IVL
(Source: IVL)
Amid record production volumes, chemical company Indorama Ventures Public Company Ltd. (IVL), Bangkok/Thailand, has reported a strong Q3/2021 performance. The company reported EBITDA of US$478 million in Q3/2021 (Q3/2020: $240 million). Production volumes reached 3.73 million tons, a record, as the global recovery drove consumer demand for IVL’s products.
For the first 9 months of 2021 IVL posted EBITDA of $ 1.51 billion, up 123% year-on-year. The Integrated Oxides & Derivatives (IOD) segment will start to reap the full benefits of the hot commissioning of the Lake Charles gas cracker (IVOL) in Q4/2021 and beyond, as well as continued advantaged shale gas economics.
In Q3, Project Olympus, the company’s cost saving and business transformation project, achieved $63 million in efficiency gains, and is on track to achieve a total $610 million of savings by 2023.
The company maintained its positive outlook for the rest of the year and 2022, noting caution concerning higher energy prices and supply chain disruptions weigh against resurgent consumer demand. As the global economy recovers from the pandemic, consumer appetite and increasing Brent crude oil prices are testing supply chains and driving a commodity boom, with manufacturers running at full capacity. This has driven increases in freight prices and a shortage of materials.
IVL has also strengthened its Indorama Management Council – the company’s highest operational management committee – by rotating experienced executives and adding the COOs of the Fibers and Integrated Oxides & Derivatives segments. The appointments will help build the segments into self-sustaining organizations while also rotating expertise across the IMC.
