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TotalEnergies (TTE), Aramco & SABIC Produce Circular Polymers
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TotalEnergies (TTE - Free Report) , Aramco and Saudi Arabia’s Basic Industries Corporation (“SABIC”) have successfully transformed oil obtained from plastic waste into ISCC+ certified circular polymers, for the first time, in the Middle East and North Africa.
The SATORP refinery in Jubail, Saudi Arabia, which is jointly operated by Aramco and TotalEnergies, processed the plastic pyrolysis oil, also known as plastic waste derived oil (PDO). A SABIC affiliate, Petrokemya, used it as a feedstock to generate certified circular polymers.
Benefits of the Conversion
Saudi Arabia, along with the rest of the world, is racing toward creating a more sustainable environment by reducing greenhouse gas emissions, a key weapon against climate change. The latest conversion of PDO into circular polymers is in line with SABIC’s long-term commitment to provide more sustainable and cost-effective solutions to its petrochemical customers.
No doubt, this initiative intends to pave the path for developing a domestic value chain for the improved recycling of plastics into circular polymers. The process will help address the issue of end-of-life plastics by allowing the use of non-sorted plastics, which can otherwise be challenging to recycle mechanically
TTE’s Focus on Plastic Recycling
TotalEnergies, a major producer of polymers, plays an important role in managing end-of-life plastics and preventing their release into the environment. By 2030, its goal is to create 30% recycled and renewable polymers. It aims to produce 1 metric tonne/year of circular polymers in 2030.
TTE is leading several projects to lessen its polymers' impact on the environment, encourage recycling, and create polymers from renewable resources. In October 2021, it partnered with Plastic Energy and Freepoint Ecosystem to develop advanced recycling of plastics in the United States, with a processing capacity of 33,000 tons per year. Further, in February 2022, it partnered with Honeywell to develop advanced recycling in Spain, with a processing capacity of 30,000 tons per year.
With the market for sustainable polymer recycling gaining rapid traction lately, the collaborations and initiatives taken by TotalEnergies should benefit its operating results in the days ahead.
Price Performance
Over the past year, shares of TTE have rallied 12.2% compared with the industry’s increase of 4.8%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
TotalEnergies currently has a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks in the same sector are Evergy Inc. (EVRG - Free Report) , NuStar Energy (NS - Free Report) and Constellation Energy Corp. (CEG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
Evergy’s long-term (three- to five-year) earnings growth rate is pegged at 5.2%. The stock boasts a four-quarter average earnings surprise of 16.02%.
The Zacks Consensus Estimate for NuStar’s 2023 earnings per share indicates an increase of 17.4% over 2022’s reported figure. The stock boasts a four-quarter average earnings surprise of 5.23%.
Constellation’s long-term earnings growth rate is pegged at 30.5%. CEG’s share price has surged a solid 74.9% in the past year.
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TotalEnergies (TTE), Aramco & SABIC Produce Circular Polymers
TotalEnergies (TTE - Free Report) , Aramco and Saudi Arabia’s Basic Industries Corporation (“SABIC”) have successfully transformed oil obtained from plastic waste into ISCC+ certified circular polymers, for the first time, in the Middle East and North Africa.
The SATORP refinery in Jubail, Saudi Arabia, which is jointly operated by Aramco and TotalEnergies, processed the plastic pyrolysis oil, also known as plastic waste derived oil (PDO). A SABIC affiliate, Petrokemya, used it as a feedstock to generate certified circular polymers.
Benefits of the Conversion
Saudi Arabia, along with the rest of the world, is racing toward creating a more sustainable environment by reducing greenhouse gas emissions, a key weapon against climate change. The latest conversion of PDO into circular polymers is in line with SABIC’s long-term commitment to provide more sustainable and cost-effective solutions to its petrochemical customers.
No doubt, this initiative intends to pave the path for developing a domestic value chain for the improved recycling of plastics into circular polymers. The process will help address the issue of end-of-life plastics by allowing the use of non-sorted plastics, which can otherwise be challenging to recycle mechanically
TTE’s Focus on Plastic Recycling
TotalEnergies, a major producer of polymers, plays an important role in managing end-of-life plastics and preventing their release into the environment. By 2030, its goal is to create 30% recycled and renewable polymers. It aims to produce 1 metric tonne/year of circular polymers in 2030.
TTE is leading several projects to lessen its polymers' impact on the environment, encourage recycling, and create polymers from renewable resources. In October 2021, it partnered with Plastic Energy and Freepoint Ecosystem to develop advanced recycling of plastics in the United States, with a processing capacity of 33,000 tons per year. Further, in February 2022, it partnered with Honeywell to develop advanced recycling in Spain, with a processing capacity of 30,000 tons per year.
With the market for sustainable polymer recycling gaining rapid traction lately, the collaborations and initiatives taken by TotalEnergies should benefit its operating results in the days ahead.
Price Performance
Over the past year, shares of TTE have rallied 12.2% compared with the industry’s increase of 4.8%.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
TotalEnergies currently has a Zacks Rank #5 (Strong Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
Some better-ranked stocks in the same sector are Evergy Inc. (EVRG - Free Report) , NuStar Energy (NS - Free Report) and Constellation Energy Corp. (CEG - Free Report) , each carrying a Zacks Rank #2 (Buy) at present.
Evergy’s long-term (three- to five-year) earnings growth rate is pegged at 5.2%. The stock boasts a four-quarter average earnings surprise of 16.02%.
The Zacks Consensus Estimate for NuStar’s 2023 earnings per share indicates an increase of 17.4% over 2022’s reported figure. The stock boasts a four-quarter average earnings surprise of 5.23%.
Constellation’s long-term earnings growth rate is pegged at 30.5%. CEG’s share price has surged a solid 74.9% in the past year.