Trinseo announces new USD200 mln share repurchase program

Trinseo announces new USD200 mln share repurchase program

Trinseo, a specialty material solutions provider, today announced that its Board of Directors authorized a new share repurchase program of up to USD200 million of its ordinary shares, subject to certain parameters defined by the Board of Directors, said the company.

This new authorization, which expires in 18 months, follows the repurchase of the full USD200 million authorization from December 2021. All repurchases will be carried out by way of redemption in accordance with Irish law and the Company’s constitutional documents.

Frank Bozich, President and Chief Executive Officer of Trinseo, commented, "Given our history of strong cash generation and our ongoing portfolio transformation, we view this as an opportune time to authorize a new share repurchase program. This should enable us to acquire shares in an accretive fashion to drive value for shareholders while growing the business in areas of specialty materials and sustainability."

Trinseo a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainability-focused manner by combining its premier expertise, forward-looking innovations and best-in-class materials to unlock value for companies and consumers.

As per MRC, Trinseo and GMP Group plan to collaborate on a polystyrene (PS) recycling plant in the Netherlands.
The plant - with a minimum capacity of 25,000 tonnes/year and expected to start up in 2024 - will purify PS waste and deliver high-quality recycled PS pellets via a “ Super Clean recycling process,” they said in a statement. It would be built and operated by GMP.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately $4.8 billion in net sales in 2021 and has 26 manufacturing sites and one recycling facility around the world and approximately 3,400 employees.

OMV receives about 30% of gas ordered for Austria from Gazprom

OMV receives about 30% of gas ordered for Austria from Gazprom

Austrian oil and gas company OMV received about 30% of the gas ordered for Austria from Gazprom, said the company.

“Gas volumes on today’s gas day correspond to approximately 30% of the volumes set by OMV for Austria under the contract,” the OMV press service said.

Nord Stream has been operating with restrictions since mid-June and the end of July – only 20% of its daily production capacity of about 170 million cubic meters. The Russian side emphasized that the decrease in supply was only due to sanctions, which caused problems in the maintenance and repair of Siemens gas pumping units.

Recently, only one turbine has provided the job. However, on August 31, its scheduled maintenance began, in which malfunctions were also detected on this engine. Therefore, Gazprom indefinitely stopped the operation of Nord Stream – until the comments about the operation of the equipment disappeared. The Russian company sent a letter to Siemens that the turbine needed to be repaired.

OMV reported on 27 July that the total supply via Nord Stream had dropped to 33 million cubic meters per day (20% of capacity), Gazprom confirmed about 40% of the volumes ordered to it. And on July 22, when deliveries accounted for another 40% of the gas pipeline’s capacity, OMV talked about confirming 50% of the order.

As MRC wrote before, OMV is investing EUR40 million (USD48 million) to expand and modernize a steam cracker and associated units at its refining and petrochemicals complex at Burghausen, Germany. The upgrade will increase the site’s ethylene and propylene production capacity by 50,000 metric tons/year. Following a planned turnaround of the refinery, the revamped cracker and petchem units are expected to start operations in the third quarter of 2022. Initial groundwork is already underway ahead of the upgrade.

OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of around 20,000 employees in 2019, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies.

BASF welcomes reclassification of recyclability of coextruded polyethylene/polyamide film structures

BASF welcomes reclassification of recyclability of coextruded polyethylene/polyamide film structures

The „Stiftung Zentrale Stelle Verpackungsregister” has reclassified the recyclability of polyamides in the minimum standard for assessing the recyclability of packaging subject to system participation pursuant to Section 21 (3) VerpackG: Since September 1, coextruded polyethylene (PE)/polyamide (PA) film structures have been recognized as mechanically recyclable, said the company.

"We appreciate the decision of the Stiftung Zentrale Stelle Verpackungsregister,” said Dr. Rolf-Egbert Grutzner, Senior Manager Technical Support for Ultramid® extrusion polyamides at BASF. “"It was time to correct the categorization of polyamide 6 and also the related PA6/6.6 co-polyamides and put them on a solid updated basis."

As early as June 2021, the independent testing and certification facility cyclos-HTP systematically examined and confirmed the recyclability of PE/PA multilayer films on behalf of BASF.

The use of coextruded PE/ PA film structures in multilayer films makes it possible to produce very thin films (downgauging), which significantly reduces the use of plastics and also the amount of waste. BASF will present more about the value-adding use of polyamides at the K plastics trade fair from October 19 to 26 in Dusseldorf.

The reclassification is visible through the change in Annex 3 (fraction “Film and LDPE (low-density polyethylene)”) of the minimum standard for the assessment of recyclability of packaging subject to system participation pursuant to Section 21 (3) VerpackG.

We remind, BASF, SABIC and Linde have started construction of the world’s first demonstration plant for large-scale electrically heated steam cracker furnaces. By using electricity from renewable sources instead of natural gas, the new technology has the potential to reduce CO2 emissions of one of the most energy-intensive production processes in the chemical industry by at least 90% compared to technologies commonly used today.

Eni eyeing Egypt as a gas supplier to Europe

Eni eyeing Egypt as a gas supplier to Europe

The Egyptian President Abdel Fattah El-Sisi met with the Italian oil and gas company Eni’s CEO Claudio Descalzi on 30/8/2022 to follow up on Eni’s activities in the country and the areas of common interest and collaboration, said the company.

The two sides had extensive discussions about further boosting natural gas flows to Europe from several Egyptian assets.

Tactical Report has prepared a 254-word report to shed more light on El-Sisi- Descalzi meeting and Eni’s plan in Egypt.

The parties elaborated on Egypt’s vision of becoming a regional gas hub, leveraging existing LNG plants. Eni currently produces about 60% of total gas in the country. The company is committed to supporting gas production increase through an ambitious exploration and development campaign.

This will foster, through the Damietta liquefaction plant, LNG export toward Europe. Eni has recently been awarded from the last bid round five new licenses located in prolific basins that could enable a fast-track development leveraging the nearby existing facilities.

In the light of energy transition, the parties agreed on the opportunity to implement a set of solar and wind power projects, targeting 10 GW of installed capacity in the forthcoming years. Mr Descalzi elaborated also on the strategy to accelerate the decarbonisation and energy efficiency solutions.

Eni has been present in Egypt since 1954, where it operates through the subsidiary IEOC. The company is currently the country's leading producer with an equity production of hydrocarbons of approximately 350,000 barrels of oil equivalent per day.

We remind, QatarEnergy has selected Eni as a new international partner in the North Field East (NFE) expansion project. The Minister of State for Energy Affairs, President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, and Eni CEO, Claudio Descalzi signed a partnership agreement for a new joint venture company during the official ceremony. QatarEnergy will hold a 75% interest while Eni will hold the remaining 25% interest, the company said.

Eni, Saudi Arabian Government sign MoU for potential sustainable development partnership

Eni, Saudi Arabian Government sign MoU for potential sustainable development partnership

The Saudi Ministry of Investment (MISA) and Italian energy major Eni have signed an agreement aimed at promoting cooperation between Eni, Saudi institutions and companies mainly in the field of sustainable development around the country, and speciality conversion chemicals, said the company.

The memorandum of understanding (MoU) concerns cooperation areas such as the study of joint development of initiatives around sustainable mobility, circular economy and the chemicals industry. The agreement came about as the Saudi Arabia’s Minister of Investment Khalid Al-Falih met the CEO of Eni, Claudio Descalzi.

During the meeting, Descalzi presented the company's decarbonization strategy with a special focus on the many industrial initiatives and technologies supporting the energy technology transition. Al-Falih shared outlooks of the Kingdom vision 2030 and Saudi National Investment Strategy (NIS).

The two parties shared views about the role of Saudi Arabia based on current energy market challenges. Eni has been operating in the refining and chemicals sector in Kingdom since 1984 through its subsidiary Ecofuel.

We remind, Eni informs that it has acquired the company Export LNG Ltd, which owns the Tango FLNG floating liquefaction facility, from Exmar group. The facility will be used by Eni in the Republic of Congo, as part of the activities of the natural gas development project in the Marine XII block, in line with Eni's strategy to leverage gas equity resources. The Tango FLNG, built in 2017, has a treatment capacity of approximately 3 million standard cubic meters/day and an LNG production capacity of approximately 0.6 million tons per year (about 1 billion standard cubic meters/year). The acquisition of this facility allows the development of a fast-track model capable of seizing the opportunities of the LNG market. In addition, the high flexibility and mobility characteristics of the Tango FLNG will favour the development and enhancement of Eni's equity gas by accelerating production start-up time.