Daniel Turnheim appointed Borealis CFO as of 1 June 2023

Daniel Turnheim appointed Borealis CFO as of 1 June 2023

Mark Tonkens to leave Borealis Executive Board by mutual agreement effective 31 May 2023, Daniel Turnheim appointed as Borealis CFO effective 1 June 2023, said the company.

The Supervisory Board of Borealis has appointed Daniel Turnheim (48) as the new Chief Financial Officer with effect from 1 June 2023. The appointment spans a three-year period, with the option to extend by two years, subject to mutual consent. Mark J. S. Tonkens, currently Chief Financial Officer at Borealis, will leave the Borealis Executive Board by mutual agreement effective 31 May 2023.

Daniel Turnheim looks back at a long-standing career in OMV Group. After joining the company in 2002, he held various senior management functions in OMV Finance, including Head of Controlling at OMV UK in London, United Kingdom and a two-year assignment to Petrol Ofisi in Istanbul, Turkey. From 2011 to 2012, Daniel held the role of Chief Financial Officer at OMV Petrom in Bucharest, Romania. He is currently Senior Vice President Finance & Tax at OMV AG.

Daniel Turnheim holds a Master’s degree from the Vienna University of Economics and Business in Vienna, Austria. He is Austrian citizen, married and proud father of four children.

“I am delighted we bring such an extraordinarily experienced Finance expert like Daniel Turnheim onboard of the Borealis Executive Board. I warmly welcome Daniel and look forward to working closely with him on realizing our Borealis Strategy 2030. At the same time, I would like to express my sincere appreciation on behalf of the entire Borealis Executive Board for the outstanding contribution Mark Tonkens has made over the past 8 years as CFO of Borealis. It has been a pleasure working with Mark, I wish him much success for his future,” comments Thomas Gangl, Borealis CEO.

We remind, Borealis launches portfolio of circular plastomers and elastomers based on renewable feedstock. Recent years have seen a steady increase in the demand for high-performance plastomers and elastomers that combine the physical properties of rubber with the processing advantages of a thermoplastic material. This trend has been accompanied by a growing urgency in the demand for sustainable solutions that offer the same material performance but with circular content and a reduced carbon footprint.

mrchub.com

Borealis launches portfolio of circular plastomers and elastomers based on renewable feedstock

Borealis launches portfolio of circular plastomers and elastomers based on renewable feedstock

Borealis launches portfolio of circular plastomers and elastomers based on renewable feedstock, said the company.

Recent years have seen a steady increase in the demand for high-performance plastomers and elastomers that combine the physical properties of rubber with the processing advantages of a thermoplastic material. This trend has been accompanied by a growing urgency in the demand for sustainable solutions that offer the same material performance but with circular content and a reduced carbon footprint.

Borealis’ production location in Geleen, the Netherlands, is the production site for Queo™, Borealis’ range of high-performance polyolefin plastomers and elastomers. In March 2023, the facility received the International Sustainability and Carbon Certification (ISCC PLUS), thus enabling Borealis to introduce a new product line to meet customer demand for circular solutions: the Bornewables line of Queo.

Produced with ISCC PLUS–certified renewable feedstock, the new line represents an expansion of the Bornewables portfolio of circular polyolefin products, which offer the same material performance as fossil-based polyolefins, yet decoupled from fossil-based feedstock and with reduced carbon emissions.

We remind, Borealis, one of the world’s leading providers of advanced and sustainable polyolefins solutions and a European front-runner in polyolefins recycling and Axpo, Switzerland’s largest producer of renewable energy and an international leader in the trading and marketing of solar and wind power, have signed their second power purchase agreement (PPA) in six months.

mrchub.com

Grace starts up three PP reactor lines in China, signs new license with PetroChina

Grace starts up three PP reactor lines in China, signs new license with PetroChina

W.R. Grace & Co (Grace; Columbia, Md.) announced the successful start-up of several polypropylene (PP) reactor lines in China, said the company.

Dongguan Grand Resource Science & Technology Co., Ltd. (Dongguan Grand Resource) started up its second plant (consisting of two reactor lines) for using Grace’s UNIPOL PP Technology and will add 600,000 metric tons per year (m.t./yr) of polypropylene resin capacity and increase its total nameplate capacity to 1,200 (m.t./yr). In addition, Dongguan Grand Resource is utilizing Grace’s CONSISTA catalysts in both of its UNIPOL PP technology lines.

Grace has also started up a 500,000-m.t./yr reactor line for PetroChina GuangDong PetroChemical Company (PetroChina GuangDong), a subsidiary of PetroChina Group, the world’s second-largest petroleum company. The plant will produce homopolymer, random copolymer, and impact copolymer polypropylene resins, catering to the growing demand for high-quality PP resins in the Chinese market.

This marks the fourth UNIPOL®PP technology plant start-up for PetroChina, which includes PetroChina Guangxi (200,000-m.t./yr), PetroChina Fushun (300 KTA), and PetroChina Sichuan (450,000-m.t./yr). In China, this is the largest UNIPOL PP technology single-extruder reactor line.

We remind, W.R. Grace & Co has licensed its Unipol PP process technology to Gail India Ltd for its 60,000 tonnes/y polypropylene (PP) plant at Gail's existing petrochemical complex in Pata, Uttar Pradesh, India.

mrchub.com

Exxon Mobil not quitting exploration in Brazil

Exxon Mobil not quitting exploration in Brazil

Exxon Mobil Corp is not giving up on oil exploration in Brazil, the company's country chief Alberto Ferrin said on Monday during the Offshore Technology Conference (OTC) in Houston, said Hydrocarbonprocessing.

"I would say very crystal clear that Exxon Mobil is not quitting exploration in Brazil at all," Ferrin said, disputing a U.S. newspaper report published last month.

Brazil's government, regulators and the company's exploration partners are aware it has no intentions of leaving. Exxon is searching for exploration opportunities such as the one it encountered in Guyana, where it has had an 89% success rate, Ferrin said.

"Brazil offers those exploration success enablers that we look for globally, no doubt about that. Good rocks, good commercial terms, stable fiscals, technology advancement," he said.

We remind, ExxonMobil Corp has started up its long-planned project to expand light crude oil processing capacity by 250,000 b/d at ExxonMobil Product Solutions Co's integrated refining and petrochemicals complex along the US Gulf Coast in Beaumont, TX, US.

mrchub.com

Sika completes acquisition of Germany-based MBCC

Sika completes acquisition of Germany-based MBCC

Sika has completed the acquisition of MBCC Group after having received all necessary regulatory approvals, said the company.

With this highly complementary transaction, Sika strengthens its footprint across all regions, reinforces its range of products and services across the entire construction life cycle and drives the sustainable transformation of the construction industry further and faster.

MBCC Group, headquartered in Mannheim, Germany, and formerly owned by an affiliate of Lone Star Funds, is active in the field of construction systems and admixture systems. To close the transaction and to comply with regulatory requirements, Sika sold MBCC Group’s chemical admixtures assets in the UK, the USA, Canada, Europe, Australia, and New Zealand to the international private equity firm Cinven. The business now acquired by Sika generated sales of CHF 2.1 billion in 2022, employs 6,200 people and operates in over 60 countries and 95 production facilities.

After the successful closing, Sika’s sustainable product portfolio will be further enhanced with MBCC’s innovative technologies. Sika will offer a wide and comprehensive range of solutions to enable the sustainable transformation of the construction industry and help customers reduce their carbon footprint.

With this transaction, Sika strengthens its growth platform by broadening its product and solution offerings in four of five core technologies and seven of eight Sika Target Markets. Customers will benefit from an enhanced and more efficient distribution network across all construction markets. Sika expects to generate annual synergies in the range of CHF 160 – 180 million by 2026. The combined Group is set to reach sales in excess of CHF 12 billion in 2023.

We remind, the European Commission has approved the proposed acquisition of Germany-based construction chemicals producer MBCC by Switzerland’s Sika. The approval, under the EU Merger Regulation, is conditional on the divestiture of MBCC's global chemical admixture business.

mrchub.com