Tuesday, October 15, 2019
News
NEWS HOME
»
PRN INDIA
Rain Carbon Receives Petroleum Coke Import Exemption from Supreme Court of India
  SocialTwist Tell-a-Friend  
   

Two-and-a-half-month ban to impact financial performance in 3rd and 4th quarters

STAMFORD, Connecticut, Oct. 11, 2018 /PRNewswire/ --  Rain Carbon Inc., a leading global producer of carbon-based products, today announced that the company will resume shipments of petroleum coke to its Vizag calcining facility in Visakhapatnam, India. This follows an October 9 ruling by the Supreme Court of India that exempts calciners from the nation's recent ban on the importation of petroleum coke for use as fuel, which was enacted as part of the country's effort to reduce industrial emissions.

Rain Carbon uses green petroleum coke (GPC) as its primary feedstock in the production of calcined petroleum coke (CPC), which is an essential raw material in the anodes required during the electrolytic process of aluminum production. The company also imports CPC for blending at its Vizag facility. Under the Supreme Court's ruling, India's calcining industry will be permitted to import up to 1.4 million metric tons of GPC annually; the ruling also permits India's aluminum industry to use up to 500,000 tons of imported CPC per year.  

"We thank the honorable Supreme Court of India for its expeditious and positive ruling on our petition, which will enable our Vizag facility to continue to support India's growing aluminum industry, which relies on our CPC in their production processes," said Rain Carbon President Gerry Sweeney. "As an industry leader in environmental best practices, Rain Carbon understands and supports India's desire to reduce emissions and industrial pollution."

The industrial processes at Rain Carbon's calcining facilities in India and the United States "are designed to reduce emissions," Sweeney explained. "At our Vizag plant, for example, our scrubbers remove in excess of 98% of the sulfur dioxide before exhaust gases are released into the atmosphere. In addition, our co-generation facility at the plant transforms waste heat from our calcining process into clean electricity that is sold to industrial customers over the local power grid, displacing an equivalent amount of fossil fuel-fired electricity."

Sweeney said the two-and-a-half month import ban will have a negative impact on the third- and fourth-quarter financial performance of Rain Carbon and its parent company, Rain Industries Ltd.

"Although we had sufficient GPC inventory in India to run the calcining operations at our Vizag plant, the lack of low-cost petroleum coke for blending resulted in an increase in raw material costs in the third quarter, and that will continue into the fourth quarter, since the next delivery of low-cost petroleum coke will not arrive for several weeks," Sweeney said.

The import ban in India also had a cascading effect on production at other Rain Carbon facilities. "Since we could not import CPC from our U.S. plants for blending at Vizag, we had to reduce production in the United States due to the reduction in shipments scheduled for India," Sweeney said. "During the next few weeks, we expect our CPC production in India and the United States to normalize. Nonetheless, the impact of the import ban on sales will be seen in our third- and fourth-quarter results."

About Rain Carbon Inc.
Rain Carbon Inc. is a leading vertically integrated global producer of carbon-based and advanced material products that are essential raw materials for staples of everyday life. We operate in two business segments: Carbon and Advanced Materials. Our Carbon business segment converts the by-products of oil refining and steel production into high-value, carbon-based products that are critical raw materials for the aluminum, graphite electrode, carbon black, wood preservation, titanium dioxide, refractory and several other global industries. Our Advanced Materials business segment extends the value chain of our carbon processing through the innovative downstream transformation of a portion of our carbon output, petrochemicals and other raw materials into high-value, eco-friendly and advanced-material products that are critical raw materials for the specialty chemicals, coatings, construction, automotive, petroleum and several other global industries. For more information, visit www.raincarbon.com.

Forward-Looking Statements
The information contained in this announcement contains forward-looking statements, estimates and projections. These statements involve elements of subjective judgment and analysis and are based upon the best judgment of Rain Carbon Inc. as of the date of this announcement. These statements are subject to change without notice and are based on a number of assumptions and entail known and unknown risks and uncertainties, as there are a variety of factors that may cause actual results and developments to differ materially from any future results and developments expressed or implied by such forward-looking statements. Therefore, you should not rely on these forward-looking statements. Neither Rain Carbon Inc. nor any other person gives any undertaking to update these forward-looking statements for events or circumstances that occur subsequent to the date of this announcement or to update or keep current any of the information contained herein, except to the extent required by law.

 

Logo - https://mma.prnewswire.com/media/709243/Rain_Carbon_Logo.jpg

 

More News by PR Newswire India

ZTE launches industry-first 5G+VDSL2 hybrid home gateway

OYO's HR Team Saved 75% At-risk Employees Using inFeedo's Engagement bot, Amber

Ameyo Integrates With Freshworks to Simplify Customer Journey

Nuclear Days 2019 - French Nuclear Industry to Intensify its Operations in Indian Market

Happiest Minds Wins 2019 Red Herring Top 100 Asia Award

The Spielwarenmesse Reveals the Trends for 2020

Xinhua Silk Road: SAIC Motor gains momentum in India with 31,000 orders received by September

CreditVidya Wins the Prestigious 2019 Red Herring Top 100 Asia Award

GCW Global Customised Wealth Announces New Partner: Tim Babich

GTPL Hathway's Consolidated H1 FY20 PAT at ₹ 580 Million, up by 102%

'Where Will Man Take Us?' by Atul Jalan has been Certified a National Bestseller by Penguin Random House India

Tejas Networks Launches World's Largest Disaggregated Packet-optical Switch at India Mobile Congress 2019

Building on Local Momentum: Malaysia's Greater Petaling Joins City Cancer Challenge

Shanghai International Money Fair - one of China's largest financial fairs will be held in December

Europe's Most Trusted Crypto And Precious Metal Companies Partner To Create Gold Token Secured By Bitcoin Network

RGE Commits US$200 Million to Next-Generation Textile Fibre Innovation and Technology

Medisanté Earns Acclaim from Frost & Sullivan for Ensuring Better Care Outcomes while Reducing Costs

INSIDE INFORMATION: BW LPG Contemplated Sale of Shares

School House Crafts Multi-Sensory Journey of Discovery and Re-collection for La Mer Campaign Exhibition

Vevue Partners with CBX Exchange for Initial Auction Offering

Frost & Sullivan Recognizes Pepco Holdings and Carlsbad Municipal Water District with Excellence in Resourcefulness Awards at Itron Utility Week

His Holiness The Dalai Lama Awarded Honorary Doctorate by Chitkara University

Surplus Keslow Cinematography Gear Up For Auction

Libyan Investment Authority Loses Claim in the UK Court of Appeal - London

Artificial Intelligence for Risk Management Process by MovingNow

Maruti Suzuki Arena Devils Circuit Season 2019-20 Draws Over 6K Runners in Hyderabad

Quectel Achieves Industry's First 5G Data Call over 5G mmWave Module

Artprice by Artmarket: The Gagosian's Grand Projects for the Late Simon Hantaï (1922-2008)

Ryan International Group of Schools Receive India's Most Respected Brand Award 2019

JD Institute Of Fashion Technology, South Announced its New Domain

VeChain Is Leading Co-sponsor of GDST Seafood Trackathons

The World's Largest Automakers, Along with MOBI, Announce a Joint Proof of Concept for the First Vehicle Identity on Blockchain

Indiannica Learning Announces the Launch of Indiannica Quiz League

Third Annual Convocation Ceremony Will be Celebrated in Apex Professional University

An Encounter of Two Icons: Tic Tac® Meets Coca-Cola®

Birlasoft to Accelerate Invacare's Business Transformation Journey Signs US$ 240 mn, Multi-year Deal, to Provide Complete IT-as-a-Service (ITaaS)

Bali Zoo Celebrated Tumpek Kandang Ritual for all its Resident Faunas

Nitin Mantri Becomes ICCO President

DMCC Awarded 'Global Free Zone of the Year' for a Record Fifth Consecutive Year

Apex Professional University Signed MoU with Life Science Sector Skill Development Council

Find TVU Networks at Broadcast India 2019

UAE and UNESCO Renew Partnership, Extending Efforts to Restore Historic Churches in Mosul

Over 70,000 Visitors, SR2m Falcon Sales on First Day of Riyadh Exhibition

The First Huion Tablet of Inspiroy Dial Series, Q620M was Unveiled at Hong Kong Electronics Fair

ZEISS showcases next-level eye care digitalization at AAO 2019

On Your Marks: 2019 Xi'an Yango International Marathon Starts 20 October

Autodesk Fusion 360 Tools Enable Social Hardware to Advance Design of Prosthetics

Bionik Gold Knee- A New Lease of Life for Young Arthritis Patients

Joy Forum19 to boost Saudi entertainment sector

 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
INDIA WORLD ASIA
UP govt suspends Maharajganj DM, five ot...
Truck driver from Rajasthan shot and kil...
President to visit Philippines, Japan...
Several NC, PDP leaders to join BJP on T...
Punjab weapons drop may figure in Army C...
Bengal Governor congratulates Abhijit Ba...
More...    
 
 Top Stories
Indian nurses in UAE may lose jobs ... 
BSNL staff to get salary before Diw... 
England's thrashing of Bulgaria ove... 
Dubai malls launch Diwali 'shop and... 
Huawei Mate X to go on sale later t... 
Dubai-based Indian buys tickets to ... 
Sensex up 167 points, auto and bank... 
VVIP security deployed for Prince W...