Aleksey Yefremov : Thanks, good morning everyone. Your cyclic announcement comes on the heels of many other acquisitions you’ve made in this area, and perhaps not one of them separately is very large. But I mean, it adds up to potentially quite a bit of capital. Could you provide any clarity on how much capital so far went into these acquisitions? And what would be the sort of the run rate going forward for how to spend on deals like this?
Peter Vanacker : Yes. Aleksey thank you for your question. The second pillar of our strategy as I just mentioned, it’s mainly focused at the beginning on building up these renewable and circular apps, one in Europe, and that is around Cologne, Wesseling Knapsack where we have our assets. And the other one is around Houston, so HRO channel view. The way how we have at the Capital Markets Day articulated our strategy is that we both go upstream in working together with partners, so also investing in the upstream to get access, I mean, to plastic waste because we do believe that getting access, I mean to plastic waste is important. Then secondly, investing in both micro recycling and then also advanced recycling, leveraging, of course, upon the relationship that we have with start-up companies, but also upon our own advanced catalytic recycling technology, the so-called MoReTec technology, with the two first investments FID, that I have mentioned before.
And then thirdly, also, we are looking at or access that we have in the marketplace through our APS business. And here, we have done this Mepol acquisition so that we actually were closer to the brand owners closer to the OEMs, where the demand is actually coming from. So we have the entire value chain where we are taking positions and that’s why you see all these smaller deals that we are making because there is no one company that is covering the entire value chain or that is covering, let’s say, the upstream or the downstream in the value chain. We’ve said at the Capital Markets Day around 15% of our investments, maybe a little bit more than that 15% in the investments over the period of time that we were talking about, I mean, 2027, 2030.
So pretty much, I mean, in that ballpark, has not changed our view substantially, but I said maybe a bit more than the 15% because we see that we have very good traction. Michael?
Michael McMurray : Yes, and then to specifically put a breadbox maybe around these investments, just to give people a bit more perspective. While they’re important to the strategy, they’re not material in amount. And so kind of what we’ve invested thus far is less than $200 million.
Operator: Our next question comes from the line of Kevin McCarthy with Vertical Research Partners. Please proceed with your question.
Kevin McCarthy : Yes, good morning. Maybe two questions on your I&D segment, please. First, as I understand your comments on oxyfuels, it sounds like you expect profitability to regress based on butane and maybe some other factors. Have you seen that already in October? Or is that just an expectation for the future? Would be the first question? And then secondly, are your POSM plants still down? Or have they come back up? And maybe you can help us with the timing of those outages 4Q versus 3Q in terms of sequential modeling considerations.
Peter Vanacker : Thank you, Kevin, for your questions. I mean remember, I mean, oxyfuel margins what we said in Q3 were exceptional, but we continue because we are the lowest cost producer. We continue to be very comfortable, I mean, with higher margins than what we have seen historically. So I will lead it to Kim to answer in more detail your two questions.
