Repsol posts net income of EUR2.785 bn and advances its transformation

Repsol posted net income of EUR 2.785 bn in Jan-Sep 2023 in a context of significantly lower crude oil and gas prices than in Jan-Sep 2022, said the company.

Investments through Sep 2023 totalled EUR 4.362 bn (+82%), mainly in Spain and the US.

At the same time, the company advanced in its transformation by developing low-carbon industrial projects, increasing its portfolio of renewable assets and launching a unique multi-energy offer for customers in Spain.
From September 6 until January 10, 2024, Repsol doubled the discounts on its Planes Energias program, which covers mobility and household supply. Thanks to this initiative, customers who use the Waylet application benefit from savings of up to 40 eurocents per liter of fuel and can recharge electric vehicles for free at public charging stations.

We remind, Repsol's cracker at Tarragona is offline following a fire in the Olefins plant, according to sources and local media reports. The company is currently investigating the cause, sources said. It is not clear whether any force majeure declaration has been made.

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LyondellBasell, a global leader in the chemical industry, is proud to announce the establishment of a new distribution hub in the United Kingdom for its Polyolefins grades, said the company.

This strategic move is part of our ongoing commitment to enhancing the customer experience by placing inventories closer to our customers’ facilities reducing lead times on orders.

This distribution hub in the UK is an integral part of LyondellBasell’s global footprint. In addition to our existing distribution platforms, this new hub signifies a significant step forward in providing our customers with faster access to our products.

The creation of this new hub in the UK is the result of a collaborative effort with logistics expert Bertschi, who has a long-standing reputation for excellence in the field. The hub will be strategically located in Middlesborough, ensuring optimized distribution and swift delivery.

Ivan Meakin, Marketing Manager Consumer and Industrial Flexible Packaging, commented, "At LyondellBasell, our unwavering commitment to providing a positive customer experience is at the heart of everything we do. The establishment of our distribution hub in the UK is a testament to our dedication to our customers, and we are excited to leverage this new addition to our network to deliver shorter lead times and enhance our service, as well as leverage our global asset footprint."

Kai Ruch, Business Manager Plastic Hubs of Bertschi, added, "We are delighted to be collaborating with LyondellBasell on this exciting project. The synergy between our logistics expertise and their commitment to customer-centric solutions will undoubtedly make this distribution hub a success. We look forward to contributing to a more efficient and streamlined supply chain."

For more information about this new distribution hub or any other inquiries, we encourage customers to reach out to their respective LyondellBasell sales representatives.

We remind, LyondellBasell has announced it has made the final investment decision to build the company's first industrial-scale catalytic advanced recycling demonstration plant at its Wesseling, Germany, site, said the company.
Using LyondellBasell's proprietary MoReTec technology, this plant will be the first commercial scale, single-train advanced recycling plant to convert post-consumer plastic waste into feedstock for production of new plastic materials that can be ran at net zero greenhouse gas (GHG) emissions.

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Kemira Oyj (Helsinki, Finland) announced a significant capacity extension of its ferric sulfate water treatment chemicals production line in Goole, U.K., said Chemengonline.

The additional 70,000 metric tons per year (m.t./yr) capacity investment helps meet the growing demand for coagulants due to the new and stricter Asset Management Plan 7 and 8 regulation on phosphorus and other nutrient discharge from wastewater treatment set out in the Water Industry National Environment Programme in the UK. The new capacity is planned to be in operation in Q3 2025.

“We support our customers in meeting the tighter regulations and help them to optimize the chemistries used in every part of the water treatment process. This investment will increase our flexibility to utilize different types of iron raw materials which will further secure our strong supply service when demand increases. We are well placed to meet the growing future needs of the UK water treatment industry,” says Wido Waelput, Senior Vice President, Commercial, EMEA & APAC, Industry & Water segment at Kemira.

Kemira produces currently over 350 000 tons of water treatment and other chemicals annually at its four UK manufacturing sites in Goole, Ellesmere Port, Teesport and Bradford. Kemira has invested significantly in the Goole site in recent years. The latest expansion program was completed in 2021.

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POLYVANTIS will be a new industry leading global player in the acrylics and polycarbonate film and sheet industry, formed as a result of the merger of Rohm’s Acrylic Products business unit and SABIC’s Functional Forms business, said the company.

POLYVANTIS will offer products such as films, sheets, pipes & rods and will serve a multitude of segments, including building & construction, transportation & aviation, electrical & electronics, automotive and home & garden. POLYVANTIS’ global organization with sales of ca. $700m will have a workforce of about 1,500 employees and 16 production sites across the Americas, Europe, Asia, and Africa.

In December 2022, Rohm signed an agreement to acquire SABIC’s Functional Forms Division for polycarbonate film and sheet products globally. The carve-out of Acrylic Products business from Rohm and of Functional Forms business from SABIC, and closing of the deal with SABIC is expected around Q2‘24, subject to obtaining customary regulatory approvals.

“For the first time, customers will be able to obtain superior products, including PLEXIGLAS® / ACRYLITE®, LEXAN™ films and sheets from a single source. This merger will allow the two businesses to achieve more together than they could ever do alone, and we are committed to accelerate growth further. POLYVANTIS will combine the innovative strength and technological expertise of both business units and create holistic solutions for customers worldwide,” says Ronald Ayles, Managing Partner at the financial sponsor Advent International.

Long-term license agreements have been concluded with both Rohm and SABIC for the respective brands in their segment. The PLEXIGLAS® / ACRYLITE® molding compounds business will remain at Rohm as the polycarbonate LEXAN™ resin business will remain with SABIC.

We remind, OCI Global (Euronext: OCI), the world’s third largest nitrogen fertilizer and ammonia producer, is supplying Rohm, a leading manufacturer of methacrylates, with bio-ammonia for the production of methyl methacrylate (MMA), an important precursor for PLEXIGLAS® - the world’s most popular brand of acrylic glass.

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Lukoil and China National Chemical Engineering & Construction Corporation Seven (CC7) have signed a cooperation agreement on creation of a gas chemical facility in the city of Budennovsk in Russia’s Stavropol Region, the Russian oil major reported, said the company.

The document provides for the development of project documentation in cooperation with Russian companies. Moreover, an option to use an incentive mechanism is currently being examined in collaboration with the Stavropol region authorities.

The project will allow to capitalize on the natural gas produced at Lukoil Group fields in the North Caspian by manufacturing carbamide, a chemical fertilizer that is much in demand in the world market.
CC7 is a wholly-owned subsidiary of China National Chemical Engineering Corporation (CNCEC), one of the largest companies in China with great expertise in creating chemical facilities, which conducts operations in over 80 countries.

We remind, Romania's Petrotel Lukoil refinery, owned by Russia's Lukoil, will shut for one month from Wednesday for planned maintenance works, online news website Profit.ro reported. Lukoil's Romanian unit has a relatively small market share compared to bigger refineries in the country. The refinery uses alternative fuel supplies and is not affected by a ban on Russian imports.

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