Page 42 - Plastics News February 2022

BUSINESS NEwS

HPCL Q3 Consolidated Net Profit Falls 43% Braskem Invests In

To Rs 1,353 Crore Nexus Circular

razil-based polyolefin producer
BBraskem is aiming to expedite
the advanced recycling of plastic by
investing in waste management and
energy production company Nexus
Circular.Nexus uses its proprietary
advanced recycling technology
to convert plastics, which would
otherwise be sent to landfill, into
circular feedstocks. These materials are
then converted to virgin plastics for
use in various applications, including
packaging. Braskem America CEO
Mark Nikolich said: “At Braskem, we
tate-owned oil retailer Hindustan the crude prices continuing to trade have a clear, long-term vision that is
SPetroleum Corporation (HPCL) on at 7-year high levels at end of January committed to a carbon-neutral circular
January 31 reported a consolidated net 2022 due to concerns over supply and economy where nothing is wasted and
profit of Rs 1,353 crore for the quarter ongoing geopolitical tensions. One of everything is transformed. “A critical
ended December 2021, down 43 percent the highlights of this quarter for HPCL is element of achieving this vision is
against Rs 2,373.71 crore recorded in the commissioning and stabilization of all the investing in pathways that advance
corresponding period of the last fiscal. units under Mumbai Refinery Expansion the circular conversion of hard-to-
Consolidated revenue for the quarter Project, which was completed after a very recycle plastic waste to valuable new
at Rs 1,03,488.75 crore grew by 33.56 complex revamp of some of the process materials, diverting it from landfills
percent, compared to Rs 77,482.85 units and addition of new process units and improving our environmental
crore reported in the year-ago period. and facilities. Mumbai Refinery is now footprint. “Nexus shares our vision
On a standalone basis, HPCL said it operating at its enhanced design capacity for accelerating the commercialisation
reported profit of Rs 868.86 crore for of 9.5 MMTPA. The project will also
December 2021 quarter, down by 63.1 ensure enhanced energy efficiency,
percent against Rs 2,354.64 crore posted reduced carbon intensity and improved
in the same quarter previous fiscal. distillate yield in the refinery operations.
Standalone revenue during the quarter The market sales for the period October
came in at Rs 1,03,422.37 crore, up 33.6 – December 2021 (including exports)
percent compared to Rs 77,412.68 crore were 10.54 MMT as compared to 10.40
recorded in Q3FY21. Average gross MMT for the same period of previous
refining margin during the nine months financial year. For the first time ever,
ended December 31, 2021 was $4.50 per HPCL exceeded Rs. One Lakh Crore
barrel, up sharply against $2.35 per barrel mark in the quarterly sales figure. During of advanced recycling with their own
recorded during the corresponding nine the period October - December 2021 proprietary innovations and we couldn’t
months of the preceding financial year, the Gross Sales is Rs. 103,080 crore as be more excited to be a new investor
said HPCL. With the recovery gaining compared to Rs. 77,113 crore for the in their journey.” The investment is
traction, Oct-Dec 2021 quarter saw same period of previous financial year. part of Braskem’s strategy to help
the petroleum product consumption in Gross sales during the period Apr-Dec develop a circular economy for plastics
India echoing the pre-COVID levels. 2021 was Rs. 267,699 crore as compared through recycling infrastructure,
The already volatile crude oil market to Rs. 184,338 crore for the same period mechanical recycling and advanced
witnessed sharp price fluctuations with of previous financial year. recycling projects.

42 PLASTICS NEWS FEBRUARY 2022