Clariant posts Q3 profit

MOSCOW (MRC) -- Swiss specialty chemicals maker Clariant AG reported that its third-quarter net income was 59 million Swiss francs, compared to a loss of 204 million francs in the same quarter last year, said the producer in its press-release.

Net income from continuing operations dropped to 58 million francs from last year's 129 million francs. The decrease was entirely caused by higher tax charges compared to the year-ago period and a one-time gain from the joint venture transaction with Wilmar in the previous year.

EBIT declined to 122 million francs from 147 million francs in the previous year.

But, quarterly sales rose 4% to 1.507 billion francs from 1.443 billion francs last year. Sales from continuing operations rose 8% in local currencies.

For the full-year 2014, Clariant expects around mid single-digit sales growth in local currencies and an EBITDA margin before exceptional items above full-year 2013.

Clariant confirmed its mid-term target of achieving a position in the top tier of the specialty chemicals industry.This corresponds to an EBITDA margin before exceptional items in the range of 16 % to 19 % and a return on invested capital (ROIC) above the peer group average in 2015 and beyond.

As MRC wrote before, CB&I and Clariant announced that their new Ziegler-Natta (ZN) polypropylene catalyst plant in Louisville, Kentucky, is on schedule to begin production in 2015. The plant is part of a long-term strategic partnership between Clariant’s catalysts business and CB&I’s Lummus Novolen Technology business.

Clariant AG is a Swiss chemical company and a world leader in the production of specialty chemicals for the textile, printing, mining and metallurgical industries. It is engaged in processing crude oil products in pigments, plastics and paints.
MRC

MOSCOW (MRC) -- Life sciences and material sciences company Royal DSM has confirmed that the polymerisation plant it announced earlier this year will be built in Augusta, Georgia, and will manufacture high viscous Akulon polyamide 6 polymer for film grades used in flexible food packaging and other segments, as per Plastics in Packaging.

The US plant will be built next to DSM Engineering Plastics' existing facility, which currently makes medium viscous grades of Akulon and Novamid polyamide 6 polymers for a wide variety of industries.

"DSM Engineering Plastics’ decision to locate its newest plant in Georgia speaks to our position as a global leader in the advanced manufacturing industry," said Chris Carr, commissioner of the Georgia Department of Economic Development.

Richard Pieters, president of DSM Engineering Plastics Americas, said: "The Augusta location will offer all logistic modalities to our customers in the Americas and leverage the scale of our existing polymer operations."

The plant will be DSM’s first polymerisation plant for high viscosity grades in North America for Akulon polyamide 6s. In addition to Akulon and Novamid 6 and 6,66 polyamides, DSM serves customers with a range of specialty high performance engineering plastics including Arnitel TPC copolyester, Arnite PBT and PET polyesters, Stanyl high performance polyamide 46 and 4T, and our bio-based engineering plastics EcoPaXX polyamide 410 and Arnitel Eco copolyester.

Construction of the plant is scheduled to start in the first quarter of 2015 with completion targeted for mid-2016.

As MRC reported earlier, last October, Royal DSM signed a partnership agreement with long fibre thermoplastic (LFT) specialist Plasticomp (Winona, Minnesota / USA) to develop bio-based LFT composite materials based on DSM’s "EcoPaXX" polyamide 4.10. The lightweight materials, which include compounds reinforced with glass fiber as well as carbon fiber, will be targeted at automotive and other performance-driven markets.

Royal DSM is a global science-based company active in health, nutrition and materials. DSM delivers innovative solutions that nourish, protect and improve performance in global markets such as food and dietary supplements, personal care, feed, pharmaceuticals, medical devices, automotive, paints, electrical and electronics, life protection, alternative energy and bio-based materials.
MRC

MOSCOW (MRC) -- Williams Partners L.P. has announced it expects its expanded Geismar Olefins plant to begin manufacturing ethylene for sale in November, reported the company on its site.

That timeline is consistent with the financial guidance the partnership provided in July.

All major construction related to the rebuild of the damaged plant, the expansion project and the safety-related equipment installation is now complete. The general contractors for the expansion and rebuild projects have demobilized and Williams' operations personnel are now directing the dry-out and commissioning of the plant.

"We are in the final stages of commissioning and startup," said John Dearborn, senior vice president of NGL & Petchem Services. "We fully expect to be manufacturing ethylene for sale in November, consistent with our financial guidance. We continue to place our highest focus on restoring safe and reliable operations for our employees, contractors, community and customers."

Capacity at the plant is now 1.95 billion pounds of ethylene per year. Williams Partners' share of the total capacity of the expanded plant is approximately 1.7 billion pounds per year. Williams owns controlling interest and is the general partner of Williams Partners.

As MRC informed earlier, in late 2012, Williams Partners signed an agreement with Williams to purchase the company's 83% undivided interest in the Geismar olefins production facility, a refinery-grade propylene splitter, for USD2.264bn.

Williams, headquartered in Tulsa, Okla., is one of the leading energy infrastructure companies in North America. It owns controlling interests in both Williams Partners L.P. and Access Midstream Partners, L.P. through its ownership of 100% of the general partner of each partnership. Additionally, Williams owns approximately 66% and 50% of the limited partner units of Williams Partners L.P. and Access Midstream Partners, L.P., respectively. On June 15, 2014 Williams proposed the merger of Williams Partners and Access Midstream Partners. The proposed merger has been approved by boards of each partnership and is expected to close in early 2015.
MRC

MOSCOW (MRC) -- Net profits of PetroChina Company Ltd, China's largest oil and gas producer, edged up 0.8% year on year to 96.05 billion yuan (USD15.64 billion) in the first three quarters of 2014, said Chinadaily.

The pace was much slower than a 4% growth in the first half of this year.

During the first nine months, business revenue rose 4.3% to 1.75 trillion yuan, according to the company's quarterly report filed with the Shanghai Stock Exchange.

The company's slow profit growth was mainly attributable to a weak third quarter, when international oil prices declined. Its profits in the exploration and production sector dropped in the third quarter, and losses were seen in petrochemical businesses.

It produced 700 million barrels of crude oil in the first nine months, up 0.3% year on year, while its production of natural gas for sales rose 7.1% from a year earlier, according to the report.

As MRC wrote before, PetroChina plans to spend more than 10 billion yuan (USD1.6 billion) on shale gas this year. PetroChina's decision to triple its shale gas spending from expenditures on the unconventional fuel over the past few years comes just months after Sinopec lifted hopes that China is near a breakthrough by announcing a commercial find.

PetroChina Company Limited, is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It is China's biggest oil producer.

MRC

MOSCOW (MRC) -- Silicone manufacturer Momentive Performance Materials Inc. (MPM) announced that it has emerged from Chapter 11 and completed its restructuring plan, said Usglassmag.

According to court documents, the U.S. Bankruptcy Court for the Southern District of New York entered an order on September 11 confirming the "Joint Chapter 11 Plan of Reorganizing for Momentive Performance Materials Inc. and Its Affiliated Debtors, dated September 3, 2014."

The effective date of the plan, according to a notice issued by the court, was October 24 at 4 p.m.

With a healthy balance sheet, the company claims it has liquidity of approximately USD360 million and a "free cash flow profile that will allow MPM to invest in its leading technology portfolio and global operations."

MPM filed for Chapter 11 bankruptcy on April 13, 2014. According to court documents, estimated assets and liabilities were both listed at more than USD1 billion. The 50 largest unsecured creditors listed included GE Capital Equity Investments, The Bank of New York Mellon, Nippon Kasei Chemicals Co. Ltd., BASF Corp. and Praxair Inc.

"We appreciate the support of our lenders throughout this transformational process and would like to thank our valued customers, suppliers and employees for their steadfast commitment to MPM," says Jack Boss, MPM’s interim chief executive officer and president. "We believe we are well positioned for future success and excited by the opportunities afforded to us by our new capital structure."

Post-emergence, MPM says it will have an independent senior management team and board of directors from Momentive Specialty Chemicals Inc. (MSC). According to the company, the shared services agreement between MPM and MSC will remain in place.

As MRC wrote earlier, Momentive and OAO Shchekinoazot, a large Russian industrial chemicals producer, formed a joint venture company to manufacture resins for the forest products and construction markets.

Momentive Performance Materials Inc. is a global leader in silicones and advanced materials, with a 70-year heritage of being first to market with performance applications for major industries that support and improve everyday life. Momentive Performance Materials Inc. is an indirect wholly-owned subsidiary of Momentive Performance Materials Holdings LLC.
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