Saint-Gobain strengthens its presence in construction chemicals

MOSCOW (MRC) -- Saint-Gobain, through its Chryso business, has completed the acquisition of Matchem in Brazil and entered into exclusive negotiations to acquire IDP Chemicals in Egypt, said the company.

The acquisitions of Matchem and IDP Chemicals will allow Saint-Gobain to strengthen its position in construction chemicals, in particular concrete admixtures which play a key role in the decarbonization of the construction industry.
These two companies are focused on the buoyant building and infrastructure markets in Brazil and Egypt, which should see strong growth for the years to come. Matchem, established in 2011, employs around 50 people across two plants in Brazil and generated revenues of close to EUR 20 M in 2022.

Together with Quartzolit, manufacturer of mortars (tile fixings, wall and floor coatings, waterproofing membranes), TekBond, sealant and adhesive specialist, and the recently acquired GCP Applied Technologies, Matchem will reinforce Saint-Gobain's platform in construction chemicals, a leader on the Brazilian market with 24 industrial sites. IDP Chemicals, licensed by Chryso since 2018, employs 25 people at one plant and is well positioned to serve the dynamic construction market in Egypt. This acquisition should be finalized in 1Q 2023.

We remind, Saint-Gobain has now obtained approvals from all relevant competition authorities for its acquisition of GCP Applied Technologies Inc., a major global player in construction chemicals, announced on December 6, 2021, said the company. The acquisition will close on September 27, 2022. GCP will delist from the New York Stock Exchange.

mrchub.com

MOSCOW (MRC) -- The United Nations Development Programme (UNDP) has partnered with Hindustan Unilever (HUL), a subsidiary of Unilever, to improve plastic circularity in India, said Packaging-gateway.

The partners have launched Inclusive Circular Economy, an initiative focused on the end-to-end management of plastic waste. UNDP and HUL will promote waste segregation at its source and the collection of segregated waste.

They will also develop material recovery facilities (MRFs) that can accept all kinds of plastic waste along the value chain. In addition, the project aims to promote the social inclusion of waste-pickers, locally known as Safai Saathis, in India’s waste management sector.

Inclusive Circular Economy will make government welfare schemes and linkages accessible to 20,000 pickers in cities such as Mumbai, Delhi, Bengaluru, Cuttack and Kolkata. The partnership will increase the capacities of Urban Local Bodies in other cities to adopt the MRF model for plastic and dry waste management.

The project aims to reach 100,000 households to segregate waste materials at their source. HUL CEO and managing director Sanjiv Mehta said: “The partnership between HUL and UNDP is a holistic and replicable model that promotes plastic circularity and collective action.

“The partnership will also promote the social inclusion of the invisible superheroes of our society, Safai Saathis, at scale.” Inclusive Circular Economy builds on UNDP and HUL’s existing partnership under UNDP’s flagship Plastic Waste Management Programme.

UNDP said the project has so far reached out to 100,000 households on source segregation and linked 3,300 Safai Saathis and their families to government welfare schemes.

UNDP India resident representative Shoko Noda said: “The plastic waste management programme promotes an innovative multi-stakeholder model between municipal corporations, corporates, Safai Saathis and people to work together for cleaner and greener cities.

We remind, Reliance Industries Ltd., helmed by billionaire Mukesh Ambani, posted a larger-than-expected quarterly profit as growth in its consumer units offset the weakness in its traditional petrochemicals business. Net income fell 15% to 157.9 billion rupees (USD1.9 billion) in the quarter ended Dec. 31 but was still higher than the average 156.19 billion rupees estimated in a Bloomberg survey. India’s largest company by market value also secured approval of its board to raise as much as 200 billion rupees via bonds.

mrchub.com

MOSCOW (MRC) -- South Korean producer Lotte Chemical is exiting the purified terephthalic acid (PTA) business with the sale of its 75.01% stake in LCPL (LOTTE CHEMICAL Pakistan Ltd), said Koreanpost.

This divestment is part of the company’s medium-term strategy to strengthen its high value-added specialty materials business.

LCPL, which produces 500,000 tonnes/year of PTA at Port Qasim in Karachi, will be sold to Pakistani chemical company Lucky Core Industries (LCI) for Korean won (W) 192.4bn (USD156m) – more than 13 times Lotte Chemical’s acquisition cost in 2009.

The buyer LCI is formerly known as ICI Pakistan, which produces polyester – a derivative product of PTA.

It produces 122,000 tonnes/year of polyester polymer and 135,000 tonnes/year of polyester fibres in Lahore; and 225,000 tonnes/year of soda ash in Khevra, according to ICIS Supply and Demand Database.

In South Korea in July 2020, the company ceased producing PTA at its 600,000 tonne/year plant in Ulsan, and converted it into a facility producing purified isophthalic acid (PIA).

The Ulsan plant’s current PIA capacity is 520,000 tonnes/year.

By 2030, the company is targeting high value-added specialty and eco-friendly material business to account for 60% of its total projected sales of W50tr (USD41bn).

Lotte Chemical plans to become carbon neutral in the same year, with plans to invest W4.4tr over 10 years on hydrogen production, in line with its target of supplying 30% of South Korea’s demand for the clean fuel.

We remind, Since the beginning of September 2022, Lotte Chemical has reduced the load on PP production in Yeosu and Daesan (Yeosu and Daesan Gudang, South Korea) by 20% since the beginning of September 2022. The total PP production capacity in Yeosu and Daesan is 1.23 million tonnes.

mrchub.com

MOSCOW (MRC) -- Turkey’s Sasa Polyester has announced a licensing deal with Honeywell UOP for a 1m tonne/year propylene production plant based on propane dehydrogenation (PDH) technology, said the company.

The agreement also covered technical service and warranty aspects of the USD1.5bn project to be constructed in the Yumurtalik investment area in Turkey’s southern province of Adana, Sasa added, when filing details of the deal with the Istanbul Stock Exchange.

Sasa said that it expected the contribution of the planned investment to its turnover would be USD1.2bn.

The targeted completion date for the plant was the first half of 2026, the company also said.

We remind, Sasa Polyester Sanayi increased the loading of PET production in the city of Adana (Adana, Turkey) up to 100%. Previously, the capacity of this plant with a capacity of 365,000 tonnes of PET per year was reduced in October last year due to low demand.

mrchub.com

MOSCOW (MRC) -- One of the world’s leading energy companies, Masdar has signed joint development agreements with Azerbaijan’s State Oil Company SOCAR, for onshore wind and solar projects and integrated offshore wind and green hydrogen projects, with a total combined capacity of 4 gigawatts (GW), said Ceenergynews.

“These agreements will serve to strengthen the already powerful relationship between the United Arab Emirates and the Republic of Azerbaijan and are a testament to our shared commitment to diversifying our energy mix and developing low- and zero-carbon solutions,” said HE Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, COP28 President-Designate and Chairman of Masdar.

“Masdar sees Azerbaijan as a key strategic partner, one we are proud to support in its clean energy journey,” added Mohammed Jameel Al Ramahi, Chief Executive Officer of Masdar. “This signing marks a milestone on the development and delivery of a significant collaboration that will advance Azerbaijan’s renewable energy goals and support its ongoing sustainable economic development."

Indeed, Azerbaijan aims to increase the shares of renewables in its energy mix by up to 30 per cent by 2030.

“Azerbaijan’s main priority now is the generation of electricity and hydrogen from renewable energy sources, their integration into the country’s energy system, as well as their transportation to more European markets,” stated Azerbaijan’s Minister of Energy Parviz Shahbazov on the occasion of his participation in the Abu Dhabi Sustainability Week in the United Arab Emirates.

In June last year, Masdar signed implementation agreements with Azerbaijan’s Ministry of Energy to develop a renewable energy program on a bilateral basis, with a total capacity of 10 GW across multiple technologies. The above-mentioned 4 GW projects are part of the first phase of the agreements signed last year.

We remind, Romgaz said it signed the first individual contract for gas deliveries from Azerbaijan, with Azeri national oil company Socar. The contract allows for scheduled gas deliveries through the Southern Corridor starting January 1, using the transportation capacities of the Trans Adriatic Pipeline (TAP) and the Greece-Bulgaria Interconnector (IGB) , as well as those of the Bulgarian and Romanian transmission systems, Romgaz said in a statement filed with the Bucharest Stock Exchange, BVB.

mrchub.com