Latest news with #MRL
New Straits Times
4 days ago
- Business
- New Straits Times
ECRL on track: 90pct completion expected by year-end
KUANTAN: The East Coast Rail Link (ECRL) project, which stretches across Kelantan, Terengganu, Pahang, and Selangor, is expected to achieve 90 per cent overall completion by year-end. Malaysia Rail Link Sdn Bhd (MRL) chief executive officer Datuk Seri Darwis Abdul Razak said the 665km mega rail infrastructure project had recorded an overall progress of 82.45 per cent as of April. "Progress currently stands at 89 per cent in Kelantan, 91 per cent in Terengganu, 84 per cent in Pahang, and 67 per cent in Selangor. These figures reflect that the project is on course for full completion by December next year. "Given the current scope of work, along with strong commitment and support from the participating states, we are confident of reaching the 90 per cent milestone by year-end. "The key takeaway is that all components of the project are advancing steadily and in parallel. We aim to commence the testing and commissioning phase on June 1 next year," he told reporters at the ECRL KotaSAS Station here today. Darwis was speaking during the first-article assessment ceremony, which marked the successful installation of the communication, information and signalling (CIS) systems at the KotaSAS station. The KotaSAS station is the first among the 20 ECRL stations along the alignment to complete the CIS systems installation. Describing the milestone as a major achievement for the ECRL's engineering development, Darwis said the project's systems work fell under Section 14, which covers critical rail technologies. "A first-article assessment, also known as a first-article inspection, represents a pivotal stage in the lifecycle of a major railway infrastructure project. "Today's milestone marks the culmination of years of collaboration between MRL and China Communications Construction Company (CCCC), encompassing detailed engineering design, construction supervision, and project management," he added. The CIS systems, developed to meet international safety and performance standards, are a core component of the ECRL's engineering backbone. They are essential to ensuring safe, efficient, and reliable railway operations, covering automatic train protection, traffic control, and real-time passenger information. Meanwhile, Darwis said two sets of six-car Electric Multiple Unit (EMU) trains for passenger service, along with two Electric Locomotive (E-Loco) units for freight, were expected to arrive in Malaysia by the end of this year. In February, he said that all 11 six-car EMU train sets and 12 E-Loco units would be fully delivered by June 2026. The ECRL, which links Kota Baru to the Gombak Integrated Transport Terminal, is slated to commence operations in January 2027. The extension from Gombak to Port Klang is scheduled to begin service by January 2028.
RNZ News
16-05-2025
- Politics
- RNZ News
NZ Food Safety proposes increasing residue limits of insecticides, pesticides in food
A petition started by digital marketing specialist Jade Steel of Bay of Plenty gained 16,500 signatures within a fortnight in opposition to raising the glyphosate limits. Photo: ARNE DEDERT Friday is the final day for the public to have its say on the proposed changes to the maximum residue limits of insecticides, pesticides and animal medicines that end up in our food. New Zealand Food Safety proposed a raft of changes to these maximum residue limits (MRLs), including those of the world's most common herbicide, and here in New Zealand too, glyphosate, which is the active ingredient in weedkillers such as Round Up. The MRL was proposed to increase 100 times the current 0.1 milligrams per kilogram in pre-harvest weed control of wheat, barley and oat grains to 10 milligrams per kilo. Another proposed increase was 6 milligrams per kilogram as a pre-harvest drying agent for pea crops. Federated Farmers' arable vice-chairman Andrew Darling of South Canterbury, said glyphosate was an "incredibly useful tool" for the whole farming sector, as well as arable. But he said it was not used "willy-nilly" due to its cost, and farmers adhered to good agricultural practices around its use and followed manufacturer suggestions too. However, he said most farmers did not see the need for levels to jump so high. "The current MRL limit on glyphosate, for example, was probably just a default setting," Darling said. "And some survey samples were done about five years ago, I mean the majority were under that 0.1 percent of what it currently is at, with only a handful being over. "We're well below international MRL rates, so a small lift wouldn't be a problem," he said. "But from a Federated Farmers point of view, we struggle to see why it needed to be increased to 100 times what's been from 0.1 percent to 10 percent when we're well underneath that." A petition started by digital marketing specialist Jade Steel of Bay of Plenty gained 16,500 signatures within a fortnight in opposition to raising the glyphosate limits. She said it was hard to avoid the presence of glyphosate in food. "So far, everybody I've noticed who's seen [the petition] and commented and shared it have been really shocked that this is even happening like people cannot believe that this is happening," she said. "I've been trying to avoid glyphosate in my food for years now and just the fact that they're trying to raise the limits is terrifying." Glyphosate has been at the centre of many scientific studies in recent years to understand long-term health effects from exposure. New Zealand Food Safety's consultation document said MPI determined the use of glyphosate for crops carried out with good agricultural practice was "unlikely to pose health risks." Its deputy director-general Vincent Arbuckle said once consultation was completed, it would consider changes to the Food Notice by either progressing changes as proposed, amending them or withdrawing them altogether if further work was needed. In October, the Environmental Protection Authority decided not to re-assess the use of glyphosate following a request from advocacy group the Environmental Law Initiative. Public consultation close at 5pm on Friday. Sign up for Ngā Pitopito Kōrero , a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
Yahoo
13-05-2025
- Business
- Yahoo
Calumet Renewables Expansion Is Unlocking Value: Analyst
BofA Securities analyst Conor Fitzpatrick initiated coverage on Calumet, Inc (NASDAQ:CLMT) with a Buy rating and a price forecast of $15. The analyst noted that Calumet's Montana Renewables unit is advancing its MaxSAF project to boost sustainable aviation fuel output from ~40 million to over 250 million gallons annually, aiming to tap into stronger pricing and subsidy benefits over renewable diesel and petroleum. According to Fitzpatrick, the expansion is expected to nearly double EBITDA from 2025 to 2027 and is supported by interest-free DOE loans, reducing execution plans to monetize the asset to cut debt, which could bring parent leverage below 2.5x through deconsolidation and repayment. The analyst pointed out that Calumet underperformed during the ramp-up of its biofuels unit, Montana Renewables, due to margin pressure, but recent developments may shift momentum. Reports suggest that the Environmental Protection Agency is preparing to increase demand for Renewable Identification Numbers, or RINs, beginning in 2026, following lobbying from oil and agricultural interests. Meanwhile, California is in the process of re-approving measures to boost demand for Low Carbon Fuel Standard, or LCFS credits. Prices for RINs have approximately doubled since December 2024, and the analyst expects them to remain within a favorable range, with some upside potential as regulatory developments advance. A recovery in demand for LCFS credits is also anticipated, which would support higher margins. For the investment thesis to materialize, the analyst notes that the company must demonstrate margin recovery in financial performance, achieve meaningful volume growth at MRL, and make tangible progress toward monetizing MRL and reducing overall leverage. Price Action: CLMT shares are trading higher by 5.84% to $13.89 at the last check on Tuesday. Image by Phongphan via Shutterstock Date Firm Action From To Feb 2022 HC Wainwright & Co. Maintains Buy Nov 2021 Wolfe Research Upgrades Peer Perform Outperform Nov 2021 Cowen & Co. Upgrades Market Perform Outperform View More Analyst Ratings for CLMT View the Latest Analyst Ratings Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? CALUMET (CLMT): Free Stock Analysis Report This article Calumet Renewables Expansion Is Unlocking Value: Analyst originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
14-04-2025
- Business
- Yahoo
Calumet, Inc. (CLMT): A Bull Case Theory
We came across a bullish thesis on Calumet, Inc. (CLMT) on Twitter by Zerosumgame33. In this article, we will summarize the bulls' thesis on CLMT. Calumet, Inc. (CLMT)'s share was trading at $9.91 as of April 11th. CLMT's trailing and forward P/E were 23.06 and 11.35 respectively according to Yahoo Finance. A technician in a protective suit testing a variety of different lubricants and filters. Calumet Specialty Products (CLMT) has undergone a punishing 50% drawdown, primarily due to its leveraged equity structure and fears of a recession weighing on already depressed—but ultimately temporary—margins. A wave of selling was triggered by event-driven funds exiting after a Department of Energy (DOE) catalyst, exacerbated by a lack of institutional support and nearly 10 million shares shorted. Despite this, the long-term bull thesis remains intact. The key driver is an imminent margin inflection in the biodiesel (BD) market, where the supply-demand imbalance is becoming acute. Based on January EPA data, BD production fell by ~150 million gallons in a single month, pushing total supply below the 2025 Renewable Volume Obligation (RVO) level. With the D4 RIN bank likely to be exhausted within months, this sets the stage for a sharp recovery in margins as demand exceeds supply. Montana Renewables (MRL), CLMT's crown jewel, is in a uniquely advantaged position. Unlike peers still running soybean oil, MRL uses a more cost-effective 50/50 blend of corn oil and tallow, supporting better margins. The real catalyst is the upcoming 2026–2028 RVO, expected to be released around August or September. While the current RVO was set too low by the Biden administration (creating a margin overhang), a Trump administration is likely to revise this upward based on the new renewable diesel capacity that's come online. Once that happens, margins could return to $2.00/gal, putting MRL at $250M EBITDA and CLMT at a $500M run-rate on a $2.9B pro forma EV—an exceptionally cheap valuation at $10/share. Even under more conservative assumptions, MRL's EBITDA would support a robust valuation. Warburg's base case targets a $3.3B exit EV by early 2028, translating to a $40 CLMT share price. Calumet, Inc. (CLMT) is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 21 hedge fund portfolios held CLMT at the end of the fourth quarter which was 9 in the previous quarter. While we acknowledge the risk and potential of CLMT as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than CLMT but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock. READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock. Disclosure: None. This article was originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
21-02-2025
- Business
- Yahoo
Montana Renewables gets first drawdown of $1.44bn DOE loan facility
Calumet's unrestricted subsidiary Montana Renewables (MRL) has received its initial drawdown of $782m from its $1.44bn guaranteed loan facility with the US Department of Energy (DOE) Loan Programs Office (LPO). The $1.44bn loan facility, which was closed in January 2025, will fund the construction and expansion of the renewable fuels facility owned by Calumet's subsidiary, Montana Renewables, positioning it as one of the largest sustainable aviation fuel (SAF) producers globally. The expansion will increase Montana Renewables' annual production capacity to 300 million gallons of SAF and 330 million gallons of combined SAF and renewable diesel. Key components of the expansion include a second renewable fuels reactor which will facilitate the production of half the 300 million gallons of SAF by 2026. The expansion also involves debottlenecking of existing units and increased renewable hydrogen production. Montana Renewables CEO Bruce Fleming stated: "DOE's mission includes technology and domestic energy security. MRL delivers both. Over the past three years, DOE's Loan Program Office [has] conducted a rigorous due diligence process supported by experts in technology, markets, law, underwriting and risk, and MRL qualified on the merits. 'The incoming administration took time to verify this and we appreciate the office's thoroughness. Today we are pleased to continue leading Montana's largest biofuels investment and look forward to our continued collaboration with the LPO on the success of this project." The loan is structured in two tranches, with the first tranche of $782m released to fund eligible expenses previously incurred by Montana Renewables. Simultaneously, Calumet made an additional $150m equity investment using cash on hand. The remaining guaranteed loan proceeds, up to $658m, are expected to be disbursed through a delayed draw construction facility. Montana Renewables anticipates this second tranche will be disbursed during construction, beginning in 2025, with the MaxSAF project due for completion in 2028. Disbursements under the guaranteed loan facility are contingent upon satisfying specific commercial, technical and legal conditions. During construction, retained earnings from MRL are expected to supplement DOE funds to maintain debt at 55% of capitalisation during the MaxSAF construction sequence. The loan has a 15-year tenure and its annual interest rate is set at the US Treasury rate plus 3/8%. Servicing of principal and interest will be deferred until MaxSAF is commissioned. Montana Renewables expects the expansion to catalyse regional development, particularly for renewable feedstocks from farms and ranches. By driving infrastructure development in transportation, agriculture and energy, Montana Renewables aims to create a large-scale, end-to-end SAF industry in Montana and the Pacific Northwest. The expansion is expected to create 450 construction jobs and up to 40 operations jobs. "Montana Renewables gets first drawdown of $1.44bn DOE loan facility" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
