This episode of the BIC magazine Weekly Industry Report is brought to you by Drager Rental and Safety Services, your trusted source for industrial safety services and technology. We'll share more about Drager later in the episode. Welcome to the BIC magazine Weekly Industry Report, your go to source for the latest updates in the energy sector. I'm Samantha, your AI podcast host and today is August 23rd, 2024. In today's episode, Lyondellbasell plans to acquire APK AG recycling technology, Texas Instruments potentially receives $1.6 billion in funding for semiconductor plants and other top news from the energy sector this week. But before we get started, we ask that if you enjoy our podcast, please like, comment, and share it with your colleagues. Your support helps us grow and allows us to bring you even more exciting updates from the energy sector in the future. We'll start things off with a huge wave of funding heading to Texas and Utah, as Texas Instruments has signed a preliminary memorandum of terms with the US Department of Commerce for up to 1.6 billion in funding under the CHIPS and Science Act. This support will help Texas Instruments advance three 300mm wafer fabs in Texas and Utah, contributing to over $18 billion in planned investments through 2029. Texas Instruments. Tends to create more than 2000 jobs across these facilities with this investment. Additionally, Texas Instruments expects to receive between $6 billion and $8 billion in tax credits from the US Department of Treasury. These initiatives aim to bolster US semiconductor manufacturing capacity, ensuring a secure supply of essential analog and embedded processing chips. Next up, Lyondellbasell, also known as LYB, has announced its agreement to acquire full ownership of APK AG in Merseburg, Germany. This acquisition will enhance LYB's circular and low carbon solutions business, adding APK's solvent based recycling technology to its portfolio. LYB had previously invested in APK and collaborated on scaling this technology. With this acquisition, LYB secures the future of APK, which entered insolvency in May. 2024 and aims to boost its production of recycled and renewable based polymers by integrating APK's. Expertise LYB strengthens its position as a leader in sustainable solutions and advances its goal of producing 2 million metric tons of recycled materials annually by 2030. We'll move on to a story out of California as Chevron Corp has agreed to pay the Richmond City Council $550 million over 10 years in a settlement that led to the withdrawal of a proposed tax on Chevron's Richmond, CA refinery. The refinery, processing about 250,000 barrels of crude oil per day, was targeted by the city for a tax initiative, arguing that Chevron should contribute more to the community it has been a part of for over a century. As part of the settlement, the city will receive Annual payments from July 1st, 2025 to June 30th, 2035. Chevron stated that this agreement will allow it to continue providing affordable, reliable, and cleaner energy to Northern California. Before we move on to our next story, a quick word from our sponsor. This episode of the BIC Magazine Weekly Industry Report is brought to you by Drager Rental and Safety Services. From daily operations to large turnaround and shut down projects, partner with Drager for smart technical solutions that protects, supports and saves lives. To learn more, visit www.drager.com. Our next story focuses on a huge acquisition in the midstream sector as Enterprise Products Partners has announced a definitive agreement to acquire Pinon Midstream, a portfolio company of Black Bay Energy Capital, for $950 million in cash. Pinon Midstream, which provides natural gas gathering and treating services in the Delaware Basin, has assets that include approximately 50 miles of pipelines and 270 million cubic feet per day of hydrogen sulfide and carbon dioxide treating facilities. The acquisition expected to close in the fourth quarter of 2024 will be funded using Enterprises cash on hand and borrowings. Enterprises CEO, AJ Jim Teague highlighted that this acquisition will accelerate the company's entry into the Delaware Basin by several years and is expected to generate distributable cash flow accretion of three cents per unit in 2025. Finally, we'll close the show out with a relocation to our backyard as TMEIC Corporation America's, a subsidiary of TMAIC Corporation is relocating its headquarters from Roanoke, VA to Houston, TX in March 2025. Alongside this move, TMEIC is establishing a state-of-the-art 144,000 square foot facility in Brookshire, TX dedicated to manufacturing utility scale photovoltaic inverters. This expansion aligns with TMEIC's strategic growth goals in renewable energy technology and US based manufacturing, potentially creating up to three. 100 local jobs The new facility, set to begin operations in October 2024, will initially produce 9 gigawatts annually, with room for future expansion as market demands grow. And with that, we come to a close on this week's episode of the BIC Magazine Weekly Industry Report. You can head over to bicmagazine.com to read the full stories discussed today. And make sure to follow us on all of our social media channels so that you never miss out on the latest developments, updates and announcements from the energy sector. Have a great day and remember, it's what we do together that counts. Thank you again to Drager Rental and Safety Services for sponsoring today's episode. Make sure to visit www.drager.com to learn more about Drager smart safety solutions for your facility. When safety matters, rely on Drager technology for life.
