The Catalyst Review June 2024 - 5

Commercial News
ConocoPhillips to Acquire Marathon Oil for
$17B Amid US Oil and Gas Consolidation
Wave
ConocoPhillips anticipates the deal closing in Q4,
dependent on regulatory approvals. Following the
company's expansion in the Permian over the last couple of
years, with a $13B takeover of Concho Resources Inc. and
a $9.5B purchase of Shell Plc's assets in that region, they
head into this all-stock deal valuing Marathon Oil Corp. at
about $17B. The deal has an enterprise value of $22.5B. The
recent US oil and gas consolidation wave is comprised of
megadeals as producers aim for new drilling sites, betting
on the theory that demand for oil and gas will remain strong
for years. Source: World Oil, 5/29/2024.
Verbio Commences Biorefinery Conversion
Project in Indiana (US)
The current ethanol plant in South Bend (IN) is being
transformed into a cutting-edge biorefinery aimed at using
innovative methods to integrate renewable natural gas
(RNG) and bioethanol production. In six months, Verbio
plans to lay the groundwork for eight anaerobic digester
(AD) tanks, with extensive construction activities to follow.
The anticipated annual production is aimed for 85 MMgal
of corn ethanol and 2.8 Bft3
Processing, 5/24/2024.
of RNG. Source: Hydrocarbon
NW Natural and Modern Hydrogen Unveil
Clean H2
Production, Carbon Capture
Project
NW Natural and Modern Hydrogen have unveiled a new
project that produces clean hydrogen (H2
) while capturing
solid carbon. Solid carbon captured from the process is
integrated into Modern Hydrogen's proprietary asphalt
products used for paving and road repair. The generated H2
is blended with natural gas and delivered through existing
energy infrastructure. NW Natural aims to decarbonize its
system by embracing renewable natural gas, clean H2
, and
carbon capture. Source: H2Tech, 5/24/2024.
Ohmium to Provide Electrolyzers for
Croatias' First Green Hydrogen Project
Ohmium has been chosen by Croatian engineering and
construction company, Ivicom, to provide 10 MW PEM
electrolyzers for Croatia's first green hydrogen project. The
project involves building a 10 MW green hydrogen plant at
the INA Rijeka Refinery and pairing Ohmium's electrolyzers
with a new solar power plant. The Croatian Government's
Recovery and Resilience Facility is supporting the project,
which aims to decarbonize the refinery and supply
sustainable fuel for Croatia's transportation market, aligning
with Croatia's National Hydrogen strategy to achieve climate
neutrality by 2050. Source: Process Worldwide, 5/30/2024.
The Catalyst Review
View TCGR's Study, Plastics Recycling and
the Circular Economy II:
Uzbekneftegaz Selects Axens' Advanced
Technologies for Production of Euro V
Gasoline at Bukhara Refinery
Axens has been awarded a Basic Engineering and License
contract by Uzbekneftegaz for the modernization project
of Bukhara Oil Refinery. The project aims to produce Euro
5 gasoline that meets international standards. Axens will
provide technical services and catalyst supply for the
refinery's operation. As part of the project, Axens will utilize
advanced process technologies for units such as Naphtha
Hydrotreating and Isomerization. These units, along with
existing ones, will enable the production of 1.10 million tons
of RON 92 and RON 95 Euro-5 gasoline. This will contribute
to lower environmental impact through reduced CO2
emissions. Source: Axens, 6/4/2024.
Oil to Market to Tighten Second-Half 2024
The global economy has shown resilience despite interest
rate hikes by central banks. The global manufacturing
Purchasing Managers' Index (PMI) has remained above
50, indicating expansion, for the first four months of 2024.
This, along with production cuts by the OPEC+ alliance
and geopolitical tensions in the Middle East, has led to a
tighter oil market than expected. Oil prices initially surged
but underwent a downward correction due to reduced
geopolitical risk premiums and concerns about the global
economy and oil demand. Voluntary production cuts by
OPEC+ and rising demand are expected to decrease global
oil inventories in the first half of 2024. However, uncertainties
in the Middle East could increase oil price volatility. Global oil
demand is predicted to rise by 1.1 million b/d in 2024, mainly
driven by emerging markets like China. The US economy has
shown robust growth, providing support for oil demand. The
global economy is expected to grow at a rate of 3.1% in 2024,
with advanced economies experiencing a slight acceleration
in growth and emerging market economies seeing a modest
slowdown. The US, Europe, and China are key players in this
economic landscape. However, uncertainties and challenges
remain. Source: Oil & Gas Journal, 6/7/2024.
A Perspective on Chemical Recycling
Technologies and the Impact on Catalysis
June 2024
5
The Catalyst Review June 2024

Table of Contents for the Digital Edition of The Catalyst Review June 2024
