Gurit names new CFO

Gurit Holdings AG has appointed Viktor Bernhardt as its new CFO, effective Dec. 1, according to a Gurit statement Sept. 22. Bernhardt is succeeding Javier Perez-Freije, who will depart by the end of November, the company said.

Gurit said it is confident that Bernhardt will make significant contributions to its financial strategy and overall success, guiding the company through its next phase.

Bernhardt has an extensive track record in corporate transformation, restructuring, M&A execution and strategic growth, Gurit said.

We remind, Gurit Holding, a Swiss composite materials manufacturer, has completed the transfer of its polyvinyl chloride (PVC) production site in Qingdao, China, to Zhengyu Sunshine Industrial. The transaction price remains undisclosed.

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HS Hyosung Advanced Materials, a leading producer in the carbon fiber industry, has announced its achievement of the International Sustainability & Carbon Certification (ISCC) PLUS, as per Chemweek.

This certification is a widely recognized standard that emphasizes sustainable materials and enhances transparency throughout the supply chain.

The ISCC PLUS certification provides a validated framework that ensures sustainability in the company’s carbon fiber production process, integrating both plant-based inputs and recycled raw materials.

The certified bio-acrylonitrile (AN) carbon fiber production process at HS Hyosung Advanced Materials showcases commercial potential, closely aligning with established chemical manufacturing methods, it said.

Independent analyses have confirmed that carbon fibers produced from bio-AN exhibit mechanical performance that is on par with conventional products, ensuring that sustainability does not compromise quality.

A key aspect of this innovative production process is the sourcing of AN, the precursor to bio-AN, which is derived from bio-naphtha obtained from renewable and recycled materials, including rapeseed oil and waste cooking oil. This approach not only enhances the sustainability of the production process, but also contributes to a reduction in carbon emissions across the entire value chain, according to the company.

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The State Oil Company of the Azerbaijani Republic (SOCAR) is interested in participating in the development of hydrocarbon fields in Turkmenistan, Azerbaijani Deputy Economy Minister Sahib Alakbarov said at the TIF 2025 Investment Forum in Turkmenbashi, Turkmenportal reported, as per Interfax.

The sphere of electricity deserves special attention in the cooperation between the two countries, Alakbarov said.

"Azerbaijan, as a major producer and exporter of electricity, offers a reliable transit corridor. We see good prospects for organizing electricity supplies from Turkmenistan to Azerbaijan with the further possibility of transit to third countries," he said.

Alakbarov recalled that in a broader perspective, together with Uzbekistan and Kazakhstan, opportunities are being considered for delivering green electricity from Central Asia to European markets through Azerbaijani territory. "We remain open to proposals from the Turkmen side in this direction," he said.

Alakbarov also said that cooperation between the countries plays a key role in optimizing the East-West transport corridor and in increasing the efficiency of the Middle Corridor (the Trans-Caspian International Transport Route, which runs through China, Kazakhstan, the Caspian Sea, Azerbaijan and Georgia, and further to Turkey and European countries).

"In the first seven months of this year, transit transportation between our countries reached over 1 million tonnes, which is 13% higher than the figure for the same period last year," he said. At the same time, most of this transportation (around 76%) occurred on rail transport along the East-West route.

Currently, 78 companies with Turkmen capital are operating in Azerbaijan in industry, transport, construction, trade and the service sector, he said.

In recent years, there have been positive trends in the mutual trade of agricultural and processing industry products, he said.

The recent decision to establish an Azerbaijani trade representation in Uzbekistan, whose activities will also extend to other Central Asian countries, opens new opportunities for regional interaction, he said.

"We expect that this mechanism will activate the export of Azerbaijani products to Turkmenistan, strengthen investment cooperation, establish direct contacts between business circles, and allow for the implementation of joint projects in Central Asia," he said.

Currently, SOCAR is participating in the implementation of a number of projects in Turkmenistan, including the development of the Dostluk field, the transportation of oil from Turkmenistan to international markets in transit through Azerbaijani territory (via the Baku-Tbilisi-Ceyhan pipeline), and a number of others.

In January 2021, Turkmenistan and Azerbaijan signed a memorandum of understanding on the joint exploration, development, and exploitation of the Dostluk hydrocarbon field. Its reserves are estimated by experts at 50 million tonnes of oil. Lukoil was chosen as the investor of the project. Turkish Energy Minister Alparslan Bayraktar recently said that the Turkish state company TPAO intends to expand its presence in the Caspian region, including through participation in the Dostluk project.

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The European Commission has proposed a full ban on transactions with Gazprom Neft and Rosneft as part of the 19th package of anti-Russian sanctions, European Commission President Ursula von der Leyen said on Friday, as per Interfax.

"Major energy trading companies Rosneft and Gazprom Neft will now be on a full transaction ban," she said in a video address.

We remind, the State Oil Company of the Azerbaijani Republic (SOCAR) is interested in participating in the development of hydrocarbon fields in Turkmenistan, Azerbaijani Deputy Economy Minister Sahib Alakbarov said at the TIF 2025 Investment Forum in Turkmenbashi, Turkmenportal reported. The sphere of electricity deserves special attention in the cooperation between the two countries, Alakbarov said.

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American chemical company DuPont de Nemours Inc. has lowered its revenue outlook for the current year due to the sale of its aramid fiber business and the spinoff of its electronics materials segment, as per company.

The company now expects revenue of $6.87 billion this year, down from its previously expected $12.85 billion, according to a company statement.

For the third quarter, the new guidance calls for revenue of $2.98 billion with adjusted earnings per share of $1.06 (previously estimated at $3.32 billion and $1.15, respectively).

DuPont also expects annual revenue growth rates of 3-4% and adjusted earnings of 8-10% through 2028.

At the end of August, DuPont agreed to sell its aramid fiber business to Arclin for $1.8 billion. The company also plans to complete the spinoff of its electronics division, including its chip materials business, by November 1.

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