Chroma Color expands by acquiring Polymer Concentrates

MOSCOW (MRC) -- In a move to expand its product offerings, specialty colour and additive concentrate supplier Chroma Color Corp. has acquired Polymer Concentrates Inc. (PCI) of Clinton, Mass, as per Canplastics.

The terms of the deal have not been disclosed. PCI develops and manufactures colour concentrates for the international plastics industry.

"Over the past five decades, [PCI] has forged deep relationships with a wide range of customers in the automotive, communication technology, wire and cable, housewares, netting, packaging and other specialty industries,” Chroma CEO Tom Bolger said in a statement. “[It] has a solid reputation in the marketplace, and its facility is very close to our plant in Leominster, Mass."

Chroma and PCI have complimentary product lines, but “distinctly different customer bases,” Bolger added, making the purchase an opportunity for Chroma to “offer a broader suite of products to the customers of both the legacy Chroma and PCI."

Headquartered in McHenry, Ill., Chroma makes colour concentrates based on a variety of resins for several markets. The firm employs about 400 and has annual sales of more than US$160 million. In mid-2018, investment firm Arsenal Capital Partners combined Chroma with materials firms Carolina Color, Breen Color Concentrates, and Breen’s Hudson Color unit – which were all owned by Arsenal – to create the current Chromo firm.
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MOSCOW (MRC) -- Sinopec Corp unit Zhenhai Refining & Chemical Corp has exported diesel and jet fuel to Europe for the first time, reported Reuters with reference to Sinopec.

The Zhenhai plant, China’s largest, loaded 40,000 tons of diesel fuel in early February destined for Rotterdam port, the state energy group said on its social media blog. The plant also loaded 40,000 tons of jet fuel in late January destined for Rotterdam, it said.

For all of 2018, the 440,000 barrels-per-day Zhenhai refinery exported a record 840,000 tonnes of diesel, while jet fuel exports were at a near-record 1.08 million tons.

As MRC informed earlier, in October 2018, Sinopec Corp joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province's heavily discounted crude. State-owned Sinopec, formally known as China Petroleum & Chemical Corp, along with an Alberta indigenous group, China State Construction Engineering Corp and Alberta management company Teedrum, plan to build a refinery to process 167,000 barrels per day of crude into gasoline and other products, the project's consulting firm Stantec Inc said in a statement on Thursday.

Sinopec Corp. is one of the largest scale integrated energy and chemical company with upstream, midstream and downstream operations. Its principal business includes: exploring, developing, producing and trading crude oil and natural gas; producing, storing, transporting and distributing and marketing petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products. Its refining capacity and ethylene capacity rank No.2 and No.4 globally. Sinopec listed in Hong Kong, New York, London and Shanghai in August 2001. Sinopec Group, the parent company of Sinopec Corp., is ranked the 5th in Fortune Global 500 in 2012.
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MOSCOW (MRC) -- Italian major Eni said it intends to expand in the Middle East after a spree of deals in the Gulf last year, pressing ahead with plans to reduce its reliance on Africa and oil and gas exploration, reported Reuters.

Since last March Eni has secured nine deals in the United Arab Emirates, gained a foothold in Bahrain and expanded in Oman to underpin its future growth.

Last month it pledged USD3.3 billion to buy part of the world’s fourth-biggest refinery in the UAE, increasing its own refining capacity overnight by more than a third.

Chief Executive Claudio Descalzi said on Friday there were huge opportunities to grow in the Gulf area and rebalance the group’s operational portfolio.

"It’s not finished, we’ve just started," he told analysts on a conference call after its fourth-quarter results, adding long-term the group aimed to produce 100,000 barrels per day in the area.

Eni, which generates more than half its output in Africa, produced a record 1.851 million barrels of oil equivalent per day in 2018, lifted by operations in Egypt, Indonesia and Kazakhstan.

Giant gas discoveries in Mozambique and, more recently, Egypt have given the energy major the strongest discovery record in the industry, boosting its credentials with oil-producing nations.

"We’ll be able to enter new markets thanks to our technology and know-how," Descalzi said.

The 63-year-old said that besides the Gulf Eni is also looking to Asia to boost its gas prospects as well as Alaska to increase its oil production.

"That’s a main oil target for us," he said.

Eni said it had made a 470 million euro (USD529.50 million) writedown on reserves in Venezuela where it has a 50 percent stake in the giant Perla gas field and 40 percent of the Junin 5 oilfield.

"Outstanding arrears with the country amount to about USD700 million," said CFO Massimo Monduzzi.

A deep economic and social crisis in Venezuela has seen output plummet and the recent move by Venezuela’s opposition to oust president Nicolas Maduro has made matters critical.

In the fourth quarter Eni’s adjusted net profit jumped 55 percent to 1.459 billion euros (USD1.65 billion), above an analyst consensus forecast of 1.19 billion euros.

Free cash flow after dividends was the highest since 2006, with excess cash for the year of 3.8 billion euros.

Massimo Bonisoli, oil analyst at Milan-based broker Equita, said that the strong set of results showed the improvement in the group’s asset portfolio.

“The improvement of shareholders’ remuneration is likely through buy-back and some dividend increase in 2019,” he said in a note.

As MRC informed previously, in February 2018, Italy’s Eni and France’s Total discovered a promising natural gas field off Cyprus. Eny said then that the find looked geologically similar to the mammoth Zohr field off Egypt.

Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of EUR68 billion (USD 90 billion), as of August 14, 2013. The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.
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MOSCOW (MRC) -- The Washington-based Plastics Industry Association has hired an executive search firm to help it find a new president and CEO to replace Bill Carteaux, its former leader who died of leukemia in December, as per Canplastics.

In a statement, the Washington, D.C.-based Plastics Industry Association – or PLASTICS for short – has said it has engaged the firm of Heidrick & Struggles International Inc., which is headquartered in Chicago, to lead the search for its next leader, and that Heidrick & Struggles "are working to develop a rigorous and in-depth protocol that will be used in the search and selection" of the right individual.

Since Carteaux’s death on Dec. 10, PLASTICS has been led by Interim president and CEO Patty Long, who had been the association’s second-ranking executive.
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MOSCOW (MRC) -- Specialty chemical maker Clariant announced full year 2018 sales of CHF 6.6 billion (Cdn8.7 billion) compared to CHF 6.3 billion in 2017, which represents a 5% growth driven by higher sales in all business areas, as per Canplastics.

In a statement, Swiss-based Clariant – which reports in Swiss francs (CHF) – said that sales in Latin America grew the strongest, by 12%. "Sales in Asia increased by 7%, bolstered by a particularly positive development in China and India,” Clariant said. “In North America, sales rose by 5%. Both Europe and the Middle East and Africa increased sales by 2%. The absolute profitability improvement was attributable to the positive contributions from Care Chemicals, and Catalysis. In Plastics & Coatings, sales rose by 1% in local currency with particularly strong regional expansion in Latin America."

In the fourth quarter of 2018, meanwhile, Clariant’s sales rose by 3% in local currency to CHF 1.629 billion (CdnD2.1 billion). "This represents a decrease of 3% in Swiss francs year-on-year due to unfavorable currency fluctuations. The sales growth in local currency was mainly driven by Catalysis and Natural Resources,” Clariant said. “Sales in Plastics & Coatings were 3% lower in local currency due to the softening demand in Asia and Europe in particular."

Almost all regions contributed to Clariant’s Q4 2018 growth. "In the Middle East & Africa, sales in local currency grew by a robust 15% driven mainly by Catalysis,” Clariant said. “Sales in Latin America increased by 9% in local currency supported by Oil & Mining Services, in North America by a solid 3% and in Asia by 2 % with a slowing in China. Only sales in Europe had a negative growth of 2% largely due to the particularly challenging comparison base."
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