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Alpek reported higher sales in Q1

April 21/2021

MOSCOW (MRC) -- Alpek swung to a Q1 net income because of higher sales,  and it raised its guidance for 2021, said the company.

The following shows the company's financial performance. Figures are in millions of pesos. During the quarter, Alpek's plants operated without interruption, allowing them to capitalise on the disruption caused by winter storm Uri.

In addition, Alpek was able to sell natural gas. The following shows the financial performance of the company's Polyester segment.

During the first quarter, Asian integrated reference margins for polyester rose to an average of USD330/tonne, up 36% from the fourth quarter of 2020. The increase exceeded Alpek's forecast of USD245/tonne.

The polyester segment produces purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester fibres.

As per MRC, Nova Chemicals (Calgary, Alberta, Canada) has agreed to sell its expandable styrenics business to a subsidiary of Alpek (Monterrey, Mexico) for an undisclosed sum. The transaction is expected to close in the fourth quarter, it says. The sale encompasses Novas expandable polystyrene (EPS) and Arcel-brand resin product lines, with manufacturing facilities in Monaca, Pennsylvania, and Painesville, Ohio, as well as commercial operations in Asia, it says. The plant at Monaca has an EPS production capacity of 123,000 metric tons/year, with 36,000 metric tons/year of capacity for Arcel, as well as an R&D pilot plant. The facility at Painesville has an EPS capacity of 45,000 metric tons/year, according to Alpek subsidiary Styropek, which is acquiring Novas business.

According to ICIS-MRC Price Report, Russian HIPS and GPPS producers traditionally did not adjust their prices of material in the middle of the month. A shortage of Nizhnekamskneftekhim's material remained in the domestic market. The situation with the shortage of Russian polystyrene (PS) is also expected to remain in November.

Alpek operates two main business segments, focused on polyester, and plastics and chemicals, and is a leading producer of purified terephthalic acid (PTA) and polyethylene terephthalate (PET). It is also the largest EPS manufacturer in the Americas.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, neftegaz, petrochemistry, Alpek.
Category:General News
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