Linde proposes delisting from the Frankfurt Stock Exchange

MRС) -- Linde Board of Directors approved a proposal for shareholders to vote on an intercompany reorganization that would result in the delisting of Linde plc shares from the Frankfurt Stock Exchange, said the company.

If implemented, a new holding company would be created through an Irish scheme of arrangement and related domestic Irish merger. Shareholders would receive one share of the new holding company to be listed on the New York Stock Exchange in exchange for each share of Linde plc they own. The new holding company will be named Linde and is expected to trade under the existing ticker.

After due consideration and analysis, Linde’s management and board determined that shareholders of Linde plc have become negatively impacted by various factors associated with the stock being dual listed in the United States and Germany.

Sanjiv Lamba, CEO of Linde plc stated, “We are very proud of our rich history and strong presence around the world, including the heritage in Germany. While the dual listing structure has served us well since inception, it has constrained our stock valuation through European restrictions in addition to incremental complexity. We would like to inform our shareholders of these limitations and bring a proposal to let them decide the path forward."

Mr. Lamba continued, “This proposal has no impact on the Linde organization, our employees, customers, or to our commitment to the regions where we operate, including Germany which will continue to be an important market for us. It only reduces the number of stock exchanges that offer trading of the Linde stock."

As per MRC, Linde has completed their efforts as part of implementing the Amur Gas Chemical Complex (AGCC) construction project. "Linde has completed its work within the AGCC project framework. We are dealing with its adaptation to new conditions together with partners from Sinopec," the Russian chemical giant said. Early in 2020, Linde made the contract for provision of pyrolysis services for AGCC. The Amur Gas Chemical Complex is the joint venture of Sibur (60%) and China’s Sinopec (40%) for polyethylene and polypropylene production. The capacity of the plant will be up to 2.7 mln tonnes of polymers annually.

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A fire broke out at a small storage unit of Russia's Tobolsk-Neftekhim facility on Monday, the emergency situations department of the country's Tyumen region said in a statement, said Interfax.

Occurring at 5:47 local time, the fire affected 15 square metres of the gas storage unit, according to authorities. There were no casualties among the company’s employees and the fire is under control, it said. Production is understood to be unaffected.

Tobolsk-Neftekhim had not responded to requests for comment at the time of publication.

Based in Tyumen region, Western Siberia, Tobolsk-Neftekhim is controlled by Russia's major petrochemical holding SIBUR. It has capacities to produce 207,000 tonnes/year of butadiene, and 155,000 tonnes/year of methyl tert-butyl ether (MTBE), according to the company.

Tobolsk-Neftekhim is a part of SIBUR's ZapSibNeftekhim giant petrochemical complex based in Tobolsk.

We remind, SIBUR has launched production of PET granules using recycled feedstock. The new product, Vivilen rPET granules, contains up to 25–30% recycled polymers and will now be manufactured at POLIEF.
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China's diesel exports in September surged to their highest in more than a year while aviation fuel shipments were the most in 29 months as refiners rushed to cash in on robust export margins, said Reuters.

Exports of diesel fuel last month more than doubled from a year earlier to 1.73 MMt last month, the highest monthly rate since July 2021, according to data from the General Administration of Customs.

That was up from 830,000 tons in August and 780,000 tons a year ago. Exports of aviation fuel, including refueling at Chinese airports for airlines plying international routes, jumped by 38.6% from a year earlier to 1.23 MMt last month. This is the highest monthly volume since April 2020, the data showed. Data from air traffic tracking specialist Variflight showed total passenger flight turnover last month, including departures and landings, amounted to 369,536 trips, which was 36.5% lower than August and 42% below September of 2021.

September gasoline exports were 660,000 tons, down 28.3% from a year earlier and also down 41% from August, the data showed. China had maintained broad curbs on fuel exports earlier this year, resulting in total fuel exports in the first nine months of 2022 falling 28% from a year earlier. But in an about-turn in fuel trade policy, Beijing in late September released an additional large batch of 15 MMt of export quotas, including 13.25 MMt for gasoline, diesel and jet fuel, with the remainder for marine fuel. The move was seen helping to bolster exports in the coming months and likely through March of 2023.

Data also showed liquefied natural gas (LNG) imports rebounded to 5.9 MMt ahead of the winter heating season, the highest monthly volume since January, though that was 11.6% below the year-ago rate. Year-to-date shipments were also down 20% from the same period in 2021 at 46.51 MMt, with whole-year imports on track to post the first major decline since China began importing the super-chilled fuel in 2006, as COVID restrictions and high global prices blunted Chinese purchases.

Pipeline gas imports last month, on the other hand, rose 9.8% from a year earlier to 4.25 MMt, the data showed. Year-to-date imports rose 10.5% from a year earlier to 34.66 MMt.

We remind, Clariant will create a second production line at its new CHF 60 million state of the art facility for Exolit OP halogen-free flame retardants currently under construction in Daya Bay, China. This additional CHF 40 million investment will further expand access to innovative and sustainable fire protection solutions and related technical expertise to support the significant growth of engineering plastics applications in E-mobility and electrical & electronic segments.

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KBR, Inc. (Houston) announced that it has won a contract from GS Caltex (Seoul, South Korea)for its planned plastics circularity project in South Korea, said the company.

Based on KBR and Mura’s Hydro-PRT process, the 50,000-ton/yr unit will convert waste plastics into raw materials for conversion into new plastics, achieving total circularity.

“We are thrilled to support GS Caltex in their effort to integrate circularity in their value chain,” said Doug Kelly, KBR President, Technology. “Hydro-PRT is positioned to play a pivotal role in KBR’s effort to help our clients’ ESG objectives through our sustainability platform."

“Along with KBR, I am pleased to support GS Caltex in its endeavor to establish early leadership in plastics circularity,” said Dr. Steve Mahon, CEO of Mura Technology. “Our differentiated, proven, and scalable Hydro-PRT process is designed to enable companies to achieve their ESG goals and we are excited to work with the team of GS Caltex for the same."

“Deploying KBR’s plastics recycling technology, offered in alliance with Mura, marks one of the key factors for us at GS Caltex towards meeting our circularity targets. With this contract we move a step ahead in the sustainable and green technology sector by establishing a greener facility,” said Woo Jin Choi, Vice President of GS Caltex.

As MRC reported earlier, in July 2021, KBR was awarded technology licensing contracts by PKN Orlen for KBR's leading Solvent Deasphalting (SDA) and Residue Fluid Catalytic Cracking (RFCC) technologies as part of PKN's Bottom-of-the-Barrel project for its Plock Refinery in Poland.

KBR has nearly 50 years of experience designing, developing, and supporting cryogenic liquified natural gas facilities and has extensive experience in hydrogen both through its work in the space industry and in industrial facilities. This deep domain knowledge makes KBR ideally suited to provide high end engineering and be the integrator for cryogenic liquid hydrogen facilities.

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Sika AG said that net profit rose in the first nine months of the year, led by stronger sales, said the company.

The Swiss specialty-chemicals company posted net profit of 885.9 million Swiss francs ($883.1 million), up 16% compared with the same period a year earlier.

Net sales was CHF8.00 billion, compared with CHF6.86 billion last year, leading Sika to increase its full-year sales guidance.

For the fiscal year, the company says it now expects sales in local currencies to increase by over 15%. It had previously guided for an over-10% increase in sales.

Sika continues to expect an "over-proportional" increase in earnings before interest and taxes in 2022, the company said.

"It is our goal to reach sales of CHF10 billion for the first time in 2022 and to increase our operating profit by an over-proportional amount," says Sika Chief Executive Officer Thomas Hasler in a release.

We remind, Sika has begun the process of looking for “a competent buyer” for part of the MBCC admixture business it is acquiring. Closing of the MBCC acquisition has been delayed until H1 2023 to allow for an in-depth examination by UK regulator, the Competition and Markets Authority (CMA) which is concerned about its impact on the UK's chemical admixtures market. Chemical admixtures are an essential input for concrete and cement used in the construction industry.
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