RIL's net profit drops 15% YoY in December quarter to Rs 15,792 crore

Reliance Industries Ltd on Friday reported a 15 per cent drop in its net profit to Rs 15,792 crore for the third quarter, according to a company's stock exchange filing, said the company.

The net profit of Rs 15,792 crore in October-December 2022 compares to Rs 18,549 crore a year back.

Revenue from operations rose to Rs 2,20,592 crore from Rs 1,91,271 crore in October-December 2021.

We remind, Reliance Industries said on Thursday that it plans to temporarily shut three units at its plant in Jamnagar in the western Indian state of Gujarat for planned maintenance and inspection activities. The oil-to-telecom conglomerate owned by billionaire Mukesh Ambani is the operator of the world's biggest refining complex which houses two plants with a combined capacity of about 1.4 million barrels per day.

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Braskem Idesa (BI) and Advario announce the formalization of their partnership, by virtue of which Advario acquired 50% of the capital of Terminal Quimica Puerto Mexico (TQPM), a company whose purpose is the construction and operation of a new ethane import terminal in Coatzacoalcos, Veracruz, said the company.

The total estimated investment for the project amounts to US$400 million. The new terminal will have an area of 1.
0 hectares for ethane storage connected to the BI petrochemical complex through an ethane pipeline of approximately 10 kilometers; it will have a storage capacity of 100 thousand m3 and will supply the ethane required by the BI plant to operate at full capacity. The project will have a positive impact on the southern region of Veracruz through the generation of approximately 2 thousand direct jobs, the contracting of suppliers and the creation of new logistics infrastructure for the area and the state.

The formalization of this partnership is a clear example of the commitment of both companies to focus on growth opportunities in the petrochemical sector, thus supporting the Mexican petrochemical and plastics industry.

We remind, Braskem and Indorama Ventures IOD - Oxiteno announce a partnership to supply bio-attributed ethylene from renewable sources, said the company. Bio-attributed ethylene, certified by ISCC (International Sustainability and Carbon Certification), will be used by Oxiteno to create new sustainable solutions.

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DuPont announced the official opening of its new DuPont™ Kalrez® manufacturing site in Newark, Delaware to meet growing global customer demand from the semiconductor and industrials sectors, said the company.

The new facility, the Tralee Park Annex, was officially inaugurated with a ribbon-cutting ceremony that included DuPont executives, Delaware Lt. Governor Bethany Hall-Long, Delaware Secretary of State Jeffrey Bullock and other government and community leaders.

Tralee Park Annex will significantly expand DuPont™ Kalrez® perfluoroelastomer parts capacity. The site also features a high-end ISO Class 6 Cleanroom, upgraded manufacturing equipment, optimized facility layout and space to support future business growth. From chemical processing to semiconductor chip manufacturing, DuPont™ Kalrez® elastomers are engineered to provide more stability, resistance, and effective sealing.

“We are thrilled to open this new state-of-the-art facility to support the growth of our customers,” said Brian Ammons, Global Business Director for Kalrez®. “We are committed to partnering with our customers on innovation and pride ourselves on driving operational excellence and delivering supply reliability and consistent superiority in quality performance. The Tralee Park Annex is a prime example of how we are delivering on these core competencies. This facility also advances our sustainability agenda as it integrates a state-of-the-art energy, IT infrastructure and building layout that minimizes energy consumption and maximizes efficiency and productivity.”

In addition to more capacity, the Tralee Park Annex enables faster cycle times, and offers expanded areas for finishing, inspection, packaging and shipping that will support higher capacity for customers globally.

We remind, DuPont announced that on 1 Nov 2023 it will complete its previously announced sale of an 80.1% ownership interest in the Delrin acetal homopolymer (H-POM) business to an affiliate of TJC LP (TJC) in a transaction valuing the business at $1.8 bn, said the company. At close, DuPont will receive pre-tax cash proceeds of approximately $1.28 bn which includes certain customary transaction adjustments, a note receivable of $350 M, and will retain a 19.9% non-controlling common equity interest in the Delrin business.

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A fire at a rural chemical distribution plant northeast of Houston was extinguished by 4 p.m. CDT (2200 GMT), a county emergency services department said Reuters.

For much of the day, county officials told residents within one mile of Sound Resource Solutions located 61 miles (99 km) northeast of Houston to shelter in homes and businesses as crews sprayed foam to extinguish burning chemicals contained in trucks and buildings at the plant in a rural area near Shepherd, Texas.

Towns near the large black smoke plume rising from the fire also issued shelter-in-place orders for part of the day. Emmitt Eldridge, San Jacinto County emergency management coordinator, said the fire began after a worker operating a forklift noticed chemicals leaking from a container at the plant.

"He then went to lift it up (using the forklift) and the worker then saw there was a fire," Eldridge said. Eldridge said did not know if the fire was already burning before the container was lifted. The forklift operator was injured in the fire and taken to a Houston hospital for treatment of burns, which were described as minor.

"He's going to be home with his family this evening," said Geoff Harfield, owner of Sound Resource Solutions. Officials said about 19 people were working at the facility when the fire began shortly after 8 a.m. All had been accounted for.

Sound Resource Solutions blends, packages and distributes oilfield and other industrial chemicals including sulfuric acid, acetone and petrochemicals like xylene and toluene, according to the company's website. U.S. Highway 59 was closed between Shepherd and Livingston, Texas because of the fire.

Rural Texas communities have been frequent sites of chemical plant explosions and fires. In 2013, 15 people were killed and 160 injured in a fertilizer storage facility explosion in the town of West, Texas. Four towns in east Texas were evacuated when a TPC Group butadiene plant exploded in Port Neches, Texas in 2018.

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Thyssenkrupp Uhde, in partnership with DL E&C (formerly Daelim Industrial) and its affiliate (CARBONCO), has been selected by Copenhagen Infrastructure Partners P/S (CIP) on behalf of Murchison Hydrogen Renewables Pty Ltd, to deliver a pre-FEED to support the development of the giga-watt-scale Murchison green ammonia project in Kalbarri, Western Australia, said Hydrocarbonprocessing.

This project will use onshore wind and solar energy for green hydrogen and green ammonia production. The key goal of the pre-FEED is to enhance the technical concept and commence key engineering activities for the ammonia plant. The study will be based on thyssenkrupp Uhde’s dynamic uhde ammonia synthesis technology, which has been specifically developed to tackle the unique challenges of dynamic ammonia production. The company will also provide integration engineering for the full facility. The pre-FEED will also enable Murchison Hydrogen Renewables to advance through the subsequent commercial and regulatory phases of the project.

Dr. Cord Landsmann, CEO of thyssenkrupp Uhde, said: “With our technologies, we at thyssenkrupp Uhde are making a significant contribution to the green transformation. With our technologies and new partnerships like this one with Murchison Hydrogen Renewables, we are building a sound business case for this groundbreaking green energy project and enabling the sustainable and climate-friendly production of green ammonia.”

Dr. Sang Min Lee, CEO of CARBONCO, said: “We are confident that this partnership for the green ammonia project will further accelerate the global transition to achieve carbon neutrality. We believe that CARBONCO will be a bridge between Western Australia and East Asia, which will play a significant role in the energy transition.”

We remind, Thyssenkrupp Uhde has been engaged by Proman to realize a 2200 tpd ammonia plant in Topolo-bampo, Sinaloa, Mexico. It will be a state-of-the-art facility which optimizes CO2 emissions in the process, said the company.
German financing through Kreditanstalt fur Wiederaufbau underscores the international collaboration and support driving this project. thyssenkrupp Uhde will provide engineering and procurement services in addition to the uhde ammonia technology license and proprietary equipment.

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