European Organization for Packaging published a revised edition of European legislation

(plasteurope) -- The European Organization for Packaging and the Environment (Europen, Brussels / Belgium) has published a revised edition of its guide to European legislation affecting packaging and packaged goods. The guide incorporates details on important EU policy developments and voluntary initiatives, as well as changes introduced at national level since the previous edition was published in 2007.

Embracing the most significant legislation in this area – the EU packaging directive – the guide contains an analysis and interpretation of the legal environment in which the industry operates and an explanation of the standards set by the European Committee for Standardisation (Comite Europeen De Normalisation, CEN, Brussels / Belgium). Legislation covering packaging is constantly evolving in the 27 member states, and the guide details relevant laws country-by-country.

Veronique Bagge, Europen managing director, said: "Our industry’s strategy on sustainability and the legislation have both moved on significantly since the guide was last published five years ago. For Europen’s multinational members, a clear understanding of both European and national legislation is crucial to their business. I believe the industry is taking great strides in sustainability, and the up to date information and analysis in this guide can help us make things better, together."


INEOS ChlorVinyls announces decrease in suspension PVC price

(ineoschlor) -- INEOS ChlorVinyls Announces Suspension PVC Price for June 2012. List prices for INEOS ChlorVinyls Suspension PVC grades have been decreased by Euro 25 per metric tonne with effect from 1st June and as contracts allow.

INEOS ChlorVinyls is one of the major chlor-alkali producers in Europe, a global leader in chlorine derivatives and Europe's largest PVC manufacturer.

Eastman to Acquire Solutia

(eastman) -- Eastman Chemical Company and Solutia Inc. announced that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals. Under the terms of the agreement, Solutia stockholders will receive USD22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Based on yesterday’s closing prices, Solutia shareholders will receive cash and stock valued at USD27.65 per Solutia common share, representing a premium of 42 percent and a total transaction value of approximately USD4.7 billion, including the assumption of Solutia’s debt.

"The acquisition of Solutia is a significant step in our growth strategy and one that I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins," said Jim Rogers, chairman and chief executive officer of Eastman.

"This transaction is also expected to deliver immediate value to our stockholders in the form of accretion and strong cash generation, as well as create potential upside through the combination of two leading global chemical companies," said Rogers.


Repsol looks to double profits

(upstreamonline) -- Spanish giant Repsol has revealed it will invest EUR19.1 billion (USD24 billion) over the 2012-2016 period as it unveiled its new strategic plan to investors on Tuesday.

Repsol said EUR2.9 billion per year, or almost 80% of the planned investment, would be ploughed into its upstream business as the company looks to almost double its net profit in the five years from 2011, excluding profit from YPF which was recently expropriated by Argentina.

The growth will be driven by the company’s exploration and production segment, with investment focused on 10 key growth projects in the US, Brazil, Russia, Spain, Venezuela, Peru, Bolivia and Algeria.

Repsol said the development of the projects would result in an annual production growth rate of 7% to reach 500,000 barrels of oil equivalent per day by 2016.

The strategic plan will be self financed with Repsol's own cash generation and it will also carry out "selective divestments" of non-core strategic assets over the period to 2016 worth between EUR4 billion and EUR4.5 billion.


Petrobras readies asset sales

(upstreamonline) -- Petrobras is eyeing a bumper round of asset sales by the end of the year as it looks to finance it vast pre-salt plans off Brazil, a report claims.

The Brazilian state-owned oil behemoth is to concentrate much of its efforts on offloading Gulf of Mexico assets where it may consider brings in a "strategic partner" .

Most of the planned USD13.6 billion divestments are to happen before 2013 as the company looks to fill its coffers to finance its five-year, USD225 billion spending plan, the news wire cited Barbassa as saying at its Latin America Investment Summit on Monday.

Barbassa said there has already been strong interest in some of the assets, although he declined to name prospective buyers.

The finance boss also said that Petrobras is looking to double its output to about 6.4 million barrels of oil equivalent by 2020 but that is would be "several years" before the country retains the net exporter tag.