Shares of Saudi Kayan in red as it suffers largest loss since listing in Q3

Shares of Saudi Kayan in red as it suffers largest loss since listing in Q3

MOSCOW (MRC) -- Saudi Kayan Petrochemical Co. turned to losses of SR812 million (USD216 million) in the third quarter of 2022, against profits of SR667 million during the same period last year, making it the company's largest loss since listing on Oct. 1, 2011, said Arabnews.

The petrochemical firm also recorded losses of SR453 million in the first nine months of 2022 on the back of higher feedstock costs and lower selling prices.

The losses were against profits of SR1.9 billion the homegrown petrochemical producer made in the same period a year earlier, according to a bourse filing.

In response to the earning announcement, shares of Kayan slipped 3.77 percent at SR13.80 to lead the fallers at 10:07 a.m. Saudi time.

Saudi Kayan attributed the losses to a rise in the average cost of feedstock and lower selling prices, despite a slight increase in sales to SR9.1 billion in the first nine months.

We remind, Saudi Kayan Petrochemical Company has appointed Metab Zaid Al-Shahrani as its new CEO, effective 24 July. Al-Shahrani has held various leadership positions at SABIC and was until recently CEO of Saudi Methanol Company (AR-RAZI). In his new role, he succeeds Omar Ali Al-Ruhaily, who will take on another position in SABIC’s manufacturing sector, Kayan said in a brief regulatory filing.

Solvay raises its forecast for 2022

Solvay raises its forecast for 2022

MOSCOW (MRC) -- Solvay, the Belgian chemical group, raised its full-year forecast on Monday, citing higher-than-expected third-quarter profit, said Reuters.

The group expects its earnings before interest, taxes, depreciation and amortization (Ebitda) for 2022 to be up 28% compared to 2021, compared to a previous forecast of 14% to 18%.

Solvay anticipates net sales of around 3.6 billion euros for the third quarter and an underlying EBITDA of around 900 million euros, higher than expected according to the group.

We remind, Solvay announced it is increasing its Amodel® polyphthalamide (PPA) resin capacity by 15% at its Augusta manufacturing site in Georgia as a result of operational excellence initiatives. The new capacity facilitates the production of innovative and more sustainable Amodel® PPA grades that offer a reduced CO2 footprint due to manufacturing improvements.

French refinery strikes continue at two sites

French refinery strikes continue at two sites

MOSCOW (MRC) -- The strike at the TotalEnergies' Gonfreville and Feyzin refineries have been renewed on Monday, a CGT trade union representative told Reuters.

We remind, TotalEnergies has shut down its OX production unit at Gonfreville, France, following a strike that affected a cracker and refinery at the site, according to market sources. This information has not been confirmed by the company. Unions at several TotalEnergies sites in France began industrial action in late September to demand a pay increase.

We remind, the Flemish government recently awarded TotalEnergies the contract to install 1,500 electric vehicle charging points in Antwerp. In the heart of Europe and in Belgium's most populous city, the company is reinforcing its commitment to offering and developing sustainable mobility, with the aim of becoming Belgium's leading company in the public charging market by 2024.

TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Our more than 100,000 employees are committed to energy that is ever more affordable, cleaner, more reliable and accessible to as many people as possible.

INOVYN becomes INEOS Inovyn, unveils new logo

INOVYN becomes INEOS Inovyn, unveils new logo

MOSCOW (MRC) -- INOVYN officially unveiled its new name and logo on the occasion of the INOVYN Awards 2022 Opening Ceremony. The vinyl chloride producer will now be referred to as INEOS Inovyn, said the company.

The new logo sees INOVYN fully align its company brand as a full member of the INEOS family. The INEOS brand has continued to strengthen over its 25 years, with the development of its different businesses in chemicals, energy, sports, hygienics, automotive and clothing.

“Our new logo and visual profile shows just how we’ve all come to share the same DNA and values across the wider INEOS Group,” says Geir Tuft, CEO of INEOS Inovyn. “It shows consistency across our brands and it is a nod to our common nature as a diverse, ambitious, committed, optimistic, empowered, open-minded, uncompromising and bold brand."

The new direction also marks a turning point for INOVYN’s hydrogen business which will now be renamed as INEOS Hydrogen. The name of most legal entities and commercial products of INEOS Inovyn, however, will remain unchanged.

We remind, INEOS has agreed a long-term Power Purchase Agreement for renewable offshore wind power in Belgium with sustainable energy producer Eneco. Under the terms of the ten-year deal, which begins in 2022, INEOS will purchase 65,5-Megawatt (250 GWh per annum) of off-shore wind power from Eneco, produced at the SeaMade offshore wind park in the Belgian North Sea.

INEOS Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.

Linde proposes delisting from the Frankfurt Stock Exchange

Linde proposes delisting from the Frankfurt Stock Exchange

MOSCOW (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.