Kuraray released its consolidated financial results for the 1Q FY 2022

Kuraray released its consolidated financial results for the 1Q FY 2022
Kuraray Co Ltd has released its consolidated financial results for the 1Q FY 2022 of the fiscal year ending 31 Dec 2022 (1 Jan-31 Mar 2022), said the company.

In the 1Q FY 2022 (1 Jan-31 Mar 2022), the world economy continued to recover as restrictions on economic activities were eased and more vaccinations were administered in countries around the world despite resurgences of COVID-19.

However, the economic outlook grew unclear due to a global semiconductor shortage and continued logistics disruptions as well as Russia-Ukraine crisis and accelerating inflation. Amid these circumstances, the company further focused on reducing costs and worked to revise sales prices.

Consequently, consolidated operating results for the 1Q FY 2022 are as follows: net sales were Yen 167,558 M (Yen 144,398 M in the 1Q FY 2021); operating income was Yen 22,145 M (Yen 16,786 M in the previous year); ordinary income was Yen 22,295 M (Yen 16,268 M in the previous year); and net income attributable to owners of the parent was Yen 12,701 M (Yen 5282 M in the previous year).

Furthermore, in the 1Q FY 2022, Kuraray recorded an extraordinary loss of Yen 2805 M as costs related to the suspension of operations due mainly to the suspension of some production facilities at a US subsidiary. Total assets increased Yen 39,033 M from the end of the previous fiscal year to Yen 1,130,047 M mainly because of a Yen 19,224 M increase in inventories, a Yen 13,808 M increase in construction in progress, and a Yen 6043 M increase in notes and accounts receivable-trade, and contract assets (notes and accounts receivable-trade in the previous year) despite a Yen 14,586 M decrease in cash and deposits.

Total liabilities increased Yen 11,121 M to Yen 522,533 M due to factors that included a Yen 6029 M increase in notes and accounts payable-trade and a Yen 3507 M increase in long-term borrowings despite a Yen 6392 M decrease in income taxes payable. Net assets rose Yen 27,911 M to Yen 607,514 M. Equity attributable to owners of the parent amounted to Yen 587,509 M, for an equity ratio of 52.0%.

As per MRC, Kuraray Co., Ltd. (Tokyo, Japan) has announced its decision to divest operations related to UV-based water treatment and ballast water treatment run by Calgon Carbon Corporation, a Group subsidiary based in the United States. The divested operations will be transferred to De Nora Water Technologies LLC in Italy. The business transfer is scheduled for the end of June.

As MRC informed before, Kuraray America, a subsidiary of the Kuraray Group and one of the leading international companies in the production of specialty chemicals, fibers, resins and elastomers, has resumed operations at its vinyl acetate monomer (VAM) plant in La Porte, Texas, USA. This plant with the capacity of 335,000 mt/year was shut in mid-February because of the unprecedently low temperatures in the region and restarted on 2 April, 2021.

iKuraray America is one of the world's largest specialty chemicals, fibers, resins and elastomers companies. The company's manufacturing facilities are located in Houston, Texas.

Ineos and Barnes to partner to optimize recycled ABS

Ineos and Barnes to partner to optimize recycled ABS

Ineos collaborates with the Molding Solutions business of Barnes Group to develop optimal molding parameters for its new grades of mechanically recycled ABS, said Plasticstoday.

Two new grades of mechanically recycled ABS, featuring either 50% or 70% recycled content, promise to match the properties of prime materials and are the focus of a partnership intent on optimal molding of the materials.

The grades — Terluran ECO GP-22 MR50 and MR70 — from Germany’s Ineos Styrolution are based on post-consumer waste electrical and electronic equipment and will be available in black. The materials are aligned with the company’s pledge to incorporate at least 325 kilotons a year of recycled materials into its products.

“We are convinced that our Terluran ECO is the best mechanically recycled ABS in the world,” said Yohann Bach, Product Director ABS Standard EMEA for Ineos Styrolution. “It offers identical properties to the respective native material.”

Terluran ECO materials are expected to match the mechanical properties of their respective prime Terluran grades, the company said, with no need for downcycling. They are intended to be used in the same applications as prime Terluran GP-22, including household applications and housings for electronic devices. ECO materials compare favorably in performance with prime GP-22, per the company’s data sheets. For instance, the tensile modulus of GP-22 is 2300 MPa vs. 2100 for both ECO variants.

Ineos will collaborate with Molding Solutions, a business unit within the Barnes Group, to explore how best to mold these sustainable materials.

As per MRC, Ineos is to develop a dedicated acetonitrile unit at its Cologne, Germany site to capitalise on anticipated pharmaceuticals sector demand for the material. The company is to develop a 15,000 tonne/year production facility at the site to enhance supplies for its European customer base, on the back of anticipated demand from the pharmaceutical, agrochemical and bioscience sectors. Acetonitrile is usually produced as a co-product of acrylonitrile (ACN) rather than as a standalone product, and is a key component in many drug and nutrition manufacturing processes.

We remind that in April 2021, INEOS Styrolution, Recycling Technologies and Trinseo announced that they had reached a significant milestone in their plans to build commercial polystyrene (PS) recycling plants in Europe. Recycling Technologies has been selected as the technology partner.


Poland calls for extra EU duty on Russian fossil fuels

Poland calls for extra EU duty on Russian fossil fuels

Poland is appealing to the EU to impose additional import tariffs on Russian oil and gas, the government spokesperson has said, said Thefirstnews.

The European Union wants to mobilise around EUR 300 billion by 2030, including around EUR 72 billion in subsidies and EUR 225 billion in loans, to end its reliance on Russian oil and gas, European Commission President Ursula von der Leyen said.

Piotr Mueller, the Polish government spokesperson, on Wednesday praised the plan but said that it was a shame it was introduced so late because Poland had for years warned against becoming dependent on Russian gas and oil.

At the same time he said that Poland is appealing "here and now" to the European Commission to introduce an additional tariff on Russian oil and gas "so that Russia does not take advantage of this armed conflict, this turmoil on the international arena in terms of fuel prices, does not divide the member states into better and worse... and does not dictate various types of discounts or higher prices."

He added that Poland was proposing either a quick timely embargo on Russian oil, gas and coal, or "a punitive duty that would make EU entrepreneurs want to abandon Russian supplies.

As per MRC, the U.S. House passed a bill on Thursday that allows the U.S. president to issue an energy emergency declaration, making it unlawful for companies to excessively increase gasoline and home fuel prices. The bill must pass the Senate, where it faces an uncertain future, and be signed by President Joe Biden to become law.

As per MRC, the price of Brent crude oil, the world benchmark, has increased in 2022, partly as a result of Russia’s full-scale invasion of Ukraine. In addition, a strong U.S. dollar means that countries that use currencies other than the U.S. dollar pay more as crude oil prices increase.

We remind, oil prices fell on Monday as concerns over weak economic growth in China, the world's top oil importer, overshadowed fears supply might be crimped by a potential European Union ban on Russian crude.

Air Products reports 2Q FY 2022

Air Products reports 2Q FY 2022

Air Products reported 2Q FY 2022 results, said the company.

Asia sales of USD751 M increased 8% over the prior year on 6% higher volumes, particularly on-site volume from new, traditional industrial gas plants; 1% higher pricing; and 1% higher energy cost pass-through.

Operating income of USD204 M increased 3% and adjusted EBITDA of USD322 M increased 2%, as favourable volumes and pricing more than offset higher costs.

Operating margin of 27.1% decreased 140 basis points and adjusted EBITDA margin of 42.8% decreased 240 basis points.

We remind, Pertamina and Air Liquide Indonesia, signed a joint study agreement on capturing carbon emissions from its Balikpapan hydrogen production facility and storing the carbon in the Kutai basin area off East Kalimantan province. Some of the emissions would be converted into products like methanol, which can be used to produce low-carbon fuels, Pertamina said in the statement. Indonesia, which relies heavily on fossil fuels for its energy, aims to achieve net-zero emissions by 2060 and aims to nearly double the proportion of renewables in its energy mix to 23% by 2025.

As per MRC, Air Products announced that it is teaming up with World Energy to build a new USD2 B major expansion project at World Energy’s sustainable aviation fuel (SAF) production and distribution hub in Paramount, California. The L.A. county facility is the world’s first commercial scale and North America’s only SAF production facility and its total fuel capacity will be expanded to 340 MM gallons annually.

Borealis and VERBUND commission one of Upper Austria largest PV rooftop arrays

Borealis and VERBUND commission one of Upper Austria largest PV rooftop arrays
Borealis and Austria's leading energy company, VERBUND, are pleased to announce the installation of a new photovoltaic (PV) array at Borealis production location in Linz, Austria, said the company.

The investment is in line with the Borealis aim to enhance the sustainability of its own operations while also supporting the Upper Austria Photovoltaic Strategy for 2030. Rooftop PV arrays are among the cleanest ways to generate renewable energy.

The ample availability of large surfaces on industrial buildings make them ideal sites for such arrays. Erected jointly by Borealis and VERBUND, the new rooftop PV array at Borealis operations at the Chemical Park Linz boasts a module surface area of 4794 sq m. It is thus among the ten largest arrays of its kind in the province of Upper Austria.

Construction was completed in around six weeks. Pilot operations to optimize performance at the new PV facility started at the beginning of May 2022. Once the facility begins producing energy later in May 2022, its output will be around 1 megawatt-peak (MWp).

The PV array will supply around 1 gigawatt hours (GWh)/y; this is roughly equivalent to the electricity consumption of around 250 households. The solar power generated by the new array will be used for Borealis operations at the Chemical Park Linz. It shall enable the company to reduce the CO2 emissions of this location by 350 tonnes/y.

As per MRC, Borealis has teamed up with the environmental and material recovery experts of the Reclay Group, the company has announced. Together, the two have now launched Recelerate GmbH, an initiative designed to re-examine and streamline the process involved in the recycling of lightweight packaging recycling, ultimately with the goal of ensuring more post-consumer lightweight packaging (LWP) is sorted and recycled into high quality materials.

We remind, Borealis (Vienna), a leading producer of polyolefins, has delayed the start-up of a new, world-scale propane dehydrogenation (PDH) plant at its existing production site at Kallo, Belgium, which is the company's biggest investment in Europe, until Q3 2023, citing Covid-19. The plant in Kallo in the port of Antwerp was previously targeted to begin operations by the end of next year.

As per MRC, Adnoc and Mubadala Mubadala announced a strategic transaction involving Borealis, one of Europe’s leading petrochemical companies. Under this agreement, Adnoc will acquire a 25% shareholding in Borealis from Mubadala. Upon completion of the transaction, which is subject to customary closing conditions and regulatory approvals, Borealis will be owned 25% by Adnoc and 75% by OMV, an Austrian multi-national integrated oil, gas and petrochemical company listed on the Vienna Stock Exchange.