Spent Resid Catalyst
UNLOCKING A CIRCULAR ECONOMY
BY
RECYCLING REFINERY WASTE MATERIALS
Mohammed
Benchekchou
Kevin
Jones
Martijn
Janssen
Ferrovanadium (
FeV )
Vanadium pentoxide
(V 2 O 5 )
Cautionary Note
This document contains proprietary
B. V . (The “Company”)
and may not
or in part, for any purpose, except
constitute a violation of applicable
information
and is being provided solely for information
purposes by Shell & AMG Recycling
be reproduced
in any form or further distributed
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in whole
with the prior written consent of the Company . Failure to comply with this restriction
may
securities laws .
Shell & AMG Recycling BV, also referred to as “SAR”, is a limited liability company organized under the laws of the Netherlands and owned jointly (50 - 50 ) by Shell
Overseas Investment BV and AMG Advanced Metallurgical
Group NV . The companies in which SAR directly and indirectly owns investments are separate entities . In this
presentation
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(c) currency fluctuations ; (d) loss of market share and industry competition ; (e) environmental
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Readers should not place undue reliance on forward - looking statements . Each forward - looking statement speaks only as of the date of this presentation 30 August 2022 .
Neither SAR nor any of its subsidiaries undertake any obligation to publicly update or revise any forward - looking statement as a result of new information, future events or
other information . In light of these risks, results could differ materially
from those stated, implied or inferred from the forward - looking statements contained in this
presentation .
2
Agenda
1
Shell & AMG Recycling introduction
2
H o w to tu r n w a s te in to v a lu e ?
3
W h a t m a ke s th e b u s in e s s c a s e ?
4
V a n a d iu m m a r ke t a n d p r o d u c t a p p lic a tio n s
5
S u p e r c e n te r p r o je c t – Kin g d o m o f S a u d i A r a b ia
6
Q &A
3
Speakers
Presenter
Presenter
Moderator/presenter
Mohammed
Benchekchou
Vice President
Business Development,
Shell & AMG Recycling
Kevin Jones
Managing Director,
Shell & AMG Recycling
Martijn Janssen
Managing Director,
Shell & AMG Recycling
4
Do you have sustainable options for managing spent
residue - upgrading catalyst and gasification ash?
Residue hydrocracking (ebullated
Residue hydroprocessing (fixed
- bed)
- bed)
HAZARDOUS
How do you
SPENT CATALYST
manage this
AND ASH
responsibly?
Residue gasification
Environmental impact
as a result of landfilling
Long - term liabilities
, reputational and monetary
Loss of valuable metals
and opportunities to
greenhouse - gas emissions
lower
Today, we will explain how you can turn these threats
into an opportunity
5
Who we are
– and how we can help you
SHELL CATALYSTS &
TECHNOLOGIES
SHELL & AMG
RECYCLING
AMG (ADVANCED
METALLURGICAL
GROUP) – VANADIUM
Co - create integrated, customised catalyst and
licensing solutions
for both Shell and non
- Shell refining
and petrochemical businesses
.
 Six catalyst manufacturing plants
in Belgium,
Germany, China and the USA
 Three research centres
in India, the Netherlands and
the USA
 Sales and technical service offices
in Canada, China,
Dubai, India, the Netherlands Russia, Singapore,
the UK and the USA
6
Who we are
– and how we can help you
SHELL CATALYSTS &
TECHNOLOGIES
SHELL & AMG
RECYCLING
AMG (ADVANCED
METALLURGICAL
GROUP) – VANADIUM
Cambridge, Ohio, USA

Processing Spent Resid Catalyst since 2002 using
Cambridge
Ferovan ® Process
Zanesville, Ohio, USA

Construction began 2019, fully operational in 2022
Nuremburg, Germany

Recovery of high
- purity vanadium from gasification ash
for specialty chemicals and catalyst, aerospace and
energy storage
7
Who we are
– and how we can help you
SHELL CATALYSTS &
TECHNOLOGIES
Our vision:
SHELL & AMG
RECYCLING
AMG (ADVANCED
METALLURGICAL
GROUP) – VANADIUM
To advance the circular economy while
enabling the energy transition.
Customer value proposition
Provide end
- to - end catalyst solutions and support to help
customers:

g e n e r a te v a lu e fr o m y o u r w a s te s tr e a m s

r e d u c e d is p o s a l c o s ts a n d lia b ilitie s

a c h ie v e s u s ta in a b ility g o a ls .
8
The JV’s offering enables customers to turn waste
management risks into opportunities
The Risks
The Opportunities
Ferrovanadium for regional
steel industry and export
Environmental impact
landfilling
as a result of
Long - term liabilities
monetary
, reputational and
High purity V
2 O 5 for vanadium
redox flow batteries
Decrease CO
2
footprint
Loss of valuable metals
and opportunities
- gas emissions
to lower greenhouse
No need for landfill
Support local economies
9
Value chain of refinery secondary materials to energy
transition materials
Gasification ash
Oil refining
High
strength
steel
Vanadium
reclamation
Ferrovanadium (
FeV )
Spent catalyst
Residue
upgrading
catalyst
Master
alloys
Energy
storage
Titanium
alloys
Vanadium pentoxide
(V 2 O 5 )
Fresh catalyst
Current AMG or
Shell product /
process and
expertise
Vanadium
chemicals
Vanadium redox
flow battery
Catalysts
and
chemicals
10
Vanadium recovery at AMG TAC (GfE)
Long - term partners (gasifiers, power plants
)
Mainly boiler slags, fly ashes and filtercakes from oil processing
Metallurgical products
Residue
 A e r o s p a c e in d u s tr y
Shredder
 M e d ic a l te c h n o lo g y
Leaching
and
filtration
and
precipitation
Smelting
furnace
Calcination
A lu m in o th e r m ic m e ltin g
V a c u u m a r c m e ltin g
Ele c tr ic a r c m e ltin g
Chemical products
 A u to m o tiv e in d u s tr y
 S te e l in d u s tr y
 C a ta ly s ts
 C o lo r p ig m e n ts
Nickel
product
Vanadium
slag
Solid residue
 En e r g y s to r a g e
 G la s s , c e r a m ic s a n d
Water treatment
ion exchange
ammonia recovery
V a n a d iu m o xid e s
V a n a d iu m c h e m ic a ls
Clean water
e na m e l
 M e d ic a l
 M e ta llu r g y
11
Smelting, leaching, precipitation,
AMV production, calcination
12
AMG Vanadium, Ohio USA
Cambridge, Ohio, USA
Zanesville, Ohio, USA
13
Cambridge
Ferovan ® Process: Hazardous waste to
value - added products
Oil - burning
power plant
Oil gasification
plant
Boiler slag/fly ash
Primary
furnace
( pre - reduction)
Gasification
residue/ash
Slag
transfer
Roasted
catalyst
Spent catalyst
Oil refineries
(Listed hazardous
waste in US)
Hazardous waste
Ferronickel - molybdenum
(FeNiMoly ®)
RMSB
(storage)
Roaster
and FGD
Secondary
furnace
( reduction)
Ferrovanadium (
Ferovan
®)
Calcium aluminate
slag (Revan ™)
Calcium sulphate
(LimeAdd ™)
Value - added products
14
Spent residue - upgrading catalyst
in the Middle East
Spent residue
growth
- upgrading catalyst growth in the Middle East
+ new units
under study
1250%
+ new units under commissioning/construction
800%
650%
650%
650%
570%
Residue upgrading
operating
units
+ new units under FEED
250%
100%
2020
2021
2022
2023
2024
2025
2026
2027+
Between 2020 and 2023 the spent catalyst volumes have increased
650%, with the potential for 12X growth over the next 6
– 7 years
15
Spent catalyst must be properly managed
The goal: Safe, environmentally sound
recycling of spent catalyst
Reclamation must be performed in a way
protective of the environment
Listed Hazardous Waste in the USA and in
Europe
16
Transboundary movement and
classification
Controls the transboundary movement of hazardous
wastes and aims to restrict and regulate such
movement if it can be done in an environmentally
sound manner .
Spent resid catalyst is classified as hazardous
 S e lf- h e a tin g te n d e n c ie s o r ig in a te fr o m th e s u lfid e s in th e s p e n t
c a ta ly s t
 Th e o il o n th e s u r fa c e o f th e s p e n t c a ta ly s t h e lp s to p r e v e n t th is
r e a c tio n , s o a fte r th e o il is r e m o v e d , s e lf- h e a tin g is m o r e like ly ,
n o t le s s
 C o m p le te r o a s tin g , w h ic h r e m o v e s th e s u lp h u r , e lim in a te s th e
s e lf- h e a tin g te n d e n c y
P a r tia l r e c la m a tio n , s u c h a s th e r m a l d e s o r p tio n , o n ly r e m o v e s th e
fr e e o il
17
Industry standards of risk mitigation for
spent resid catalyst
Ke y c o m p o n e n ts o f s e le c tin g a n d
a u d itin g a s p e n t c a ta ly s t r e c y c le r p a r tn e r
in c lu d e :
Asse ss
r is k
 G e n e r a l fa c ility in fo r m a tio n
 W a s te h a n d lin g o p e r a tio n s
 Fa c ility d e s ig n
 Re g u la to r y c o m p lia n c e
 En v ir o n m e n ta l e v a lu a tio n
Id e n t ify
r is k
R IS K
M A N A G EM EN T
P R O CES S
Co n t r o l
r is k
 C o m m u n ity r e la tio n s
R e v ie w
r is k
18
Risky practices observed in the industry
 Partial processing to avoid
shipping and handling
requirements
 Improper storage practices by
processors
 Placement in landfill
 Not providing evidence of the
fate for all spent catalyst
constituents including by
products and waste streams
 Improper identification and
labeling
 Substandard occupational
health and safety for workers
19
Vanadium and its role in the low
Energy storage
- carbon economy
HSLA steel
Specialty alloys
Demand for vanadium will increase significantly as
global economies evolve to a low
- carbon future
20
Vanadium
supply
Petroleum
Waste
Recycling
12%
Primary
Mining
18%
BOF
Steelmaking
Slag
70%
USA
3%
Other
10%
Brazil
6%
Vanadium
production
method
South
Africa
8%
Vanadium
producing
regions
Russia
10%
China
63%
A structural supply deficit exists due to the difficulty and time requisite to bring new production online and the
supply inelasticity of production from steelmaking slags
Source: Vanitec
21
Vanadium
demand
Metric tons vanadium (000’s)
China
North America
Europe
ROW
24
23
24
24
22
12
12
13
12
25
15
10
12
13
11
12
13
13
35
40
44
2016
2017
2018
54
2019
66
69
2020
2021
Demand for vanadium will continue to increase rapidly as producers allocate production toward energy transition
uses and infrastructure investment globally
S o u r c e : V a n ite c
22
Vanadium
use sectors
Steel , 92.0%
Energy storage, 2.5%
2021
Chemicals and catalysts, 3.4%
Aerospace alloys, 2.1%
Source: Vanitec
23
Vanadium
redox flow battery market
World Market
North America, Western Europe, Middle East
35,000
30,000
25,000
MWh
20,000
15,000
10,000
AMG LIVA Hybrid Power
Management System
5,000
-
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
The demand for long duration energy storage is expected to increase dramatically as the shift to green energy
gains momentum, with the vanadium redox battery market expected to surpass 30 GWh/y by 2031
Annual Installed Utility and Commercial and Industrial VRFB Deployment Energy Capacity, All Application Segments,
World Markets: 2022
- 2031 ( Source: Guidehouse Insights)
24
The Saudi Arabia Supercenter and reference
plants
Project 3: Fresh catalyst
(Shell Catalysts &
Technologies Port Allen LA)
Project 1: Gasification ash
(AMG - TAC Nuremburg,
Germany)
Project 2: Spent catalyst
(AMG Vanadium
Cambridge & Zanesville
OH)
25
Saudi Arabia Supercenter overview
Long - term agreement between
SARBV/UCI and Saudi Aramco
signed on July 5, 2022
Spent catalyst recycling
Install recycling capacity to
process regionally generated
spent resid upgrading catalyst
PROJECT 1
Gasification ash recycling
PROJECT 2
PROJECT 3
Electrolyte and demonstration
Fresh catalyst manufacturing
Install recycling capacity
mass energy storage battery
Install manufacturing capacity
to process 100% of Saudi
Install vanadium electrolyte and
for fresh residue upgrading
Aramco high
- high purity
vanadium chemicals
first LIVA (Lithium
- Vanadium)
demo battery in KSA
catalyst to serve the MENA
region and beyond
26
Expected Tangible CO
calculations
2
reduction based on initial
Project 1
Project 2
Vanadium concentrate from
Jazan Gasification Combined
Cycle Plant & Vanadium
electrolyte production plant
S p e n t r e s id u e u p g r a d in g
c a ta ly s t m e ta ls r e c la m a tio n
307,000
Mt/y
M itig a te d C O 2 e b e n e fit
3,270,000
Mt/y
M itig a te d / e n a b le d C O 2 e b e n e fit
27
Key takeaways
1
2
3
A proper management of spent catalysts and gasification ash
– hazardous waste
– has a positive environmental impact and creates opportunities to lower
greenhouse
- gas emissions
Shell & AMG Recycling’s innovative solutions convert spent catalysts and
gasification ash into valuable end products. This helps to unlock value and
mitigate potential liabilities in relation to hazardous materials.
Th e n e w S a u d i A r a b ia S u p e r c e n te r s e e ks to e n a b le th e d e v e lo p m e n t o f a w o r ld c la s s r e g io n a l fa c ility fo r p r o c e s s in g r e fin e r ie s ’ r e c y c la b le m a te r ia ls in to v a lu a b le
p r o d u c ts . It s u p p o r ts o f th e Kin g d o m ’s a m b itio n s to a c c e le r a te e n e r g y tr a n s itio n ,
a c h ie v e s u s ta in a b ility a s p ir a tio n s a n d d r iv e c ir c u la r in v e s tm e n t in th e Kin g d o m ,
28
29