Reliance Industries reported 13.6% net income decrease in Q3 FY 2012

(ril) -- Reliance Industries Ltd reported its financial results for the third quarter and nine months of FY 2012 ended on December 31, 2011.

Company's Q3 revenues grew by 40.2% year over year to Indian Rupees (INR) 874.8 billion. But the net profit decreased by 13.6% to INR 44.4 billion versus INR 51.4 billion a year earlier. The lower earnings from refining, petrochemical and oil and gas businesses caused by global unfavorable economic conditions were the reason for the decline. Reliance Industries faced sluggish demand and high inventories in Q3 2012 after two successful previous quarters.

Reliance Industries Ltd is the largest private sector company in India. It engages in exploration and production of oil and gas, petroleum refining and marketing, petrochemicals such as polyester, fibre intermediates, plastics and chemicals. The company was established in 1966 and is headquartered in Mumbai, Maharashtra, India.


Artenius made eco-resin rPETmatches virgin material

(artenius) -- Artenius made new PET resin that contains up to 50% recycled content with Quality equivalent to virgin material, high strength and a lower carbon footprint.

The Spain-based company said its Elite product - made up of 10%, 25% or 50% rPET - is a ⌠remarkably pure, energy efficient packaging resin. The formulation has been specifically developed for beverage packaging - including still and carbonated water as well as soft drinks.

⌠We have successfully created a PET packaging material that includes recycled resin in its manufacturing process, but with the same quality as virgin PET, said Jordi Foguet, company technology manager.

The product is versatile and, depending on the base resin used, is suitable for processing as stretch blow moulding in both one and two-stage processing, said the firm.

The new combined resin is produced under a proprietary chemical recycling process.


Teijin announced closed-loop system for recycling used uniforms

(teijinaramid) -- The Teijin Group announced the first program in China for collecting and recycling used uniforms, launched in collaboration with Shandong Asahi Green Source Hi-Tech Farm Co., Ltd. and Shandong Asahi Green Source Milk Products Co., Ltd., both subsidiaries of Asahi Group Holdings. The uniforms will be recycled using Teijin's Eco Circle, an environmentally friendly closed-loop system incorporating the world's first technology for the chemical recycling of polyester.

As part of the program, Teijin Fibers' chemically recyclable polyester fiber is woven into textiles and dyed by Nantong Teijin Co., Ltd, a Teijin Group company in Nantong on the east coast of China.

The uniforms will be collected after their useful lives and sent to Teijin Fibers' Matsuyama plant in Japan. After chemical decomposition, they will be converted into polyester raw material offering purity comparable to polyester derived directly from petroleum. The raw material will then be turned into high-quality polyester for the manufacture of new recyclable products.

Repeated recycling achieved with the Eco Circle system significantly reduces both energy consumption and carbon dioxide emissions compared to conventional petroleum-based processes for polyester production.


EU petrochemical embargo to take effect in May

(polyestertime) -- A ban on the import of Iranian petrochemical goods is due to go into effect on 1 May 2012. European companies will no longer be allowed to import petrochemical products nor invest in Iran's petrochemical sector.

Exports of key European technologies to the country will also be prohibited. In response to pressure from Greece - a country that is highly dependent on Iranian oil, as are Portugal and Spain - the EU's decision includes a review clause, due for renewed examination on 1 May. As part of the ban, the Union also plans to freeze the European accounts of Tehran's central bank. It should be noted that both the US and the UK already took similar measures against Iran's oil and gas industry in November 2011, and have also ceased all business with Iranian banks.

In response to the EU embargo, Iran itself has threatened a complete cessation of exports. On 26 January, Emad Hosseini, spokesman for the Iranian parliament's energy committee, said a relevant bill would be presented to the country's parliament on 29 January. If the bill passes, Tehran could cease all oil exports to Europe even before the EU embargo is due to go into effect.

Experts believe these developments will result in a number of price increases on the global oil markets, although it now appears as though the extent of the hikes will be far less than initially feared. Following last year's unrest,the return of Libya into the fold of leading global oil suppliers is sure to have a calming effect.


Valero Energy reported Q4 margins fall

(nasdaq) -- Valero Energy Corp. (VLO) swung to a fourth-quarter profit on an inventory gain from a year-earlier quarter that included losses from discontinued operations. Margins fell, however, on lower refining profit.

Valero, the largest independent oil refining company in the U.S., has reported increased revenue in recent quarters as global distillate demand grows despite continuing weakness in the U.S. gasoline market. Gasoline exports to Latin America, due to supply problems there, have also played a part.

But the company warned earlier this month that weak margins on refined products, particularly for gasoline and petrochemical feedstocks, would hurt its fourth-quarter results. Refining margins were also damped by reduced discounts for heavy sour feedstocks and the narrowing of prices for West Texas Intermediate versus Brent crude oils, resulting in higher-priced crude oils flowing through the system.

Valero reported a profit of USD 45 million, or 8 cents a share, compared with a loss of USD 438 million, or 77 cents, a year earlier. Revenue jumped 56% to USD 34.7 billion. Operating margin fell to 0.5% from 1.7%.

At its refining business, operating earnings dropped 91% as the throughput margin per barrel fell to USD 5.46 from USD 7.30 a year earlier. Its smaller U.S. retail operations saw its operating profit rise 36%.