Sakhalin Energy to supply Japan's TEPCO with LNG

(RIA Novosti) -- Sakhalin Energy, the operator of the Sakhalin-2 oil and gas project off Russia's Pacific coast, will supply Tokyo Electric Power Company (TEPCO), Japan's largest electricity provider, with liquefied natural gas under a mid-term contract, the Energy Ministry said on Monday.
The contract was approved at a meeting of the Sakhalin-2 supervisory board, which includes officials from various ministries. The Energy Ministry did not mention any other details of the contract in its statement.

Russia's gas giant Gazprom holds a 50 percent stake in Sakhalin Energy. Other shareholders include Royal Dutch Shell with 27.5 percent, Japan's Mitsui and Mitsubishi with 12.5 percent and 10 percent respectively.

The USD 20 billion Sakhalin-2 project includes the Piltun-Astokhskoye and Lunskoye oil and gas fields on Sakhalin Island's northeastern shelf, with recoverable reserves estimated at 150 million tons or 1.1 billion barrels of oil and 500 billion cubic meters of natural gas.


Binh Son Refinery and Petrochemical Company to ink a credit contract with Vietcombank

(Plastemart) -- The Binh Son Refinery and Petrochemical Company, operator of the Dung Quat Oil Refinery has inked a credit contract worth USD 32 million with Vietcombank. The refinery is located in the central province of Quang Ngai in co-operation from the PetroVietnam Finance Joint Stock Corporation. The loan will be used towards the implementation of a USD 45 mln project on adding crude oil pumps and two crude oil tanks to the refinery. Upon completion, the project will help ensure the stable operation of the refinery, partially meeting market demands for energy.


Shell declared force majeure after fire

(BBC) -- Shell has declared a force majeure on some of its customers after a fire shut down its refinery in Singapore last week. The fire affected its diesel fuel unit but forced Shell to shut its entire refinery, hurting its supplies. The declaration of Force Majeure excuses a company from contractual agreements when an extraordinary event occurs which is beyond its control. The refinery is Shell's biggest such operation globally. The refinery has a capacity of 500,000 barrels a day.


Dow announced the close of PP business sale to Braskem

(BUSINESS WIRE) -- The Dow Chemical Company DOW announced the close of the sale of Dow's global Polypropylene business to Braskem S.A. In addition to the transaction, the two companies will continue to evaluate potential future collaborations on growth opportunities in connection to their strategies.

"The global polypropylene divestiture is another major step in Dow's transformation and a strong example of our disciplined approach to portfolio and business prioritization," said Andrew N. Liveris, Dow Chairman and Chief Executive Officer. "This divestment is in line with our strategy to transform our Performance Plastics business to focus on downstream, technology-differentiated solutions. It also allows us to both reduce debt and liberate capital and resources for Dow's higher growth, higher margin businesses."

The assets involved in the transaction included Dow's polypropylene manufacturing facilities at Schkopau and Wesseling, Germany, and Freeport and Seadrift, Texas. Dow's Polypropylene Licensing & Catalyst business and related catalyst facilities were excluded from the scope of the transaction.


Romanian PVC-maker Oltchim to reduce output in October

(Bloomberg) -- Romanian state-controlled PVC-maker Oltchim SA will temporarily reduce output for a third month in October because of a shortage of working capital and raw materials, the company said in a statement on the Bucharest Stock Exchange.

Since 1966 Oltchim has provided chemical products. Its products, either PVC, caustic soda, propylene oxide, propylene glycol and polyether polyols, chlorosodics or construction materials, are appreciated in more than 80 countries.