Austrian oil firm OMV tilts to E & P

(Arabian oil and gas) -- Austrian oil firm OMV wants exploration and production to account for the majority of its business within ten years, up from just over a third now, Reuters quoted its new chief executive Gerhard Roiss as saying.

The company added it could divest up to 1 billion euros (USD 1.37 billion) worth of refining and marketing assets by 2014, and expects production growth of up to 4%, including acquisitions, by 2016.

OMV had said on 10 August that production this year was expected to remain below the 2010 level of 318,000 barrels of oil equivalent per day, due to civil unrest and conflict in North Africa. The Libyan conflict hit OMV hard, as the country accounts for around 10% of OMV's total production.


Uralkali first-half net profit hits USD 794 mln

(RIA Novosti) -- Russian leading potash producer Uralkali, which merged with Silvinit fertilizer producer this year, posted a net profit of USD 794 million to IFRS for the first half of 2011. The first half 2011 net profit results reflect Uralkali's and Silvinit's consolidated financial performance since January 1 this year, the company said in a statement.

The merged company's revenues totaled USD 1.973 billion in January-June 2011 and adjusted EBITDA stood at USD 1.054 billion, with the EBITDA margin of 64 percent, the firm said. The merged company's potassium chloride sales amounted to 5.217 million tons in the period, the firm said.


Naftogaz Ukrainy is having talks with Azerbaijan on oil supplies to Kremenchuk oil refinery

(Trend) -- The National joint-stock company Naftogaz Ukrainy is having talks with Azerbaijan on oil supplies for processing at the Kremenchuk oil refinery, Naftogaz deputy board chairman Vadym Chuprun was quoted as saying by Ukrinform. He said the company's delegation visited Azerbaijan on Sept.19, but a final agreement has not been reached yet.

Today, the State Oil Company of the Azerbaijan Republic (SOCAR) carries out oil supplies on CIF conditions to the Kremenchug refinery, and two Western refineries - Nadvoryan and Drogobych.

According to the Ukrainian Energy and Coal Industry Ministry, deliveries of Azerbaijani oil to the Kremenchug refinery increased by 2.1 times in 2010 - up to 1.614 million tons compared to 2009.

Its transportation was carried out mainly on the route "Oil delivery point Odessa - Kremenchug', which has a tariff of USD 20.5 per ton.


LANXESS expects a better year-on-year financial performance in the third quarter

(ICIS) -- German producer LANXESS said on Wednesday it expects a better year-on-year financial performance in the third quarter, while reiterating its full-year target of delivering a 20% growth in pre-exceptional earnings before interest, tax, depreciation and amortisation (EBITDA).
In the third quarter of 2010, the company posted a more than five-fold increase in net profit to EUR 118m (USD 162m), with pre-exceptional EBITDA up 71% year on year to EUR 244m. The company had a record quarterly net profit of EUR 181m in the second quarter. LANXESS said it has earmarked EUR 130m in research expenses, up 15% year on year.


Spot prices for US SBR are pushed down this month

(ICIS) -- Softening demand, lower feedstock costs and imports pushed down spot prices for US styrene butadiene rubber (SBR) this month, market participants said on Wednesday. SBR spot ranges for non-oil grade 1502 and oil-extended grade 1712 dropped by 5 cents/lb (USD 110/tonne, EUR 80/tonne) FOB (free on board) USG (US Gulf) from August. September SBR spot ranges for non-oil grade 1502 were 185-200 cents, while oil-extended grade was 170-180 cents/lb.

Concerns about the global economy and plummeting feedstock values have kept buyers on the sidelines, a producer said.

Buyers will continue to delay purchases if butadiene (BD) prices continue to slide and could push SBR values even lower, the producer said.

The recent softening in BD spot prices, which in September snapped a nine-month uptrend in the US market, is pointing to a major reduction in October, sources said, predicting a two-digit fall for the US contract.