Connect with us

Technology

5N Plus Inc. Reports 2024 Third Quarter Financial Results

Published

on

25% year-over-year increase in revenue to $78.8 million62% year-over-year increase in Adjusted EBITDA[1] to $15.6 millionAdjusted gross margin1 of 31.1%Backlog1 of $250 million, representing 289 days of annualized revenue, as at September 30, 2024

MONTREAL, Nov. 4, 2024 /CNW/ – 5N Plus Inc. (TSX: VNP) (“5N+” or “the Company”), a leading global producer of specialty semiconductors and performance materials, today announced its financial results for the third quarter of fiscal 2024 ended September 30, 2024 (“Q3 2024”). All amounts in this press release are expressed in U.S. dollars unless otherwise stated.

“Our strong results in the third quarter of 2024 reflect sustained growth momentum in our Specialty Semiconductors business, coupled with a stellar performance by our Performance Materials segment. Our teams are also executing seamlessly on the operational front with our specialty semiconductor capacity initiatives, enabling us to meet near term contracted demand and to efficiently expand capacity in future. Given our strong results year to date, we now expect to be able to surpass our previously disclosed guidance range and to slightly exceed $50 million in Adjusted EBITDA for the full fiscal year,” said Gervais Jacques, President and CEO of 5N+.

“Looking ahead, our collective work and strong execution of our strategy over the last few years also position us well for the next chapter of our growth as a valued and trusted global actor in advanced materials technology. We are now in a strong position to efficiently capture additional organic growth and actively on the lookout for external growth opportunities. We will remain focused on opportunities that enable us to extend or leverage our competitive advantages, capabilities and Specialty Semiconductor value chain, while ensuring that our advanced materials remain a critical enabler of our customer’s product without being a critical cost component,” concluded Mr. Jacques.

Q3 2024 Highlights

Revenue in Q3 2024 increased by 25% to $78.8 million, compared to $62.9 million in Q3 2023, primarily driven by strong growth under Specialty Semiconductors.Adjusted EBITDA in Q3 2024 increased by 62% to $15.6 million, compared to $9.6 million in Q3 2023, driven by higher volume from the terrestrial renewable energy and space solar power sectors, better prices over inflation, and a strong quarterly performance under Performance Materials from a product mix and operating costs perspective.Adjusted gross margin increased by 56% to reach $24.5 million in Q3 2024, favourably impacted by the same factors as above. Adjusted gross margin as a percentage of sales was 31.1%, compared to 24.9% in Q3 2023.Net earnings in Q3 2024 were $6.4 million, compared to $1.5 million in Q3 2023.Backlog stood at $249.7 million, representing 289 days of annualized revenue as at September 30, 2024, 11 days lower than the previous quarter and at a similar level than the same period last year, primarily due to the timing of contract signings and renewals.Net debt1 was $93.7 million as at September 30, 2024, compared to $73.8 million as at December 31, 2023, reflecting an increase in working capital1 and planned capital expenditures in the first half of 2024 under Specialty Semiconductors. The Company’s net-debt-to-EBITDA ratio1 stood at 1.99x as at September 30, 2024.

__________________________________

1 These measures are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. See Non-IFRS Measures for more information.

Other Developments

On October 15, 2024, 5N+ announced the completion of its 2024 production capacity program ahead of schedule at its wholly-owned subsidiary, AZUR SPACE Solar Power GmbH (“AZUR”), and that it expanded its capacity by 35% over 2022 levels, surpassing its initial 30% target. 5N+ also announced that AZUR intends to increase its space solar cell production capacity by a further 30% in early 2025, with minimal additional investments as most of the equipment has been purchased and delivered.

Outlook

In Specialty Semiconductors, 5N+ continues to benefit from its position as the leading global supplier of ultra-high purity semiconductor compounds outside China, with long-term partnerships with key customers. Growing demand remains the rule, particularly in terrestrial renewable energy and space solar power. 5N+ is well-positioned to capitalize on future opportunities in these high-growth sectors, as well as other markets, including sensing and medical imaging.

Management expects growth in the Performance Materials segment to be primarily derived from health and pharmaceutical products, which provide high profitability and predictable cashflows. Additional long-term opportunities are expected to stem from product expansion and development initiatives, including through partnerships.

Based on its performance to date, management has revised its Adjusted EBITDA guidance for 2024 upward and now expects to slightly exceed $50 million in Adjusted EBITDA. This is over and above the top end of its previously disclosed guidance range for 2024 of between $45 and $50 million in Adjusted EBITDA. Its Adjusted EBITDA guidance range for 2025 of between $50 million and $55 million remains unchanged. As in previous years, management will communicate guidance for 2025 and 2026 as part of its full year 2024 earnings release.

Conference Call

5N+ will host a conference call on Tuesday, November 5, 2024, at 8:00 am Eastern Time to discuss third quarter of 2024 financial results. All interested parties are invited to participate in the live broadcast on the Company’s website at www.5nplus.com.

To participate in the conference call:

Toronto area: 646-357-8785Toll‐Free: 1-800-836-8184Enter access code: 74914

A replay of the conference call will be available two hours after the event and until November 12, 2024. To access the recording, please dial 1-888-660-6345 and enter access code 74914.

About 5N+

5N+ is a leading global producer of specialty semiconductors and performance materials. The Company’s ultra‐pure materials often form the core element of its customers’ products. These customers rely on 5N+’s products to enable performance and sustainability in their own products. 5N+ deploys a range of proprietary and proven technologies to develop and manufacture its products. The Company’s products enable various applications in several key industries, including renewable energy, security, space, pharmaceutical, medical imaging and industrial. Headquartered in Montréal, Quebec, 5N+ operates R&D, manufacturing and commercial centers in strategically located facilities around the world including Europe, North America and Asia.

Forward‐Looking Statements

Certain statements in this press release may be forward‐looking within the meaning of applicable securities laws. Such forward‐looking statements are based on a number of estimates and assumptions that the Company believes are reasonable when made, including that 5N+ will be able to retain and hire key personnel and maintain relationships with customers, suppliers and other business partners, that 5N+ will continue to operate its business in the normal course, that 5N+ will be able to implement its growth strategy, that 5N+ will be able to successfully and timely complete the realization of its backlog, that 5N+ will not suffer any supply chain challenges or any material disruption in the supply of raw materials on competitive terms, that 5N+ will be able to generate new sales, produce, deliver, and sell its expected product volumes at the expected prices and control its costs, as well as other factors believed to be appropriate and reasonable in the circumstances. However, there can be no assurance that such estimates and assumptions will prove to be correct. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict and may cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward‐looking statements. A description of the risks affecting the Company’s business and activities appears under the heading “Risk and Uncertainties” of the Company’s 2023 MD&A dated February 27, 2024, and note 10 of the unaudited condensed interim consolidated financial statements for the three and nine-month periods ended September 30, 2024 and September 30, 2023 available on www.sedarplus.ca.

Forward‐looking statements can generally be identified by the use of terms such as “may”, “should”, “would”, “believe”, “expect”, the negative of these terms, variations of them or any similar terms. No assurance can be given that any events anticipated by the forward‐looking statements in this press release will transpire or occur, or if any of them do so, what benefits that 5N+ will derive therefrom. In particular, no assurance can be given as to the future financial performance of 5N+. The forward‐looking statements contained in this press release is made as of the date hereof and the Company has no obligation to publicly update such forward‐looking information to reflect new information, subsequent or otherwise, unless required by applicable securities laws. The reader is warned against placing undue reliance on these forward‐looking statements.

5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF EARNINGS
For the three and nine-month periods ended September 30
(in thousands of United States dollars, except per share information) (unaudited)

Three months

Nine months

2024

2023

2024

2023

$

$

$

$

Revenue

78,828

62,946

218,427

177,308

Cost of sales

57,904

50,389

160,309

135,156

Selling, general and administrative expenses

8,135

6,249

24,169

20,711

Other expenses (income), net

3,295

943

7,874

(1,891)

69,334

57,581

192,352

153,976

Operating earnings

9,494

5,365

26,075

23,332

Financial expense

Interest on long-term debt

2,191

2,081

6,132

6,254

Imputed interest and other interest expense

452

308

591

451

Foreign exchange and derivative gain

(450)

(238)

(835)

(497)

2,193

2,151

5,888

6,208

Earnings before income taxes

7,301

3,214

20,187

17,124

Income tax expense (recovery)

Current

1,347

2,293

6,038

6,062

Deferred

(416)

(597)

483

(2,053)

931

1,696

6,521

4,009

Net earnings

6,370

1,518

13,666

13,115

Basic earnings per share

0.07

0.02

0.15

0.15

Diluted earnings per share

0.07

0.02

0.15

0.15

Net earnings are completely attributable to equity holders of 5N+.

5N PLUS INC.
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(in thousands of United States dollars) (unaudited)

September 30, 2024

December 31, 2023

$

$

Assets

Current

Cash and cash equivalents

24,565

34,706

Accounts receivable

45,371

33,437

Inventories

124,459

105,850

Income tax receivable

1,666

1,672

Derivative financial assets

6,183

591

Other current assets

6,187

5,707

Total current assets

208,431

181,963

Property, plant and equipment

90,592

84,600

Right-of-use assets

30,421

29,290

Intangible assets

25,376

29,304

Goodwill

11,825

11,825

Deferred tax assets

8,074

8,261

Other assets

5,541

4,959

Total non-current assets

171,829

168,239

Total assets

380,260

350,202

Liabilities

Current

Trade and accrued liabilities

40,186

37,024

Income tax payable

5,624

4,535

Current portion of deferred revenue

11,833

13,437

Current portion of lease liabilities

2,034

1,811

Current portion of long-term debt

25,000

Total current liabilities

59,677

81,807

Long-term debt

118,271

83,500

Deferred tax liabilities

5,579

5,284

Employee benefit plan obligations

13,444

13,393

Lease liabilities

29,597

28,328

Deferred revenue

9,125

5,629

Other liabilities

825

3,669

Total non-current liabilities

176,841

139,803

Total liabilities

236,518

221,610

Equity

143,742

128,592

Total liabilities and equity

380,260

350,202

Non‐IFRS Measures
EBITDA means net earnings (loss) before interest expenses, income tax expense (recovery), depreciation and amortization. 5N+ uses EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business, without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.

EBITDA is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Net earnings

6,370

1,518

13,666

13,115

Interest on long-term debt, imputed interest and other interest expense

2,643

2,389

6,723

6,705

Income tax expense

931

1,696

6,521

4,009

Depreciation and amortization

4,424

3,979

12,418

12,053

EBITDA

14,368

9,582

39,328

35,882

Adjusted EBITDA means operating earnings (loss) as defined before the effect of impairment of inventories, share-based compensation expense (recovery), loss (gain) on disposal of property, plant and equipment, impairment of non-current assets, litigation and restructuring costs (income), and depreciation and amortization. 5N+ uses Adjusted EBITDA because it believes it is a meaningful measure of the operating performance of its ongoing business without the effects of certain expenses. The definition of this non-IFRS measure used by the Company may differ from that used by other companies.

Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenues.

Adjusted EBITDA and Adjusted EBITDA margin are reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Revenues

78,828

62,946

218,427

177,308

Operating expenses

(69,334)

(57,581)

(192,352)

(153,976)

Operating earnings

9,494

5,365

26,075

23,332

Share-based compensation expense

252

305

597

1,018

(Gain) loss on disposal of property, plant and equipment

(2,089)

(2,089)

1,051

Impairment of non-current assets

2,519

2,826

608

Litigation and restructuring costs (income)

1,021

1,021

(8,772)

Depreciation and amortization

4,424

3,979

12,418

12,053

Adjusted EBITDA

15,621

9,649

40,848

29,290

Adjusted EBITDA margin

19.8 %

15.3 %

18.7 %

16.5 %

Adjusted gross margin is a measure used to monitor the sales contribution after paying cost of sales, excluding depreciation and inventory impairment charges. 5N+ also expressed this measure in percentage of revenues by dividing the adjusted gross margin value by the total revenue.

Adjusted gross margin is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

Q3 2024

Q3 2023

YTD 2024

YTD 2023

$

$

$

$

Total revenue

78,828

62,946

218,427

177,308

Cost of sales

(57,904)

(50,389)

(160,309)

(135,156)

Gross margin

20,924

12,557

58,118

42,152

Depreciation included in cost of sales

3,553

3,113

9,802

9,467

Adjusted gross margin

24,477

15,670

67,920

51,619

Adjusted gross margin percentage

31.1 %

24.9 %

31.1 %

29.1 %

Backlog represents the expected orders the Company has received, but has not yet executed, and that are expected to translate into sales within the next twelve months, expressed in dollars and estimated in number of days not to exceed 365 days. Bookings represent orders received during the period considered, expressed in number of days, and calculated by adding revenues to the increase or decrease in backlog for the period considered, divided by annualized year revenues. 5N+ uses backlog to provide an indication of expected future revenues in days, and bookings to determine its ability to sustain and increase its revenues.

Net debt is calculated as total debt less cash and cash equivalents. Any introduced IFRS 16 reporting measures in reference to lease liabilities are excluded from the calculation. 5N+ uses this measure as an indicator of its overall financial position.

The net debt to EBITDA ratio is defined as net debt divided by the trailing 12 months EBITDA.

Total debt and Net debt are reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

As at September 30, 2024

As at December 31, 2023

$

$

Bank indebtedness

Long-term debt including current portion

118,271

108,500

Lease liabilities including current portion

31,631

30,139

Subtotal Debt

149,902

138,639

Lease liabilities including current portion

(31,631)

(30,139)

Total Debt

118,271

108,500

Cash and cash equivalents

(24,565)

(34,706)

Net Debt

93,706

73,794

Working capital is a measure of liquid assets that is calculated by taking current assets and subtracting current liabilities. Given that the Company is currently indebted, it uses it as an indicator of its financial efficiency and aims to maintain it at the lowest possible level. 

Working capital ratio is calculated by dividing current assets by current liabilities.

Working capital is reconciled to the most comparable IFRS measure:

(in thousands of U.S. dollars)

As at September 30, 2024

As at December 31, 2023

$

$

Inventories

124,459

105,850

Other current assets excluding inventories

83,972

76,113

Current assets

208,431

181,963

Current liabilities

(59,677)

(81,807)

Working capital

148,754

100,156

Working capital current ratio

3.49

2.22

SOURCE 5N Plus Inc.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Opus Technologies Named Among India’s Top 100 (Mid-Size) Best Workplaces for Women 2024 by Great Place To Work® India

Published

on

By

PUNE, India, Nov. 6, 2024 /PRNewswire/ — Opus Technologies has been recognized by Great Place To Work® India among – India’s Top 100 Best Workplaces for Women 2024

Opus Technologies has achieved a significant milestone, earning recognition as India’s Top 100 Best Workplaces™ for Women 2024 by Great Place to Work© India. This prestigious accolade underscores our commitment to creating an environment where women can thrive professionally and make substantial contributions.

At Opus, we recognize the immense value women bring to our organization. Our female employees consistently demonstrate leadership, drive innovation, and excel across all levels of the company. This recognition celebrates their achievements and reaffirms our dedication to fostering a workplace that empowers women in tech.

As a global authority on workplace culture, Great Place To Work has been studying employee experience and people practices across organizations for over three decades. Every year, more than 100 million employees from over 150 countries worldwide take the Great Place To Work for assessment, benchmarking, and planning of actions to strengthen their workplace culture.

In this year for India, based on a rigorous evaluation methodology, 200 organizations among India’s Best Workplaces for Women 2024 have been recognized. These organizations, among other practices, particularly excel both in people practices that they have crafted for their employees and proactively acting on the feedback to create a High Trust Culture. The report and the complete list (in alphabetical order) of India’s Best Workplaces for   2024 can be viewed on our website.

“In today’s dynamic business landscape, we’ve long recognized that when people feel truly supported and valued, businesses don’t just survive—they thrive. This rings especially true for women in the workplace. By fostering environments that prioritize flexibility, equity, and inclusion, we empower all employees to bring their full potential to work every day.

However, we find ourselves at a critical juncture. Despite years of progress, women’s representation in the workforce has plateaued at 26%, with a mere 122% in executive or C-level positions. More concerning is the declining workplace sentiment among women, signaling a growing disconnect in their work environments.

Our research unequivocally shows that when women experience a sense of belonging, they are 6 times more likely to consider their workplace great. This stark statistic underscores the immense potential waiting to be unlocked in organizations that prioritize inclusivity and equality.

As we launch India’s Best Workplaces™ for Women 2024 report, we celebrate the companies leading the charge in creating truly inclusive environments. These organizations understand that championing women isn’t just about meeting quotas—it’s about cultivating a culture where everyone can thrive.

To all the winners of India’s Best Workplaces for Women: congratulations on setting the gold standard. Your commitment to fostering environments where women feel valued, heard, and empowered serves as an inspiration and a call to action for us all. Together, let’s continue to build workplaces where every individual, regardless of gender, can reach their full potential.”

–          Balbir Singh, CEO, Great Place To Work®️ India

Praveen TM, CEO of Opus Technologies, stated, “Being recognized as one of the Best Workplaces™ for Women by Great Place to Work© India is a significant milestone for us. This honor highlights our commitment to building a workplace where every woman feels valued and empowered to lead. We firmly believe that our diverse workforce is key to our innovation and growth, and we will continue to champion equality and inclusivity in all aspects of our organization.”

Speaking about the achievement, Babitha P, Chief People Officer at Opus Technologies, said, “This recognition reflects our ongoing commitment to diversity, equity, and inclusion. At Opus, we are dedicated to creating an environment where everyone, particularly women, can thrive and feel empowered. Embracing diverse perspectives is at the heart of our culture and a key driver of our success.”

Backed by 30 years of data, Great Place To Work is the global authority on workplace culture. Through its proprietary For All™ Model and Trust Index™ Survey, it gives organizations the recognition and tools to create a consistently positive employee experience. Its mission is to help every place become a great place to work for all, driving business growth, improving lives, and empowering communities. Through globally recognized and coveted Great Place To Work Certification™ and highly competitive Best Workplaces Lists, Great Place To Work enables employers to attract and retain talent, benchmark company culture, and increase revenue. Its platform enables leaders to truly capture, analyze and understand the experience of every employee and compare outcomes with data collected from more than 100 million employees in 150 countries worldwide.

About Opus Technologies:

With nearly three decades of experience, Opus Technologies is a global provider of outcome-driven payment strategies. Opus combines its deep technology proficiency with unmatched domain expertise in payments and fintech to deliver unparalleled quality and value in its work.

Visit https://opustechglobal.com/ to learn more. Follow Opus Technologies on LinkedIn.

Logo – https://mma.prnewswire.com/media/1915707/Opus_Logo_Logo.jpg 

View original content:https://www.prnewswire.com/in/news-releases/opus-technologies-named-among-indias-top-100-mid-size-best-workplaces-for-women-2024-by-great-place-to-work-india-302295509.html

Continue Reading

Technology

Vasant Masala enters a new era with Anil Kapoor as brand new, unveiling new logo and identity

Published

on

By

AHMEDABAD, India , Nov. 6, 2024 /PRNewswire/ —  Vasant Masala, a prominent name in the spices industry for over 54 years, is proud to unveil Bollywood icon Anil Kapoor as its new brand ambassador, alongside their new positioning: ‘Pyaar Toh Hona Hi Tha.’ The tagline encapsulates how Vasant Masala enhances the flavours of every dish, creating meals that not only satisfy taste buds but also strengthen the bonds of love within families, making every moment around the table one filled with warmth and togetherness.

An exciting collaboration will feature Anil Kapoor alongside his brother Sanjay Kapoor for the first time on-screen with Vasant Masala’s TVC. Their sibling bond exemplifies the essence of Vasant Masala’s new message: love isn’t just a sentiment, but an experience that unites us, especially in the context of family life and cherished traditions.

As part of this exciting evolution, Vasant Masala is also unveiling a refreshed brand identity, complete with a modernised logo. The revamped identity represents Vasant Masala’s dedication to connecting with the tastes and preferences of its customers.

Elaborating on Anil Kapoor’s association as Vasant Masala’s brand ambassadorship, Chandrakant Bhandari, CMD of Vasant Masala, stated, “For decades, delivering purity to Indian households has been the cornerstone of Vasant Masala. With ‘Pyaar Toh Hona Hi Tha,’ we are not only enriching this foundation but also strengthening the bond that goes beyond taste to touch the heart. Anil Kapoor’s association perfectly blends tradition, modernity, and universal appeal, resonating across generations. This campaign celebrates our legacy while reaching a wider audience, bringing Vasant Masala into more homes and fueling our growth for years to come.”

Anil Kapoor, expressing his excitement about this partnership, shared, “I am thrilled to be part of this new chapter in Vasant Masala’s journey. This brand is known for its uncompromising quality and I have complete faith in its commitment to delivering the best. This story is about more than just promoting a product; it’s a celebration of love, family, and the bonds we hold dear. What’s more, this will be the first time I’ll share the screen with my brother Sanjay, which makes this even more exciting for me. I can’t wait to see how this heartfelt campaign connects with people.”

About Vasant Masala:

As a leading brand in the Indian spices market, Vasant Masala remains dedicated to providing high-quality products while deepening its emotional connection with its consumers. Vasant Masala has been delighting millions of families across Gujarat, Rajasthan, Madhya Pradesh, and beyond for the past 54 years. With its diverse range of products such as blended spices, Hing, basic spices, whole spices, and powdered spices, Vasant Masala has gained recognition on a global scale. Exported to five continents, Vasant Masala is known for its unparalleled quality and widespread popularity. This trusted brand has consistently provided consumers with the finest spices, making it the top choice of housewives for the last five decades due to its unmatched flavor and health benefits.

For Trade, Marketing & Other enquiries:
E-mail: info@vasantmasala.com
Call: +91 94265 06390
Know more about the brand at www.vasantmasala.com.

Photo: https://mma.prnewswire.com/media/2549243/Vasant_Masala_Anil_Kapoor.jpg

 

View original content to download multimedia:https://www.prnewswire.com/in/news-releases/vasant-masala-enters-a-new-era-with-anil-kapoor-as-brand-new-unveiling-new-logo-and-identity-302296628.html

Continue Reading

Technology

Sinopec Hosts Forum Session at 7th China International Import Expo

Published

on

By

US$40.9 billion in purchasing contracts signed with 38 partners, bringing the total of seven sessions of CIIE to US$285 billion

SHANGHAI, Nov. 5, 2024 /PRNewswire/ — China Petroleum & Chemical Corporation (HKG: 0386, “Sinopec”) has hosted a forum titled “Building Global Energy Partnerships” and a signing ceremony at the 7th China International Import Expo (CIIE 2024) in Shanghai. The exhibition, running from November 5 to 10, is focused on the global energy transition and fostering an open, green, and low-carbon ecosystem.

At the signing ceremony, Sinopec signed purchasing contracts with 38 partners from 18 countries, which totaled US$40.9 billion, including 27 products from 10 major categories, including crude oil, chemicals, equipment, materials, consumer goods and more. Since the first CIIE in 2018, Sinopec has signed orders exceeding a total of US$285 billion in seven sessions.

Ma Yongsheng, chairman of Sinopec, remarked in a keynote speech at the forum that the global energy supply as well as demand pattern and governance system are in need of real changes, and the transformational development of energy and chemical industry is already in a new stage.

“In the face of the great momentum of development, Sinopec unswervingly commits to promoting high-quality, intelligent, and green development leveraging advanced technologies,” said Ma. “We also understand deeply that the energy and chemical industries can only achieve sustainable development through cooperation. Sinopec has always adhered to open cooperation and achieve mutual wins with all our partners.”

Sinopec aims to enhance collaboration on oil and gas resources, working with various stakeholders to establish a more stable industry alliance. The company is also committed to expanding its green energy initiatives to further its low-carbon transformation goals. Additionally, Sinopec seeks to foster technology partnerships to unite innovative efforts, aiming to create a harmonious balance between humanity and nature, address climate challenges effectively, and build a cleaner, more sustainable world for future generations.

At CIIE 2024, Sinopec also signed cooperation and procurement agreements with a number of companies at the event. It has signed a framework agreement with TotalEnergies on long-term LNG supply, under which TotalEnergies will supply 2 million tons of LNG per year to Sinopec from 2028, for a total of 15 years. The partnership will enable both parties to further explore opportunities across the whole industry chain and promote global energy transformation.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sinopec-hosts-forum-session-at-7th-china-international-import-expo-302297157.html

SOURCE SINOPEC

Continue Reading

Trending