The group had already enacted its strategic focus on chemicals and the circular economy with the acquisition of the majority stake in Borealis and we see the CMD as a confirmation of the former. The surprises come from the company announcing the end of hydrocarbon production by 2050 as well as investments in low carbon (e.g. geothermal, ccus). The stock was down today, as we believe there might be disappointment over the shareholder distribution, which essentially remains unchanged.
16 Mar 2022
CMD: integrated chemicals focus continues
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CMD: integrated chemicals focus continues
The group had already enacted its strategic focus on chemicals and the circular economy with the acquisition of the majority stake in Borealis and we see the CMD as a confirmation of the former. The surprises come from the company announcing the end of hydrocarbon production by 2050 as well as investments in low carbon (e.g. geothermal, ccus). The stock was down today, as we believe there might be disappointment over the shareholder distribution, which essentially remains unchanged.