Plastiverd aims to maintain steady PET production workload in Spain from late February

Plastiverd, a Spanish company specializing in polyethylene terephthalate (PET) production, has articulated plans to maintain a stable production level at its PET plant located in El Prat de Llobregat, situated in the province of Barcelona, Spain, starting from the end of February, said Chemanalyst.

The company aims to sustain this production stability for commercial reasons, although the exact duration of this production load remains undisclosed. The El Prat de Llobregat plant boasts a production capacity of 210 thousand tons of PET per year.

Earlier reports indicated that Plastiverd had recommenced production in January at its PET plant in El Prat de Llobregat. The restart followed challenges related to workforce shortages prompted by the impact of the coronavirus pandemic. Importantly, January's production revival transpired without any technical hindrances, and the workforce seamlessly resumed their duties.

PlastiVerd became part of the Cristian Lay Group conglomerate in April 2014, following its acquisition from La Seda de Barcelona. The acquisition, valued at around EUR 15 million, encompassed not only the PET plant but also included a facility for the production of ethylene oxide and ethylene glycol, boasting a capacity of approximately 200 thousand tons per year. La Seda de Barcelona, the previous owner, operates PET plants across Spain, Turkey, and Italy, along with a recycling facility in Italy. Additionally, LSB holds a significant stake in the Portuguese company Artlant PTA.

The decision by Plastiverd to maintain stable PET production aligns with the company's strategic commercial objectives. While the specific duration of this production continuity remains unspecified, the commitment to stability underscores Plastiverd's dedication to sustaining a consistent output in its PET operations.

It is noteworthy that the resurgence of production in January was prompted by the successful resolution of workforce-related challenges, mitigating the impact of the ongoing pandemic on operational efficiency. The absence of technical impediments during this period underscores the resilience and operational preparedness of Plastiverd's PET plant.

As a subsidiary within the Cristian Lay Group conglomerate, Plastiverd's endeavors in PET production contribute to the conglomerate's broader portfolio of operations. The acquisition of PlastiVerd in 2014 expanded the conglomerate's footprint in the petrochemical sector, encompassing not only PET production but also ethylene oxide and ethylene glycol manufacturing.

The broader context of La Seda de Barcelona's operations, which included PET plants across multiple countries and a recycling facility, signifies the diversified interests within the petrochemical industry. The conglomerate's stake in the Portuguese company Artlant PTA further exemplifies its strategic positioning within the European petrochemical landscape.

We remind, in the first quarter, Swiss company Equipolymers is planning to maximize the utilization of its polyethylene terephthalate (PET) plant in Sckhopau, Germany, aiming to achieve 100% capacity. Market sources have indicated that both production lines, with a combined capacity of 335 thousand tons of PET per year, are currently operational and functioning near full capacity.

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In the first quarter, Swiss company Equipolymers is planning to maximize the utilization of its polyethylene terephthalate (PET) plant in Sckhopau, Germany, aiming to achieve 100% capacity, said Chemanalyst.

Market sources have indicated that both production lines, with a combined capacity of 335 thousand tons of PET per year, are currently operational and functioning near full capacity.

Previously, it was reported that Equipolymers had decreased the load at its PET plant in Sckhopau, Germany, in November of the preceding year. The plant, designed with a capacity of 335 thousand tons per year, experienced reduced workload in November 2022 due to a decline in production margins. During this period, one production line was offline, and the other line was operating at reduced capacity, reflecting the impact of the challenging market conditions on production operations.

The latest developments from Swiss company Equipolymers point to a strategic intent to optimize the production output of its polyethylene terephthalate (PET) plant located in Sckhopau, Germany. With plans to achieve 100% utilization in the first quarter, Equipolymers is positioned to leverage its production capacity and meet the potential surge in demand for PET products.

The decision to increase utilization at the PET plant reflects Equipolymers' strategic positioning in anticipation of market trends and potential shifts in demand for PET-based products. By aiming for full capacity utilization, Equipolymers demonstrates a commitment to optimizing operational efficiency and meeting prospective market demand effectively.

In contrast, the prior reduction in workload at the PET plant in Sckhopau, Germany, shed light on the impact of challenging market conditions on production operations. The decision to reduce the load in November 2022, resulting in one production line being offline and the other operating at reduced capacity, underscored the influence of production margins on operational decisions within the chemical production landscape.

The nuanced interplay between market conditions, production margins, and operational decisions underscores the complexities inherent in the chemical production sector, where strategic adjustments are made in response to prevailing economic factors and market dynamics. Equipolymers' recent decision to maximize the utilization of its PET plant reflects an agile approach to adapting to market conditions and proactively positioning itself to meet potential shifts in demand for PET products.

As Equipolymers prepares to optimize the utilization of its PET plant in Sckhopau, Germany, the industry watches closely to gauge the potential implications of this strategic move on the chemical production landscape and the broader market dynamics. The proactive stance adopted by Equipolymers serves as a testament to the company's adaptability and responsiveness to dynamic market conditions, positioning it to effectively navigate potential shifts in demand and capitalize on emerging opportunities within the PET market.

We remind, Plastiverd, a Spanish company specializing in polyethylene terephthalate (PET) production, has articulated plans to maintain a stable production level at its PET plant located in El Prat de Llobregat, situated in the province of Barcelona, Spain, starting from the end of February. The company aims to sustain this production stability for commercial reasons, although the exact duration of this production load remains undisclosed. The El Prat de Llobregat plant boasts a production capacity of 210 thousand tons of PET per year.

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On 1 Feb 2024, Honeywell announced results for 4Q and 2023 that met or exceeded the company's original full-year guidance, said the company.

The company also provided its outlook for 2024 and, separately, announced that CEO Vimal Kapur will succeed Darius Adamczyk as Chairman of the Board in Jun 2024 and William S Ayer will become independent Lead Director in May 2024. The company reported 4Q 2023 year-over-year sales growth of 3% and organic sales growth of 2%, led by another quarter of double-digit organic sales growth in commercial aviation. Operating margin contracted 290 basis points to 16.8% and segment margin expanded by 60 basis points to 23.5%, driven by expansion in Performance Materials and Technologies and Aerospace.

Earnings per share for 4Q 2023 was $1.91, up 26% year over year, and adjusted earnings per share was $2.60, up 3% year over year. An adjustment to its estimated future Bendix liability at the end of the year drove the majority of the difference between earnings per share and adjusted earnings per share. Excluding a 13-cent non-cash pension headwind, adjusted earnings per share was up 8%. Operating cash flow was $3.0 bn with operating cash flow margin of 31.3%, and free cash flow was $2.6 bn with free cash flow margin of 27.4%, led by a reduction in working capital. For the full year 2023, sales increased 3%, or 4% on an organic basis.

Operating income grew 10% with operating margin expansion of 120 basis points, while segment profit grew 8% with segment margin expansion of 100 basis points. Honeywell reported full-year earnings per share of $8.47 and adjusted earnings per share of $9.16. Honeywell also announced its outlook for 2024.

The company expects sales of $38.1 bn to $38.9 bn, representing year-over-year organic growth of 4% to 6%; segment margin expansion of 30 to 60 basis points; adjusted earnings per share of $9.80 to $10.10, up 7% to 10%; operating cash flow of $6.7 bn to $7.1 bn, and free cash flow of $5.6 bn to $6.0 bn. Sales amounted to $36,662 M in FY 2023, compared to $35,466 M in FY 2022. Cash flow from operations totalled $5340 M, compared to $5274 M. Sales amounted to $9440 M in 4Q 2023, compared to $9186 M in 4Q 2022. Cash flow from operations totalled $2955 M, compared to $2366 M.

We remind, Honeywell announced the availability of technologies and digital solutions to enable customers in Asia Pacific to produce renewable fuels from multiple sources of renewable feedstocks, said Hydrocarbonprocessing.
Refiners are facing market changes as the drive toward sustainability accelerates to lower greenhouse gas (GHG) emissions. It is imperative for companies to adopt ready now technologies that can help them produce low-carbon, sustainable fuels while maximizing available resources, reducing waste, and meeting their sustainability goals.

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Rosneft-owned Tuapse oil refinery on the Black Sea will not resume operations this month, at the very least, sources, familiar with the maintenance schedule, as per Hydrocarbonprocessing.

Rosneft, Russia's largest oil producer, did not reply to a request for immediate comment. Russia has been beset in the past month by a number of refinery outages triggered by fires or suspected drone attacks, prompting authorities to reduce fuel exports to safeguard the domestic market.

Industry sources also said on Tuesday that Novatek will not resume gas condensate processing at its damaged complex at the Baltic Sea port of Ust-Luga this month. A fire broke out at the export-oriented oil refinery in Tuapse on Jan. 25. The plant, which processes light grade, Siberian Light, has an annual capacity of 12 MMt (240,000 barrels per day).

It produces naphtha, fuel oil, vacuum gasoil and high-sulfur diesel, supplying fuel mainly to Turkey, China, Malaysia and Singapore. In 2023, the plant processed 9.322 MMt (186,000 bpd) of oil.

We remind, Venezuela has received all the parts it needs to begin a maintenance program at the 146,000-bpd El Palito refinery, with work expected to take about 20 days. Venezuela's state-run oil company PDVSA in 2022 began receiving assistance from Iranian state firms to revamp its aging refineries. Oil ministers from both nations last week checked the state of joint projects, including the repairs at El Palito, Tellechea told journalists during a tour of oil facilities.

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Venezuela has received all the parts it needs to begin a maintenance program at the 146,000-bpd El Palito refinery, with work expected to take about 20 days, oil minister Pedro Tellechea said on Monday, as per Hydrocarbonprocessing.

Venezuela's state-run oil company PDVSA in 2022 began receiving assistance from Iranian state firms to revamp its aging refineries. Oil ministers from both nations last week checked the state of joint projects, including the repairs at El Palito, Tellechea told journalists during a tour of oil facilities.

El Palito, located in Venezuela's central region, is the smallest refinery in a 1.3-million-bpd-capacity network that also includes facilities in Paraguana and Puerto La Cruz. Following a major revamp at El Palito that was completed in 2023, Iran and Venezuela planned repairs at the largest refining complex, the 955,000-bpd Paraguana.

A final contract has not been signed and Tellechea did not elaborate on the plans. The U.S. last month said it would reimpose oil and gas sanctions on Venezuela in April unless Caracas lifted a ban on a leading opposition figure from running in presidential elections this year and complied with other conditions it committed to through an electoral pact signed last year.

"We are not looking for a conflict," said Tellechea, adding that Venezuela has asked for 100% ofthe sanctions in place to be lifted. Venezuela, he said, had healthy inventories of domestically-produced fuel to avoid a scarcity of gasoline or diesel while El Palito suspends operations during maintenance.

PDVSA in January boosted imports of gasoline and naphtha, mainly from the United States. It also received a cargo of Russia-origin diesel, according to LSEG tanker tracking data. The company also expects to complete this year the import of up to 600 fuel trucks to replenish its fleet, the minister said.

We remind, Tecnimont has been awarded a FEED contract by MadoquaPower2X to develop an integrated green hydrogen and green ammonia plant located in the industrial zone of Sines, Portugal. MadoquaPower2x is a consortium comprised of Madoqua Renewables, Power2X and Copenhagen Infrastructure Partners (CIP), through its Energy Transition Fund.

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