DuPont CEO and CFO to leave company

MOSCOW (MRC)--DuPont’s CEO Marc Doyle and CFO Jeanmarie Desmond will be leaving the company, effective immediately, as it aims to "accelerate" an improvement in performance, said the company.

DuPont has announced that its Board of Directors has appointed current Executive Chairman Edward Breen to the additional role of CEO. In addition, Lori Koch, VP of Investor Relations and Corporate Financial Planning and Analysis, has been named Chief Financial Officer.

Both appointments are effective immediately.

The Board of Directors has made these leadership changes to accelerate operational performance improvement and to more directly tap Ed Breen’s significant management experience. As a result, Marc Doyle and Jeanmarie Desmond, who have served as CEO and CFO respectively, will depart the company.

"Since he first assumed the Chairman and CEO role of DuPont in 2015, Ed Breen led the company through an extensive transformation to further unlock the potential of its distinctive capabilities, innovative portfolio and deep customer relationships,” said Alexander Cutler, DuPont’s lead independent director. “After careful consideration, the Board concluded now is the right time to make these leadership changes, including restoring Ed to the chief executive role to draw more directly on his substantial operating experience."

"The Board and I deeply appreciate Marc and Jean’s significant contributions over decades of service to the company,” said Ed Breen. “Most recently, they led the company through a period of important transition, and we are grateful for their dedication to DuPont over the course of their careers.

As it was written earlier, BASF and DuPont Safety and Construction declared that the companies inked an agreement wherein BASF will sell its ultrafiltration membrane business to DuPont.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

DuPont makes a broad array of industrial chemicals, synthetic fibres, petroleum-based fuels and lubricants, pharmaceuticals, building materials, sterile and specialty packaging materials, cosmetics ingredients, and agricultural chemicals. It has plants, subsidiaries, and affiliates worldwide.
MRC

MOSCOW (MRC) - SIBUR's net profit under IFRS in 2019 increased by 27.6% and amounted to 141.4 billion rubles, the company said.

The increase in net profit is mainly due to the revaluation of debt in foreign currencies.

Revenue decreased by 6.6% compared to 2018 and amounted to 531.3 billion rubles. "Revenue declined amid negative dynamics in the gas processing and infrastructure segments, as well as elastomer plastics and intermediates," the press release said. The company notes that the increase in revenue in the segment of olefins and polyolefins as a result of the start of test sales of Zapsibneftekhim polypropylene helped partially offset the decline in the total indicator.

EBITDA decreased by 15.4% - to 170 billion rubles - mainly due to a decrease in the segment of gas processing and infrastructure, as well as in the segment of plastics, elastomers and intermediate products. This effect was partially offset by the contribution of the olefin and polyolefin segment. The EBITDA of the olefin and polyolefin segment showed a significant increase - 30% - up to 49 billion rubles.

In 2019, SIBUR’s gas refineries processed 22.6 billion cubic meters. meters of associated petroleum gas (APG), which is 1.5% higher than in the same period in 2018. ShFLU fractionation volume remained at the level of 2018 and amounted to 7.7 million tons. LHG sales decreased by 4%, to 5.1 million tons due to an increase in domestic consumption of this type of raw material during commissioning at ZapSibNeftekhim.

As of December 31, 2019, the total debt of the company amounted to 379.7 billion rubles, an increase of 14.2% compared to December 31, 2018. The increase in the indicator is associated with the continuation of the selection of credit lines for the ZapSibNeftekhim project, as well as the inclusion of lease obligations in the debt in accordance with the application of the new IFRS 16 standard from January 1, 2019.

The amount of debt at the end of the year amounted to 379.7 billion rubles, an increase of 14.2%. SIBUR's net debt grew by 14.1% and amounted to 362.3 billion rubles. The net debt / EBITDA ratio was 2.1x compared to 1.6x at the end of the previous year.

It was previously reported that the net profit of SIBUR Holding under IFRS in 2018 decreased by 7.9% compared to 2017 and amounted to 110.8 billion rubles.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

SIBUR is a vertically integrated gas processing and petrochemical company, operating at 26 production sites located in various regions of the Russian Federation. SIBUR sells products to more than 1.4 thousand consumers in the fuel and energy complex, the automotive industry, construction, production of consumer goods, chemical and other industries in 75 countries of the world.
MRC

MOSCOW (MRC) - The non-core asset bank Trust plans to sell the Kaliningrad-based Ecopet enterprise by the end of 2020, Rugrad reports citing the company's press service.

The process of preparing an asset for sale has not yet been finalized. Earlier, the general director of the plant, Alexander Anikeev, expressed the hope that the deal would be closed in a short time, and reported at least three potential investors.

The press service of the Trust did not specify the price at which the Kaliningrad enterprise will be sold; it is considered the largest producer of polyethylene terephthalate (PET) - materials for plastic packaging in Russia and Europe. However, in 2020, the bank plans to sell 20 real estate in the amount of 8.1 billion rubles. and 4 companies worth 6.3 billion rubles.

"We plan to sell these assets, but everything will depend on the market conditions. Enterprises are more difficult to sell than real estate, as there are fewer potential buyers, and it is more difficult to structure transactions. Nevertheless, all enterprises are finalizing the sales preparation process," the press reports - word service of the chairman of the board of Trust Alexander Sokolov.

In addition, in the second week of February, Ecopet began launching PET production after a planned shutdown. The manufacturer stopped its facilities at a scheduled stop on January 20. The plant still does not ship granules for export, the current level of export prices is EUR840 per tonne, FCA Kaliningrad, excluding VAT.

In May 2017, Alco-Nafta CJSC was reorganized into AO, and from June 26, 2017 it was renamed into Ecopet AO.

Ecopet JSC is the successor of Alco-Nafta CJSC, founded in 2003. The company's revenue in 2018 amounted to 1.3 billion rubles. The enterprise participates in the national project “Labor Productivity and Employment Support.” As RUGRAD.EU previously reported, Trust Bank is looking for new owners directly for Ecopet JSC, which owns petrochemical production facilities on the Baltic Highway, and for the Balttehprom infrastructure site The proceeds from the sale of the assets of Trust Bank are used to compensate for government spending on the rehabilitation of the country's largest banks.
MRC

MOSCOW (MRC) -- Sinopec Shanghai Petrochemical, the subsidiary of one of the world's largest energy and chemical companies - Sinopec, will shut its 3.5 million mt/year CDU and 3.3 million mt/year gasoil hydrogenation unit for maintenance over mid-March to early April, reported S&P Global.

As MRC wrote earlier, Sinopec Qilu Petrochemical, another subsidiary of Sinopec, plans to shut the cracker unit in Tianjin in northeast China for scheduled repairs on 15 June, 2020. This cracking unit with a capacity of 900,000 tonnes of ethylene per year and 480,000 tonnes of propylene tons per year will be closed for scheduled repairs until 24 June, 2020.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

Sinopec corp. is one of the world's largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, oil refining, petrochemical production, production of mineral fertilizers and other chemical products. In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity - fourth.
MRC

MOSCOW (MRC) -- Sinopec's Jinling Petrochemical plans to shut its 1.5 million mt/year FCC, and a 600,000 mt/year gasoline hydrotreater for three months due to slow gasoline sales, reported S&P Global with reference to a source with the refinery.

Meanwhile, the refinery will also cut crude throughput in February from the planned 1.35 million mt.

As MRC informed before, Sinopec Qilu Petrochemical, the subsidiary of one of the world's largest energy and chemical companies, Sinopec, plans to shut the cracker unit in Tianjin in northeast China for scheduled repairs on 15 June, 2020. This cracking unit with a capacity of 900,000 tonnes of ethylene per year and 480,000 tonnes of propylene tons per year will be closed for scheduled repairs until 24 June, 2020.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,093,260 tonnes in 2019, up by 6% year on year. Shipments of all PE grades increased. PE shipments rose from both domestic producers and foreign suppliers. The estimated PP consumption in the Russian market was 1,260,400 tonnes in January-December 2019, up by 4% year on year. Supply of almost all grades of propylene polymers increased, except for statistical copolymers of propylene (PP random copolymers).

Sinopec corp. is one of the world's largest integrated energy and chemical companies. Business Sinopec Corp. includes oil and gas exploration, production and transportation of oil and gas, oil refining, petrochemical production, production of mineral fertilizers and other chemical products. In terms of refining capacity, Sinopec Corp. ranks second in the world, in terms of ethylene capacity - fourth.
MRC