Qenos is on life support. So much for recycling IF it goes is the word! "this afternoon, the strategically important maker of plastics ethylene and polyethylene – Qenos – called in voluntary administrators. The collapse follows the sale of the company from its Chinese owner ChemChina to Australian property developer Logos.The administrator Jason Preston of McGrath Nicol said it intends to close Qenos' Botany plant in Sydney but is seeking options to keep open or sell its other plant in Altona, Melbourne."Below is from CEO Mr John Balassis 29 November 2023"Today, I would like to touch on a few items pertaining to FY23, as well as an outline FY24 Outlook. Overview• The general macro business environment for our technology continues to show long term opportunities to grow and achieve its full potential, including. Energy prices continue to stay high, and in my view will stay higher for longer for various reasons, not least of which being the speed at which new generation infrastructure can be built."
It is easy to see power GAS prices are impacting on all high energy needs industry and manufacturing. Fertilizers and so much more are impacted so that impacts on food - crop yield and supply/ prices. Qenos "Collapse is due in part to a lack of reliable supply of gas and a lack of competitiveness for Australian industry"
