Motiva Enterprises is evaluating worldscale investments in ethylene and aromatics production, marking state-owned oil company Saudi Aramco’s arrival in US petrochemicals. Initial investment estimates total $8 billion-$10 billion, Aramco says.
“These agreements signal our plans for expansion into petrochemicals,” said Brian Coffman, Motiva president and CEO. Motiva on Saturday signed an agreement to evaluate the use of TechnipFMC’s mixed-feed ethylene production technologies for a US cracker. It signed a separate agreement with Honeywell UOP to examine aromatics extraction and production technologies for benzene and paraxylene for development of a potential complex on the US Gulf Coast.
“Final investment decisions on these projects are not expected to be made until 2019 and are dependent on strong economics, competitive incentives, and regulatory support,” Motiva said. The announcement coincided with a visit to Houston by Saudi Crown Prince Mohammed bin Salman.
Aramco acquired full ownership of Motiva’s 630,000 bbl/day Port Arthur, Texas refinery, the largest in the United States, last year. The Port Arthur plant had previously been part of a 50–50 joint venture between Aramco and Shell. Aramco announced plans to invest $18 billion in the United States via Motiva shortly after the deal closed last year, including an increase of refining capacity and expansion into petrochemicals.
Motiva says Port Arthur as well as other sites are under consideration. “Motiva is actively exploring a number of opportunities as part of its growth strategy,” a spokesperson says. “These opportunities include locations where we currently operate as well as new ones. No final decisions have been made to expand in Port Arthur.”
By Robert Westervelt
Source: Chemical Week
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020.
Petrochemicals company Sasol has announced that CFO and executive director Hanré Rossouw will step down from his position, effective October 31. Sasol has started the process to appoint a successor. Rossouw will still oversee the publication of Sasol’s reports for the financial year ending June 30, to allow for a structured handover period.
Chemours announced its CFO Jonathan Lock has resigned from all positions within the company, according to an SEC 8-K filing on April 23. The resignation comes in the aftermath of the company announcing that Lock, former CEO Mark Newman, and principal accounting officer Camela Wisel, had been placed on administrative leave.
