Page 49 - Plastics News February 2020

Business news

INEOS partners with Forever ONGC Q3 net halves on fall in

Plast to recycle 6.5 billion Bottle oil, gas prices, output
Caps

il and Natural Gas Corp (ONGC) on Friday reported
Ohalving of its December quarter net profit after it
NEOS Olefins & Polymers has recently announced a faced the double whammy of falling oil and gas prices
Ipartnership with Forever Plast SpA, a leading polymer
recycling technologies operator in Italy. The two and a drop in production.Standalone net profit in
companies have developed a range of new Polyethylene October-December at Rs 4,152 crore was 49.8% lower
grades that mirror INEOS virgin grades and perfectly fit than Rs 8,263 crore net profit in the same period of
injection molding and compression molding machines. the previous fiscal, the company said in a statement.
INEOS is expanding its range of Recycl-IN polymers into The firm got 10% lower price at $59.73 for the crude
the Polyethylene non-food caps market as part of its
ongoing drive to support a more circular economy and
significantly increase plastics recycling. Referring it as a
major step forward, Iain Hogan, CEO INEOS Olefins and
Polymers, says, “We are creating a truly circular approach
to ensure used bottle caps are recycled and returned to
the market as new highly engineered high-quality caps,
rather than being thrown away or wasted.”For a while,
PET bottles have been increasingly recycled, but this is
one of the first circular developments to tackle the caps,
Iain observes.The new Recycl-IN products will take post- oil it produced and 4 per cent lower rate for natural
consumer recyclate (PCR) from used bottle caps and mix gas at $3.23 per million British thermal unit. Lower oil
them with the highly engineered virgin polymer to produce prices led to revenues dropping 14.4 per cent to Rs
new high-quality caps. It is important to understand that 23,710 crore in the third quarter of current fiscal.
this development is part of INEOS’s ongoing research and ONGC said oil production was 1 per cent lower at 4.82
development program to move to a more circular approach million tonnes in the October-December quarter, while
to plastic production and support customers globally. Iain gas output saw 8.4% reduction at 5.875 billion cubic
further stresses that the company is not just waiting for metres. Oil and Natural Gas Corp (ONGC) on Friday
things to happen but is making things happen. Mentioning reported halving of its December quarter net profit
that recycling 6.5 billion caps from bottles is an incredible
after it faced the double whammy of falling oil and gas
prices and a drop in production. Standalone net profit
in October-December at Rs 4,152 crore was 49.8% lower
than Rs 8,263 crore net profit in the same period of
the previous fiscal, the company said in a statement.
The firm got 10% lower price at $59.73 for the crude
oil it produced and 4 per cent lower rate for natural
gas at $3.23 per million British thermal unit.Lower
oil prices led to revenues dropping 14.4 per cent to
Rs 23,710 crore in the third quarter of current fiscal.
ONGC said oil production was 1 per cent lower at 4.82
million tonnes in the October-December quarter. In yet
achievement, and his people are passionate about tackling another display of its organizational excellence as one
this issue, he exclaims, “We are providing real commercial the leading Public Sector Undertakings (PSUs) in the
solutions today for our customers, moving to a more country, ONGC bagged four awards in the Governance
circular approach to plastics, giving waste plastic a value Now 7th PSU Awards 2020.
and preventing it from ending up in the environment.”

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