Techonology Economics: Polypropylene via Gas Phase Process

Polypropylene via Gas Phase Process

#TEC004B Technology Economics Polypropylene Production via Gas Phase Process 2013 AbstractPolypropylene is a thermoplastic polymer with low specific gravity, high stiffness, relatively high temperature resistance and goodresistance to chemicals and fatigue. These exceptional properties, combined with this material’s versatility have made it one of themost widely used polymers, second only to polyethylene in terms of global demand. The global market for polypropylene wasover 50 million metric tons in 2011 as it was utilized in a broad and diverse range of end-uses from injection molding applicationsto film and sheet, raffia and fiber, among others.Growth in polyolefin consumption will be largely driven by the rapid economic development of numerous transition countries inthe Asia Pacific region, Central Europe, the Middle East and South America. On the supply side, the shift in global steam crackerproduction toward lighter, natural gas-based feedstock is increasingly limiting by-product propylene output. The resulting tightsupply of propylene has led to higher propylene and polypropylene prices, which are encouraging investments in alternatepropylene sources, as the on-purpose technologies. High propylene feedstock prices also rendered the construction of stand-alone polypropylene plants infeasible, making upstream integration indispensable for most of the new polypropylene projects.Gas phase polypropylene production technology is the fastest growing route for producing polypropylene homopolymers andrandom copolymers. In this report, the production of polypropylene through the polymerization of propylene via a gas phaseprocess is reviewed. Included in the analysis is an overview of the technology and economics of a method similar to the DowUNIPOL TM process. Both the capital investment and the operating costs for plants erected on the US Gulf Coast are presented.The economic analysis presented in this study is based on a 400 kta polypropylene plant. Two scenarios are analyzed: a stand-alone unit, obtaining feedstock at market prices and a plant integrated upstream with a propylene source, acquiring feedstock at atransfer price, below market average. The economic feasibility of both scenarios is presented and the actual market conditions forpolypropylene production are discussed.Propylene elevated market prices in the USA make it unprofitable to operate a stand-alone PP unit in that country. However, whenCopyrights © 2013 by Intratec Solutions LLC. All rights reserved. Printed in the United States of America.

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Contents About this Study .............................................................................................................................................................. 8 Object of Study.............................................................................................................................................................................................................................8 Analysis Performed ....................................................................................................................................................................................................................8 Construction Scenarios ..............................................................................................................................................................................................................8 Location Basis ...................................................................................................................................................................................................................................8 Design Conditions......................................................................................................................................................................................................................9 Study Background ........................................................................................................................................................ 10 About Polypropylene............................................................................................................................................................................................................10 Types of Polypropylene Resins ...........................................................................................................................................................................................10 Applications.................................................................................................................................................................................................................................... 11 Polypropylene Manufacturing........................................................................................................................................................................................11 Types of Process........................................................................................................................................................................................................................... 11 The Role of Catalyst in Process ...........................................................................................................................................................................................12 Licensor & Historical Aspects ...........................................................................................................................................................................................13 Technical Analysis......................................................................................................................................................... 14 Chemistry.......................................................................................................................................................................................................................................14 Raw Material ................................................................................................................................................................................................................................14 Technology Overview...........................................................................................................................................................................................................15 Detailed Process Description & Conceptual Flow Diagram.......................................................................................................................16 Area 100: Purification & Reaction.....................................................................................................................................................................................16 Area 200: Resin Degassing & Pelleting .........................................................................................................................................................................17 Area 300: Vent Recovery........................................................................................................................................................................................................ 17 Key Consumptions ..................................................................................................................................................................................................................... 18 Technical Assumptions ........................................................................................................................................................................................................... 18 Labor Requirements.................................................................................................................................................................................................................. 18 ISBL Major Equipment List.................................................................................................................................................................................................23 OSBL Major Equipment List ..............................................................................................................................................................................................26 Other Process Remarks ........................................................................................................................................................................................................27 Improvements in Fluidized-Bed Polymerization Technology ........................................................................................................................27 Propylene-Polypropylene Integration Alternatives...............................................................................................................................................28 Economic Analysis ........................................................................................................................................................ 292

General Assumptions............................................................................................................................................................................................................29 Project Implementation Schedule...............................................................................................................................................................................30 Capital Expenditures..............................................................................................................................................................................................................30 Fixed Investment......................................................................................................................................................................................................................... 30 Working Capital............................................................................................................................................................................................................................ 32 Other Capital Expenses ...........................................................................................................................................................................................................32 Total Capital Expenses ............................................................................................................................................................................................................. 33 Operational Expenditures ..................................................................................................................................................................................................34 Manufacturing Costs................................................................................................................................................................................................................. 34 Historical Analysis........................................................................................................................................................................................................................ 34 Economic Datasheet .............................................................................................................................................................................................................34Regional Comparison & Economic Discussion.................................................................................................... 37 Regional Comparison............................................................................................................................................................................................................37 Capital Expenses.......................................................................................................................................................................................................................... 37 Operational Expenditures......................................................................................................................................................................................................37 Economic Datasheet................................................................................................................................................................................................................. 37 Economic Discussion ............................................................................................................................................................................................................38References....................................................................................................................................................................... 40Acronyms, Legends & Observations....................................................................................................................... 41Technology Economics Methodology................................................................................................................... 42 Introduction.................................................................................................................................................................................................................................42 Workflow........................................................................................................................................................................................................................................42 Capital & Operating Cost Estimates ............................................................................................................................................................................44 ISBL Investment............................................................................................................................................................................................................................ 44 OSBL Investment ......................................................................................................................................................................................................................... 44 Working Capital............................................................................................................................................................................................................................ 45 Start-up Expenses ....................................................................................................................................................................................................................... 45 Other Capital Expenses ...........................................................................................................................................................................................................46 Manufacturing Costs................................................................................................................................................................................................................. 46 Contingencies ............................................................................................................................................................................................................................46 Accuracy of Economic Estimates..................................................................................................................................................................................47 Location Factor..........................................................................................................................................................................................................................47Appendix A. Mass Balance & Streams Properties............................................................................................... 49Appendix B. Utilities Consumption Breakdown ................................................................................................. 54 3

Appendix C. Process Carbon Footprint ................................................................................................................. 55 Appendix D. Equipment Detailed List & Sizing................................................................................................... 56 Appendix E. Detailed Capital Expenses................................................................................................................. 62 Direct Costs Breakdown ......................................................................................................................................................................................................62 Indirect Costs Breakdown ..................................................................................................................................................................................................63 Appendix F. Economic Assumptions...................................................................................................................... 64 Capital Expenditures..............................................................................................................................................................................................................64 Construction Location Factors ...........................................................................................................................................................................................64 Working Capital............................................................................................................................................................................................................................ 64 Other Capital Expenses ...........................................................................................................................................................................................................64 Operational Expenses ...........................................................................................................................................................................................................65 Fixed Costs ...................................................................................................................................................................................................................................... 65 Depreciation................................................................................................................................................................................................................................... 65 Appendix G. Latest & Upcoming Reports ............................................................................................................. 66 Appendix H. Technology Economics Form Submitted by Client ................................................................. 674

List of TablesTable 1 – Construction Scenarios Assumptions (Based on Degree of Integration) ......................................................................................9Table 2 – Locations & Pricing Basis ..................................................................................................................................................................................................9Table 3 – General Design Assumptions .......................................................................................................................................................................................9Table 4 – Polypropylene End-uses................................................................................................................................................................................................11Table 5 – Catalyst Advances..............................................................................................................................................................................................................12Table 6 - Raw Materials & Utilities Consumption (per ton of product)................................................................................................................18Table 7 – Design & Simulation Assumptions.........................................................................................................................................................................18Table 8 – Labor Requirements for a Typical Plant..............................................................................................................................................................18Table 9 – Main Streams Operating Conditions and Composition..........................................................................................................................23Table 10 – Inside Battery Limits Major Equipment List...................................................................................................................................................23Table 11 - Outside Battery Limits Major Equipment List ...............................................................................................................................................26Table 12 – Base Case General Assumptions...........................................................................................................................................................................29Table 13 - Bare Equipment Cost per Area (USD Thousands)......................................................................................................................................30Table 14 – Total Fixed Investment Breakdown (USD Thousands) ..........................................................................................................................30Table 15 – Working Capital (USD Million) ................................................................................................................................................................................32Table 16 – Other Capital Expenses (USD Million) ...............................................................................................................................................................33Table 17 – CAPEX (USD Million)......................................................................................................................................................................................................33Table 18 – Manufacturing Fixed Cost (USD/ton) ................................................................................................................................................................34Table 19 – Manufacturing Variable Cost (USD/ton)..........................................................................................................................................................34Table 20 – OPEX (USD/ton)................................................................................................................................................................................................................34Table 21 – Technology Economics Datasheet: Polypropylene via Gas Phase Process on the US Gulf Coast.........................36Table 22 – Technology Economics Datasheet: Polypropylene via Gas Phase Process in Client-Defined Location ...........39Table 23 – Project Contingency......................................................................................................................................................................................................46Table 24 – Criteria Description.........................................................................................................................................................................................................46Table 25 – Accuracy of Economic Estimates .........................................................................................................................................................................47Table 26 – Detailed Material Balance & Stream Properties..........................................................................................................................................49Table 27 – Utilities Consumption Breakdown ......................................................................................................................................................................54Table 28 – Assumptions for CO2e Emissions Calculation.............................................................................................................................................55Table 29 – CO2e Emissions (ton/ton prod.)............................................................................................................................................................................55Table 30 – Compressors .......................................................................................................................................................................................................................56Table 31 – Heat Exchangers ..............................................................................................................................................................................................................56Table 32 – Pumps......................................................................................................................................................................................................................................57 5

Table 33 – Separation Equipment.................................................................................................................................................................................................58 Table 34 – Special Equipment .........................................................................................................................................................................................................58 Table 35 – Utilities Supply...................................................................................................................................................................................................................58 Table 36 – Reactor....................................................................................................................................................................................................................................59 Table 37 – Columns.................................................................................................................................................................................................................................59 Table 38 – Vessels & Tanks..................................................................................................................................................................................................................59 Table 39 – Indirect Costs Breakdown for the Base Case (USD Thousands) ......................................................................................................63 Table 40 – Detailed Construction Location Factor............................................................................................................................................................64 Table 41 – Working Capital Assumptions (Base Case) ....................................................................................................................................................64 Table 42 – Other Capital Expenses Assumptions (Base Case) ...................................................................................................................................64 Table 43 – Other Fixed Cost Assumptions ..............................................................................................................................................................................65 Table 44 – Depreciation Value & Assumptions ....................................................................................................................................................................656

List of FiguresFigure 1 – OSBL Construction Scenarios .....................................................................................................................................................................................8Figure 2 – Polypropylene from Multiple Sources...............................................................................................................................................................13Figure 3 – Process Block Flow Diagram.....................................................................................................................................................................................15Figure 4 – Inside Battery Limits Conceptual Process Flow Diagram.....................................................................................................................19Figure 5 – Project Implementation Schedule.......................................................................................................................................................................29Figure 6 – Total Direct Cost of Different Integration Scenarios (USD Thousands) ......................................................................................31Figure 7 – Total Fixed Investment of Different Integration Scenarios (USD Thousands) .......................................................................32Figure 8 – Total Fixed Investment Validation (USD Million)........................................................................................................................................33Figure 9 – OPEX and Product Sales History (USD/ton) ...................................................................................................................................................35Figure 10 – EBITDA Margin & IP Indicators History Comparison..............................................................................................................................35Figure 11 – CAPEX per Location (USD Million).....................................................................................................................................................................37Figure 12 – Operating Costs Breakdown per Location (USD/ton) .........................................................................................................................38Figure 14 – Methodology Flowchart...........................................................................................................................................................................................43Figure 15 – Location Factor Composition...............................................................................................................................................................................47Figure 16 – ISBL Direct Costs Breakdown by Equipment Type (Base Case).....................................................................................................62Figure 17 – OSBL Direct Costs by Equipment Type (Base Case) ..............................................................................................................................62 7

About this Study This study follows the same pattern as all Technology Economics studies developed by Intratec and is based on the same rigorous methodology and well-defined structure (chapters, type of tables and charts, flow sheets, etc.). Figure 1 – OSBL Construction Scenarios This chapter summarizes the set of information that served as input to develop the current technology evaluation. All Non-Integrated Partially Integrated required data were provided through the filling of the Technology Economics Form available at Intratec’s website. Products Storage Products Storage You may check the original form in the “Appendix H. Technology Economics Form Submitted by Client”. ISBL Unit ISBL Unit Object of Study This assignment assesses the economic feasibility of an Raw Materials Raw Materials industrial unit for homopolymer polypropylene (PP) Storage Provider production via gas phase process, implementing technology similar to the Dow UNIPOL process. Petrochemical Complex The current assessment is based on economic data gathered on Q3 2011 and a chemical plant’s nominal Source: Intratec – www.intratec.us capacity of 400 kta (thousand metric tons per year). Analysis Performed Location Basis The regional comparison analysis is performed for two Construction Scenarios similar units operating on the US Gulf Coast. The main difference between the two units is the price assumption The economic analysis is based on the construction of a for PG propylene. plant partially integrated to a petrochemical complex. A nearby unit continuously provides polymer-grade (PG) While the base case considers a stand-alone polypropylene propylene. Thus, no storage for propylene is required. plant, obtaining PG propylene at average market prices, However, since there are no polypropylene consumers in available at Intratec database, the alternative scenario the complex, the product must be stored in warehouses defined by the client (referred as “Client-Defined”) and silos. Facilities for supplying the required utilities are approaches a unit, which is integrated to an upstream also included in the analysis. propylene plant, obtaining feedstock at a transfer price, provided by the client, lower than market price. Since the Outside Battery Limits (OSBL) requirements– storage and utilities supply facilities – significantly impact The remaining prices are assumed to be the same. The the capital cost estimates for a new venture, they may play aIntratec | About this Study assumptions that distinguish the two scenarios analyzed in decisive role in the decision as to whether or not to invest. this study are provided in Table 2. Thus, in this study two distinct OSBL configurations are compared. Those scenarios are summarized in Figure 1 and Table 1. 8

Table 1 – Construction Scenarios Assumptions (Based on Degree of Integration)Storage Capacity (Area 700) Feedstock & Chemicals 20 days of operation Not included End-products & By-products 20 days of operation 20 days of operationUtility Facilities Included (Area 800) All required All required Control room, labs, gate house,Support & Auxiliary Facilities Control room, labs, maintenance shops, maintenance shops, warehouses, offices,(Area 900) warehouses change house, cafeteria, parking lotSource: Intratec – www.intratec.us Design ConditionsTable 2 – Locations & Pricing Basis The process analysis is based on rigorous simulation models developed on Aspentech Aspen Plus and Hysys, which support the design of the chemical process, equipment and OSBL facilities. The design assumptions employed are depicted in Table 3. Table 3 – General Design Assumptions Cooling water temperature 24 °C Cooling water range 11 °C Steam (Low Pressure) 7 bar abs Wet Bulb Air Temperature 25 °C Source: Intratec – www.intratec.us USD/man- hourSupervisor USD/man-Salaries hourSource: Intratec – www.intratec.us Intratec | About this Study 9

Study Background About Polypropylene Unlike the symmetrical ethylene molecule, for example, the way each propylene monomer unit links to the other generates polymers with distinct characteristics. Those Polypropylene (PP) is a thermoplastic material formed by structural chains can be summarized as follow: the reaction of polymerization of propylene, resulting in a macromolecule that contains from 10,000 to 20,000 Atactic. The pendant methyl groups are attached in a monomer units. As a thermoplastic, PP is capable of random manner on the polymer backbone chain. At melting and flowing (in a reversible physical transformation) room temperature, atactic polypropylene is a waxy and when subjected to increases in temperature and pressure, tacky solid. assuming a specified form when those conditions cease. Based on its exceptional mechanical and thermal Isotactic. All the methyl groups are on the same side properties, it is suitable for applications in fibers, injection of the winding spiral chain molecule. Since it is molding, thermoforming, film and blow molding. difficult to completely control the polymerization reaction, isotactic polypropylene always presents In a qualitative approach, PP is a colorless, translucent to atactic content. It is important to keep such content to transparent solid with a glossy surface, with very good a minimum, to provide a higher stiffness and a wider resistance to chemicals (except for hydrocarbons and spectrum of applications. chloride compounds), greater scratch resistance than other polyolefins, good environmental stress cracking resistance, Syndiotactic. The pendant methyl groups are good processability via injection molding and extrusion, attached in an alternating pattern on the polymer and a low moisture absorption rate. backbone chain. It is soft and clear, in addition to having a good gloss, but its production costs are high Polypropylene annual consumption worldwide exceeds 50 when compared to the other existing structural chains. million tons, with an expanding market in its core applications as well as in inter-material substitution. The Only isotactic polypropylene has the requisite properties of use of polypropylene has increased at rates slightly faster a useful commodity plastic material. Compared with HDPE than one of its main competitor materials, polyethylene; or LDPE, its higher stiffness at lower density and superior while linear low and high density polyethylene are growing working temperature when not subjected to mechanical faster than polypropylene, low density polyethylene drags stress are key factors to isotactic polypropylene’s down overall polyethylene growth. preferential use in certain applications. However, recently, technological improvements in the catalyst system allowed The discovery of polypropylene homopolymer is generally the synthesis of crystalline syndiotactic polymer. credited to the independent work of Karl Ziegler and Giulio Commercially, this kind of polypropylene is produced with a Natta, in 1954. The organometallic catalyst system used metallocene catalyst system. Companies involved in became known as Ziegler-Natta catalysts, still one of the syndiotactic PP production claim that it has enhanced most remarkable components of PP production. Natta was properties, but a more detailed evaluation is yet to be made able to synthesize polypropylene and, additionally, for a proper comparison with isotactic PP. This kind of associate the resulting polymer high melting point with the information will be fundamental to determining the real distribution of methyl groups along the carbon chain. competitiveness of such material, through the balance of better properties and its higher cost. Until now, the low Phillips Petroleum was developing the polypropyleneIntratec | Study Background molecular mass atactic PP had only a few commercial technology concurrently with Natta’s work and Phillips was outlets for adhesives and roofing materials. awarded the composition of matter patent in the US in 1983. Polypropylene producers around the world celebrated on March 1, 2000 – the day the Phillips’ patent Types of Polypropylene Resins expired. Polypropylene production advances in both the manufacturing process and catalyst allowed the creation of 10

three major types of resins: homopolymers, random Applicationscopolymers and impact (or block) copolymers. All PPprocesses are capable of producing homopolymer and This combination of physical, chemical, mechanical, thermalrandom copolymer PP, and all require one or more and electrical properties explains polypropylene’sadditional reactors to produce impact copolymer. immediate industrial application and continuous growth. In terms of current global representativeness, polypropylene is Homopolymers. Produced through polymerization of the second largest consumed plastic material after propylene in the presence of a stereospecific catalyst, polyethylene (PE) and before polyvinyl chloride (PVC). homopolymers have an isotactic index in the range of 92-99%. As stiffness and resistance to impact are Furthermore, PP processes are able to improve polymer directly dependent on the equilibrium between the properties through orientation, i.e., the previously atactic and isotactic fractions, they are more rigid and mentioned methyl groups’ distribution. This unique aspect have better resistance to high temperatures than is only found in a limited number of the other major plastics copolymers, but with inferior impact strength below (e.g. PET), and contributes to expanding the range of 0°C. Thus, this kind of polymer is indicated for high polypropylene applications. temperature applications such as hair dryer, sterilizers, irons, coffee makers and toasters. Woven bags, fine Table 4 lists polypropylene end-uses, as well as respective denier fibers, windshield washer tanks and shrouds for examples, considering all the spectrum of grades that can fans toasters can also use homopolymers. be produced – varying methyl groups’ distribution, copolymers and additives employed. Random copolymers. Random copolymers are obtained by copolymerization of propylene with ethylene or higher olefins (e.g. butene-1), which Table 4 – Polypropylene End-uses represents from 1.5 to 6 wt% of the product. Those molecules are randomly dispersed along the carbon chain by their addition during the reaction; the resulting product offers improved impact strength and Film and sheet Food packaging clarity, as well as a softer feel. Typical applications of Injection molding Automotive components random copolymer are films, injection-molding and Fibre Medical garment and carpets blow-molding. Typical applications are battery cases, blow-molded bottles, bumper filler supports, interior Blow molding Bottles trim, glove boxes, package trays and window Extrusion and piping Civil piping moldings, video cassette boxes, office furniture, disposable containers, boxes and appliance housings. Raffia Sports fabrics and bags Source: Intratec – www.intratec.us Impact copolymers. Similar to random copolymers, impact copolymers use olefins other than propylene for polymerization. The main difference is that polymerization of those olefins occurs in another Polypropylene Manufacturing reactor, forming a dispersed phase within the PP matrix. Copolymers content in this kind of material Types of Process ranges from 5-25% and its large rubber content serves to improve impact strength. This characteristic suits In order to properly explain the technology involved in PP impact copolymer for use in automotive and appliance manufacturing it is useful to define some concepts about parts, industrial products and as compounds the forms in which propylene polymerization is conducted. Intratec | Study Background blendstocks. It’s used by automakers for door panels, Traditionally, the following are the most representative: quarter-panel trim, lower trim, doors, seat shields, pillars, headers, rib cartridges, head impact and air Hydrocarbon Slurry or Suspension. Consists of using bags. a liquid inert hydrocarbon diluent in the reactor to facilitate transfer of propylene to the catalyst, the removal of heat from the system, the deactivation/removal of the catalyst as well as 11

dissolving the atactic polymer. The range of grades Also, labor requirements, energy inefficiency and catalyst that could be produced was very limited. (The poor activity (1kg of polypropylene produced per gram of technology had fallen into disuse). catalyst) made production costs very high. In addition, PP produced had very narrow range of applications due to its Bulk (or Bulk Slurry). Uses liquid propylene instead of poor properties. liquid inert hydrocarbon diluent. The polymer does not dissolve into a diluent, but rather rides on the Despite such high production costs, hydrocarbon slurry liquid propylene. The formed polymer is withdrawn process remained economically feasible in the following and any unreacted monomer is flashed off. years due to the advances in catalyst (second generation). However, the introduction of the third generation enabled Gas Phase. Uses gaseous propylene in contact with the production of polypropylene via bulk slurry and via gas the solid catalyst, resulting in a fluidized-bed medium. phase in the late 1970`s. Hybrid. Uses a slurry loop reactor followed by a gas Both processes presented much lower capital and phase reactor, combining the bulk slurry and gas operating costs, since the steps related to hydrocarbon phase processes. solvent became unnecessary, simplifying plot plans and significantly reducing space required. Third generation The Role of Catalyst in Process catalyst provided yields of 12-15 kg of polypropylene per gram of catalyst. Technology for polypropylene manufacturing has kept pace with the catalysts’ evolution. Traditionally, because of the The fourth generation took polypropylene production to technical breakthrough that each one represented, the level of about 30kg of PP produced per gram of catalyst polypropylene catalysts are divided into generations. Table employed. Such catalysts are currently the most popular in 5 depicts those advances, although this division may vary, the industry and have already achieved mileages as high as since the recognition of a breakthrough is, to some extent, 120 kg of PP per gram of catalyst. The fifth and sixth subjective. The plants built in the 1960s and 1970s using generations of catalysts are not still fully developed and hydrocarbon slurry process (based on the first generation considerable effort is being to enable them to be fully catalyst) were very cost-intensive because of the large commercialized. Meanwhile, fourth generation catalysts are amount of equipment required for handling the solvent still the most widely used in polypropylene production related steps, the large space and complicated plot plans. Table 5 – Catalyst Advances 1st (1957-1970) 3TiCl3AlCl3/AlEt2Cl 0.8–1.2 88–91 2nd (1970-1978) TiCl3/AlEt2Cl 3–5 95 3rd (1978-1980) TiCl4/Ester/MgCl2 + AlEt3/Ester 5–15 98 TiCl4/Diester/MgCl2 + AlEt3/silane three 20–60 99 dimensional catalyst granule architecture th 4 (1980) RGT TiCl4/Diether/MgCl2 + AlEt3 three dimensional 50–120 99 catalyst granule architectureIntratec | Study Background Metallocenes Zirconocene + MAO 5–9 x 103 (on Zr) 90–99 Multicatalyst RGT (Reactor Mixed catalysis: ZN + radical initiators, ZN + 5–9 x 103 (on Zr) 90–99 Granule Technology) single site (catalysts) Source: Intratec – www.intratec.us . 12

Figure 2 – Polypropylene from Multiple Sources Bulk Phase Processes Polypropylene Propylene (PP) LyondellBasell Spheripol Mitsui HYPOL II ExxonMobil PP Process Gas Phase Process: Fluidized Bed Reactor Dow Unipol™ Gas Phase Process: Stirred Bed Reactor Lummus Novolen® INEOS Innovene™ JPP Horizone Gas Phase Process: Multi-zone Circulation Reactor LyondellBasell Spherizone Hybrid Process Borealis BorstarSource: Intratec – www.intratec.usLicensor & Historical Aspects In 1968, the first gas phase fluidized-bed polymerization process, i.e., the UNIPOL™ Process, was commercialized by Union Carbide to produce polyethylene. This process wasOlefin polymerization in gas phase fluidized-bed reactors quickly licensed to other manufacturers. In the mid-1980s, ithas been recognized as being among the most economical was further extended to produce polypropylene.methods of manufacturing commodity polymers, including Intratec | Study Backgroundpolyethylene (PE), polypropylene (PP) and ethylene- The features of the fluidized-bed process, including itspropylene rubber (EPR). In the 1960s, BASF developed a gas simplicity and superior product quality, made it widelyphase, mechanically stirred polymerization process for accepted all over the world. As of today, the fluidized-bedmaking PP. In that process, the particle bed in the reactor process is the dominant means of producing PE (especiallywas either not fluidized or not fully fluidized. LLDPE), as is one of the two most widely used technologies for producing PP. 13

Technical Analysis adverse effect. Thus, the use of the propylene feed as Chemistry polymerization monomer is more impacted by the levels of trace impurities, which affect the activity and The main reaction that occurs in the polymerization of stereospecificity of propylene polymerization catalysts, propylene to polypropylene is shown in the following. rather than specifically by the propane content. The polymerization catalysts are sensitive to certain impurities, including the oxygen, carbon monoxide, carbon dioxide, water, and alcohols potentially present in the Propylene Polypropylene various feed streams. A Ziegler-Natta catalyst is utilized to achieve this. The Based on the typical purity of raw materials available on the original catalyst for propylene polymerization was US Gulf Coast, the following topics summarize the raw aluminum alkyl and titanium trichloride, but much work has materials and respective purification facilities required to been done to find better catalysts. The main objective is to protect the catalyst against the effects of impurities. enable a controlled polymerization reaction with a narrow Ethylene, Nitrogen, and Hydrogen: Filtration molecular weight distribution of the product and enhanced properties, as well as an increase in the catalyst productivity Propylene: Two fixed bed dryers, one operating, one (or mileage), defined as the kilograms of PP produced per on standby, for removal of water and other polar gram of catalyst. impurities. The continuous back-mixed reactor operates at about 33 – The purification steps included in the process are primarily 35 bara and contains a fluidized bed of granular considered to be guard beds for spike protection. Bed life polypropylene with a trace of catalyst. Temperature is mild between regenerations is relatively long (measured in (65 – 80ºC) and is controlled by adjusting the temperature months, not days). of the cycle gas returned to the reactor. An overall yield of about 99+ wt% of propylene is expected. Raw Material In terms of raw materials, polypropylene is the largest downstream derivative made from propylene. Typically, PP manufacturers use polymer grade (PG) propylene, with 99.5 wt% purity, as feedstock. Due to the high cost related to transport of highly pressurized or refrigerated liquids, propylene produced or purchased from local steam crackers, FCC units or even on-purpose plants tends to be most cost-effective. In some cases, propylene is refined to achieve a purity compatible with the sensitivity of the catalyst system and/or to avoid the accumulation of inertIntratec | Technical Analysis substances. The major PG propylene feed impurity is propane. Similar to other inert components such as methane, nitrogen, ethane and other higher alkanes, propane works as a diluent to reduce polymerization rate, not having any other 14

Technology Overview Resulting granular polypropylene is removed from the reactor by the discharge tanks and sent to a purge bin where residual hydrocarbons are stripped with nitrogenThe process is separated into three different areas: from the resin and are sent to the vent recovery system.purification & reaction; resin degassing & pelleting; and vent The purged resin is sent to the pelleting system.recovery. The vent gas is processed to separate hydrocarbons andFresh propylene and the other raw materials fed to the unit nitrogen purge gas, which is returned to the process. Theare passed through the purification facilities, in which trace condensed components are separated into a propylenequantities of impurities are removed. The purified raw stream, which is returned to the reaction system, and amaterials are then fed to the reaction system. propane stream.Only one reaction system, consisting of a fluidized bed Solid additives are metered and sent to the pelletingreactor, a cycle gas compressor and cooler, and product system. The resin and the additives are mixed, melted anddischarge tanks, is required to produce homopolymer and pelleted in the pelleting system. The pellets are dried,random copolymer. The raw materials and a recycle stream cooled and sent to product blending and storage.from the vent recovery system are fed continuously to thereactor. The cycle gas compressor circulates reaction gasupward through the reactor, providing the agitationrequired for fluidization, backmixing, and heat removal. Nomechanical stirrers or agitators are needed in the processreactors. The cycle gas leaving overhead from the reactorpasses through the cooler that removes the heat ofreaction. Catalyst is continuously fed to the reactor.Figure 3 – Process Block Flow Diagram Recovered Propylene Recycled Nitrogen Area 100 Area 200 Area 300 PG Propylene Purification & Resin Degassing & Unreacted Vent Recovery Reaction Pelleting Monomer Catalyst & Chemicals Intratec | Technical Analysis Fresh Nitrogen PolypropyleneSource: Intratec – www.intratec.us 15

Intratec | Technical Analysis16

Key Consumptions Table 6 - Raw Materials & Utilities Consumption (per ton Table 7 – Design & Simulation Assumptions of product) Source: Intratec – www.intratec.us Source: Intratec – www.intratec.us Labor Requirements Table 8 – Labor Requirements for a Typical Plant Non-Integrated Plant 7 1 Partially Integrated Plant 7 1 Source: Intratec – www.intratec.usIntratec | Technical Analysis 18

Figure 4 – Inside Battery Limits Conceptual Process Flow Diagram Intratec | Technical AnalysisSource: Intratec – www.intratec.us 19

Figure 3 – Inside Battery Limits Conceptual Process Flow Diagram (Cont.)Intratec | Technical Analysis Source: Intratec – www.intratec.us 20

Figure 3 – Inside Battery Limits Conceptual Process Flow Diagram (Cont.) Intratec | Technical Analysis P-303A/BSource: Intratec – www.intratec.us 21

Figure 3 – Inside Battery Limits Conceptual Process Flow Diagram (Cont.)Intratec | Technical Analysis Source: Intratec – www.intratec.us 22

Table 9 presents the main streams composition andoperating conditions. For a more complete material ISBL Major Equipment Listbalance, see the “Appendix A. Mass Balance & Streams Table 10 shows the equipment list by area. It also presentsProperties.” a brief description and the construction materials used.Information regarding utilities flow rates is provided in Find main specifications for each piece of equipment in“Appendix B. Utilities Consumption Breakdown.” For further “Appendix D. Equipment Detailed List & Sizing.”details on greenhouse gas emissions caused by this process,see “Appendix C. Process Carbon Footprint.” Intratec | Technical Analysis 23

OSBL Major Equipment List Table 11 shows the list of tanks located in the storage area The OSBL is divided into three main areas: storage (Area and the energy facilities considered in the construction of a 700), energy and water facilities (Area 800), and support & non-integrated unit. auxiliary facilities (Area 900).Intratec | Technical Analysis 26

Economic AnalysisGeneral Assumptions In Table 12, the IC Index stands for Intratec chemical plant Construction Index, an indicator, published monthly by Intratec, to scale capital costs from one time period toThe general assumptions for the base case of this analysis another.are outlined below. This index reconciles prices trends of fundamental components of a chemical plant construction such as labor,Table 12 – Base Case General Assumptions material and energy, providing meaningful historical and forecast data for our readers and clients. The assumed operating hours per year indicated do not represent any technology limitation; rather, it is an assumption based on common industrial operating rates. Additionally, Table 12 discloses assumptions regarding the project complexity, technology maturity and data reliability, which are of major importance for attributing reasonable contingencies for the investment and for evaluating the overall accuracy of estimates. Definitions and figures for both contingencies and accuracy of economic estimates can be found in this publication in the chapter “Technology Economics Methodology.”Source: Intratec – www.intratec.usFigure 5 – Project Implementation Schedule Basic Engineering Detailed Engineering Procurement Construction Total EPC Phase Intratec | Economic Analysis Start-upSource: Intratec – www.intratec.us 29

Project Implementation installation bulks). The total direct cost represents the total bare equipment installed cost. Schedule Table 14 shows the breakdown of the total fixed investment The main objective of knowing upfront the project (TFI) per item (direct & indirect costs and process implementation schedule is to enhance the estimates for contingencies). both capital initial expenses and return on investment. “Appendix E. Detailed Capital Expenses” provides a detailed The implementation phase embraces the period from the breakdown for the direct expenses, outlining the share of decision to invest to the start of commercial production. each type of equipment in total. This phase can be divided into five major stages: (1) Basic Engineering, (2) Detailed Engineering, (3) Procurement, (4) Construction, and (5) Plant Start-up. Table 14 – Total Fixed Investment Breakdown (USD Thousands) The duration of each phase is detailed in Figure 5. Capital Expenditures Fixed Investment Table 13 shows the bare equipment cost associated with each area of the project. Table 13 - Bare Equipment Cost per Area (USD Thousands) Source: Intratec – www.intratec.us Table 14 presents the breakdown of the total fixed investment (TFI) per item (direct & indirect costs and Source: Intratec – www.intratec.usIntratec | Economic Analysis process contingencies). For further information about the components of the TFI please see the chapter “Technology Economics Methodology.” After defining the total direct cost, the TFI is established by adding field indirects, engineering costs, overhead, contract Fundamentally, the direct costs are the total direct material fees and contingencies. and labor costs associated with the equipment (including 30

It is important to emphasize that capital expenditures for For example, if there are nearby facilities consuming a unit’sthe propylene plant are not included in the present study. final product or supplying a unit’s feedstock, the need for storage facilities significantly decreases, along with the totalIndirect costs are defined by the American Association of fixed investment required. This is also true for supportCost Engineers (AACE) Standard Terminology as those facilities that can serve more than one plant in the same"costs which do not become a final part of the installation complex, such as a parking lot, gate house, etc.but which are required for the orderly completion of theinstallation." This study analyzes the total fixed investment for two distinct scenarios regarding OSBL facilities:The indirect project expenses are further detailed in“Appendix E. Detailed Capital Expenses.” Non Integrated PlantAlternative OSBL Configurations Plant Partially IntegratedThe total fixed investment for the construction of a new The detailed definition, as well as the assumptions used forchemical plant is greatly impacted by how well it will be each scenario is presented in the chapter “About thisable to take advantage of the infrastructure already installed Study.”in that location. The influence of the OSBL facilities on the capital investment is depicted in Figure 6 and in Figure 7.Figure 6 – Total Direct Cost of Different Integration Scenarios (USD Thousands)Source: Intratec – www.intratec.us Intratec | Economic Analysis 31

Figure 7 – Total Fixed Investment of Different Integration Scenarios (USD Thousands) Source: Intratec – www.intratec.us Table 15 – Working Capital (USD Million) Source: Intratec – www.intratec.us Other Capital Expenses Start-up costs should also be considered when determiningIntratec | Economic Analysis the total capital expenses. During this period, expenses are incurred for employee training, initial commercialization costs, manufacturing inefficiencies and unscheduled plant modifications (adjustment of equipment, piping, instruments, etc.). 32

Figure 8 – Total Fixed Investment Validation (USD Million)Source: Intratec – www.intratec.usInitial costs are not addressed in most studies on estimating Other capital expenses frequently neglected are landbut can become a significant expenditure. For instance, the acquisition and site development. Although these are smallinitial catalyst load in reactors may be a significant cost and, parts of the total capital expenses, they should be included.in that case, should also be included in the capitalestimates. A summary of other capital expenses is presented in Table 16. Assumptions used to calculate them are provided inThe purchase of technology through paid-up royalties or “Appendix F. Economic Assumptions.”licenses is considered to be part of the capital investment. Total Capital ExpensesTable 16 – Other Capital Expenses (USD Million) Table 17 presents a summary of the total Capital Expenditures (CAPEX) detailed in previous sections. Table 17 – CAPEX (USD Million) Intratec | Economic Analysis Source: Intratec – www.intratec.usSource: Intratec – www.intratec.us 33

Operational Expenditures Table 18 – Manufacturing Fixed Cost (USD/ton) Manufacturing Costs The manufacturing costs, also called Operational Expenditures (OPEX), are composed of two elements: a fixed cost and a variable cost. All figures regarding operational costs are presented in USD per ton of product. Table 18 shows the manufacturing fixed cost, while Table 19 details the manufacturing variable cost breakdown. To learn more about the assumptions for manufacturing Source: Intratec – www.intratec.us fixed costs, see the “Appendix F. Economic Assumptions.” Table 20 shows the OPEX of the presented technology. Table 19 – Manufacturing Variable Cost (USD/ton) Table 20 – OPEX (USD/ton) Source: Intratec – www.intratec.us Historical Analysis Figure 9 depicts Sales and OPEX historic data. Figure 10 compares the project EBITDA trends with Intratec Profitability Indicators (IP Indicators). The Basic Chemicals IP Indicator represents basic chemicals sector profitability, based on the weighted average EBITDA margins of major global basic chemicals producers. Alternately, the Chemical Source: Intratec – www.intratec.us Sector IP Indicator reveals the overall chemical sector profitability, through a weighted average of the IP Indicators calculated for three major chemical industry niches: basic, specialties and diversified chemicals. Economic Datasheet The Technology Economic Datasheet, presented in TableIntratec | Economic Analysis 21, is an overall evaluation of the technologys production costs in a US Gulf Coast based plant. The expected revenues in products sales and initial economic indicators are presented for a short-term assessment of its economic competitiveness. 34

Figure 9 – OPEX and Product Sales History (USD/ton)Source: Intratec – www.intratec.usFigure 10 – EBITDA Margin & IP Indicators History Comparison Intratec | Economic AnalysisSource: Intratec – www.intratec.us 35

Intratec | Economic Analysis36

Regional Comparison & Economic DiscussionRegional Comparison Figure 11 summarizes the total Capital ExpendituresCapital Expenses (CAPEX) for the locations under analysis.Variations in productivity, labor costs, local steel prices, Operational Expendituresequipment imports needs, freight, taxes and duties onimports, regional business environments and local Specific regional conditions influence prices for rawavailability of sparing equipment were considered when materials, utilities and products. Such differences are thuscomparing capital expenses for the different regions under reflected in the operating costs. An OPEX breakdownconsideration in this report. structure for the different locations approached in this study is presented in Figure 12.Capital costs are adjusted from the base case (a plantconstructed on the US Gulf Coast) to locations of interest byusing location factors calculated according to the items Economic Datasheetaforementioned. For further information about location The Technology Economic Datasheet, presented in Tablefactor calculation, please examine the chapter “Technology 22, is an overall evaluation of the technologys capitalEconomics Methodology.” In addition, the location factors investment and production costs in the alternative locationfor the regions analyzed are further detailed in “Appendix F. analyzed in this study.Economic Assumptions.”Figure 11 – CAPEX per Location (USD Million) Intratec | Regional Comparison & Economic DiscussionSource: Intratec – www.intratec.us 37

Figure 12 – Operating Costs Breakdown per Location (USD/ton) Source: Intratec – www.intratec.usIntratec | Regional Comparison & Economic Discussion 38

Intratec | Regional Comparison & Economic Discussion39

Intratec | References40 References

Acronyms, Legends & ObservationsAACE: American Association of Cost Engineers LLDPE: Linear Low Density PolyethyleneC: Distillation, stripper, scrubber columns (e.g., C-101 would OPEX: Operational Expendituresdenote a column tag) OSBL: Outside battery limitsC2, C3, ... Cn: Hydrocarbons with "n" number of carbonatoms P: Pumps (e.g., P-101 would denote a pump tag)CAPEX: Capital expenditures PDH: Propane dehydrogenationCC: Distillation column condenser PE: PolyethyleneCP: Distillation column reflux pump PG: Polymer gradeCR: Distillation column reboiler PP: PolypropyleneCT: Cooling tower PSA: Pressure swing adsorptionCV: Distillation column accumulator drum PVC: Polyvinyl chlorideE: Heat exchangers, heaters, coolers, condensers, reboilers R: Reactors, treaters (e.g., R-101 would denote a reactor tag)(e.g., E-101 would denote a heat exchanger tag) ROCE: Return on the capital employedEBIT: Earnings before Interest and Taxes SB: Steam boilerEBITDA: Earnings before Interests, Taxes, Depreciation andAmortization T: Tanks (e.g., T-101 would denote a tank tag)EPR: Ethylene-propylene rubber TFI: Total Fixed InvestmentF: Filter(e.g., F-101 would denote a filter tag) TPC: Total process capitalFCC: Fluid catalytic cracking V: Horizontal or vertical drums, vessels (e.g., V-101 would denote a vessel tag)HDPE: High Density Polyethylene VOC: Volatile organic compoundsIC Index: Intratec Chemical Plant Construction Index Intratec | Acronyms, Legends & Observations WD: Demineralized waterIP Indicator: Intratec Chemical Sector Profitability Indicator X: Special equipment (e.g., X-101 would denote a specialISBL: Inside battery limits equipment tag)K: Compressors, blowers, fans (e.g., K-101 would denote acompressor tag) Obs.: 1 ton = 1 metric ton = 1,000 kgkta: thousands metric tons per yearLDPE: Low Density Polyethylene 41

Technology Economics Methodology Intratec Technology Economics methodology From this simulation, material balance calculations are performed around the process, key process indicators are ensures a holistic, coherent and consistent identified and main equipment listed. techno-economic evaluation, ensuring a clear understanding of a specific mature chemical Equipment sizing specifications are defined based on process technology. Intratecs equipment design capabilities and an extensive use of AspenONE Engineering Software Suite that enables the integration between the process simulation developed Introduction and equipment design tools. Both equipment sizing and process design are prepared in conformance with generally The same general approach is used in the development of accepted engineering standards. all Technology Economics assignments. To know more about Intratec’s methodology, see Figure 14. Then, a cost analysis is performed targeting ISBL & OSBL fixed capital costs, manufacturing costs, and overall working While based on the same methodology, all Technology capital associated with the examined process technology. Economics studies present uniform analyses with identical Equipment costs are primarily estimated using Aspen structures, containing the same chapters and similar tables Process Economic Analyzer (formerly Aspen Icarus) and charts. This provides confidence to everyone interested customized models and Intratecs in-house database. in Intratec’s services since they will know upfront what they will get. Cost correlations and, occasionally, vendor quotes of unique and specialized equipment may also be employed. One of Workflow the overall objectives is to establish Class 3 cost estimates 1 with a minimum design engineering effort. Once the scope of the study is fully defined and understood, Intratec conducts a comprehensive Next, capital and operating costs are assembled in Microsoft bibliographical research in order to understand technical Excel spreadsheets, and an economic analysis of such aspects involved with the process analyzed. technology is performed. Subsequently, the Intratec team simultaneously develops Finally, two analyses are completed, examining: the process description and the conceptual process flow diagram based on: a. The total fixed investment in different construction scenarios, based on the level of integration of the plant a. Patent and technical literature research with nearby facilities b. Non-confidential information provided by technology b. The capital and operating costs for a second different licensors plant locationIntratec | Technology Economics Methodology c. Intratecs in-house database d. Process design skills Next, all the data collected are used to build a rigorous steady state process simulation model in Aspen Hysys and/or Aspen Plus, leading commercial process flowsheeting software tools. 1 These are estimates that form the basis for budget authorization, appropriation, and/or funding. Accuracy ranges for this class of estimates are + 10% to + 30% on the high side, and - 10 % to - 20 % on the low side. 42

Figure 13 – Methodology Flowchart Study Understanding - Validation of Project Inputs Patent and Technical Literature Databases Intratec Internal Database Bibliographical Research Non-Confidential Information from Aspen Plus, Aspen Hysys Technology Licensors or Technical Validation – Aspen Exchanger Design & Suppliers Process Description & Rating, KG Tower, Sulcol Flow Diagram and Aspen Energy Analyzer Material & Energy Balances, Key Vendor Quotes Process Indicators, List of Equipment & Equipment Sizing Aspen Process Economic Pricing Data Gathering: Raw Capital Cost (CAPEX) Analyzer, Aspen Capital Materials, Chemicals, & Operational Cost (OPEX) Cost Estimator, Aspen In- Utilities and Products Estimation Plant Cost Estimator & Intratec In-House Database Construction Location Factor Economic Analysis (http://base.intratec.us) Analyses of Different Construction Scenarios and Plant Location Intratec | Technology Economics Methodology Project Development Phases Final Review & Information Gathering / Tools AdjustmentsSource: Intratec – www.intratec.us 43

Capital & Operating Cost Process equipment (e.g., reactors and vessels, heat exchangers, pumps, compressors, etc.) Estimates Process equipment spares The cost estimate presented in the current study considers a process technology based on a standardized design Housing for process units practice, typical of a major chemical company. The specific design standards employed can have a significant impact Pipes and supports within the main process units on capital costs. Instruments, control systems, electrical wires and other The basis for the capital cost estimate is that the plant is hardware considered to be built in a clear field with a typical large single-line capacity. In comparing the cost estimate hereby Foundations, structures and platforms presented with an actual project cost or contractors Insulation, paint and corrosion protection estimate, the following must be considered: In addition to the direct material and labor costs, the ISBL Minor differences or details (many times, unnoticed) addresses indirect costs, such as construction overheads, between similar processes can affect cost noticeably. including: payroll burdens, field supervision, equipment The omission of process areas in the design considered rentals, tools, field office expenses, temporary facilities, etc. may invalidate comparisons with the estimated cost presented. OSBL Investment Industrial plants may be overdesigned for particular The OSBL investment accounts for auxiliary items necessary objectives and situations. to the functioning of the production unit (ISBL), but which perform a supporting and non-plant-specific role. OSBL Rapid fluctuation of equipment or construction costs items considered may vary from process to process. The may invalidate cost estimate. OSBL investment could include the installed cost of the following items: Equipment vendors or engineering companies may provide goods or services below profit margins during Storage and packaging (storage, bagging and a economic downturns. warehouse) for products, feedstocks and by-products Specific locations may impose higher taxes and fees, Steam units, cooling water and refrigeration systems which can impact costs considerably. Process water treating systems and supply pumps In addition, no matter how much time and effort are devoted to accurately estimating costs, errors may occur Boiler feed water and supply pumps due to the aforementioned factors, as well as cost and labor changes, construction problems, weather-related issues, Electrical supply, transformers, and switchgear strikes, or other unforeseen situations. This is partiallyIntratec | Technology Economics Methodology considered in the project contingency. Finally, it must Auxiliary buildings, including all services and always be remembered that an estimated project cost is not equipment of: maintenance, stores warehouse, an exact number, but rather is a projection of the probable laboratory, garages, fire station, change house, cost. cafeteria, medical/safety, administration, etc. General utilities including plant air, instrument air, inert ISBL Investment gas, stand-by electrical generator, fire water pumps, etc. The ISBL investment includes the fixed capital cost of the main processing units of the plant necessary to the Pollution control, organic waste disposal, aqueous manufacturing of products. The ISBL investment includes waste treating, incinerator and flare systems the installed cost of the following items: 44

Working Capital Cash on hand. An adequate amount of cash on hand to give plant management the necessary flexibility toFor the purposes of this study, 2 working capital is defined as cover unexpected expenses (estimated as a certainthe funds, in addition to the fixed investment, that a period – in days – of manufacturing expenses).company must contribute to a project. Those funds mustbe adequate to get the plant in operation and to meet Start-up Expensessubsequent obligations. When a process is brought on stream, there are certain one-The initial amount of working capital is regarded as an time expenses related to this activity. From a timeinvestment item. This study uses the following standpoint, a variable undefined period exists between theitems/assumptions for working capital estimation: nominal end of construction and the production of quality product in the quantity required. This period is commonly Accounts receivable. Products and by-products referred to as start-up. shipped but not paid by the customer; it represents the extended credit given to customers (estimated as a During the start-up period expenses are incurred for certain period – in days – of manufacturing expenses operator and maintenance employee training, temporary plus depreciation). construction, auxiliary services, testing and adjustment of equipment, piping, and instruments, etc. Our method of Accounts payable. A credit for accounts payable such estimating start-up expenses consists of four components: as feedstock, catalysts, chemicals, and packaging materials received but not paid to suppliers (estimated Labor component. Represents costs of plant crew as a certain period – in days – of manufacturing training for plant start-up, estimated as a certain expenses). number of days of total plant labor costs (operators, supervisors, maintenance personnel and laboratory Product inventory. Products and by-products (if labor). applicable) in storage tanks. The total amount depends on sales flow for each plant, which is directly related to Commercialization cost. Depends on raw materials plant conditions of integration to the manufacturing of and products negotiation, on how integrated the plant product‘s derivatives (estimated as a certain period – in is with feedstock suppliers and consumer facilities, and days – of manufacturing expenses plus depreciation, on the maturity of the technology. It ranges from 0.5% defined by plant integration circumstances). to 5% of annual manufacturing expenses. Raw material inventory. Raw materials in storage Start-up inefficiency. Takes into account those tanks. The total amount depends on raw material operating runs when production cannot be availability, which is directly related to plant conditions maintained or there are false starts. The start-up of integration to raw material manufacturing inefficiency varies according to the process maturity: (estimated as a certain period – in days – of raw 5% for new and unproven processes, 2% for new and material delivered costs, defined by plant integration proven processes, and 1% for existing licensed circumstances). processes, based on annual manufacturing expenses. In-process inventory. Material contained in pipelines Intratec | Technology Economics Methodology Unscheduled plant modifications. A key fault that and vessels, except for the material inside the storage can happen during the start-up of the plant is the risk tanks (assumed to be 1 day of manufacturing that the product(s) may not meet specifications expenses). required by the market. As a result, equipment modifications or additions may be required. Supplies and stores. Parts inventory and minor spare equipment (estimated as a percentage of total maintenance materials costs for both ISBL and OSBL).2 The accounting definition of working capital (total current assetsminus total current liabilities) is applied when considering theentire company. 45

Other Capital Expenses Uncertainty in process parameters, such as severity of operating conditions and quantity of recycles Prepaid Royalties. Royalty charges on portions of the plant are usually levied for proprietary processes. A Addition and integration of new process steps value ranging from 0.5 to 1% of the total fixed investment (TFI) is generally used. Estimation of costs through scaling factors Site Development. Land acquisition and site Off-the-shelf equipment preparation, including roads and walkways, parking, railroad sidings, lighting, fencing, sanitary and storm Hence, process contingency is also a function of the sewers, and communications. maturity of the technology, and is usually a value between 5% and 25% of the direct costs. Manufacturing Costs The project contingency is largely dependent on the plant complexity and reflects how far the conducted estimation is Manufacturing costs do not include post-plant costs, which from the definitive project, which includes, from the are very company specific. These consist of sales, general engineering point of view, site data, drawings and sketches, and administrative expenses, packaging, research and suppliers’ quotations and other specifications. In addition, development costs, and shipping, etc. during construction some constraints are verified, such as: Operating labor and maintenance requirements have been Project errors or incomplete specifications estimated subjectively on the basis of the number of major equipment items and similar processes, as noted in the Strike, labor costs changes and problems caused by literature. weather Plant overhead includes all other non-maintenance (labor and materials) and non-operating site labor costs for services associated with the manufacture of the product. Table 23 – Project Contingency Such overheads do not include costs to develop or market the product. Plant Complexity Complex Typical Simple Project Contingency 25% 20% 15% G & A expenses represent general and administrative costs incurred during production such as: administrative Source: Intratec – www.intratec.us salaries/expenses, research & development, product distribution and sales costs. Intratec’s definitions in relation to complexity and maturity are the following: Contingencies Contingency constitutes an addition to capital cost estimations, implemented based on previously available Table 24 – Criteria Description data or experience to encompass uncertainties that mayIntratec | Technology Economics Methodology incur, to some degree, cost increases. According to Somewhat simple, widely known Simple recommended practice, two kinds of contingencies are processes assumed and applied to TPC: process contingency and Typical Regular process project contingency. Complexity Several unit operations, extreme Complex temperature or pressure, more Process contingency is utilized in an effort to lessen the instrumentation impact of absent technical information or the uncertainty of that which is obtained. In that manner, the reliability of the New & From 1 to 2 commercial plants information gathered, its amount and the inherent Maturity Proven complexity of the process are decisive for its evaluation. Licensed 3 or more commercial plants Errors that occur may be related to: Source: Intratec – www.intratec.us 46

Accuracy of Economic Estimates A properly estimated location factor is a powerful tool, both for comparing available investment data and evaluating which region may provide greater economic attractivenessThe accuracy of estimates gives the realized range of plant for a new industrial venture. Considering this, Intratec hascost. The reliability of the technical information available is developed a well-structured methodology for calculatingof major importance. Location Factors, and the results are presented for specific regions’ capital costs comparison.Table 25 – Accuracy of Economic Estimates Intratec’s Location Factor takes into consideration the differences in productivity, labor costs, local steel prices, Very equipment imports needs, freight, taxes and duties onReliability Low Moderate High High imported and domestic materials, regional business environments and local availability of sparing equipment. + 30% + 22% + 18% + 10%Accuracy For such analyses, all data were taken from international - 20% - 18% - 14% - 10% statistical organizations and from Intratec’s database.Source: Intratec – www.intratec.us Calculations are performed in a comparative manner, taking a US Gulf Coast-based plant as the reference location. The final Location Factor is determined by four major indexes:The non-uniform spread of accuracy ranges (+30 to – 20 %, Business Environment, Infrastructure, Labor, and Material.rather than ±25%, e.g.) is justified by the fact that theunavailability of complete technical information usually The Business Environment Factor and the Infrastructureresults in under estimating rather than over estimating Factor measure the ease of new plant installation inproject costs. different countries, taking into consideration the readiness of bureaucratic procedures and the availability and qualityLocation Factor of ports or roads.A location factor is an instantaneous, total cost factor usedfor converting a base project cost from one geographiclocation to another.Figure 14 – Location Factor Composition Intratec | Technology Economics Methodology Ports, Roads, Airports Readiness of Relative Steel Prices Relative Salary and Rails (Availability Bureaucratic Labor Index Productivity and Quality) Procedures Taxes and Freight Communication Legal Protection of Rates Technologies Investors Spares Warehouse Taxes Infrastructure Taxes and Freight Border Clearance Rates Local Incentives SparesSource: Intratec – www.intratec.us 47

Labor and material, in turn, are the fundamental components for the construction of a plant and, for this reason, are intrinsically related to the plant costs. This concept is the basis for the methodology, which aims to represent the local discrepancies in labor and material. Productivity of workers and their hourly compensation are important for the project but, also, the qualification of workers is significant to estimating the need for foreign labor. On the other hand, local steel prices are similarly important, since they are largely representative of the costs of structures, piping, equipment, etc. Considering the contribution of labor in these components, workers’ qualifications are also indicative of the amount that needs to be imported. For both domestic and imported materials, a Spare Factor is considered, aiming to represent the need for spare rotors, seals and parts of rotating equipment. The sum of the corrected TFI distribution reflects the relative cost of the plant, this sum is multiplied by the Infrastructure and the Business Environment Factors, yielding the Location Factor. For the purpose of illustrating the conducted methodology, a block flow diagram is presented in Figure 15 in which the four major indexes are presented, along with some of their components.Intratec | Technology Economics Methodology 48

Gas Heat Capacity(kJ/kg K)Liquid Thermal Intratec | Appendix A. Mass Balance & Streams PropertiesConductivity (W/m K)Liquid Heat Capacity(kJ/kg K) 49

Intratec | Appendix A. Mass Balance & Streams Properties50

Intratec | Appendix B. Utilities Consumption Breakdown54

Appendix C. Process Carbon FootprintThe process’ carbon footprint can be defined as the total The assumptions for the process carbon footprintamount of greenhouse gas (GHG) emissions caused by the calculation are presented in Table 28 and the results areprocess operation. provided in Table 29.Although it is difficult to precisely account for the totalemissions generated by a process, it is possible to estimate Table 29 – CO2e Emissions (ton/ton prod.)the major emissions, which can be divided into: Direct emissions. Emissions caused by process waste streams combusted in flares. Indirect emissions. The ones caused by utilities generation or consumption, such as the emissions due to using fuel in furnaces for heating process streams. Fuel used in steam boilers, electricity generation, and any other emissions in activities to support process operation are also considered indirect emissions. Source: Intratec – www.intratec.usIn order to estimate the direct emissions, it is necessary toknow the composition of the streams, as well as theoxidation factor. Equivalent carbon dioxide (CO2e) is a measure that describes the amount of CO2 that would have the sameEstimation of indirect emissions requires specific data, global warming potential of a given greenhouse gas, whenwhich depends on the plant location, such as the local measured over a specified timescale.electric power generation profile, and on the plantresources, such as the type of fuel used. All values and assumptions used in calculations are based on data provided by the Environment Protection Agency (EPA) Climate Leaders Program.Table 28 – Assumptions for CO2e Emissions Calculation Intratec | Appendix C. Process Carbon FootprintSource: Intratec – www.intratec.us 55

Intratec | Appendix D. Equipment Detailed List & Sizing56

Intratec | Appendix D. Equipment Detailed List & Sizing60 Table 39 – Vessels & Tanks (Cont.)

Appendix E. Detailed Capital Expenses Direct Costs Breakdown Figure 15 – ISBL Direct Costs Breakdown by Equipment Type (Base Case) Source: Intratec – www.intratec.us Figure 16 – OSBL Direct Costs by Equipment Type (Base Case)Intratec | Appendix E. Detailed Capital Expenses Source: Intratec – www.intratec.us 62

Intratec | Appendix E. Detailed Capital Expenses63

Appendix F. Economic Assumptions Capital Expenditures Working Capital For a better description of working capital and other capital expenses components, as well as the location factors Table 41 – Working Capital Assumptions (Base Case) methodology, see the chapter “Technology Economics Methodology.” Construction Location Factors Table 40 – Detailed Construction Location Factor Source: Intratec – www.intratec.us Table 42 – Other Capital Expenses Assumptions (Base Case) days of all labor costsIntratec | Appendix F. Economic Assumptions Source: Intratec – www.intratec.us Source: Intratec – www.intratec.us 64

Operational ExpensesFixed CostsFixed costs are estimated based on the specificcharacteristics of the process. The fixed costs, like operatingcharges and plant overhead, are typically calculated as apercentage of the industrial labor costs, and G & A expensesare added as a percentage of the operating costs.Table 43 – Other Fixed Cost AssumptionsSource: Intratec – www.intratec.usTable 44 – Depreciation Value & Assumptions Intratec | Appendix F. Economic AssumptionsSource: Intratec – www.intratec.us 65

Appendix G. Latest & Upcoming Reports The list below is intended to be an easy and quick way to CONCEPTUAL DESIGN identify Intratec reports of interest. For a more complete and up-to-date list, please visit the Publications section on Membranes on Polyolefins Plants Vent Recovery: our website, www.intratec.us. The Report evaluates membrane units for the separation of monomers and nitrogen in PP plants, TECHNOLOGY ECONOMICS similar to the VaporSep® system commercialized by MTR. Propylene Production via Metathesis: Propylene production via metathesis from ethylene and butenes, Use of Propylene Splitter to Improve Polypropylene in a process similar to Lummus OCT. Business: The report assesses the opportunity of purchasing the less valued RG propylene to produce Propylene Production via Propane the PG propylene raw material used in a PP plant. Dehydrogenation: Propane dehydrogenation (PDH) process conducted in moving bed reactors, in a process similar to UOP OLEFLEX™. Propylene Production from Methanol: Propylene production from methanol, in a process is similar to Lurgi MTP®. Polypropylene Production via Gas Phase Process: A gas phase type process similar to the Dow UNIPOL™ PP process to produce both polypropylene homopolymer and random copolymer. Polypropylene Production via Gas Phase Process, Part 2: A gas phase type process similar to Lummus NOVOLEN® for production of both homopolymer and random copolymer. Propylene Production via Propane Dehydrogenation, Part II: Propane dehydrogenation (PDH) in fixed bed reactors, in a process is similar to Lummus CATOFIN®.Intratec | Appendix G. Latest & Upcoming Reports Sodium Hypochlorite Chemical Production: Sodium hypochlorite (bleach) production, in a widely used industrial process, similar to that employed by Solvay Chemicals, for example. Propylene Production via Propane Dehydrogenation, Part III: Propane dehydrogenation (PDH) by applying oxydehydrogenation, in a process similar to the STAR PROCESS® licensed by Uhde. 66

Appendix H. Technology Economics FormSubmitted by Client Appendix H. Technology Economics Form Submitted by Client 67

Chemical Produced by the Technology to be StudiedDefine the main chemical product of your interest. Possible choices are presented below.Choose a Chemical Acetic Acid Acetone Acrylic Acid Acrylonitrile Adipic Acid Aniline Benzene Butadiene n-Butanol Isobutylene Caprolactam Chlorine Cumene Dimethyl Ether (DME) Ethanol Ethylene Bio-Ethylene Ethylene Glycol Ethylene Oxide Formaldehyde HDPE Isoprene LDPE LLDPE MDI Methanol Methyl Methacrylate Phenol Polypropylene (PP) Polybutylene Terephthalate Polystyrene (PS) Polyurethanes (PU) Polyvinyl Chloride (PVC) Propylene Propylene Glycol Propylene Oxide (PO) Terephthalic Acid Vinyl Chloride (VCM)If the main chemical product of your target technology is not found above, please check the "Technology Economic Form - Specialties".Chemical Process Technology to be StudiedIdentify the mature chemical process technology you would like us to assess. Intratec considers mature technologies the ones already used ona commercial scale plant. Technology Description Gas phase technology - similar to Dow UNIPOL E. g. technology for propylene production from methanol - similar to Lurgi MTPCommercial Scale Unit. Inform the exact location of one commercial scale plant under operation. Plant Location: I dont know I know the location of a commercial plant: New Jersey, USAIf there is no commercial scale plant based on the technology of your interest, you are referred to Intratecs Research Potential advisory serviceat www.intratec.us/advisory/research-potential/overviewIndustrial Unit DescriptionPlant Nominal Capacity Operating HoursInform the plant capacity to be considered in the study. Provide Inform the assumption for the number of hours the plantthe main product capacity in kta (thousands of metric tons per operates in a year.year of main chemical product). Plant Capacity 150 kta Operating Hours 8,000 h/year 300 kta Other (h/year) Other (kta) 400

Analysis DateDefine the date (quarter and year) that will be considered in the analysis. Our databases can provide consolidated values from the year 2000up to the last closed quarter, quarter-to-date values are estimated. Quarter Q3 Year 2011Storage FacilitiesDefine the assumptions employed for the storage facilities design. Products 20 days By-Products 20 days Raw Materials 20 days Other Other 0 Other 0Utilities Supply FacilitiesThe construction of supply facilities for the utilities required (e.g. cooling tower, boiler unit, refrigeration unit) impacts the capital investmentfor the construction of the unit. Consider construction of supply facilities ? Yes NoGeneral Design ConditionsGeneral utilities and environmental conditions that may be relevant to the process simulation are presented below. Provide other assumptions ifyou deem necessary. Specification Unit Default Value User-specified value Cooling water temperature ºC 24 DSPEC1 Cooling water range ºC 11 DSPEC2 Steam (Low Pressure) bar abs 7 DSPEC3 Steam (Medium Pressure) bar abs 11 DSPEC4 Steam (High Pressure) bar abs 28 DSPEC5 Refrigerant (Ethylene) ºC -100 DSPEC6 Refrigerant (Propane) ºC -40 DSPEC7 Refrigerant (Propylene) ºC -45 DSPEC8 Dry Bulb Air Temperature ºC 38 DSPEC9 Wet Bulb Air Temperature ºC 25 DS10Industrial Unit LocationThe location of an industrial unit influences in prices for both construction and operation of the unit. In this study, the economicperformances of TWO similar units erected in different locations are compared.The first plant is located in the United States (US Gulf Coast) and the second location is defined by YOU.Plant Location I would like to keep the plant location confidential. Country (or region) to be considered. United States E.g. Louisiana (USA), China or Saudi Arabia. Please define only one location.Plant Location Data I will use Intratecs Internal Database containing standard chemical prices and location factorsProvider (only for Germany, Japan, China or Brazil). I will provide location specific data. Please fill the Custom Location topic below.

Custom Location Description. Describe both capital investment and prices at your custom location.A) Capital Investment. Provide the relative capital cost at your custom location in comparison to the United States (U.S. Gulf Coast) Custom Location Relative Cost (%) 1 130% means that the capital costs in the custom location are 30% higher than the costs in the United States.B) Raw Materials Prices. Describe the raw material prices to be considered in the custom location. Item Description Price Unit Price Raw1 Polymer grade Propylene RU1 USD/metric ton RP1 Raw2 RU2 RP2 Raw3 RU3 RP3 E.g. Propane USD/metric ton 420C) Product Prices. Describe the products prices to be considered in the custom location. Item Description Price Unit Price Prod1 PU1 PP1 Prod2 PU2 PP2 Prod3 PU3 PP3 E.g. Polypropylene USD/metric ton 1700D) Utilities Prices. Describe the utilities prices to be considered in the custom location. Item Description Price Unit Price Electricity UP1 Steam (Low Pressure) UP2 Steam (High Pressure) UP3 Fuel UP4 Clarified Water UP5 Util6 UU6 YP6 Util7 UU7 UP7 Util8 UU8 UP8E) Labor Prices. Describe the labor prices to be considered in the custom location. Item Description Price Unit Price Operating Labor USD/operator/hour LP1 Supervision Labor USD/supervisor/hour LP1F) Others. Describe any other price you deem necessary to be considered in the custom location. Item Description Price Unit Price Other1 OU1 OP1 Other2 OU2 OP2 Other3 OU3 OP3 E.g. Catalyst USD/metric ton 5000

Other RemarksIf you have any other comments, feel free to write them below: Co I have filled just the propylene price field, because a propylene source already exists and may provide propylene at prices below m market average. Regarding the reamining prices, please use the same of your internal database for the US Gulf. m en ts:Complementary FilesAlong with this form, you may also upload any other chemical document deemed relevant for the description of the project, such asarticles, brochures, book sections, patents, etc. Multiple files may be uploaded.If you are filling this form offline please upload this form and any complementary files at www.intratec.us/advisory/technology-economics/order-commoditiesNon-Disclosure Period & PricingYou can keep your study confidential or get discounts, by allowing Intratec to disclose it to the market as a publication, after anagreed non-disclosure period, starting at the date you place your order.Choose an Option 6 months 24 months 36 months Never Disclosed Non-Disclosure Period Price 6 months $8,000 (9 x $899) Save 84% - Payment of our advisory service is conducted 24 months $28,000 (9 x $3,111) Save 44% automatically, in equal and pre-defined installments 36 months $40,000 (11 x $3,636) Save 20% - Every 15 days, an installment will be charged to your Never Disclosed $50,000 (13 x $3,846) credit card or PayPal account.Pay Less! Benefit From a 5% DiscountInform us the email address of the Intratec Agent that introduced you to our advisory services you will benefit from a 5% discount on the totalprice of your service. To know more about Intratec New Business Development Agents, please visit www.intratec.us/be-our-agent. Intratec Agent EmailEvaluate our Intratec Agent. Your opinion will be kept confidential. Unsatisfied Neutral Satisfied Knowledge about Intratec offerings and presentation skills Kindness and Helpfulness DOWNLOAD EXAMPLES OF FILLED FORMS HERE. DOWNLOAD A PDF VERSION OF THIS FORM HERE. NEED ASSISTANCE ? SEND AN EMAIL TO sales@intratec.us.v.1-mar-13

Technology EconomicsStandardized advisory services developedunder Intratec’s Consulting asPublications pioneer approach.Technology Economics studies answermain questions surrounding processtechnologies:- How is the technology? What are the main pieces of equipment required?- What are the raw materials and utilities consumption rates?- What are the capital and operating expenses breakdown?- What are the economic indicators?- In which regions is this technology more profitable?

Techonology Economics: Polypropylene via Gas Phase Process

by Intratec Solutions on Jul 27, 2012

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Techonology Economics: Polypropylene via Gas Phase Process Document Transcript