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Chevron Uruguay Exploration Ltd will acquire interest in the AREA OFF-1 block, offshore Uruguay, from Challenger Energy and its subsidiary CEG Uruguay SA and become operator. The 14,557-sq km block lies about 100 km offshore in water depths of 80-1000 m. Chevron will operate the block with its acquired 60% participating interest. CEG Uruguay will retain 40% interest. Chevron will pay $12.5 M cash on completion of the deal and will carry 100% of CEG Uruguay's share of costs associated with a 3D seismic campaign, up to $15 M net to CEG Uruguay. Following the 3D seismic campaign, should Chevron decide to drill an initial exploration well on the block, Chevron will carry 50% of CEG Uruguay's share of costs associated with that well, up to a maximum $20 M net to CEG Uruguay. Completion and financial close of the transaction is subject to conditions and customary approvals from the Uruguayan regulatory authorities, which are anticipated to take several months to finalize. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., mergers and acquisitions; CEG Uruguay; Challenger Energy; Chevron Uruguay [...]

Gazprom International Ltd ILLC began a competitive process to sell its North Sea assets. The company has placed a call for bids on Gazprombank's e-trading platform. The company plans to sell its share of Wintershall Noordzee BV (WINZ), a 50-50 joint venture with its European partner Wintershall Dea, and 100% shares of Gazprom International UK Ltd, a subsidiary which holds 24% interest in the Sillimanite gas field development. The transaction also includes the sale of 100% of the shares of Gazprom UK Ltd, a company that holds Gazprom UK Resources SA which has 20% interest in the Noordzee-operated Wingate gas field development. WINZ also holds interests in a consortium participating in Sillimanite and Wingate gas field developments. Sillimanite and Wingate produced an average of 3800 boe/d in 2023. Gazprom's main producing projects are K18-Golf, Wingate, Q1-B, Q1-D, and Sillimanite, which account for about 90% of the company's extracted products. Extracted natural gas is delivered to the EU market on spot contracts. Sillimanite is in the British and Dutch sectors of the North Sea shelf and lies about 200 km off the Dutch coast. It was discovered in Jun 2015. Gas from the field is supplied to the Dutch pipeline system. Wingate is in Silverpit basin and lies in shallow water within four blocks of the southern part of the British continental shelf of the North Sea. The field was discovered in 2008 and put into operation in 2011. Wingate offshore platform operations are managed remotely from the Dutch coastal city of Den Helder. Gas from the field is supplied to the Dutch pipeline system. Gazprom became a shareholder of WINZ in 2015 as part of the assets swap between Gazprom and Wintershall Dea. Bids start at $375 M, according to a tender notice filed with Gazprombank. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., distribution; joint venture; mergers and acquisitions; production level; natural gas; Gazprom International; Gazprom International UK; Gazprom UK; Gazprom UK Resources; Gazprombank; Wintershall Dea; Wintershall Noordzee [...]

Bazan Ltd is progressing with work to produce polypropylene and polyethylene from renewable feedstock at the company's integrated refining and petrochemical operations in the Haifa Bay area of northern Israel along the eastern Mediterranean Sea. Having successfully completed preparations for its green polymers strategy, Bazan's Oil Refineries Ltd (ORL) and ORL subsidiary Carmel Olefins Ltd have received ISCC System GmbH's International Sustainability Carbon Certification (ISCC) to produce green polypropylene and polyethylene at the adjacent ORL refinery and adjacent COL petrochemical complex, Bazan said in a 5 Mar 2024 post to its official LinkedIn account. The ISCC certification - which includes the ISCC European Union (EU) and ISCC Carbon Offsetting and Reduction Scheme for International Aviation (CORSIA) PLUS co-processing certifications - will allow the ORL refinery to incorporate the conversion of used cooking oil (UCO) into green ethylene and propylene that COL plants will subsequently polymerize into bio-circular polyethylene and polypropylene, the company said. Alongside leveraging synergies between the nearby manufacturing sites, the green polymer production process will enable ORL to reduce its reliance on crude oil feedstock while allowing COL to convert biological waste into a usable feedstock for production of environmentally friendly plastics, Bazan said. While Bazan did not reveal details regarding a timeline or proposed capacities for production of the green monomers and polymers, the project comes as part of the operator's strategy to meet growing demand for polymers produced from recycled and biodegradable materials along the company's broader journey to supporting the transition to a low-carbon economy, according to Bazan's latest sustainability report for investors. Bazan said it plans for green polymers to make up 15% and 30%, respectively, of its total polymer sales by 2025 and 2030. At the ORL refinery - which has a combined distillation and vacuum crude processing capacity of about 197,000 b/d - Bazan told investors it is also implementing new technologies to enable production of sustainable aviation fuel (SAF) from hydrogen, as well as developing production of renewable diesel based on a feedstock of UCO. Further details of the proposed SAF and renewable diesel projects, however, have yet to be disclosed. According to Bazan's website, COL's operations in the Haifa Bay industrial zone house three main clusters of integrated production plants: A monomer plants cluster, which includes a steam cracker receiving naphtha and LPG from the ORL refinery as feedstock to produce 240,000 tonnes/y of ethylene and 135,000 tonnes/y of propylene, as well as a metathesis plant that produces an additional 180,000 tonnes/y of propylene. A four-line polyethylene plants cluster with a total production capacity of 180,000 tonnes/y of low-density polyethylene. A two-line polypropylene plants cluster with a total production capacity of 400,000 tonnes/y. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., LDPE; LPG; PE; PP; market; plant capacity; plant restructuring; sales; waste emissions and pollution; waste utilization and recycling; aviation fuels; biodiesel; biofuels; biopolymers; carbon dioxide; crude oil; edible oils; ethylene; [...]

Evonik, a Germany-based, globally leading materials provider in 3D printing technology, and Desktop Metal, a US-based global leader in Additive Manufacturing (AM) 2.0 technologies for mass production, have announced their expanded collaboration on photopolymer and materials development with the qualification of INFINAM ST 6100 L on the ETEC Xtreme 8K and the Pro XL. Evonik's INFINAM ST 6100 L is a benchmark material in high-strength photopolymers for 3D printing. With an ultimate tensile strength (UTS) of 90 MPa, flexural stress of 135 MPa, and heat deflection temperature (HDT) of 120 degC, the material also delivers exceptional accuracy, surface finish, and resistance to many chemicals and UV degradation. Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., joint venture; research and development; INFINAM ST 6100 L; photopolymers; Desktop Metal; [...]

ExxonMobil Corp on 6 Mar 2024 filed to have an arbitrator rule on the details of the joint operating agreement governing its work with Chevron Corp and Hess Corp in the Stabroek block offshore Guyana. Chevron and Hess leaders last fall 2023 announced a deal to have Chevron pay $53 bn for Hess. ExxonMobil officials claim they have a right of first refusal to match the value assigned to Hess' 30% non-operated interest in the ExxonMobil-operated Stabroek block (which also includes China National Offshore Oil Corp) and potentially increase their stake. Chevron recently said the right of first refusal provision does not apply to its Hess acquisition plans and noted that a ruling to the contrary would torpedo the planned combination. While noting that he cannot get into contract language specifics, Chapman told the Morgan Stanley audience that the Stabroek JOA is based on industry standards and added that the ExxonMobil team feels strongly that an arbitrator will rule in its favour. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., joint venture; lawsuit; mergers and acquisitions; Chevron; China National Offshore Oil; ExxonMobil; [...]

Sun Chemical has launched Sacranex, a versatile cosmetic active ingredient derived from the blue-green algae Suizenji Nori. Sacranex offers superior skincare benefits ranging from moisturization and pollution defence to reducing the appearance of redness, fine lines and wrinkles. The first Suizenji Nori extract cultivated indoors on a large scale, Sacranex comes with two grades - Sacranex B and Sacranex F - allowing formulators to customize products. Sacranex is a result of a joint venture announced in Aug 2022 between DIC Corporation and Green Science Materials Inc, a biotech venture that endeavours to achieve the sustainable future of the Suizenji Nori blue-green algae. The joint venture was created to develop the indoor mass cultivation technology needed to deliver the stable production of Sacranex for global scale. Farming Suizenji Nori indoors also prevents the depletion of natural resources in a rare species of algae. In its ongoing effort to offer cosmetic makers an opportunity to ethically enhance the sustainability of skincare products and meet the increasing consumer demand for natural, sustainable cosmetic solutions, Sun Chemical's Sacranex is the latest product launch to encompass responsibly sourced plant-derived ingredients and colorants that improve the naturality and function of beauty formulas. Original source: SunChemical, website: http://www.sunchemical.com/, Copyright Sun Chemical Group Cooperatief UA, Sun Chemical Corporation 2024., joint venture; new material; cosmetic bases; plant extracts; Sacranex; skin care products; toiletries bases; DIC; Green Science Materials; Sun [...]

Topsoe, a global leader in carbon emission reduction technologies, has reached a key milestone in the form of environmental permit from the Danish Environmental Agency. The approval from the Danish Environmental Agency means, that Topsoe's factory lives up to both Danish and EU environmental regulations and standards. This includes using the best available technical solutions, introduction of emission cleaning systems, proper waste management plans, high efficiency in use of power and water, no negative impacts on local natural habitats or wildlife, and more. The environmental approval further allows the factory to enter into commissioning stage and powering up equipment. Original source: Haldor Topsoe,website: http://www.topsoe.com/, Copyright HaldorTopsoe A/S 2024., regulations and rulings; [...]

Silicon Catalyst, the world's only incubator focused exclusively on accelerating semiconductor solutions, announced on 6 Mar 2024 that DuPont has renewed its engagement as a Strategic Ecosystem Partner. Silicon Catalyst will continue to provide strategic insight for DuPont into startups developing the next generation of electronic technology, materials and devices. As a Strategic Ecosystem Partner, DuPont participates in a wide range of activities with Silicon Catalyst, including review of incubator applicants, directed projects for specialized market research, university collaborations and investment opportunities. Original source: DuPont, website: http://www2.dupont.com/, Copyright DuPont 2024., joint venture; research and development; electronics chemicals; DuPont; Silicon Catalyst; Strategic Ecosystem [...]

Albemarle Corporation ('Albemarle' or the 'company'), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced that it has priced its previously announced offering (the 'offering') of 40,000,000 depositary shares ('Depositary Shares'), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock of the company ('Preferred Stock'), at a public offering price of $50/share, in an underwritten registered public offering. In addition, Albemarle granted the underwriters in the Offering a 30-day option to purchase up to an additional 6,000,000 Depositary Shares, at the public offering price per share, less an underwriting discount. This reflects an upsizing of the previously announced offering of $1.75 bn of Depositary Shares to $2.0 bn of Depositary Shares and the previously announced option to purchase up to an additional $262.5 M to $300.0 M granted to the underwriters. The offering is expected to close on or about 8 Mar 2024, subject to the satisfaction of customary closing conditions. Original source: Albemarle, website: http://www.albemarle.com/, Copyright Albemarle Corporation 2024., company structure; [...]

China set an all-time high in crude oil processing with an average of 14.8 M b/d in 2023. This surge was propelled by the nation's expanding economy and refinery capacity following the country's COVID-19 pandemic. China has increased refinery capacity more than any other country in recent years, partially to meet the country's transportation fuel needs but also to produce feedstocks for its petrochemical industry, according to the US Energy Information Administration (EIA). Naphtha is a light hydrocarbon that is further processed to blend into motor gasoline in essentially all US refineries. Much of the petrochemical feedstock for US petrochemical producers comes from ethane and LPG, which can be separated and sold from natural gas processing plants. Unlike in the US, many petrochemical producers in Europe and Asia use mostly naphtha (rather than ethane) and LPG as petrochemical feedstocks. Naphtha, LPG, and ethane are used to produce industrial chemicals such as ethylene, propylene, and paraxylene, which are ultimately converted into intermediate or end-use products. The establishment of integrated refining and petrochemical complexes furnishes these plants with the flexibility to pivot production towards either transportation fuels or petrochemical feedstocks, contingent on market dynamics. According to trade press, Chinese companies plan to add more capacity, including the 400,000-b/d Yulong refining and petrochemical complex, which was supposed to open in 2024 but is now delayed to 2025. The pricing dynamics of crude oil, motor gasoline, petrochemical products, and petrochemical feedstocks influence naphtha and LPG prices. Since 2022, petrochemical margins in Asia have remained low or negative, as per Bloomberg LP, attributed to China's rapid expansion in petrochemical manufacturing amid periods of decelerated GDP growth, curtailing demand. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., LPG; market; plant capacity; plant startup; pricing; production level; crude oil; ethane; ethylene; fuels; industrial chemicals; liquefied petroleum gas; naphtha; natural gas; p-xylene; petrochemical feedstocks; petrochemicals; petrol; propylene; refinery [...]

Abbott announced on 6 Mar 2024 new data from two real-world studies, showing people with Type 2 diabetes using GLP-1 medicines and FreeStyle Libre technology together had greater improvement in their HbA1c when compared to those treated with GLP-1 medicines only. HbA1c is a measurement of a person's average blood glucose level over three months. These findings were presented at the 17th International Conference on Advanced Technologies & Treatments for Diabetes (ATTD) held in Florence, Italy, on 6 Mar 2024. GLP-1 medicines - also known as glucagon-like peptide-1 receptor agonist (GLP-1 RA) - are increasingly being prescribed for people with Type 2 diabetes as they provide glycaemic benefit and support weight loss. When blood sugar levels start to rise after someone eats, these drugs stimulate the body to release more insulin, which helps to lower blood sugar levels. They also reduce appetite leading to less food intake and weight loss. Studies show that reaching and maintaining a healthy body weight can make diabetes more manageable. The two real-world studies presented at ATTD found: People with Type 2 diabetes and an HbA1C greater than or equal to 8% while using GLP-1 medicines saw a significant improvement in their HbA1C (-1.5%), six months after adding FreeStyle Libre technology to their treatment. Results in this first study were irrespective of GLP-1 duration, GLP-1 type or insulin therapy type1 People had a greater reduction in HbA1c when using GLP-1 and FreeStyle Libre technology together (-2.4%), compared to using GLP-1 alone (-1.7%). The second study analyzed data from a cohort of people on GLP-1 only and those on GLP-1 & FreeStyle Libre systems therapies. Uncontrolled Type 2 diabetes can lead to serious complications affecting the heart, blood vessels, eyes, kidneys and nervous system. Technology, such as the FreeStyle Libre systems, enables people to see real-time changes in glucose levels that can help them stick to the right therapy and lifestyle. The FreeStyle Libre continuous glucose monitoring (CGM) systems include a sensor, which is applied to the back of the upper arm for up to 15 days, paired with a reader or compatible smartphone app that displays glucose readings. The Freestyle Libre technology is the most widely used CGM system worldwide helping more than 5.5 M people living across more than 60 countries easily monitor their glucose levels. The first real-world study, entitled, 'FreeStyle Libre improves HbA1c in people receiving GLP-1 therapy for type 2 diabetes,' used Optum's de-identified Market Clarity Data, a linked electronic health records (EHR)-claims database and included US adults with Type 2 diabetes and elevated HbA1c (greater than or equal to 8%) with their first FreeStyle Libre acquisition between 2018 and 2022. Patients were required to be on GLP-1 before initiating FreeStyle Libre, with at least one GLP-1 prescription within 180 days of FreeStyle Libre. Original source: Abbott, website: http://www.abbott.com/, Copyright Abbott Laboratories 2024., research and development; antidiabetics; FreeStyle Libre; [...]

Janssen-Cilag International NV, a Johnson & Johnson company, announced on 4 Mar 2024 the submission of a Type II variation application to the European Medicines Agency (EMA). The submission is seeking approval for an indication extension of Darzalex (daratumumab) subcutaneous (SC) formulation in combination with bortezomib, lenalidomide, and dexamethasone (D-VRd) for the treatment of adult patients with newly diagnosed multiple myeloma who are eligible for autologous stem cell transplant (ASCT). The submission to the EMA is supported by data from the Phase 3 PERSEUS (NCT03710603) study, evaluating D-VRd induction and consolidation therapy, ASCT, and daratumumab with lenalidomide (D-R) maintenance therapy, compared to VRd, ASCT and R maintenance. Results from the primary analysis showed that the study met its primary endpoint of progression-free survival (PFS), with a significant reduction in the risk of disease progression or death of 58% at a median follow-up of 47.5 months, compared to the control arm. Treatment with D-VRd and ASCT followed by D-R maintenance also significantly increased the depth of response, with higher rates of complete response (CR) or better, stringent CR (sCR) and minimal residual disease (MRD) negativity compared to treatment with VRd, ASCT and R maintenance. Overall, 64% of patients who entered the maintenance phase in the D-VRd arm were able to discontinue treatment with daratumumab SC after achieving a CR or better and sustained MRD negativity, for 12 months or longer, following at least two years of D-R maintenance in accordance with the trial protocol. The overall safety profile of D-VRd followed by D-R maintenance was consistent with the known safety profiles for daratumumab SC, VRd and R. Data from the PERSEUS study were featured as a late-breaking oral presentation at the 2023 American Society of Hematology (ASH) Annual Meeting and were simultaneously published in The New England Journal of Medicine. Original source: Johnson & Johnson, website: http://www.jnj.com/, Copyright Johnson & Johnson Services Inc 2024., regulations and rulings; research and development; bortezomib; daratumumab; Darzalex; dexamethasone; lenalidomide; Janssen-Cilag International; Johnson & [...]

Ono Pharmaceutical Co Ltd announced on 6 Mar 2024 that it has entered into a licence agreement with NEX-I Inc (Seoul, Republic of Korea; 'NEX-I') for NXI-101. NXI-101 is a first-in-class antibody drug candidate targeting ONCOKINE-1, which is a cancer immunotherapy-resistant factor discovered by NEX-I through its proprietary target screening platform 'ONCOKINE platform'. It has a potential to be a novel antibody drug with an efficacy against multiple cancer types including cancer immunotherapy-resistant cancer. Under the terms of this agreement, Ono will have an exclusive right to develop and commercialize NXI-101 and its backup antibodies worldwide. Ono will pay to NEX-I an up-front and milestone payments on the progress of development and commercialization, as well as tiered royalties based on net sales. Original source: Ono Pharmaceutical Co Ltd, website: http://www.ono.co.jp/eng/, Copyright Ono Pharmaceutical 2024., patents and technical know-how; anticancer drugs; therapeutic antibodies; NEX-I; Ono [...]

Sustainable solutions provider Perstorp has closed a deal to buy out its minority partner in the joint venture Shandong Perstorp Chemical Co Ltd (formerly Shandong Fufeng Perstorp Chemical Co Ltd), which has owned and operated Site Zibo in China. Perstorp is now the sole owner of the polyol manufacturing operation, located in Zibo, Shandong province, about 400 km south of Beijing. Original source: Perstorp, website: https://www.perstorp.com, Copyright Perstorp 2024., mergers and acquisitions; polyols; Perstorp; Shandong Fufeng Perstorp Chemical; Shandong Perstorp [...]

Givaudan, the global leader in fragrance and beauty, is thrilled to present Nympheal, a remarkable molecule with a robust white floral profile. For decades, Givaudan has been at the forefront of muguet aldehydes. Nympheal offers exceptional olfactive performance and provides the broadest offering from a regulatory perspective. It reflects Givaudan's ongoing efforts to develop new and exciting products, demonstrating our commitment to innovation. Original source: Givaudan, website: http://www.givaudan.com/, Copyright Givaudan 2024., new material; fragrances; Nympheal; [...]

Fujirebio Europe and Self-screen BV on 5 Mar 2024 announced an expansion of their commercial collaboration with the distribution of the PreCursor-M AnoGYN methylation-specific molecular assay from Self-screen BV. The test is intended for the detection of promoter hypermethylation of the genes ASCL1 and ZNF582 and is used to test the methylations status of anal specimens for research use only (RUO). It complements Fujirebio's HPV-associated molecular test portfolio. Original source: Fujirebio Europe, website: http://www.fujirebio-europe.com/, Copyright Fujirebio Europe 2024., sales agreement; diagnostics; PreCursor-M AnoGYN methylation-specific molecular assay; Fujirebio Europe; [...]

Effective 15 Mar 2024, or as existing contracts allow, Perstorp Oxo AB will increase its selling prices for the following products globally. All terms, conditions, and differentials will remain the same. A table shows the price increase of 2-ethylhexanoic acid, n-valeric acid, and n-butyric acid by EUR 100/tonne in Europe, $0.05/lb in the US, and $110/tonne for the rest of the world. Original source: Perstorp, website: https://www.perstorp.com, Copyright Perstorp 2024., pricing; 2-ethylhexanoic acid; butyric acid; valeric acid; Perstorp [...]

Shionogi & Co Ltd announced that it has acquired its own shares pursuant to the provisions of Article 156 of the Companies Act, applied by replacing terms pursuant to the provisions of Article 165, paragraph 3 of the same Act. Total number and value of shares acquired are 1,619,700 shares and Yen 11,580,695,277, respectively. Period of acquisition is 1-29 Feb 2024. Original source: Shionogi Inc, website: http://www.shionogi.com/, Copyright Shionogi Inc 2024., company structure; Shionogi & [...]

Talos Energy Inc has let a 5-year joint framework agreement to Helix Energy Solutions Group Inc for decommissioning work in the US Gulf of Mexico. Under the agreement, Helix has the first right of refusal regarding specific annual work scopes for Talos's decommissioning requirements. The agreement includes a base pricing structure and processes for determining and scheduling specific projects Talos requires. The projected scopes of work include Talos's normal course abandonment of offshore wells, pipelines, and platforms, primarily on the shelf. Helix's Louisiana-based shallow water abandonment group, Helix Alliance, intends to utilize derrick barges for structure removals, liftboats for plug and abandonment activities, and dive support vessels (DSVs) for pipeline abandonments, plus multiple offshore supply vessels (OSVs) and several other assets throughout the campaign. Work is expected to begin in 2Q 2024. Talos is one of the largest independent operators in the Gulf of Mexico, with production operations, prospects, leases, and seismic databases spanning the basin in both deepwater and shallow water. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., contract; joint venture; plant closure; Helix Alliance; Helix Energy Solutions Group; Talos [...]

EQT Corp, Pittsburgh, PA, US, elected in late Feb 2024 to cut gross production by about 1 bcfd and will maintain the curtailment through Mar 2024. The decision to curtail production - expected to total about 30-40 bcf of net production in 1Q 2024 - was made based on the current low natural gas price environment, the company said in a release 4 Mar 2024. EQT cited the current low natural gas price environment 'resulting from warm winter weather and consequent elevated storage inventories.' US benchmark Henry Hub daily natural gas price averaged $1.50/MMbtu on 20 Feb 2024, according to US Energy Information Administration data. High production and relatively low consumption have led to less natural gas being withdrawn from storage this winter 2023, EIA said in a brief 28 Feb 2024. 'For the week ending 16 Feb 2024, US working natural gas inventories averaged 12% above the year-ago average and nearly 22% above the 5-year (2019-23) average, according to EIA's Weekly Natural Gas Storage Report.' EQT said it will reassess market conditions at end-Mar 2024. In a 2024 guidance provided as part of its 13 Feb 2024 earnings report, the company projected total sales volume for 1Q 2024 of 525-575 bcfe and 2200-2300 bcfe for full year 2024. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., pricing; production level; sales; stock; natural gas; [...]

Several OPEC+ members, led by Saudi Arabia and Russia, will extend voluntary oil output cuts of 2.2 M b/d into 2Q 2024, providing the market with a boost amid concerns about global economic growth and rising production outside the group. In Nov 2023, OPEC+ had initially agreed to voluntary cuts totalling about 2.2 M b/d for 1Q 2024, with Saudi Arabia extending a cut it had first implemented in Jul 2024. In a statement, Saudi Arabia said it would extend voluntary production cuts of 1 M b/d until end-Jun 2024, keeping its output at around 9 M b/d. Russia will cut oil production and exports by an extra 471,000 b/d in 2Q 2024. Specifically, production was reduced by 350,000 b/d in Apr 2023 and exports by 121,000 b/d; production was reduced by 400,000 b/d in May 2023, and exports were reduced by 71,000 b/d; and production was reduced by 471,000 b/d in Jun 2023. Russia's voluntary production cut is in addition to the voluntary cut of 500,000 b/d previously noted in Apr 2023, which extends until end-Dec 2024. The export cut will be made from the average export levels of the months of May 2023 and Jun 2023. Other key producers will also extend their voluntary production cuts until end-2Q 2024. Iraq will extend its 220,000 b/d output cut, UAE will keep in place its 163,000 b/d output cut, and Kuwait will maintain its 135,000 b/d output cut. Afterwards, in order to support market stability, these voluntary cuts will be returned gradually subject to market conditions. Looking into 2H 2024, Rystad Energy's balances show a strong demand rebound, which implies that no further extension of the voluntary cuts are needed to support prices. If the voluntary cuts are fully unwound at end-Jun 2024, Rystad Energy anticipates a market deficit of around 440,000 b/d in 2H 2024. Outlooks on oil demand for 2024 vary. OPEC anticipates another year of relatively robust demand growth, led by Asia, at 2.25 M b/d, while the International Energy Agency (IEA) projects a sharp slowdown in demand growth, at 1.22 M b/d. The IEA also forecasts oil supply to reach a record high of about 103.8 M b/d in 2024, primarily driven by producers outside OPEC+, including the US, Brazil, and Guyana, presenting a further headwind for OPEC+ production. While concerns regarding economic growth have weighed on oil prices, escalating geopolitical tensions and Houthi attacks on Red Sea shipping have underpinned oil prices in 2024. By extending these voluntary output cuts, OPEC+ demonstrates its readiness to take proactive measures to prevent oversupply and support oil prices. The decision is expected to have a positive impact on market sentiment, providing reassurance against potential downward pressure on oil prices. Russia's announcement of extra supply cuts could bolster prices further. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., market; pricing; production level; trade; crude [...]

The leaders of Tellurian Inc, Houston, TX, US, said 4 Mar 2024 they expect to take final investment decision (FID) later in 2024 on the first two plants of the company's 27.6-M tonne/y Driftwood LNG plant south of Lake Charles, LA. The announcement comes about 3 weeks after the US Federal Energy Regulatory Commission (FERC) gave Tellurian's project a 3-year extension (until Apr 2029) to put its plant in service. Driftwood was authorized by the US Department of Energy in 2019 to export LNG and thus is not subject to the export pause recently instituted by the Biden administration. In an investor presentation, Tellurian leaders said construction at Driftwood is about 30% complete and has taken about $1 bn in investment so far. Executives expect to give Bechtel a full notice to proceed on the 11-M tonnes/y, 2-plant Phase 1 portion of the project in 2H 2024. FID for the roughly 5.6-M tonnes/y Plant 3 (out of a projected five in all) is expected 6-9 months after the first decision. Separately, the company's directors will not extend or renew the contract of chief executive officer Octavio Simoes beyond its initial term, which ends 5 Jun 2024. The Tellurian team expects to own 35-40% of Driftwood's first two plants and is looking for project financing. The company in Feb 2024 also put its Haynesville upstream assets up for sale. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., LNG; investment; mergers and acquisitions; plant capacity; trade; liquefied natural gas; Bechtel; [...]

Shionogi & Co Ltd announced that it has obtained standard approval from the Ministry of Health, Labour and Welfare (MHLW) for Xocova (generic name: ensitrelvir fumaric acid), a novel anti-SARS-CoV-2 drug for the indication of SARS-CoV-2 infection in Japan. Shionogi obtained emergency regulatory approval for Xocova in Nov 2022 and submitted an application for standard approval in May 2023. Xocova is the first COVID-19 treatment antiviral to receive standard approval in Japan. The standard approval of Xocova is based on positive results from the Phase 3 portion of Phase 2/3 study (SCORPIO-SR) conducted in Japan, South Korea and Vietnam. The study was conducted in a predominantly vaccinated population, regardless of risk factors for severe disease. Xocova is the first antiviral agent to show both clinical symptomatic efficacy for five typical COVID-19 symptoms (primary endpoint) and antiviral efficacy in patients with mild-to-moderate SARS-CoV-2 infection. Original source: Shionogi Inc, website: http://www.shionogi.com/, Copyright Shionogi Inc 2024., regulations and rulings; research and development; antiinfectives; antiviral agents; ensitrelvir fumaric acid; respiratory disease treatments; Xocova; Shionogi & [...]

On 5 Mar 2024, Allergan Aesthetics, an AbbVie company, announced the US FDA approval of JUVEDERM VOLUMA XC for injection in the temple region to improve moderate to severe temple hollowing in adults over the age of 21.1 JUVEDERM VOLUMA XC is the first and only hyaluronic acid (HA) dermal filler to receive US FDA approval for the improvement of moderate to severe temple hollowing with results lasting up to 13 months with optimal treatment. JUVEDERM VOLUMA XC temporarily adds volume to immediately lift and augment the shape, contour, and structure of the temple, creating a smooth transition from the cheekbone to the forehead, balancing a patient's overall facial shape. In a clinical study, more than 80% of subjects had at least a one-point improvement in moderate to severe temple hollowing three months after treatment, and the improvement lasted for more than one year (73%). Additionally, more than 85% of clinical trial subjects were satisfied with how balanced, well-proportioned, and symmetric their face looked three months after treatment. In the clinical study, 68% of subjects reported satisfaction with how fresh their face looked, while 73% reported satisfaction with how rested their face appeared three months after treatment. Additionally, upwards of 80% of subjects were satisfied with how youthful their temples made them look and how well the shape of their temples complemented the shape of their face three months after treatment. With this addition, the Allergan Medical Institute (AMI) team can train aesthetic providers on safe and effective treatments using the Allergan Aesthetics portfolio to address 90% of the face. Per FDA requirement for this new indication, Allergan Aesthetics is providing a product training programme for providers, which includes facial anatomy and considerations for patient selection, safe injection in this area, as well as identification and management of potential complications. Successful completion of this training is necessary prior to the administration of JUVEDERM VOLUMA XC, and as such, Allergan Aesthetics anticipates that treatment in the temples with JUVEDERM VOLUMA XC will be available towards the end of 2024. In a randomized, controlled, multicentre clinical study to evaluate the safety and effectiveness of JUVEDERM VOLUMA XC for correction of temple hollowing, 112 subjects were randomized to a treatment group and received injections in the temple area during the primary phase of the study; 58 subjects were randomized to a no-treatment control group. Touch-up treatments occurred approximately 30 days after initial injection, if needed. After the three-month blinded 'no treatment' control period, control subjects were offered treatment; 53 control subjects elected to receive treatment. A total of 40 treatment-group subjects opted for the optional maintenance treatment, which was offered to the treatment group 13 months after the last treatment. Subjects used electronic diaries to record specific signs and symptoms of treatment site responses (TSR) experienced during the first 14 days after the initial touch-up and maintenance treatments. Original source: Abbvie, website: https://www.abbvie.com/, Copyright Abbvie Inc. 2024., regulations and rulings; research and development; hyaluronic acid; JUVEDERM VOLUMA XC; AbbVie; Allergan [...]

Evonik is selling its superabsorbents business to the International Chemical Investors Group (ICIG). A corresponding agreement has been signed, and employees at the German sites were the first to be informed accordingly this morning. The purchase price (enterprise value) is in the low triple-digit million euro range. The agreement also includes the assumption of pension obligations by ICIG. The final transfer of the business is planned for mid-2024 following approval by the relevant competition authorities. Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., mergers and acquisitions; water absorbent polymers; Evonik; International Chemical Investors Group [...]

Evonik met the 2023 forecast the company had reduced in the summer, despite a continuously challenging environment. The speciality chemicals company's adjusted EBITDA amounted to EUR 1.66 bn, within the targeted range of between EUR 1.6 bn and EUR 1.8 bn. Group sales fell by 17% to EUR 15.3 bn, also within the targeted range of EUR 14 bn to EUR 16 bn. Free cash flow in 2023 amounted to EUR 801 M ─ even higher than in the previous year ─ thanks to prudent management of net working capital and strict investment discipline. The cash conversion rate, the ratio of free cash flow to adjusted EBITDA, reached a strong 48%. In 2022, it was 32%. Payments for investments in property, plant and equipment were reduced to EUR 793 M in 2023, compared to EUR 865 M in 2022. Evonik also achieved its 2023 savings target of EUR 250 M by through measures to safeguard earnings. Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., company results; company structure; investment; speciality chemicals; [...]

A major investment project has been completed at AkzoNobel's production plant in Bac Ninh province near Hanoi in Vietnam, which will help to strengthen the company's position in Asia and sharpen its focus on more sustainable manufacturing. Five new powder coating lines have been added at the multi-site, along with a line for producing water-based products for the consumer electronics market (IT, wireless and home appliances). The total investment amounts to EUR 18.5 M. The work included building a fully automated warehouse for the company's consumer electronics activities, along with installing advanced equipment and technology to deliver higher productivity rates and efficiency gains. This will contribute to AkzoNobel's ambition to halve its own carbon emissions by 2030. The installation of a new line for water-based consumer electronics products will also help to lower emissions across the value chain. Adding the new lines in Bac Ninh is the latest in a series of investments in the South Asia region, following recent capacity expansions in Pakistan, Thailand and Australia. Original source: AkzoNobel, website: http://www.akzonobel.com/, Copyright AkzoNobel NV 2024., investment; plant restructuring; waste emissions and pollution; carbon dioxide; powder coatings; [...]

Albemarle Corporation ('Albemarle' or the 'company'), a global leader in providing essential elements for mobility, energy, connectivity, and health, announced on 4 Mar 2024 that, subject to market and other conditions, it has commenced an offering (the 'Offering') of $1.75 bn of depositary shares ('Depositary Shares'), each representing a 1/20th interest in a share of Series A Mandatory Convertible Preferred Stock of the Company ('Preferred Stock'), in an underwritten registered public offering. In addition, Albemarle expects to grant the underwriters in the Offering a 30-day option to purchase up to an additional $262.5 M of Depositary Shares. Albemarle intends to use the net proceeds from the Offering for general corporate purposes, which may include, among other uses, funding growth capital expenditures, such as the construction and expansion of lithium operations in Australia and China that are significantly progressed or near completion, and repaying the company's outstanding commercial paper. Original source: Albemarle, website: http://www.albemarle.com/, Copyright Albemarle Corporation 2024., company structure; investment; lithium; [...]

In the Nutrition & Care division of Evonik, sales fell by 15% to EUR 3.61 bn. Adjusted EBITDA at the division fell 43% to EUR 389 M. At 10.8%, the adjusted EBITDA margin was below the level of the same period in the previous year (16.0%). Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., company results; nutrition products; [...]

UCB, a global biopharmaceutical company, announced on 4 Mar 2024 a strategic equity investment in IMIDomics, Inc, a private company dedicated to the advancement of novel medicines for immune-mediated inflammatory diseases (IMIDs). The parties are also in discussions for a planned research collaboration to leverage the respective expertise, technologies and assets of both companies to accelerate the development of targeted therapies and diagnostic tools for IMIDs and maximize the indications against which new therapies may be used. Further financial details of the agreement were not disclosed. Original source: UCB, website: http://www.ucb.com/, Copyright UCB SA 2024., joint venture; mergers and acquisitions; research and development; antiinflammatories; IMIDomics; [...]

Specialty Additives sales of Evonik fell by 16% to EUR 3.52 bn, primarily due to noticeably lower volumes and negative currency effects. Adjusted EBITDA at the division fell by 29% to EUR 673 M. The adjusted EBITDA margin fell from 22.6% in the previous year to 19.1% in 2023. Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., company results; additives; [...]

Two DIC Corporation subsidiaries in India - DIC South Asia Private Limited in Mumbai and Ideal Chemi Plast Private Ltd in Badlapur - have together established the DIC South Asia Private Limited Application Lab, a dedicated laboratory for evaluating coating resins for automotive coatings and infrastructure applications. The new facility opened in Feb 2024. DIC sees India's coating resins market, currently growing at a rate of approximately 9%/y, as particularly promising and is working to expand its presence in the country by building a second production site at IDEAL CHEMI PLAST, an acquisition which was completed in 2019. Production at the new site commenced in Feb 2024. DIC Corporation made the decision to establish the Application Lab with the goal of enabling it to respond swiftly to the needs of local customers and to propose comprehensive solutions that include not only recommending and supplying resins, but also providing compounding formulations and processed samples. The Application Lab, run as an open laboratory, is jointly managed by DIC South Asia, which has provided equipment, and IDEAL CHEMI PLAST, which administers the part of the industrial area in which the facility is located. DIC expects that its coating resins customers in India will make active use of this new open laboratory going forward and that the laboratory will help it to further improve the services it provides in the Indian market. Original source: SunChemical, website: http://www.sunchemical.com/, Copyright Sun Chemical Group Cooperatief UA, Sun Chemical Corporation 2024., investment; market; plant restructuring; research and development; coating resins; DIC; DIC South Asia Private; Ideal Chemi Plast [...]

Topsoe, a global leader in carbon emission reduction technologies, on 4 Mar 2024 released its financial results for 2023. Topsoe is reporting record revenue and earnings, combined with an all-time high in investments in technologies and solutions that support the energy transition. Revenue increased by 38% to DKR 9416 M (2022: DKR 6845 M). EBIT before special items increased by 59% to DKR 964 M (2022: DKR 608 M) due to double-digit growth in both the catalyst and technology business, with an EBIT margin of 10.2% (2022: 9%). Original source: Haldor Topsoe,website: http://www.topsoe.com/, Copyright HaldorTopsoe A/S 2024., company results; catalysts; [...]

Sales in the Smart Materials division of Evonik fell by 15% to EUR 4.46 bn. Adjusted EBITDA at the division decreased by 27% to EUR 540 M. At 12.1%, the adjusted EBITDA margin was below the previous year (14.2%). Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., company results; [...]

Sales in the Performance Materials division of Evonik fell by 22% to EUR 2.55 bn. Adjusted EBITDA at the division fell by 68% to EUR 111 M. The adjusted EBITDA margin fell from 10.8% in 2022 to 4.4% in 2023. Original source: Evonik Industries, website: http://corporate.evonik.com/en/, Copyright Evonik Industries AG 2024., company results; performance materials; [...]

The Bayer Group achieved its adjusted guidance for 2023. During the period, the Group sales came in at 47.637 bn euros, down 1.2% on a currency- and portfolio-adjusted basis. EBITDA before special items fell by 13.4% to 11.706 bn euros. This figure included a negative currency effect of EUR 375 M (2022: positive currency effect of EUR 429 M). The EBITDA margin before special items came in at 24.6%, down 2.0 percentage points against the prior year. EBIT amounted to EUR 612 M (2022: EUR 7.012 bn) after net special charges of EUR 6.977 bn (2022: EUR 2.245 bn). Net income came in at minus EUR 2.941 bn (2022: plus EUR 4.150 bn). Core earnings per share decreased by 19.5% to EUR 6.39. Free cash flow declined by 57.9% to EUR 1.311 bn. Net financial debt as of 31 Dec 2023 increased by 8.5% against year-end 2022 to EUR 34.498 bn. Original source: Bayer, website:http://www.bayer.com/, Copyright Bayer AG 2024., company results; Bayer [...]

The oil and gas industry has witnessed a considerable upheaval in its supply chains amid the protracted Russia-Ukraine conflict and renewed tensions in the Middle East. Both of these conflicts could potentially disrupt global oil and gas supplies in 2024, and hence, the themes of geopolitics and supply chains are the hot topics for 2024. It is therefore important for the oil and gas industry to assess the impact of these themes while charting out their growth plans, says GlobalData, a leading data and analytics company. GlobalData's thematic report, 'Top 20 Oil & Gas Themes 2024,' reveals the leading themes that could have a significant impact on oil and gas operations in 2024. Energy security concerns are expected to be the major driver for the oil and gas trade in 2024. Furthermore, the pace of the global transition towards clean energy is likely to be slow in 2024, as several countries are confronted with issues of energy security and inflation. The report also puts emphasis on the ESG theme and the themes contributing to the global energy transition. Within ESG, the environment and social aspects of oil and gas operations are the focal point of discussion as they are important for long-term sustainability. Newer industry themes that support the energy transition towards zero-emission technologies, such as renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EV), are evaluated for their potential impact on the oil and gas business in 2024. The report evaluates traditional oil and gas themes, namely liquefied natural gas (LNG), shale, and integrated refineries, that are enabling companies to remain competitive in the energy market. Shale oil and gas production could reach record levels in 2024. The report also reveals how disruptive technologies, such as artificial intelligence (AI), blockchain, cloud computing, cybersecurity, the Internet of Things (IoT), robotics, and the metaverse, are impacting the oil and gas industry. Several prominent integrated oil companies (IOCs) have actively sought to digitalize their operations by employing digital technologies. These technologies are bringing in newer work dynamics to improve efficiency, reliability, and operational security. Original source: Global Data, website: http://www.energy.globaldata.com, Copyright Global Data 2024., LNG; energy; market; production level; trade; waste emissions and pollution; carbon dioxide; crude oil; hydrogen; liquefied natural gas; natural gas; shale [...]

The Bayer Group achieved its adjusted guidance for 2023. The firm also reported its financial results for 2023. Sales of self-care products (Consumer Health) increased by 6.3% to EUR 6.027 bn against a strong prior year. The division registered double-digit percentage gains in the Dermatology and Pain & Cardio categories. The 12.1% increase in sales at Dermatology was partly driven by continued strong demand for Bepanthen and Canesten, while the Pain & Cardio business registered growth of 11.5%. Despite a weaker allergy season, sales in the Allergy & Cold category rose by 6.8% due to a strong cold season, especially in Europe. Business at Nutritionals was at the prior-year level. EBITDA before special items at Consumer Health rose by 3.2% to EUR 1.411 bn, while the EBITDA margin before special items advanced by 0.9 percentage points to 23.4%. Original source: Bayer, website:http://www.bayer.com/, Copyright Bayer AG 2024., company results; market; analgesic drugs; antiallergens; cardiovascular drugs; clotrimazole; cold and flu treatments; dermatologicals; dexpanthenol; nutrition products; Bayer [...]

China is set to register the highest polyethylene terephthalate (PET) capacity additions globally by 2028, contributing about 40% of the total capacity additions from new plant and expansion projects, says GlobalData, a leading data and analytics company. GlobalData's latest report, 'Polyethylene Terephthalate (PET) Industry Capacity and Capital Expenditure Forecasts with Details of All Active and Planned Plants to 2028', reveals that China is likely to witness PET capacity additions of 2.50 M tonnes/y (mtpa) from a planned and an announced project. In China, major capacity additions are from an announced project, Zhejiang Petrochemical Daishan Polyethylene Terephthalate Plant 2, with a capacity of 2 mtpa. Zhejiang Petrochemical Co Ltd has a 100% stake in the plant and is also the operator of the project. Located in the state of Zhejiang, China, it is expected to commence production in 2026. Hainan Yisheng Petrochemical Yangpu PET plant follows next with a capacity addition of 0.50 mtpa. The plant is expected to start operations in 2025 in the state of Hainan, China. Hainan Yisheng Petrochemical Co Ltd has 100% equity and is also the operator of the plant. Original source: Global Data, website: http://www.energy.globaldata.com, Copyright Global Data 2024., PET; market; plant capacity; plant restructuring; plant startup; polyethylene terephthalate; Hainan Yisheng Petrochemical; Zhejiang [...]

APA Suriname Corp LDC (APA) and its partners CEPSA and Petronas have returned part of Block 53 offshore Suriname to state oil firm Staatsolie Maatschappij Suriname NV, limiting its continued exploration to the Baja-1 oil discovery. Staatsolie signed a production sharing contract with APA for Block 53 in Oct 2012. The exploration period expired on 31 Dec 2023, and APA and its partners decided not to exercise the option to extend a work programme that would involve drilling at least one exploration well, Staatsolie said in a release 29 Feb 2024. Staatsolie will bring the vacated part of Block 53 back under contract later in 2024. APA is operator of the block with 45% working interest. Partners are Petronas (30%) and CEPSA (25%). As part of a 22 Feb 2024 filing to the US Securities and Exchange Commission, APA noted the change in Suriname holdings, saying during 2023 the company was granted an extension to retain about 13,000 net undeveloped acres for its operated Baja discovery area, allowing the remaining net undeveloped acres to expire in Block 53 as of end-2023. As part of the filing, APA said it plans to invest $50 M toward progressing a large-scale FPSO project in Suriname. The company holds 50% interest in TotalEnergies-operated Block 58 where the companies completed appraisal of the two main oil discoveries, Sapakara South and Krabdagu. Confirmed combined resources are close to 700 M bbl for the two fields, TotalEnergies has said. Original source: Endeavor Business Media, LLC, website: https://www.ogj.com/index.html, Copyright Endeavor Business Media, LLC 2024., investment; joint venture; stock; crude oil; APA Suriname LDC (APA); CEPSA; Petronas; Staatsolie Maatschappij Suriname; [...]

Henkel delivers very strong organic sales growth and significant earnings improvement in 2023. Henkel Group sales reached EUR 21,514 M in fiscal 2023, a nominal decrease of -3.9% compared to the prior year. Foreign exchange effects negatively impacted the sales development by -4.3%. At -3.9%, acquisitions/divestments had a negative impact on sales, which was mainly due to the divestment of the business activities in Russia. Organic sales growth was very strong at 4.2%. The Adhesive Technologies business unit generated strong organic sales growth of 3.2%, which was driven by the business areas Mobility & Electronics, as well as Craftsmen, Construction & Professional. The Consumer Brands business unit achieved very strong organic sales growth of 6.1%, driven particularly by the Laundry & Home Care and Hair business areas. Adjusted operating profit (adjusted EBIT) significantly increased by 10.2% to EUR 2556 M (previous year: EUR 2319 M). Positive selling price developments, ongoing measures to reduce costs and enhance production and supply chain efficiency, and portfolio optimization measures more than offset negative impacts on Group profitability from continued high prices for direct materials and logistics. Adjusted return on sales (adjusted EBIT margin) in fiscal 2023 was significantly higher year on year at 11.9% (2022: 10.4%). Adjusted earnings per preferred share also increased significantly by 11.5% to EUR 4.35 (previous year: EUR 3.90). At constant exchange rates, adjusted earnings per preferred share increased by 20.0%. Net working capital as a percentage of sales amounted to 2.6%, thus coming in substantially lower than the prior-year level (2022: 4.5%) particularly due to lower inventories. Free cash flow reached a new high of EUR 2603 M, representing a significant increase compared to the previous year (2022: EUR 653 M). This was due to much higher cash flow from operating activities resulting from higher operating profit and lower net working capital. As a result, the net financial position improved significantly to EUR 12 M (31 Dec 2022: EUR -1267 M). The Management Board, Supervisory Board and Shareholders' Committee will propose to the Annual General Meeting on 22 Apr 2024, an unchanged dividend compared to the previous year of EUR 1.85/preferred share and EUR 1.83/ordinary share. This equates to a payout ratio of 42.4%, slightly above the target bandwidth of 30-40%. This payout is possible thanks to the strong financial base and the positive development of the net financial position of the Henkel Group. This ensures dividend continuity for shareholders. Original source: Henkel, website: http://www.henkel.com, Copyright Henkel AG & Co KGaA 2024., company results; Henkel [...]

The popularity of glucagon-like peptide-1 (GLP-1) drugs like Ozempic and Wegovy has seen a significant uptick in recent times. Projections indicate that the market for GLP-1 medications aimed at weight management could potentially hit $100 bn in 2030. These drugs might present competition for advanced diabetic technologies such as continuous glucose monitoring (CGM) systems and insulin pumps, possibly impacting their sales, says GlobalData, a leading data and analytics company. GlobalData's latest report, 'Insulin Pumps and Continuous Glucose Monitors Market Forecast to 2033,' reveals that the insulin pumps and CGM market is poised to grow at a compound annual growth rate (CAGR) of 6.3% from $11.3 bn in 2023 to $20.9 bn in 2033. The CGM market boom has been reflected in the sales figures. Abbott's FreeStyle Libre sales increased 25.5% to $1.4 bn in 4Q 2023. Similarly, Dexcom's revenue grew 27% to $1.03 bn in the same period. Original source: Global Data, website: http://www.energy.globaldata.com, Copyright Global Data 2024., market; sales; drug delivery systems; FreeStyle Libre; insulin; medical devices; Ozempic; slimming aids; Wegovy; Abbott; [...]

Effective 15 Mar 2024, or as contracts allow, Eastman Chemical Company is announcing an off-list price increase in NAR and LAR for the following products: Eastman 2EH Alcohol, all grades and packages: $0.05/lb ($0.11/kg); Eastman 2EH Acid, all grades and packages: $0.05/lb ($0.11/kg); Eastman n-Butanol, all grades and packages: $0.05/lb ($0.11/kg); and Eastman Isobutanol, all grades and packages: $0.05/lb ($0.11/kg). (Full text). Original source: Eastman, website: http://www.eastman.com/, Copyright Eastman Chemical Company 2024., pricing; 1-butanol; 2-ethylhexanoic acid; Eastman 2EH Acid; Eastman 2EH Alcohol; Eastman Isobutanol; Eastman n-Butanol; isobutanol; oxo chemicals; Eastman [...]

Celanese Corporation, a global speciality materials and chemical company, will exhibit its Micromax HT and PTC inks at the 2024 Large-Area, Organic & Printed Electronics Convention (LOPEC) taking place on 5-7 Mar 2024 in Munich, Germany. Micromax HT inks are a suite of polyimide compositions designed for high temperature applications across a variety of substrates including protective coatings on PCBs and various aerospace applications. The HT inks are dispensable, have extended screen life, strong heat stability up to 300 degC, superior chemical resistance and excellent creasing and flex recovery. Micromax PTC inks are also a suite of carbon compositions with varying cut-off points between 55 degC and 125 degC. They demonstrate excellent thermal stability and minimal hysteresis effects. When combined with suitable silver compositions, Micromax PTC inks enable the creation of self-regulating film heaters on polymeric substrates and are used in a variety of industrial heaters such as vehicle interiors and battery heating. Original source: Celanese, website: http://www.celanese.com/, Copyright Celanese Corporation 2024., sales; ink; Micromax HT; Micromax PTC; [...]

The Bayer Group achieved its adjusted guidance for 2023. The firm also reported its financial results for 2023. Despite gains in Europe/Middle East/Africa and Asia/Pacific, Bayer's agricultural business (Crop Science) saw overall sales fall by 3.7% to EUR 23.270 bn. The Corn Seed & Traits business achieved the strongest growth, with sales rising 13.8%, primarily due to higher prices. Business was also up at Fungicides, which posted growth of 8.8% that was mainly driven by higher prices in Europe/Middle East/Africa and increased volumes in Latin and North America. Sales at Soybean Seed & Traits advanced by 5.5%, mainly thanks to higher licence revenues in Latin America. EBITDA before special items at Crop Science fell by 26.6% to 5.038 bn euros, primarily due to significant price declines for glyphosate-based products. Earnings were also diminished by a mainly inflation-related increase in the cost of goods sold. There was a positive currency effect of EUR 103 M (2022: EUR 284 M). The EBITDA margin before special items declined by 5.6 percentage points to 21.7%. Original source: Bayer, website:http://www.bayer.com/, Copyright Bayer AG 2024., company results; agrochemicals; fungicides; glyphosate; Bayer [...]

Henkel delivers very strong organic sales growth and significant earnings improvement in 2023. In fiscal 2023, sales of the Adhesive Technologies business unit reached EUR 10,790 M and was thus - due to negative foreign exchange effects - nominally -4.0% below the previous year's level. Organically, sales increased by 3.2%. This sales growth was driven by a very strong price development compared to prior year. Volumes declined overall, mainly due to demand remaining muted in some key end markets. As the year progressed, volume development showed a sequential recovery, recording a stable level in the 4Q 2023. At EUR 1584 M, the adjusted operating profit was slightly above the previous year's level. The adjusted return on sales increased by 110 basis points compared to the previous year and reached 14.7%. The significant increase in margin was driven mainly by higher prices combined with measures to reduce costs and increase efficiency in order to continue offsetting persistently elevated material prices. Original source: Henkel, website: http://www.henkel.com, Copyright Henkel AG & Co KGaA 2024., company results; [...]

The Bayer Group achieved its adjusted guidance for 2023. The firm also reported its financial results for 2023. On a currency-adjusted basis (ie based on the average monthly exchange rates in 2023), Bayer expects to generate sales of EUR 47 bn to EUR 49 bn in 2024. The company anticipates EBITDA before special items of 10.7 bn to 11.3 bn euros on a currency-adjusted basis. It forecasts core earnings per share of EUR 5.10 to EUR 5.50, and free cash flow of EUR 2 bn to EUR 3 bn. Net financial debt as of year-end 2024 is expected to amount to EUR 32.5 bn to EUR 33.5 bn. With respect to the divisions, Bayer anticipates sales growth of minus 1 to plus 3% at Crop Science, minus 4 to 0% at Pharmaceuticals, and plus 3 to 6% at Consumer Health. In addition, it expects the EBITDA margin before special items to come in at 20 to 22% at Crop Science, 26% to 29% at Pharmaceuticals, and 23% to 24% at Consumer Health. Bayer has also prepared its guidance based on the closing exchange rates as of 31 Dec 2023, and the differences to the currency-adjusted forecast above are as follows: at Group level, it expects to post sales of EUR 46 bn to EUR 48 bn and core earnings per share of EUR 4.95 to EUR 5.35. Original source: Bayer, website:http://www.bayer.com/, Copyright Bayer AG 2024., company results; agrochemicals; pharmaceuticals; Bayer [...]

Henkel delivers very strong organic sales growth and significant earnings improvement in 2023. Sales in the Consumer Brands business unit totalled EUR 10,565 M in fiscal 2023 and was thus -3.3% below the prior year in nominal terms. Foreign exchange effects reduced sales by -4.4%. Acquisitions/divestments also had a negative impact of -5.1% on sales, mainly due to the sale of the business activities in Russia. Organically, sales increased by 6.1%. This sales growth was driven by double-digit price increases, while volumes declined partially due to continued portfolio optimization measures. However, volume development did show a significant sequential improvement in the 2H 2023. Adjusted operating profit reached EUR 1115 M, a significant increase versus the prior year (EUR 910 M). This increase was driven by higher selling prices to offset persistently high prices for direct materials, by ongoing measures to reduce costs and enhance production and supply chain efficiency, by savings generated from the integrated Consumer Brands business unit and by portfolio optimization measures. At the same time, marketing and advertising investments were increased versus prior year to strengthen brands and businesses. Adjusted return on sales reached 10.6%, representing an increase of 220 basis points compared to the previous year - despite lacking the positive contribution to earnings from the business activities in Russia, which were divested in Apr 2023. Original source: Henkel, website: http://www.henkel.com, Copyright Henkel AG & Co KGaA 2024., company results; [...]

Ono Pharmaceutical Co Ltd ('the company') announced on 4 Mar 2024 that it has acquired its own shares pursuant to the provision of Article 156 of the Companies Act, applied by replacing terms pursuant to the provision of Paragraph 3, Article 165 of the same Act, and that it has completed the acquisition of its own shares in accordance with the resolution passed on 25 Jul 2023, pursuant to the provisions of Article 370 of the Companies Act (resolution by documents instead of resolution by board meetings). Class of shares acquired: common stock of the company. Total number of shares acquired: 68,000 shares. Total amount of acquisition cost: Yen 169,625,650. Period of acquisition: 1 Mar 2024 (execution base). Method for acquisition: Purchased on the Tokyo Stock Exchange. Original source: Ono Pharmaceutical Co Ltd, website: http://www.ono.co.jp/eng/, Copyright Ono Pharmaceutical 2024., company structure; Ono [...]

The European Medicines Agency (EMA) has validated two marketing authorization applications (MAAs) for AstraZeneca and Daiichi Sankyo's datopotamab deruxtecan (Dato-DXd) in two types of cancer. One MAA is for the treatment of adult patients with locally advanced or metastatic nonsquamous non-small cell lung cancer (NSCLC) who require systemic therapy following prior treatment. The other MAA is for the treatment of adult patients with unresectable or metastatic hormone receptor (HR)-positive, HER2-negative (IHC 0, IHC 1+ or IHC 2+/ISH-) breast cancer who have progressed on and are not suitable for endocrine therapy and received at least one additional systemic therapy. The validations confirm the completion of the applications and commence the scientific review process by the EMA's Committee for Medicinal Products for Human Use. The applications are based on data from the pivotal TROPION-Lung01 and TROPION-Breast01 Phase III trials presented during two Presidential Symposia at the 2023 European Society for Medical Oncology Congress. Datopotamab deruxtecan is a specifically engineered TROP2-directed DXd antibody drug conjugate (ADC) discovered by Daiichi Sankyo and being jointly developed by AstraZeneca and Daiichi Sankyo. Additional regulatory submissions for datopotamab deruxtecan in lung cancer and breast cancer are underway in the US and globally. Original source: AstraZeneca, website: http://www.astrazeneca.com, Copyright AstraZeneca 2024., joint venture; regulations and rulings; research and development; anticancer drugs; datopotamab deruxtecan; monoclonal antibodies; therapeutic antibodies; AstraZeneca; Daiichi [...]