DSM completes acquisition of Vitatene S.A.U.

(DSM) -- Royal DSM, the global Life Sciences and Materials Sciences company, announces today that it has completed the acquisition of Vitatene S.A.U., based in Leon (Spain), a producer of natural carotenoids. The acquisition was announced on 10 May 2011. The acquisition of Vitatene allows DSM to strengthen the natural carotenoids offerings of its nutrition business as consumer demand for natural products continues to grow. Financial details of the acquisition will not be disclosed at this time.

Founded in 2004, Vitatene is a leader in the production and sale of a range of high-value natural carotenoid products derived from fermentation of the fungus Blakeslea trispora. The products are sold under the brandnames Betanat and Lyconat. The products are an addition to DSM's current portfolio of highly functional carotenoids, ranging from beta-carotene to lutein and zeaxanthin.

MRC

(BUSINESS WIRE) -- ExxonMobil Pipeline Company provided the following update as cleanup operations continued Sunday evening following a release of oil into the Yellowstone River.

More than 120 people were involved in the response and cleanup effort including ExxonMobil's North America Regional Response Team, the Clean Harbors oil spill response organization, and additional contractors. An additional 80 people were expected on site Monday.

For the purposes of the response, the area downriver of the spill has been organized into four zones. Cleanup activities are focused in the first two zones, Laurel to Duck Creek Bridge, a distance of seven miles from the spill location, and Duck Creek Bridge to Johnson Lane (12 miles). Reconnaissance and evaluation activities are under way in the second two zones, Johnson Lane to Miles City (144 miles) and Miles City to Glendive (78 miles).

Cleanup crews are using absorbent pads to soak up oil, boom to isolate oil that has pooled adjacent to the river and vacuum trucks and tankers to pick up and dispose of the oil.
Air quality monitoring is ongoing and has confirmed no danger to public health. Municipal water systems are being notified to monitor water quality but no reports of impacts have been received to date.
Daily aerial flights over the river are being undertaken to locate additional oil locations and monitor and direct cleanup activity.

MRC

July 04/2011

(INEOS) -- PetroChina Company Limited (PetroChina) and INEOS Group (INEOS) have completed the deal to form trading and refining Joint Ventures between PetroChina International (London) Company Limited, and INEOS Investments (Jersey) Limited on July 1st.

The joint ventures include trading and refining activities at the Grangemouth refinery in Scotland and the Lavera refinery in France. The business employs approximately 1,000 people and has a turnover of $15bn. PetroChina has paid US$ 1.015 billion cash for the shares in the joint ventures.

The completion of the joint ventures are of great importance for PetroChina's global allocation of resources and market portfolio, as it explores the high-end European market, and begins to establish PetroChina's European oil and gas operation centre. ⌠The Joint Ventures with INEOS are consistent with PetroChina's strategy to build its broader business platform in Europe as a leading international energy company, said Si Bingjun, General Manager of PetroChina International London.

MRC

(the Daily news Egypt) -- Amid heightened optimism about Egypt's economic prospects at the ⌠Egypt: Forward Forum, an MOU for a multi-billion dollar petrochemicals project was signed by prominent US and Egyptian companies Tuesday.

Basil El-Baz, founder and CEO of Egypt Basic Industries Corporation (EBIC), as well as Chairman and CEO of Carbon Holdings, inked the first of a series of agreements for the development of a USD 3.5 billion naphtha cracker and olefins complex project that will be jointly developed with US companies. Financed by the Export-Import Bank of the United States, the mega project is expected to create some 3.000 jobs.

The signing of the MOU crowned what most delegates described as a successful forum, which, above all, aimed to boost the confidence of US businesses in Egypt as well as emphasize partnerships and trade as the way forward, setting the scene for the rise of a new generation of entrepreneurs in the ⌠new Egypt following the fall of the previous regime.

According to the United States Trade and Development Agency, which hosted the forum and oversaw the signing of the MOU, the first phase of an ambitious 20-year plan to develop Egypt's petrochemical industry at an overall cost of USD 10 billion was completed in 2008 at a cost of USD 3.8 billion.

The majority of the existing petrochemical plants are producing under-license from US companies, which have a market share of approximately 26%. Market demand for petrochemicals in Egypt is estimated at 6% annually.

MRC

(ICIS) -- Spot ethylene and propylene prices have fallen significantly over the past two months on poor demand from key derivatives polyethylene (PE) and polypropylene (PP) that has been weighing on supply, and there is further downside potential, market sources said on Friday.

Ethylene spot pipeline prices have dropped by around 33% since early May, when prices peaked at around EUR 1.230/tonne (USD 1.783/tonne). Prices this week are recorded below EUR 850/tonne FD (free delivered) NWE (northwest Europe).

Polymer grade propylene prices on the inland market have fallen by almost 18%. Prices peaked at EUR 1.265/tonne FD NWE at the end of April, but are now in the mid-to-high EUR 1.000s/tonne FD NWE.

Lengthening supplies due to a general reluctance to cut cracker operating rates too significantly because of healthy margins has meant that local suppliers have been forced to cut spot offers. Sellers said that they have been discounting heavily from contract prices, which recently settled at reductions of EUR 95/tonne and EUR 75/tonne for ethylene and propylene respectively.

MRC