此次协议明确资金专款专用，政府获未来利润分成权。此外，英政府还通过国家财富基金划拨2亿英 镑、追加1400万英镑低碳项目资金支持基地发展，规划了塑料回收、生物炼油等9个潜在方向。受行业 疲软影响，12月16日欧洲西北欧乙烯现货价格较2025年初下跌290欧元/吨，至505.5欧元/吨。 随着埃克森美孚计划2026年2月关停苏格兰莫斯莫兰83万吨/年乙烯厂，格兰杰默斯基地将成为英国仅存 的蒸汽裂解生产基地。此前，沙特阿美旗下沙特基础工业公司已在2025年6月关停英国提赛德86.5万吨/ 年的Olefins 6裂解装置，欧洲化工行业正面临约40%乙烯产能关停的困境。 中化新网讯 12月17日，英力士集团宣布，将联合英国政府投资1.5亿英镑，保障其位于苏格兰格兰杰默 斯的乙烯生产基地运营，其中1.25亿英镑来自政府资金支持，包括5000万英镑补贴及7500万英镑政府担 保贷款。这笔资金将专项用于装置升级、能效提升、减排改造及竞争力强化，具体实施细节与时间表暂 未披露。 该基地由英力士欧洲烯烃与聚合物分部运营，年产能83万吨乙烯、20万吨丙烯，2016年完成技术改造后 改用低价美国乙烷为原料，为下游聚烯烃工厂供应关键 ...

人民网延布12月9日电 （记者管克江）红海旅游项目建成后将占地2.8万平方公里，覆盖200多公里的海岸线、90座岛屿。其中22座将被开发，建成豪华 旅游地，其余的岛屿作为自然保护区。项目共包含50家酒店和1000多座住宅。 在一个名叫"三湾"的渡假区，中企承建的一家酒店将成为全球首个获LEED铂金+WELL双认证的竹构建筑群。记者前往采访时，工人们正有序给酒店外 墙安装外立面。外立面看着像两米长、二十厘米宽的深褐色木板，掂一掂，却发现单手几乎提不起来。项目执行经理王洋说，这种用竹材和陶瓷颗粒结合成 的新材料，密度同轻质混凝土相当，在保持抗风沙、耐高温性能的同时，全生命周期碳排放降低63%。 说起竹材料的应用，红海环球公司该酒店项目管理负责人库鲁普·苏金很是得意："最初设计方案应用的是在阿拉伯地区的一种濒危植物材料，但我知道 中国能生产一种特别耐高温耐腐蚀的绿色环保材料。现场应用后，果然不负众望。"他说，"红海旅游项目最大亮点就是绿色、可持续旅游，中国秉持绿水青 山就是金山银山理念，两者理念相通，都致力于通过保护生态环境创造更大经济价值。低碳项目可以成为中沙共建'一带一路'的重点领域。" 竹材料由浙江大庄和赣州 ...

Financial Data and Key Metrics Changes - The company reported a significant increase in adjusted EBITDA from $17 million in Q3 2024 to $40 million in Q3 2025, driven by higher pricing and increased sales volumes, despite higher natural gas and other costs [8][9] - Free cash flow generation returned, with approximately $20 million generated year-to-date and $36 million in Q3 2025 [9][10] - The balance sheet remains solid with approximately $150 million in cash and net leverage at approximately two times [9] Business Line Data and Key Metrics Changes - The transition from high-density ammonium nitrate (HDAN) to ammonium nitrate solution for explosives has been completed, optimizing the sales mix [5] - UAN pricing averaged $336 per tonne in Q3 2025, up 65% from Q3 2024, supported by steady exports and strong demand [6] - UAN volumes decreased from 150,000 to about 135,000 year-over-year, with expectations to align with targets in Q4 [45][46] Market Data and Key Metrics Changes - The ammonia market remains tight, with Tampa ammonia prices increasing by $60 to $650 per metric tonne for November, up from $590 in October [6][9] - Domestic production of methylenediphenyl diisocyanate (MDI) is increasing due to tariffs on imports, positively impacting nitric acid sales [5] - The company expects a healthy fall ammonia application season, with strong demand in the U.S. and globally [20] Company Strategy and Development Direction - The company is focused on enhancing performance across its business and investing in strategic priorities, including a low-carbon project at the El Dorado facility expected to generate approximately $15 million in annual EBITDA starting in 2027 [11][12] - There is an ongoing evaluation of production capacity expansion, including potential ammonia expansion at El Dorado [31][32] - The company aims to shift sales towards more contractual industrial sales to improve earnings stability and visibility [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing a robust market outlook and the company's position to improve operational and financial performance [12] - The company anticipates the fourth quarter of 2025 to be higher than the prior year due to increased selling prices and production, despite higher variable costs [10] - Management highlighted the importance of safety and the need to remain focused on safe operations following a tragic incident [3] Other Important Information - The company will participate in the NYSE Industrials virtual conference on November 18th and 19th [12] - The transition to industrial-grade products allows for better visibility into earnings due to the pass-through of natural gas costs [9] Q&A Session Summary Question: Ammonia market outlook and pricing impact - Management noted a tight supply and demand market globally, with ongoing issues in Trinidad affecting supply [18][20] Question: UAN pricing and setup for 2026 - Management expressed optimism for UAN, expecting prices to recover as the market tightens due to reduced Chinese exports [22][24] Question: Volume impacts and cost side for Q4 - The transition from HDAN to ammonium nitrate solution led to higher costs, but volumes are expected to align with Q3 levels in Q4 [26] Question: Industrial demand impact on contracts and margins - Healthy nitrogen prices are expected to aid in negotiating new contracts and maintaining margins [29][30] Question: El Dorado project and offtake agreements - The CCS project has a negotiated rate for CO2 sequestered, and management is exploring additional contracts and monetization opportunities [40][42]

Core Viewpoint - The Indian government has introduced new oil and gas policies to mitigate the impact of fiscal policy changes on upstream investors and to optimize revenue-sharing models, enhancing the attractiveness of upstream oil and gas investments [2]. Group 1: Policy Changes - The Ministry of Petroleum has solicited public comments on the draft "2025 Oil and Gas Regulations," which will replace the 1949 "Oil Concession Regulations" and the 1959 "Oil and Gas Regulations" [2]. - Key reforms include the introduction of investor-friendly stability clauses that provide compensation or exemptions for contractors in case of future tax increases or changes in fiscal policies [2][4]. - The draft mandates contractors to disclose idle capacity of pipelines and other facilities, allowing third-party access under government oversight to reduce infrastructure duplication and support small enterprises [2]. Group 2: Environmental and Operational Regulations - New regulations will detail greenhouse gas emissions monitoring and reporting requirements, establish a carbon capture and storage regulatory framework, and require the creation of a site restoration fund for at least five years of monitoring post-project closure [3]. - All operational data and physical samples generated during exploration and production will belong to the Indian government, with contractors allowed internal use but requiring government approval for external use, with a confidentiality period of up to seven years [3]. - The proposal includes the establishment of a dedicated adjudication body to oversee compliance, resolve disputes, and enforce penalties [3]. Group 3: Exploration and Production Opportunities - The upcoming tenth round of open block licensing will be the largest exploration and production block tender in India, covering 25 blocks across 13 sedimentary basins, with a total area of 191,986 square kilometers [3]. - The ninth round of bidding, set to start in early 2024, will include 28 blocks covering approximately 136,000 square kilometers [3]. - The open block licensing policy allows upstream companies to choose exploration areas and submit intentions year-round, followed by government auctions of designated areas [3]. Group 4: Industry Challenges - Over the past decade, India's upstream oil and gas production has declined at an average annual rate of 1.1%, attributed to natural depletion of aging fields operated by state-owned producers, delays in commercialization of existing discoveries, and a decrease in new discoveries [4]. - International investor interest in bidding for Indian oil and gas blocks has remained low [4].