Latest news with #methanol
South China Morning Post
5 days ago
- Business
- South China Morning Post
Indonesia should adopt EVs, draw lessons from failed methanol project in China, experts say
Indonesia should consider embracing electric vehicles (EVs) as an alternative to its plan to construct a costly methanol production facility, after a failed similar venture in China, according to energy finance specialists. Advertisement The ageing vehicle fleet in Southeast Asia's biggest economy may not be suitable for methanol fuel blends as the country's humid climate can cause fuel condensation, the Ohio-based Institute for Energy Economics and Financial Analysis said in a report on Wednesday. While a methanol-blended fuel could reduce emissions and improve performance, these benefits were offset by lower energy content and higher material corrosion, it said, noting the risks flagged in a 2021 white paper by the International Council on Clean Transportation. EVs offered a more sustainable solution, the non-profit institute added. 'Expanding the use of EVs, particularly motorcycles, offers a lower-risk, less complex and cost-effective solution than blending methanol,' said Ghee Peh, the institute's Asia-based specialist, who wrote the report. 'Neighbouring countries, such as Vietnam, have already built EV charging networks.' Ghee Peh, an Asia-based energy finance specialist at the Institute for Energy Economics and Financial Analysis. Photo: Handout Indonesia was building a US$1.2 billion coal-based methanol plant in East Java, aimed at boosting biodiesel output, with target completion in 2027, the institute said, citing a Jakarta Post report. The nation faces a 2 million tonne annual deficit in methanol output. The government has not provided details of the plant's gas source.
Zawya
27-05-2025
- Business
- Zawya
UK's Wood secures PMC contract for UAE's first methanol plant
UK-based global consulting and engineering company Wood has secured a contract from TA'ZIZ, a joint venture between ADNOC and sovereign fund ADQ, to provide project management consultancy (PMC) for the UAE's first methanol production facility. Nearly 40 project management consultants, supported by experts at the company's regional energy transition hub in the UAE capital, will work with TA'ZIZ's engineering, procurement and construction (EPC) contractor to deliver the project located in Al Ruwais Industrial City, Abu Dhabi, Wood said in a statement on Tuesday. In February 2023, TA'ZIZ, a joint venture between ADNOC and sovereign fund ADQ, awarded an engineering, procurement, and construction (EPC) contract worth $1.7 billion (6.2 billion UAE dirhams) to South Korean contractor Samsung E&A. The 1.8 million tonnes per annum (mtpa) methanol plant, expected to be completed by 2028, will be powered by clean energy from the grid. In December 2024, UK-based global consulting and engineering company Wood announced securing a record $920 million of strategic wins across the Middle East. The contracts span Iraq, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates (UAE), where Wood recently opened its third office in Sharjah, the LSE-listed company said in a statement. (Editing by Anoop Menon) (
Yahoo
22-05-2025
- Business
- Yahoo
OCI Global Q1 2025 Trading Update
AMSTERDAM, May 22, 2025 /PRNewswire/ -- Hassan Badrawi, CEO of OCI Global: "OCI entered 2025 with positive momentum, following a year marked by significant portfolio changes. In the first quarter, we delivered on key transaction milestones, including the resolution of the previously disclosed dispute with our Natgasoline joint venture partner Proman regarding the sale of OCI Methanol to Methanex, as well as substantial progress on the construction of the Beaumont New Ammonia plant, scheduled for completion later this year. Operationally, our European portfolio performed well during the period, despite planned shutdowns at certain assets. In line with our approach to disciplined capital returns, OCI distributed USD 1.0 billion to shareholders in May, bringing cumulative distributions to USD 6.4 billion over the past four years. OCI continues to prioritize shareholder value whilst preserving capital allocation flexibility and strategic optionality. Any future extraordinary cash distributions will be determined based on transaction progress, the ongoing strategic review, and Board approval. As part of our ongoing transformation, OCI also secured a binding support agreement with a large group of bondholders regarding the treatment of the 2033 bonds, pending completion of the Methanol sale. This will facilitate an orderly pay down of OCI's capital structure following the closing of the transaction. Looking ahead, our main priorities are to complete the construction and handover of Beaumont New Ammonia, and to close the Methanol transaction as planned in Q2 2025. With a simplified corporate structure, a stable balance sheet, and a competitive European nitrogen platform, OCI is well-placed to execute on its current objectives and to support value creation." Key Financial Highlights Continuing Operations Adjusted EBITDA for Q1 2025 continued to show a loss, but performance improved over the prior quarter as corporate cost reduction measures gained traction. The European Nitrogen segment's profitability was challenged during the quarter by higher gas prices year-on-year and a planned turnaround that negatively impacted EBITDA margin. Despite these headwinds, the segment continues to be profitable and is well-positioned to benefit from the anticipated decrease in European gas prices. OCI has accelerated its efforts to streamline the corporate cost structure, achieving meaningful progress in aligning the organization to its post-divestment footprint. The Company remains on track to beat its previously guided corporate cost target of USD 30 - 40 million on a run rate basis by the end of 2025. Within Discontinued Operations, OCI Methanol delivered a resilient financial performance in Q1 2025 notwithstanding a planned turnaround at the OCI Beaumont plant. Results were supported by elevated methanol prices and reduced natural gas hedge losses compared to the same period last year, as well as a record performance at Natgasoline, which successfully resumed operations at the end of last year. Net cash from Continuing Operations stood at USD 1,033 million as of 31 March 2025 compared to a net cash position of USD 1,371 million as of 31 December 2024. Key Strategic and Business Highlights The announced sale on 8 September 2024 of OCI's global methanol business ("OCI Methanol") to Methanex Corporation ("Methanex") has been approved by both companies' boards and is expected to close in Q2 2025, subject to regulatory approvals and customary conditions. On 14 May 2025, the European Commission (EC) announced it had approved the acquisition under the EU Merger Regulation, concluding that the transaction does not raise competition concerns. In March 2025, OCI secured a favorable and final resolution of the previously disclosed dispute with Proman regarding shareholder rights in its Natgasoline joint venture. Following a Delaware Court of Chancery ruling in OCI's favor and the subsequent withdrawal of Proman's appeal, OCI's 50% interest in Natgasoline remains part of the transaction perimeter. Construction of the Beaumont New Ammonia site is well advanced and nearing completion, with engineering and procurement mostly complete, and the team currently preparing for commissioning and startup later this year. The project remains on track in terms of total cash spend, which stood at USD 1,167 million as of 31 March 2025. OCI made a further extraordinary distribution of approximately USD 1 billion as a repayment of capital or at the election of the shareholder, from the profit reserve in May 2025, bringing total cumulative distributions to USD 6.4 billion over the last four years. In April 2025, OCI reached a Support Agreement with a bondholder group representing over 60% of its USD 600 million 6.700% Notes due 2033, relating to the treatment of the bonds following contemplated completion of the announced sale of OCI Methanol. Under the Support Agreement, OCI will launch a tender offer for the bonds within five business days of the successful closing of the transaction at 110.75% of par plus accrued and unpaid interest, with the bondholder group agreeing to support and tender into such offer. The group also agreed to support proposed amendments to the bonds, including a redemption right on or after closing at the same price and a waiver of any alleged defaults or events of default that may be outstanding under the documentation governing the bonds. With regards OCI's strategic review, the Company remains actively engaged in the evaluation of strategic alternatives for its continuing businesses. Any future decisions will be made in the best interests of all shareholders. Continuing and Discontinued Operational Highlights Continuing Operations, as presented in this trading update, reflect the performance of the European Nitrogen segment. Further to the announcement of the expected divestiture of OCI's equity holdings in OCI Methanol, this segment is classified as Discontinued Operations. European Nitrogen Own-produced sales were 484 thousand tonnes during the first quarter of 2025, materially unchanged year-on-year and 16% higher quarter-on-quarter. Despite a planned turnaround of the ammonia line as well as the UAN and CAN plants during the quarter, overall production levels were stable year-on-year, supported by the production of new products including AdBlue and CAN+S. Benchmark prices for nitrates were higher in Q1 2025 compared to Q1 2024 and showed a sequential improvement quarter-on-quarter. In February 2025, OCI Nitrogen, Dossche Mills and AGRAVIS announced major progress in their partnership to scale sustainable wheat production across Europe. Using low-carbon fertilizers and farmer incentives, the initiative enabled a tenfold increase in sustainable wheat harvested in 2024, delivering 14,000 tonnes - enough for twenty-five million lower-carbon loaves of bread. The partners aim to triple production in the coming years while maintaining quality and supporting farming practices. In March 2025, OCI Global partnered with RWZ to supply low-carbon fertilizers to RWZ and BASF's "KlimaPartner Landwirtschaft" carbon farming initiative. The collaboration, utilising OCI's low-carbon nitrogen solutions, supports climate-smart practices across 8,200 hectares of winter wheat and aims to cut CO₂-equivalent emissions per tonne of yield by 30%, helping future-proof arable farming with ecological and economic benefits. In April 2025, OCI, alongside Trammo, James Fisher Fendercare and other partners, successfully completed the Port of Rotterdam's first ammonia ship-to-ship bunkering pilot, transferring eight hundred cubic meters of liquid ammonia. The safe execution of this milestone highlights the strategic value of OCI's ammonia import terminal and distribution infrastructure in enabling the adoption of clean ammonia as a marine fuel and supporting the decarbonisation of global shipping. OCI Methanol Own-produced methanol sales from the methanol business were 233 thousand tonnes in the first quarter of 2025, 34% lower than Q1 2024 and 7% lower than Q4 2024. Volumes were impacted by a planned turnaround at OCI Beaumont, while Natgasoline ran at a 95% AUR in Q1 2025 following its successful restart at the end of 2024. Benchmark prices for methanol were materially improved in the quarter compared to the same period last year. Spot US Gulf Coast methanol prices averaged USD 370/t in Q1 2025, 17% higher than the USD 317/t averaged in Q1 2024. Notes This report contains unaudited first quarter highlights of OCI Global ('OCI,' 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam, the Netherlands. OCI Global is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen-based fertilizers and industrial chemicals. Auditor The reported data in this report have not been audited by an external auditor. Market Abuse Regulation This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation. About OCI Global Learn more about OCI at You can also follow OCI on LinkedIn. OCI stock symbols: OCI / / Photo - - View original content to download multimedia: SOURCE OCI Global
Yahoo
22-05-2025
- Business
- Yahoo
OCI Global Q1 2025 Trading Update
AMSTERDAM, May 22, 2025 /CNW/ -- Hassan Badrawi, CEO of OCI Global: "OCI entered 2025 with positive momentum, following a year marked by significant portfolio changes. In the first quarter, we delivered on key transaction milestones, including the resolution of the previously disclosed dispute with our Natgasoline joint venture partner Proman regarding the sale of OCI Methanol to Methanex, as well as substantial progress on the construction of the Beaumont New Ammonia plant, scheduled for completion later this year. Operationally, our European portfolio performed well during the period, despite planned shutdowns at certain assets. In line with our approach to disciplined capital returns, OCI distributed USD 1.0 billion to shareholders in May, bringing cumulative distributions to USD 6.4 billion over the past four years. OCI continues to prioritize shareholder value whilst preserving capital allocation flexibility and strategic optionality. Any future extraordinary cash distributions will be determined based on transaction progress, the ongoing strategic review, and Board approval. As part of our ongoing transformation, OCI also secured a binding support agreement with a large group of bondholders regarding the treatment of the 2033 bonds, pending completion of the Methanol sale. This will facilitate an orderly pay down of OCI's capital structure following the closing of the transaction. Looking ahead, our main priorities are to complete the construction and handover of Beaumont New Ammonia, and to close the Methanol transaction as planned in Q2 2025. With a simplified corporate structure, a stable balance sheet, and a competitive European nitrogen platform, OCI is well-placed to execute on its current objectives and to support value creation." Key Financial Highlights Continuing Operations Adjusted EBITDA for Q1 2025 continued to show a loss, but performance improved over the prior quarter as corporate cost reduction measures gained traction. The European Nitrogen segment's profitability was challenged during the quarter by higher gas prices year-on-year and a planned turnaround that negatively impacted EBITDA margin. Despite these headwinds, the segment continues to be profitable and is well-positioned to benefit from the anticipated decrease in European gas prices. OCI has accelerated its efforts to streamline the corporate cost structure, achieving meaningful progress in aligning the organization to its post-divestment footprint. The Company remains on track to beat its previously guided corporate cost target of USD 30 - 40 million on a run rate basis by the end of 2025. Within Discontinued Operations, OCI Methanol delivered a resilient financial performance in Q1 2025 notwithstanding a planned turnaround at the OCI Beaumont plant. Results were supported by elevated methanol prices and reduced natural gas hedge losses compared to the same period last year, as well as a record performance at Natgasoline, which successfully resumed operations at the end of last year. Net cash from Continuing Operations stood at USD 1,033 million as of 31 March 2025 compared to a net cash position of USD 1,371 million as of 31 December 2024. Key Strategic and Business Highlights The announced sale on 8 September 2024 of OCI's global methanol business ("OCI Methanol") to Methanex Corporation ("Methanex") has been approved by both companies' boards and is expected to close in Q2 2025, subject to regulatory approvals and customary conditions. On 14 May 2025, the European Commission (EC) announced it had approved the acquisition under the EU Merger Regulation, concluding that the transaction does not raise competition concerns. In March 2025, OCI secured a favorable and final resolution of the previously disclosed dispute with Proman regarding shareholder rights in its Natgasoline joint venture. Following a Delaware Court of Chancery ruling in OCI's favor and the subsequent withdrawal of Proman's appeal, OCI's 50% interest in Natgasoline remains part of the transaction perimeter. Construction of the Beaumont New Ammonia site is well advanced and nearing completion, with engineering and procurement mostly complete, and the team currently preparing for commissioning and startup later this year. The project remains on track in terms of total cash spend, which stood at USD 1,167 million as of 31 March 2025. OCI made a further extraordinary distribution of approximately USD 1 billion as a repayment of capital or at the election of the shareholder, from the profit reserve in May 2025, bringing total cumulative distributions to USD 6.4 billion over the last four years. In April 2025, OCI reached a Support Agreement with a bondholder group representing over 60% of its USD 600 million 6.700% Notes due 2033, relating to the treatment of the bonds following contemplated completion of the announced sale of OCI Methanol. Under the Support Agreement, OCI will launch a tender offer for the bonds within five business days of the successful closing of the transaction at 110.75% of par plus accrued and unpaid interest, with the bondholder group agreeing to support and tender into such offer. The group also agreed to support proposed amendments to the bonds, including a redemption right on or after closing at the same price and a waiver of any alleged defaults or events of default that may be outstanding under the documentation governing the bonds. With regards OCI's strategic review, the Company remains actively engaged in the evaluation of strategic alternatives for its continuing businesses. Any future decisions will be made in the best interests of all shareholders. Continuing and Discontinued Operational Highlights Continuing Operations, as presented in this trading update, reflect the performance of the European Nitrogen segment. Further to the announcement of the expected divestiture of OCI's equity holdings in OCI Methanol, this segment is classified as Discontinued Operations. European Nitrogen Own-produced sales were 484 thousand tonnes during the first quarter of 2025, materially unchanged year-on-year and 16% higher quarter-on-quarter. Despite a planned turnaround of the ammonia line as well as the UAN and CAN plants during the quarter, overall production levels were stable year-on-year, supported by the production of new products including AdBlue and CAN+S. Benchmark prices for nitrates were higher in Q1 2025 compared to Q1 2024 and showed a sequential improvement quarter-on-quarter. In February 2025, OCI Nitrogen, Dossche Mills and AGRAVIS announced major progress in their partnership to scale sustainable wheat production across Europe. Using low-carbon fertilizers and farmer incentives, the initiative enabled a tenfold increase in sustainable wheat harvested in 2024, delivering 14,000 tonnes - enough for twenty-five million lower-carbon loaves of bread. The partners aim to triple production in the coming years while maintaining quality and supporting farming practices. In March 2025, OCI Global partnered with RWZ to supply low-carbon fertilizers to RWZ and BASF's "KlimaPartner Landwirtschaft" carbon farming initiative. The collaboration, utilising OCI's low-carbon nitrogen solutions, supports climate-smart practices across 8,200 hectares of winter wheat and aims to cut CO₂-equivalent emissions per tonne of yield by 30%, helping future-proof arable farming with ecological and economic benefits. In April 2025, OCI, alongside Trammo, James Fisher Fendercare and other partners, successfully completed the Port of Rotterdam's first ammonia ship-to-ship bunkering pilot, transferring eight hundred cubic meters of liquid ammonia. The safe execution of this milestone highlights the strategic value of OCI's ammonia import terminal and distribution infrastructure in enabling the adoption of clean ammonia as a marine fuel and supporting the decarbonisation of global shipping. OCI Methanol Own-produced methanol sales from the methanol business were 233 thousand tonnes in the first quarter of 2025, 34% lower than Q1 2024 and 7% lower than Q4 2024. Volumes were impacted by a planned turnaround at OCI Beaumont, while Natgasoline ran at a 95% AUR in Q1 2025 following its successful restart at the end of 2024. Benchmark prices for methanol were materially improved in the quarter compared to the same period last year. Spot US Gulf Coast methanol prices averaged USD 370/t in Q1 2025, 17% higher than the USD 317/t averaged in Q1 2024. Notes This report contains unaudited first quarter highlights of OCI Global ('OCI,' 'the Group' or 'the Company'), a public limited liability company incorporated under Dutch law, with its head office located at Honthorststraat 19, 1071 DC Amsterdam, the Netherlands. OCI Global is registered in the Dutch commercial register under No. 56821166 dated 2 January 2013. The Group is primarily involved in the production of nitrogen-based fertilizers and industrial chemicals. Auditor The reported data in this report have not been audited by an external auditor. Market Abuse Regulation This press release contains inside information as meant in clause 7(1) of the Market Abuse Regulation. About OCI Global Learn more about OCI at You can also follow OCI on LinkedIn. OCI stock symbols: OCI / / Photo - - View original content to download multimedia: SOURCE OCI Global View original content to download multimedia: Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Daily Telegraph
18-05-2025
- Daily Telegraph
Parents talk to 60 Minutes on Laos poisoning charges
Don't miss out on the headlines from Breaking News. Followed categories will be added to My News. The mothers of 19-year-old best friends Bianca Jones and Holly Bowles have opened up about their anger and sense of frustration six months after the Laos poisoning horror that took their daughters' lives. Bianca and Holly died after consumed vodka and whiskey laced with deadly methanol at the Nana backpacker hostel in the town of Vang Vieng in Laos in November last year. Four other foreign tourists died in the mass poisoning event and Laotian authorities are reportedly preparing charges for up to 13 people connected to the calamity. But in an interview with 60 minutes on Sunday night, mums Michelle Jones and Sam Bowles slammed the proposed charges as 'insulting'. 'Pretty appalling, I'd say pretty insulting,' Ms Bowles said. 'We know that there's no murder or manslaughter charges, which we feel there should be.' Ms Jones said the parents were 'pretty furious about it.' The proposed charges include the elimination of evidence, violation of food and health security and unlawful business operations, 60 Minutes reports. Mums Sam Bowles (left) and Michelle Jones say murder or manslaughter charges should be brought against the people responsible for the Laos poisoning horror. Picture: 60 Minutes Holly Bowles (left) and Bianca Jones lost their lives in the Laos methanol poisoning event in Vang Vieng. Picture: Supplied The parents worry those responsible for the deaths of their daughters will only receive a fine. 'Heart-breaking and just full of anger, frustration,' Ms Bowles said. 'They (Laotian authorities) don't care,' Ms Jones added. 'I mean you know lives were taken away.' The teenagers, both from Melbourne, were holidaying together through Southeast Asia. Their parents were with them as they passed away. 'We made the decision to turn off all the life support,' Mr Jones told 60 Minutes in February. 'And then we said our final goodbye.' 'And then she just passed away in my arms,' Ms Jones said. The Department of Foreign Affairs and Trade has since updated its travel advice for Laos to warn of alcohol risks in the country. 'Several foreign nationals, including Australians, have been victims in November 2024 of suspected cases of methanol poisoning through consuming alcoholic drinks,' the department's Smartraveller notice states. 'Be alert to the potential risks particularly with spirit-based drinks including cocktails.' Ms Bowles and Ms Jones have written to Lao authorities for answers. Picture: 60 Minutes Ms Bowles said it was still hard for her to accept the loss of her daughter more than six months on from the event. 'We still, still, still think she's going to walk through the door some days, you know, six months in,' she said. The parents have written to the Lao authorities, including the prime minister, for answers, but have not received any response, the program revealed. 'Nothing from anyone,' Ms Bowles said. In a statement from November in the aftermath of the poisoning, the Lao government pledged to bring to the perpetrators of the poisoning to 'justice'. 'The government of the Lao PDR has been conducting investigations to find causes of the incident and to bring the perpetrators to justice in accordance with the law,' the statement read. 'The government of the Lao PDR reaffirms that it always attaches the importance and pays attention to the safety of both domestic and foreign tourists.' Originally published as Bianca Jones, Holly Bowles parents open up to 60 Minutes about Laos poisoning charges
