Business Roundup

Chevron Phillips Chemical plans to install a furnace using Technip Energies’ low-emission cracking technology at an existing olefins plant in Sweeny, Texas. The technology uses a new heat recovery scheme to reduce carbon dioxide emissions by about 30%.

Petronas and the energy company Eni have made a final investment decision to build a biorefinery in Pengerang, Malaysia. The complex will have the capacity to process 650,000 metric tons per year raw materials into sustainable aviation fuel, hydrogenated vegetable oil, and bionaphtha.

Kemira plans to expand production of sodium chlorate in Ortigueira, Brazil, by more than 10%. The chemical is used to make chlorine dioxide, which is produced on-site in paper manufacturing as a bleaching agent for pulp.

Ecovyst has invested $4.5 million in Parajito Powder, a start-up developing supports and catalysts for water electrolyzers used to generate hydrogen. Ecovyst says the investment complements its business in catalysts for renewable fuels.

ICL Group, a fertilizer company, has acquired Custom Ag Formulators, a firm that makes customized fertilizer formulations for farmers, for $60 million. In February, ICL acquired the biofertilizer company Nitro 1000 for $30 million.

Kuraray will close facilities in Okayama, Japan, that produce nonwoven fabrics. The company says the business has been hurt by declining Japanese demand and oversupply from other firms in Asia.

Clariant will buy low-carbon ethylene from the Austrian petrochemical maker OMV for use in making ethylene oxide derivatives. Clariant says the agreement complements its joint venture with India Glycols, which makes ethoxylated surfactants from biobased ethylene oxide.

AstraZeneca has tapped Cambridge, Massachusetts, biotech firm Pinetree Therapeutics for an exclusive option to license a preclinical protein degrader drug. The pharma giant will pay $45 million up front, with the potential to dole out more than $500 million in milestone payments.