Catalyst Paper Corporation today reported significantly improved operating results for the quarter ended September 30, 2016 despite a non-cash impairment write-down of $186.4 million on fixed assets at our Powell River, Port Alberni and Crofton paper mills resulting in a $185.0 million net loss in the quarter. Excluding the non-cash impairment write-down and other significant items in the quarter, Catalyst reported net earnings before these items of $7.6 million. This compared to a net loss of $26.6 million and a net loss before specific items of $27.3 million in the previous quarter. Other significant specific items in the quarter included $3.1 million in professional fees and duties related to the countervailing duty on exports to the United States of supercalendered paper and a $2.8 million foreign exchange loss on U.S. dollar denominated debt. click Read More below for additional detail
INEOS and UPM Biofuels have today announced a long-term agreement to supply a renewable raw material for new and innovative bio-attributed polymers to be produced at INEOS Köln, Germany.
INEOS will use UPM BioVerno, a sustainable raw material from a renewable residue of wood pulp processing, to produce bio-attributed polyolefins.
These new sustainable materials will be used in a wide range of products from plastic food packaging to medical and pipes. Applications also include BIOVYNTM, the world’s first commercially available bio-attributed PVC, produced by INOVYN an INEOS Business.
The agreement supports INEOS plans to make plastic from renewable raw materials, significantly reducing greenhouse gas emissions and supporting a more circular approach to INEOS Olefins & Polymers production.
The Roundtable on Sustainable Biomaterials (RSB) has certified each step in the process, starting from UPM Biofuels converting the wood-based residue (crude tall oil) into hydrocarbons, through to the final polymer.
The result of UPM Biofuels’ production is a bio-based cracker feedstock that does not compete with food production. By replacing fossil based raw materials with UPM BioVerno in its cracker, INEOS products will contribute to a significant reduction in carbon emissions.
Maiju Helin, Head of Sustainability and Market Development at UPM Biofuels said, “The collaboration with INEOS is a great step forward in the bio-economy. UPM BioVerno products now help to reduce climate and environmental impacts in an even broader range of applications. INEOS’s and UPM Biofuels’ commitment to RSB certification creates a strong common ground to build on.”
UPM’s bio-based cracker feedstock will be used by INEOS to make drop-in products that have a proven positive environmental impact whilst retaining the same high performance and quality standards expected by customers.
Rob Ingram, CEO INEOS Olefins & Polymers Europe North said, “The agreement supports INEOS plans to make plastic from renewable raw materials, which contribute to a significant reduction in carbon emissions.”
“We are pleased to be working with UPM Biofuels. They place fundamental importance on commitment to innovation and resource efficiency as well as social and environmental responsibility. This partnership in combination with RSB certification gives customers the confidence that they are choosing a high quality, sustainable product.”