CHEMICAL MANAGEMENT

PTTGC International (Netherlands) B.V., a GC subsidiary, has Announced a Landmark Acquisition of Global Coating Resins Leader Allnex

PTTGC International | July 16, 2021

PTTGC International (Netherlands) B.V., a fully owned subsidiary of PTT Global Chemical Public Company Limited, has signed a deal to purchase industrial coating resins producer Allnex Holding GmbH from Allnex Holdings S.à.r.l and Allnex S.à.r.l, funds advised by Advent International.

The purchase allows G.C. Group to expand its business portfolio into specialty chemicals and enhance its leadership position in the chemicals industry by integrating environmentally friendly ideas with advanced technologies. In addition, through future investments, G.C. will serve as a long-term strategic partner to enhance allnex's market access to the Asia Pacific (APAC) region and grow its presence in emerging markets.

allnex is the world's largest manufacturer of industrial coating resins, providing a diverse range of coating polymers and additives such as powder coating resins, energy curable resins, crosslinking resins, and additives for use on a variety of substrates such as wood, metal, and plastic. With approximately EUR2 billion in revenue and an EBITDA margin of 17-19%, as well as a global production network of 33 cutting-edge manufacturing sites in 18 countries, 23 research and technology facilities, and approximately 4,000 employees worldwide, allnex holds leadership positions in all key industrial coating segments, including industrial metal, automotive, and packaging. For almost 70 years, the company has pioneered sustainable innovations for the coating industry, with the most recent rebranding to allnex in 2013.

Subject to regulatory clearances, the sale of allnex to ("G.C. Inter B.V.") is anticipated to complete in Q4 2021.

About PTT Global Chemical Public Company Limited
PTT Global Chemical Public Company Limited, or G.C., was established on October 19, 2011, as a public limited company to serve as the PTT Group's chemical flagship operation. In February 1984, G.C. was formed by the merger of many major companies, including National Petrochemical Co., Ltd. Since its inception, G.C. has committed itself to become a sector leader, with a combined olefins and aromatics capacity of 11.65 million tons per year, as well as a crude oil and condensate refining capacity of 280,000 barrels per day. The Group Performance Center – Refinery & Shared Facilities; Group Performance Center – Aromatics; Group Performance Center – Olefins; Polymers Business Unit; EO-Based Performance Business Unit; Green Chemicals Business Unit; Phenol Business Unit; and Performance Materials & Chemicals Unit are the company's core businesses. In terms of size and product diversity, G.C. is Thailand's biggest integrated petrochemical and refining company and a leading corporation in the Asia-Pacific area.

About allnex
allnex is the world's largest manufacturer of industrial coating resins and additives for architectural, industrial, protective, automotive, and specialty coatings and inks. Allnex is a specialty chemicals pioneer with a diverse product line that includes revolutionary liquid resins and additives, radiation cured and powder-coated resins and additives, and crosslinkers for wood, metal, plastic, and other surfaces. Allnex now has a global presence with 4000 people, 33 production locations, and 23 research and technology support centers.

Advent International's Mission
Advent International Corporation, founded in 1984, is one of the biggest and most experienced worldwide private equity investors. The company has invested in over 375 private equity deals in 42 countries and has EUR62 billion (US$76 billion) in assets under management as of December 31, 2020. Advent has developed a globally integrated team of over 240 private equity investment experts throughout North America, Europe, Latin America, and Asia, with 14 offices in 11 countries. The company invests in five main sectors: business and financial services, health care, chemicals and industrial, retail, consumer and leisure, and technology.

In recent years, Advent has made investments in over 30 businesses in the chemicals sector. Röhm, a worldwide leader in methacrylate chemicals, allnex, a global leader in resins for the paints and coatings industry, and Oxea, a major provider of oxo alcohols and oxo derivatives, are a few examples. Additionally, Advent has made investments in VIAKEM, a major producer of fine chemicals, and GTM, a transnational distributor of chemical raw materials in Latin America.

After 35 years of international investing, Advent International Corporation is still determined to work with management teams to deliver long-term revenue and earnings growth for its portfolio companies.

Spotlight

The Health and Safety Authority, in accordance with section 60(4)(a) of the Safety, Health and Welfare at Work Act 2005 (No. 10 of 2005), and with the consent of Mr. Pat Breen, Minister of State Trade, Employment, Business, EU Digital Single Market and Data Protection, publishes this Code of Practice entitled 2018 Code of Practice for the Chemical Agents Regulations. This Code of Practice comes into operation on 21 August 2018 and from that date it revokes and replaces the 2016 Code of Practice for the Chemical Agent Regulations which was issued in accordance with the Safety, Health and Welfare at Work Act 2005.


Other News
CHEMICAL MANAGEMENT

Hexagon successfully acquires 40 percent stake in Cryoshelter, unlocking new opportunities for Hexagon Agility and Hexagon Purus

Hexagon Agility | August 02, 2022

On 21 April 2022 Hexagon Composites and Hexagon Purus announced that it signed an agreement to acquire a 40% stake in Cryoshelter GmbH, an Austria based company specialized in the development of cryogenic tank technology for liquid natural gas and liquid hydrogen. Hexagon is pleased to announce that the transaction has been successfully completed, and Hexagon Composites now owns 40% of Cryoshelter's LNG/RLNG business, with options to buy remaining interests over the next 3-10 years. Hexagon Purus has also completed the acquisition of its previously announced 40% stake in Cryoshelter’s LH2 business. The Hexagon Group today provides compressed natural gas including renewable natural gas (RNG), compressed hydrogen and battery-electric systems as part of its portfolio of clean fuel vehicle solutions. Liquid storage of (renewable) natural gas and hydrogen will add a new dimension to its existing offering, complementing its portfolio and unlocking new opportunities for Hexagon Agility and Hexagon Purus, respectively. Commercializing and Industrializing Cryoshelter Tanks The Hexagon and Cryoshelter partnership will accelerate Cryoshelter’s existing LNG/RLNG technology and production capability and use the LNG technology platform to further develop LH2 solutions for the heavy-duty transportation sector. “Cryoshelter’s disruptive technology will further strengthen our efforts to drive decarbonization of heavy-duty vehicles, with a special emphasis on the European market where clean, energy efficient cryogenic LNG/RLNG fuels are needed due to limited space on trucks,” says Seung Baik, President Hexagon Agility. “We are excited to be working together with Cryoshelter to further develop the technology and scale up the business over the coming years.” “The investment into Cryoshelter’s early phase LH2 tank technology brings expertise in LH2 tank technology for zero emission mobility applications and could potentially result in a future complementary offering to Hexagon Purus’ leading compressed hydrogen cylinder technology,” Morten Holum, CEO Hexagon Purus “We are excited to team up with Hexagon as they bring industrial expertise, a global presence and customer potential to escalate the scale up of our operations,” says Dr. Matthias Rebernik, CEO and Founder of Cryoshelter. “Hexagon’s investment into our company is proof of confidence in our state-of-the-art technology.” Cryoshelter is split into separate legal entities for the LNG/RLNG and LH2 businesses. Hexagon Agility and Hexagon Purus will take two seats each on the respective boards of Cryoshelter’s two businesses. Expanding clean fuel options for commercial trucks In contrast with North America, where compressed natural gas is the primary natural gas technology for long-haul trucking, LNG/RLNG has emerged as the leading natural gas alternative in Europe due to a significant infrastructure network, favorable cost position and preferred truck configuration. Over the last several years, the number of new LNG truck registrations and fueling stations have increased significantly, and higher growth is expected over the next decade as fleet operators are opting for readily available, cost competitive fuels with immediate emission saving potential such as biomethane (or RNG). In liquid form, natural gas has a higher energy density. Cryoshelter’s technology will leverage this energy density to better utilize vehicle frame rail space and provide a driving range that is comparable to diesel. Supported by European legislation, it is expected that renewable natural gas, alongside battery-electric and fuel cell-electric technologies will play a key role in the efforts to decarbonize the commercial transportation sector in Europe. Liquid hydrogen, a compelling future alternative Hydrogen is gathering strong momentum as a key energy transition pillar towards zero emission, and is underpinned by a global shift of regulators, investors, and consumers increasingly focused on decarbonization. It has become clear that hydrogen will play a key role in decarbonizing “hard to abate” sectors. Liquid hydrogen storage technology can offer higher energy density compared to compressed hydrogen storage, and in space and/or payload-constrained applications, such as certain heavy-duty trucking applications, shipping, commercial aviation, and aerospace, it could be a compelling future alternative.

Read More

RISK AND COMPLIANCE

Umicore and Idemitsu to jointly develop high-performance solid-state battery materials

Umicore | June 23, 2022

Umicore and Idemitsu Kosan Co., Ltd have agreed to jointly develop high-performance catholyte materials for solid-state batteries, combining their respective expertise in cathode active materials and solid electrolytes, and aiming to provide the technological breakthrough to extend the driving range and thereby propel e-mobility. Umicore brings its world-leading expertise in a variety of cathode active materials for lithium-ion batteries, while Idemitsu Kosan brings its know-how in solid electrolytes as a key material for all-solid-state lithium-ion batteries. Umicore has been working on solid-state CAM chemistries since 2017 and holds multiple key patents in this technology field. Idemitsu Kosan has an established method for manufacturing high-purity lithium sulfide, which it developed in its petrochemical business, and holds many patents for sulfide solid electrolytes that use lithium sulfide as their raw material. “Umicore laid its foundations in battery materials almost 30 years ago and thanks to our own research and strong global open innovation footprint, we are at the forefront of various lithium-ion battery technologies that help decarbonize transport. Our partnership with Idemitsu enhances our innovation and technology leadership to support our customers in their clean mobility transformation through solid-state battery power,” Mathias Miedreich, CEO of Umicore “Based on more than 20 years of experience, Idemitsu has developed the technology of sulfide solid electrolytes and holds many patents related to sulfide solid electrolytes. Solid electrolytes will contribute as a key material for the “electrified society”, through ASSB. The joint development between Umicore and Idemitsu will play an important role in the acceleration of activities in this field,” said Hajime Nakamoto, Managing Executive officer of Idemitsu. Catholytes combine cathode active materials and solid electrolytes. The more intimate contact between these two components would enable the solid-state battery to achieve better performance. Solid-state batteries are the next-generation batteries with performance improvements on several fronts. In cars, for example, their higher energy density will increase the driving range and allow for faster charging. The replacement of today’s liquid electrolyte with a solid one will enhance the safety and lifespan of batteries, reduce their size, weight and ultimately, cost. Umicore profile Umicore is the circular materials technology company. It focuses on application areas where its expertise in materials science, chemistry and metallurgy makes a real difference. Its activities are organised in three business groups: Catalysis, Energy & Surface Technologies and Recycling. Each business group is divided into market-focused business units offering materials and solutions that are at the cutting edge of new technological developments and essential to everyday life. Umicore generates the majority of its revenues and dedicates most of its R&D efforts to clean mobility materials and recycling. Umicore’s overriding goal of sustainable value creation is based on an ambition to develop, produce and recycle materials in a way that fulfils its mission: materials for a better life. Umicore’s industrial and commercial operations as well as R&D activities are located across the world to best serve its global customer base. The Group generated revenues and employed 11,050 people in 2021. Idemitsu profile Idemitsu is one of Japan’s leading producers and suppliers of energy and materials. Our global operations, spanning 67 business bases across 20 countries and regions outside of Japan, encompass Petroleum, Basic Chemicals, Functional Materials, Power & Renewable Energy, and Resources.

Read More

CHEMICAL MANAGEMENT

Aer Lingus Enters into New Fuel Sales Agreement with Gevo for 6.3 Million Gallons of Sustainable Aviation Fuel Per Year Over Five Years

Gevo, Inc. | July 14, 2022

Gevo, Inc. is pleased to announce a new fuel sales agreement with Aer Lingus, which is owned by International Airlines Group. The Agreement provides for Aer Lingus to purchase 6.3 million gallons per year of sustainable aviation fuel for five years from Gevo’s future commercial operations. Aer Lingus expects to commence fuelling its aircraft with SAF from Gevo in 2026. The expected value for the Agreement is deemed to be $173 million, inclusive of the value from environmental benefits for Gevo. Aer Lingus, the Irish flag carrier is committed to a lower-carbon future. As part of International Airlines Group Aer Lingus has pledged to achieve net-zero carbon emissions by 2050 and has committed to powering 10% of its flights using sustainable aviation fuel by 2030. The introduction of SAF as a renewable fuel source is instrumental for the airline in realizing its ambitions. Gevo expects to continue to pursue its stated goal of producing and commercializing one billion gallons of SAF by 2030. By using the Argonne GREET model to provide a lifecycle inventory of carbon, Gevo has a business model designed to reduce greenhouse-gas emissions to net-zero over the entire lifecycle of each gallon of advanced renewable fuel, including its SAF, and that includes the emissions resulting from burning the fuel in engines to power transportation. The agreement with Aer Lingus further increases Gevo’s global impact by adding to its range of airline partners. “Gevo’s sustainable aviation fuel delivers renewable energy to a transportation sector that is actively seeking to reduce its carbon intensity. Because our fuel is fungible and drop-in ready, it’s expected to have an immediate impact to help our partner airlines achieve their sustainability targets ahead of schedule.” Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer In addition to its investment in SAF, a critical focus of Aer Lingus’ sustainability program is the modernization of its fleet. In recent years the Irish flag carrier has invested in new generation, more fuel-efficient, aircraft such as Airbus A321neo. Aer Lingus plans to modernize further with A32neo aircraft and A321neo XLR. Speaking about fuel supply deal, Aer Lingus Chief Executive Officer, Lynne Embleton said, “This agreement with Gevo marks an exciting and critical step on our journey to net-zero carbon emissions and underlines our commitment to powering 10% of flights using sustainable aviation fuel by 2030. The sustainable aviation fuel produced by Gevo will be used to power our flights from Los Angeles and San Francisco and, from 2026, 50% of fuel purchased by Aer Lingus from California will be sustainable aviation fuel.” The Agreement with Aer Lingus is subject to certain conditions precedent, including Gevo developing, financing, and constructing one or more production facilities to produce the SAF contemplated by the Agreement. About Gevo Gevo’s mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full life cycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials, and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their life cycle). Gevo’s products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo’s technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo’s ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that its proven, patented technology enabling the use of a variety of low-carbon sustainable feedstocks to produce price-competitive low-carbon products such as gasoline components, jet fuel and diesel fuel yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business. About Aer Lingus Aer Lingus is the Irish flag carrier, founded in 1936. In summer 2022, Aer Lingus will operate over 100 routes, flying to over 71 direct routes and to 62 destinations from Ireland to the UK and Europe. The airline operates 16 transatlantic routes from Dublin, Shannon and Manchester UK to North America and the Caribbean. Aer Lingus is a 4-Star airline, awarded by Skytrax, the international air transport rating organisation. Aer Lingus is a member of International Airlines Group one of the world's largest airline groups.

Read More

CHEMICAL MANAGEMENT

CITGO Receives Multiple Awards for Safety Excellence

CITGO Corporation | June 16, 2022

CITGO Petroleum Corporation recently received three safety awards recognizing outstanding safety results in both its terminals and refining operations CITGO terminals received the Safety Excellence Award from the International Liquid Terminals Association (ILTA) in recognition of standout safety performance in 2021. This is the most recent such award from ILTA, which has recognized CITGO for safety performance multiple times over the past decade. CITGO refineries in Lemont, Illinois and Corpus Christi, Texas both received the Safety Achievement Award from American Fuel & Petrochemical Manufacturers (AFPM). The award recognizes excellent safety performance across the oil and gas industry. This was the third consecutive year AFPM has recognized safety performance at CITGO refineries. "Safety is the cornerstone of our operational excellence. We are honored to receive these distinguished awards as testament to our efforts in maintaining the highest standards of operational safety at our refineries and terminals." CITGO President and CEO Carlos Jordá CITGO operates three refineries with a combined crude capacity of 769,000 barrels-per day and wholly and/or jointly owns 38 active terminals and six pipelines, one of the largest distribution networks in the country. "We strive to build a resilient safety culture throughout our operations," added Shane Moser, CITGO Vice President of Health, Safety & Environment. "ILTA and AFPM are champions of our industry, and their continued recognition of our safety culture is tremendously gratifying." ILTA, representing companies and partnerships that operate bulk liquid storage terminals worldwide, advocates on behalf of the liquid terminal industry and maintains close working relationships with other organizations that interact with the tank storage industry. AFPM is the leading national trade association representing fuel and petrochemical manufacturers. AFPM members make and transport the fuels that keep Americans moving and the petrochemicals that are essential building blocks for modern life. About CITGO Headquartered in Houston, Texas, CITGO Petroleum Corporation is a recognized leader in the refining industry with a well-known brand. CITGO operates three refineries located in Lake Charles, La.; Lemont, Ill.; and Corpus Christi, Texas, and wholly and/or jointly owns 38 active terminals, six pipelines and three lubricants blending and packaging plants. With approximately 3,300 employees and a combined crude capacity of approximately 769,000 barrels-per-day (bpd), CITGO is ranked as the fifth-largest, and one of the most complex independent refiners in the United States. CITGO transports and markets transportation fuels, lubricants, petrochemicals and other industrial products and supplies a network of approximately 4,400 locally owned and operated branded retail outlets, all located east of the Rocky Mountains. CITGO Petroleum Corporation is owned by CITGO Holding, Inc.

Read More

Spotlight

The Health and Safety Authority, in accordance with section 60(4)(a) of the Safety, Health and Welfare at Work Act 2005 (No. 10 of 2005), and with the consent of Mr. Pat Breen, Minister of State Trade, Employment, Business, EU Digital Single Market and Data Protection, publishes this Code of Practice entitled 2018 Code of Practice for the Chemical Agents Regulations. This Code of Practice comes into operation on 21 August 2018 and from that date it revokes and replaces the 2016 Code of Practice for the Chemical Agent Regulations which was issued in accordance with the Safety, Health and Welfare at Work Act 2005.

Resources