INEOS completed the pricing of its liquidity notes

(ineos) -- INEOS announced today that its subsidiary, INEOS Finance plc, had completed the pricing of its offering of U.S. dollar-denominated fixed rate and euro-denominated floating rate senior secured notes due 2019.

The Notes, in approximately USD1.65 billion equivalent, priced at USD1 billion at 8 3/8 % and EUR500 million at EURIBOR plus 600bps, with a EURIBOR floor of 125bps.

The increase in the aggregate principal amount of the offering from the USD850 million equivalent, initially announced at launch of the offering, to approximately USD1.65 billion equivalent, is a reflection of the very strong demand for the Notes, both in Europe and the US.

The net proceeds of the offering will be used to prepay all of the Term Loan B, as well as a portion of the Term Loan C, outstanding under a bank facilities agreement dated 12 May 2010, putting the INEOS Group in a stronger financial position as trading continues to improve. The next significant instalment of term debt under this facilities agreement does not become due until 30 June 2014.

John Reece, CFO INEOS Capital said today: ⌠This is again a significant vote of confidence in INEOS. Although our aim was to raise USD850m, in the end this was extended to approximately USD1.65bn. The market is clearly encouraged by the continued performance of the INEOS Group and its ability to deliver its business plan. INEOS continues to perform very well during difficult economic conditions. It has delivered a strong performance in 2011 and is already seeing a positive start to 2012. In combination with our continued focus on cash management and liquidity we have significantly de-levered the Group.

The Notes were assigned a Ba3 rating from Moody's and a B rating by Standard & Poor's.


P&G reduces plastic in packaging redesign

(chemnet) -- Procter & Gamble Co. gave the Gillette Fusion ProGlide razor's packaging a "future friendly" facelift by reducing plastic and incorporating mouldable pulp.

With 57 % less plastic than the original clamshell outer packaging and razor tray, the redesign is made of fibrous materials such as bamboo, sugar cane and bulrush. The mixture is made into a liquid slurry and then moulded into place, a technique the company said is "stretching the boundaries of what moldable pulp can do."

The result is a 20 percent reduction in gross weight and overall reduction of packaging material, while the new design with­stands compression, sealing and opening forces, according to the company. "We were able to reduce the environmental impact of the packaging without compromising safe, effective delivery of the product," said Damon Jones, global communications director for P&G's grooming and shave care operations. "Given the packaging is primarily from renewable sources, we saw this as a step forward."

The redesign fits into P&G's 2020 sustainability goal to incorporate 100 percent renewable or recycled materials into every product and package.

Previous efforts included reductions of plastic by 49 percent in the packaging for the M3 Power razor in 2004 and Gillette Fusion razor in 2006.

For the ProGlide package, Cincinnati-based P&G worked with Be Green Packaging LLC, a Santa Barbara, Calif., company that designs and makes compostable packaging.

Jones said P&G changed the package without significant added costs to consumers, but he did not detail any cost breakdowns. He added that the product's packaging previously included a low level of PVC, which the redesign has eliminated.

"We take a design-led approach to environmental sustainability and are committed to reducing the environmental impact of our products and operations without compromising on the quality," Jones said.


Aker Solutions plans to buy Norwegian engineering firm

(process-worldwide) -- Aker Solutions announced plans to expand its portfolio by acquiring Sandnessjen Engineering, a Norwegian company specialised in oil and gas engineering.

Oslo/Norway - Aker Solutions grows in Norway: The company has announced plans to acquire the Norwegian engineering firm Sandnessjen Engineering, a company specialised in oil and gas operations as well as civil engineering. "We are pleased that this team now becomes part of Aker Solutions and our rapidly growing engineering network. With the acquisition, Aker Solutions gains a firm foothold in the region, and we hope to grow," says Tore Sjursen, Aker's head of maintenance, modifications and operations.

"Our ambition is to double the company's workforce from the current 24 over the next couple of years. The pace of growth will of course depend on our success in the market and our ability to recruit first-class team members, but generally our markets are strong," Sjursen added.

Aker Solutions already operates a Norwegian office in Troms, that will closely co-operate with the operations at Sandnessjen, company speakers explained. Sandnessjen's former managing director Halvard Lie will continue to head Aker Solutions in Sandnessje.
"We have had a good dialogue with Aker Solutions and we believe will see many positive effects by becoming part of such a large oilfield products, systems and services company. We believe Aker Solutions will offer better opportunities for growth than we would have been able to achieve as an independent company," Lie commented.


China to increase oil-processing capacity by 25% in 2015

(shanghaidaily) -- CHINA seeks to increase its oil-processing capacity to 600 million tons in 2015, or 12.5 million barrels a day, under a five-year plan for the petrochemical industry.

That's up 25 percent from the 10 million barrels of daily capacity that the Paris-based International Energy Agency estimated China held in 2011.

The nation's average refinery size will rise to at least 6 million tons a year by 2015, according to the plan published by the Ministry of Industry and Information Technology on its website yesterday.


Fujian textile industry to invest in upgradation

(Fibre2fashion) -- The traditional textile industry of Changle in suburban Fuzhou, located in east Fujian province of China, will undergo transformation as several projects have been signed for introduction of new technology and upgradation of the textile industry.

A total of 17 projects, with a combined investment of 15.33 billion yuan, have been signed at the
Changle ⌠Love Hometown and Start Business Spring Festival Symposium.
Textile industries dominate the economy of Changle and were facing problems like high energy consumption and high pollution due to their reliance on outdated technology. This, along with the
prevailing high labour cost, was reducing the competitiveness of the Changle textile industry.

Last year, the Changle government outlined plans aimed at transforming and upgrading the textile industries. This included schemes for financing, technical upgradation and brand promotion. There was also a consensus among entrepreneurs to introduce new technologies at their manufacturing plants.

At the Symposium, a contract was officially signed for the Jingfen chemical fibre project. Jinjiang Spinning Co. Ltd., Shanli Chemical Fibre Industry Co. Ltd. and Fujian Jinlun Fibre Shareholding Co. Ltd. also announced investments in major high-tech projects that include projects related to value-addition.

The new projects would also boost production capacities of various firms that are engaged in the production of caprolactam (CPL), Purified Terephthalic Acid (PTA), fabrics and garments.