COLUMBIA, Md., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Advanced Refining Technologies LLC (ART), the joint venture of U.S. specialty chemicals and materials company W. R. Grace & Co. and U.S.-based energy company Chevron (NYSE:CVX), today announced global price increases for its hydroprocessing catalysts amid rapidly rising raw materials and energy costs. Prices will increase up to 15% based on product type and specific customer commitments.
"The demand for high-quality hydroprocessing catalyst technology remains extremely high as demand and margins for refined products continue to strengthen through the end of 2022 and into 2023," said Nathan Ergonul, ART Managing Director. "The pricing actions we are taking today are necessary to offset record inflationary pressure while continuing our commitment to offering industry-leading catalyst performance and expert-level technical service. These actions are essential to continue creating significant incremental profit for our customers."
For hydroprocessing catalysts, the industry is experiencing unprecedented cost increases for raw materials such as alumina, caustic soda and acids. Freight and logistics costs are also higher, affecting the cost of delivering finished premium catalysts. Due partly to the ongoing conflict in Ukraine, energy prices today are at or near historic highs, significantly affecting manufacturing hydroprocessing catalyst costs.
ART continues its efforts to reduce costs, increase productivity, reinvest in manufacturing reliability and capacity and drive operational efficiencies.
About ART Hydroprocessing
ART, a joint venture between W. R. Grace and Chevron, is a leading supplier of hydroprocessing catalysts that produce cleaner fuels. ART Hydroprocessing™ technology represents a complete portfolio of resid hydrotreating, hydrocracking, and lubes hydroprocessing, and distillate hydrotreating catalyst technologies through a global manufacturing network. ART Hydroprocessing™ technology combines Chevron's extensive expertise in refining operations, catalyst technology and development, process design leadership, and licensing with Grace's materials science, specialty chemical manufacturing, and global sales and technical service strengths, to improve refiners' profitability through catalytic solutions that improve the quality and yields of fuels refined from a wide variety of feedstocks. The ART team works seamlessly with CLG, itself a joint venture between Chevron U.S.A. Inc. and Lummus Technology, which is a leading process technology licensor for refining hydroprocessing technologies and alternative source fuels. More information is available at ARTHydroprocessing.com.
Built on talent, technology, and trust, Grace, a Standard Industries company, is a leading global supplier of catalysts and engineered materials. The company's two industry-leading business segments—Catalysts Technologies and Materials Technologies—provide innovative products, technologies, and services that enhance the products and processes of our customers around the world. With approximately 4,300 employees, Grace operates and/or sells to customers in over 60 countries. More information about Grace is available at grace.com.
About Chevron Products Company
Chevron Products Company is a wholly owned subsidiary of Chevron Corporation engaged in the refining, marketing and transportation of petroleum products in the United States. Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The company's success is driven by the ingenuity and commitment of its employees. Chevron is involved in virtually every facet of the energy industry. The company explores for, produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and lubricants; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy efficiency solutions; and develops the energy resources of the future, including biofuels. More information is available at www.chevron.com.
ART Media Contact
Marketing and Communications Manager