Dow declares quarterly dividend of 70% per share

Dow has declared a dividend of 70 cents per share, payable March 10, 2023, to shareholders of record on February 28, 2023, said the company.

This marks the 446th consecutive dividend paid by the Company or its affiliates since 1912.

We remind, Dow Inc. outlined a series of targeted actions aligned to its previously stated plan to achieve USD1 bn in cost savings in 2023. The proactive actions will further optimize the Company's cost structure in response to near-term macroeconomic uncertainty, while maintaining its long-term competitiveness across the economic cycle.
Specifically, Dow expects to realize USD1 billion in cost savings in 2023 through: structural improvements of USD500 million, maintaining a low cost-to-serve operating model.

Dow combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world.

mrchub.com

Kuraray Co. (Tokyo) announced that construction of a new plant for isoprene-related businesses has been completed and will soon start operations in stages, said the company.

The construction was undertaken by Bangkok-based subsidiaries Kuraray GC Advanced Materials Co., Ltdand Kuraray Advanced Chemicals (Thailand) Co., Ltd.

The new Thai plant will contribute to the continued growth of isoprene-related businesses by strengthening the global supply system and meeting rising global demand for the 3-Methyl-1.5-Pentanediol (MPD), SEPTON hydrogenated styrenic block copolymers (HSBC), and GENESTAR heat-resistant polyamide-9T (PA9T), which were developed using proprietary Kuraray technology.

The new facilities have been designed to produce 13,000 metric tons per year (m.t./yr) of PA9T, 16,000 m.t./yr of HSBC and 5,000 m.t./yr of MPD. The company invested around ?40 billion (USD310 million) in the project.

We remind, 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). 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.

mrchub.com

Lotte Chemical Corp. said that it is conducting a risk assessment for its products for the first time in the domestic chemical industry, said Kedglobal.

Risk assessment refers to the comprehensive analysis of the substances contained in a product to measure the effects on the human body and the environment. Lotte Chemical decided to first conduct a risk assessment on three product groups, including high-value-added synthetic resin (ABS) materials that are applied as interior and exterior materials for home appliances such as air conditioners and refrigerators.

The company explained that it is the first time for a domestic company to conduct a risk assessment on its own products.

Lotte Chemical will conduct a risk assessment using a program developed by the Ministry of Environment and the National Institute of Environmental Research.

The results of the evaluation will be published in the form of a report in the first half of this year and posted on its website's product page.

"We will gradually expand the range of products subject to evaluation in the future and actively utilize the results to develop products and materials that consumers can use with confidence," said an official of Lotte Chemical.

We remind, Lotte Chemical announced it has formed a clean ammonia global consultative body with RWE, a German energy company, and Japan’s Mitsubishi Corporation, with a goal to cooperate and jointly develop a large-scale clean ammonia production and supply chain in Asia, Europe and US, said the company. As part of this move the three companies on 7 February signed a joint study agreement (JSA) which will see the entities engage in joint research for the production and export project of clean ammonia, both blue and green, at the Port of Corpus Christi in Texas, where the largest energy export terminal in the US is located.

mrchub.com

India has raised its import tax on naphtha to 2.5% from 1%, budget documents showed on Wednesday, in a move that could encourage companies to source locally produced fuel instead of buying from overseas, said Hydrocarbonprocessing.

Naphtha is used for making petrochemicals and consumer goods, such as plastic and paints. "The increase in customs duty on naphtha would result in some increase in feedstock cost for petrochemical manufacturers, which would compress their margins," said Sabyasachi Majumdar, senior vice president at Moody's India unit, ICRA Ltd.

The change in the duty supports India's aim to reduce its dependence on imports for key chemical feedstock and encourages increased domestic production in the medium-to-long-term, Majumdar added. An increase in customs duty would potentially cut both imports and exports of the fuel, said sources at two Indian refiners, as importers turn to the local market for their needs, reducing available supply for export.

India has imported 1.3 million tonnes of naphtha from April-December 2022, the first nine months of this fiscal year, and exported about 4.4 million tonnes, according to the government data. Indian companies such as Haldia Petrochemicals Ltd and Reliance Industries Ltd import naphtha for producing petrochemicals.

We remind, Reliance Industries Limited (RIL) unveiled India’s first Hydrogen Internal Combustion Engine technology solution for heavy duty trucks flagged off by Honourable Prime Minister Narendra Modi at the India Energy Week in Bangalore. The Hydrogen Internal Combustion Engine (H2ICE) powered trucks will emit near zero emissions, deliver performance on par with conventional diesel trucks and reduce noise and with projected reductions in operating costs thus redefining the future of Green Mobility.

mrchub.com

Linde Engineering (Pullach, Germany) has signed an agreement with BASF SE (Ludwigshafen, Germany) for the engineering, procurement and construction (EPC) of a synthesis gas (syngas) plant in Zhanjiang, China, said Chemengonline.

“Linde Engineering’s one-stop solution for BASF combines state-of-the-art technology with a comprehensive EPC execution package. Our long-standing relationship and understanding of our customers’ needs has enabled us to develop a tailor-made package of technology and services which will support their growth in China,” says John van der Velden, senior vice president Global Sales & Technology at Linde Engineering.

Linde Engineering will implement the newly awarded contract in a consortium together with its Chinese partner East China Engineering Science and Technology Co., Ltd (ECEC). The two companies have previously worked together in the design and construction of several Rectisol Acid Gas Removal units in China. For the new BASF project Linde will be acting as consortium leader, including the provision of basic engineering and key equipment. ECEC will be responsible for the detailed design and the construction.

Linde Engineering brings more than 30 years of experience in the partial oxidation (POX) of hydrocarbon feedstocks to serve its customers. It has installed over 300 hydrogen and syngas plants with various process units, including steam-methane reformers, amine wash units and pressure-swing adsorption plants.

We remind, Linde, forecast higher earnings for 2023 and said it plans to invest USD7 B-USD9 B over the next two-to-three years in clean energy projects to benefit from demand from companies seeking to cut emissions.

mrchub.com