Linde elects new director

Linde elects new director

Linde plc announced that its Board of Directors has elected Paula Rosput Reynolds as a new director of Linde plc, effective February 27, 2024. Rosput Reynolds will serve on the Audit and Sustainability committees, said the company.

Rosput Reynolds is a seasoned energy executive who brings substantial knowledge and global experience to the Linde plc Board of Directors. Over the course of her career, she has held several senior roles including CEO of Duke Energy Power Services, Chair, President & CEO of AGL Resources, Chair & CEO of Safeco Corporation, and Vice Chair & Chief Restructuring Officer at AIG. She is currently President and CEO of PreferWest LLC, a business advisory firm.

Rosput Reynolds is currently Chair of National Grid plc and serves as a director at General Electric Company and senior independent director at BP plc. She has previously served on a number of Boards including at BAE Systems, CBRE, TransCanada and Delta Air Lines, among others.

"Paula has a distinguished track record of executive leadership and board service,” said Steve Angel, Chairman of Linde plc. "Her in-depth knowledge of the energy sector, strategic insights and international experience will be an asset to the company and further strengthen our Board."

We remind, Linde announced it has signed two new long-term power purchase agreements for the supply of renewable energy in China. Linde has signed separate 25-year agreements with Guangdong Energy Group (GEG) and China Three Gorges Corporation (CTG) to secure a total of 320 gigawatt hours per year of renewable energy. The renewable power will be generated by solar projects located in the provinces of Guangdong and Jiangsu, and supply is due to start in the first quarter of 2024.

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LyondellBasell prices public offering of guaranteed notes

LyondellBasell prices public offering of guaranteed notes

LyondellBasell announced that LYB International Finance III, LLC, its wholly-owned subsidiary, priced a public offering of USD750,000,000 aggregate principal amount of 5.500% Guaranteed Notes due 2034, said the company.

The Notes will be fully and unconditionally guaranteed by LyondellBasell. The Offering is expected to close on February 28, 2024, subject to the satisfaction of customary closing conditions.

The net proceeds of the Offering are expected to be used for general corporate purposes, which may include the repayment of the 5.75% Senior Notes due 2024 issued by LyondellBasell.

Citigroup Global Markets Inc. and Mizuho Securities USA LLC are acting as the joint book-running managers for the Offering.

We remind, LyondellBasell today announced it has declared a dividend of USD1.25 per share, to be paid March 11, 2024, to shareholders of record on March 4, 2024, with an ex-dividend date of March 1, 2024.

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LyondellBasell selects Emerson to modernize automation technology at olefins production plants

LyondellBasell selects Emerson to modernize automation technology at olefins production plants

Global software and technology leader Emerson has been selected by multinational chemical company LyondellBasell to modernize control systems and software at its Wesseling complex in Germany, said the company.

The implementation of advanced automation technology will help to enhance operation of an ethylene cracker and butadiene production plant. Emerson digital tools and project engineering services will help to ensure a smooth transition during the planned plant shutdown in 2024.

The Wesseling site is LyondellBasell‘s largest manufacturing facility in Europe. As part of a global modernization program, LyondellBasell is standardizing its control system technology. Emerson was selected for the project after demonstrating that it could implement all hardware and software upgrades during the two-week turnaround period.

Emerson’s DeltaV™ distributed control system and DeltaV Live software will be deployed to operate the ethylene cracker safely and efficiently, with the company’s AMS Device Manager software supporting the start-up process and ongoing management of field instrumentation. The advanced automation solutions will significantly reduce engineering time for implementing control strategies aimed at improving efficiency. DeltaV Live software will provide modern user interfaces that simplify management of the plant, enable operators to identify issues earlier and maximize worker productivity.

Virtual DeltaV systems will be used throughout the project to support development, testing and training. An operator training solution using Emerson’s MIMIC™ process simulation software will help operators to familiarize themselves with the new control system prior to start-up, minimizing the risk of potential issues and optimize operator efficiency. Emerson on-site engineers will provide start-up support and consult on the implementation of modern control strategies.

We remind, LyondellBasell announced it has acquired mechanical recycling assets containing rigid plastics recycling processing lines from PreZero, a global recycling leader and waste management service provider, said the company.
The transaction includes leasing the processing facility in Jurupa Valley, Calif., which has a production capacity of approximately 50 million pounds per year for recycled materials.

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Linde Increases Dividend 9%

Linde Increases Dividend 9%

Linde plc announced its Board of Directors has declared a 9% increase in the company's quarterly dividend to $1.39 per share. This marks the 31st consecutive year of quarterly dividend increases on the company’s stock, said the company.

The dividend is payable on March 28, 2024 to shareholders of record on March 14, 2024.

We remind, Linde plc reported 4Q 2023 results. Europe, Middle East & Africa (EMEA) sales of $2100 M were up 4% versus prior year. Compared with 4Q 2022, underlying sales grew 2%, driven by 6% higher pricing partially offset by 4% lower volumes. Operating profit of $615 M was 29.3% of sales, 420 basis points above prior year and 350 basis points higher when excluding the effects of cost pass-through.

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Source One Plastics starts operations at plastic waste sorting and recycling facility

Source One Plastics starts operations at plastic waste sorting and recycling facility

Source One Plastics, a joint venture between 23 Oaks Investments and LyondellBasell, has successfully started up its plastic waste sorting and recycling facility in Eicklingen, Germany, said the company.

The new unit processes difficult to recycle post-consumer plastic waste such as mixed plastic packaging and flexible polyolefins materials that would otherwise be sent mostly to incineration. The annual expected processing capacity of 70.000 metric tons equals the amount of plastic waste produced by approximately 1,5 million German citizens per year.

The new plant will use an innovative dry processing method to reduce energy consumption by up to thirty percent compared to conventional plastic recycling technologies. The system is designed to minimize the occurrence of fine plastic dust and its release into the environment. The plant is powered by locally generated renewable energy. The plastic waste processed in Eicklingen will provide a material part of the feedstock for the first commercial-scale catalytic advanced recycling plant that LyondellBasell will build at its Wesseling, Germany, site.

“We celebrate today the opening of our joint venture Source One Plastics facility with valued partners, employees and local stakeholders,” says Yvonne van der Laan, LyondellBasell Executive Vice President, Circular and Low Carbon Solutions. “This marks another important milestone in our strategy to transform recycled material into high-quality polymer. This state-of-the-art advanced sorting facility will turn post-consumer mixed plastic waste into feedstock for our integrated hub in Cologne area. There, we will use cutting-edge technologies to close the loop of plastic materials and create sustainable solutions for society .”

The Source One Plastics joint venture will provide a broad portfolio of services to procure, sort, and pre-treat waste plastic to deliver feedstock suitable for advanced recycling. Through advanced recycling, LyondellBasell is producing high-quality polymers for a range of applications.

As a strategic solution provider for the sustainable use of plastics, 23 Oaks unites global experience and comprehensive knowledge in all areas of the circular economy. "We combine this expertise with a strong operational approach," says Kai Hoyer, owner of 23 Oaks Investments. "With the Source One Plastics plant, we are today inaugurating another ecologically and economically attractive solution for upcycling post-consumer plastic waste. We are proud to see our idea of a better circular economy in action. With the help of AI technology, our system will detect and sort material composites with product-specific accuracy. We have thus laid the foundations for true closed loops, the supreme discipline of the circular economy."

We remind, LyondellBasell announced it has acquired mechanical recycling assets containing rigid plastics recycling processing lines from PreZero, a global recycling leader and waste management service provider. The transaction includes leasing the processing facility in Jurupa Valley, Calif., which has a production capacity of approximately 50 million pounds per year for recycled materials.

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