a spectrum of clean energy initiatives. While it will include liquid nitrogen gas (LNG), which is a fossil fuel, they will also be focusing on green and blue hydrogen.


Sany launches battery swapping stations for faster charging alternative

Chinese machinery giant Sany Group has launched its battery swapping stations, setting an example for the heavyweight manufacturing industry in green solutions for electric heavy trucks.

The first batch of battery swapping stations, located in Chengdu, Sichuan province, Zibo, Shandong province, and Ezhou, Hubei province, were officially put into operation. The stations offered a strong power exchange supply and efficient energy replenishment experience for local construction projects.

Yi Xiaogang, executive president and chief engineer of Sany Group, said: 'With our advanced technology, changing the battery for a heavy truck takes only 1.9 minutes, setting a new record in the industry.'

Battery swapping involves switching dead batteries for ones that are fully charged rather than the more common method of recharging exhausted batteries at a charging station.

According to a report from industry new media 'Truck Player', compared with traditional charging facilities, battery swapping takes a much shorter amount of time. For station operators, swapping stations take up less space than battery charge stations, saving construction costs.

'The battery swapping mode provides customers with an additional option, which is also convenient. The establishment of the swapping stations promoted the development of pure electric heavyweights,' Yi said.

Official data showed in the first quarter of this year, sales of China's pure electric heavy trucks skyrocketed 761 percent year-on-year to 4,615 units, showing explosive growth in the sector. By March, there were over 100 heavy-duty truck swapping stations in the country.

As a leading solution provider of swapping stations, vehicles and batteries, in the second half of this year Sany plans to release more battery swap products, it said.


Midea signs agreement for science and tech industrial park

Chinese home appliance manufacturer Midea Group signed an agreement with the Shunde district government of Foshan, Guangdong province, on Friday to develop a digital science and technology industrial park, marking a leap forward in its digitalization of the manufacturing sector.

The park, carrying an investment of 10 billion yuan ($1.49 billion), is designed to become a development zone for low-carbon and intelligent manufacturing, according to company sources.

'We will continue to deploy and invest in new cutting-edge technologies, helping Foshan speed up its construction of innovative and intelligent manufacturing,' said Fang Hongbo, chairman and president of Midea.

Completion of the industrial park will also help Midea upgrade from a home appliance manufacturer to a global technology and innovation-driven company.

'We will provide global users with intelligent, digital and low-carbon building solutions and increase our capabilities in research and development and manufacturing of high-end electronics,' he said.

Three projects covering air conditioners, high-end manufacturing of building solutions and electronics will be included in the industrial park.

Advanced facilities will be introduced to the industrial park to help increase production efficiency and reduce carbon emission.


Baidu Inc continues to grow and invest in R&D

Chinese tech giant Baidu Inc reported its total revenue rose 1 percent year-on-year to 28.4 billion yuan ($4.48 billion) in the first quarter of this year, while its non-GAAP (generally accepted accounting principles) net profit stood at 3.9 billion yuan.

The company continues to invest heavily in research and development, as their R&D expense came in at 5.6 billion yuan, an increase of 10 percent on a yearly basis.

'Baidu delivered solid first quarter results, especially with regard to our cloud and intelligent driving businesses,' said Robin Li, co-founder and CEO of Baidu.

'Since mid-March, our business has been negatively impacted by the recent COVID-19 resurgence in China. Although challenges related to the virus continue to pressure our near-term business operations, we remain confident that our new AI businesses will boost the long-term growth of Baidu and contribute to China's innovation-driven economy and sustainable development,' Li added.

Apollo Go, Baidu's autonomous ride-hailing service has provided 196,000 rides in the first quarter, and is now available in ten cities including Beijing, Shanghai, Guangzhou, Shenzhen and Chongqing.

In April, Baidu was granted the permits to provide driverless robotaxis, which allows the removal of a safety operator from the driver's seat on public roads for the first time in a designated area of 60 square kilometers in Yizhuang, a southern suburb of Beijing. It also received the first permits in Chongqing to conduct driverless testing last week.


Huawei reveals next-generation data center facility

Huawei Technologies Co revealed the key characteristics of the next-generation data center facility, as the Chinese tech titan steps up to promote low-carbon, smart data centers.

Yang Yougui, senior vice president of Huawei and CEO of Huawei's data center facility team, said on Thursday at a launch event in Dongguan, Guangdong province that technical experts and industry authorities have reached a consensus on the four characteristics of next-generation data center facilities; that is, sustainable, simplified, autonomous driving and reliable.

According to Huawei, next-generation data center facilities will be fully green and energy-efficient while maximizing the recycling of all data center materials. Meanwhile, data centers will have simplified architecture, power supply and cooling systems.

Autonomous driving refers to processes that are highly automated such as energy efficiency optimization and operation autonomy. For instance, with energy efficiency optimized, an optimal cooling strategy can be delivered via 1.4 million original combinations within 1 minute, achieving smart cooling. Operation autonomy also maximizes the value of resources, Huawei said.

At the event, Fei Zhenfu, chief technology offer of Huawei's data center facility team, unveiled a new generation of the power supply system, known as PowerPOD 3.0. The system reduces the footprint by 40 percent, cuts energy consumption by 70 percent and shortens the delivery period from 2 months to 2 weeks.

Technological innovation will be a key force in ensuring sustainable development, Huawei said, adding that it will keep making breakthroughs in products and technologies through continuous investment in R&D and with extensive cooperation with customers, ecosystem partners and industry organizations.


CNPC continues transition to clean energy

China National Petroleum Corporation, the country's largest oil and gas producer and supplier, said the company further optimized its production structure last year as it diversifies its business and expands cooperation to meet the country's growing demand for clean energy.

The percentage of natural gas in the company's oil and gas production volume was 51.6 percent last year, and the company has also been actively pushing forward clean energy, including solar power, wind power and hydrogen, it said in a 2021 social responsibility report released on Thursday.

It has come up with 39 new energy projects put into operation in 2021 and newly added new energy development and utilization capacity rose to the equivalent of 3.5 million metric tons of coal last year, it said.

According to CNPC, the company's domestic oil and gas output rose to a record high last year. Newly proved oil geological reserves last year exceeded 1.045 billion tons, and that of natural gas exceeded 1.09 trillion cubic meters, both of which were record highs.

Domestic oil and natural gas output rose 0.8 percent and 5.5 percent year-on-year respectively last year, while overseas oil and gas exploration also rose steadily.

The State-owned energy giant said it would continue to expand natural gas development. At the same time, it will also step up the use of new energy and materials to meet the growing demand for clean and high-quality energy.

The company recently reported a 40.9 percent surge in net profit in the first quarter of the year. Net profit attributable to the parent company exceeded 39 billion yuan ($5.89 billion) from January to March, the company said in a statement filed with the Shanghai Stock Exchange.

The company's business revenue rose 41.21 percent to about 779.4 billion yuan in the reporting period. It attributed its net profit growth to the rise in the prices of oil and gas, as well as an increase in sales volume.


Qualcomm unveils new smartphone chips

The US chip giant Qualcomm is stepping up its push to offer new chips for smartphones, as it works to extend its leadership in premium and high-tier Android devices.

The company said its newest premium-tier platform Snapdragon 8+ Gen 1 provides various power and performance enhancements on its previous top-tier chipset.

Among the upgraded features are a 10 percent speed boost and a 30 percent reduction in power consumption, and while mobile gaming, users can expect up to 60 extra minutes of gameplay. compared with its Snapdragon 8 Gen 1 chip.

Meanwhile, Snapdragon 7 Gen 1 offers a selection of high-end, in-demand features and technologies, and works for more people around the world, the company added.


Qualcomm is a global leader in the premium Android smartphone system on chip industry share, according to the latest findings from market research companies, including Counterpoint Research, International Data Corp, and Strategy Analytics.

Commercial smartphones sporting Qualcomm's latest chips are expected to be released in the coming months.


Closed-loop system for recycling batteries in China set up by BMW

BMW said it will take the lead in realizing closed-loop recycling of China-made electric vehicles' power batteries after the German automaker announced its partnership with Huayou, a tech company specializing in battery recycling based in Zhejiang province, on Wednesday.

According to the bilateral agreement, BMW and Huayou will cooperate in power battery recycling and reuse in an echelon network, which is expected to be conducive to ecological conservation and the improvement of resource utilization rates.

Reuse in an echelon network, along with disassembling and recycling, are among the prominent methods for recycling obsolete power batteries. The retired batteries with high residual capacity can be used in the fields of energy storage and low-speed EVs. For discarded batteries that do not meet standards for reuse, they can be disassembled to recycle core materials such as nickel, cobalt and lithium that can then be used in the production of new power batteries.

Power batteries contain a variety of heavy metal elements that if not properly treated will cause environmental pollution. They can also contribute to a large waste of precious raw material resources when not properly treated.

Under the agreement, BMW and Huayou will cooperate to disassemble discarded power batteries and extract core raw materials through Huayou's advanced green metallurgy technology.

The recycled materials, including nickel, cobalt and lithium, will be provided to BMW's battery suppliers to produce new power batteries and achieve a closed-loop management of power battery raw materials.

This move will help reduce carbon emissions from mineral resource extraction by 70 percent and substantially reduce the life cycle carbon footprint of power batteries, according to BMW.