Sabic launches two new high-clarity polypropylenes

(plasteurope) -- Sabic (Riyadh / Saudi Arabia) says that production of high quality thin blown film is possible with the introduction of its family of advanced bimodal HDPE resins. There are currently two grades in the family, HDPE "FI0644" and a higher density grade with higher flow, HDPE "FI1157".

The two new HDPE grades are typically intended for applications that include food-contact inliners, artificial paper, release films and heavy duty bags.

The company said that both grades have high molecular weight and a broad molecular weight distribution, allowing high processability combined with good mechanical properties in the blown film. Low gel levels lead to consistent film production and a smooth film surface, Sabic said, and film makers can achieve acceptable gauge tolerances at very low thicknesses.

The material can be typically used for the production of lamination films, release films, labels and artificial paper. Target applications include heavy duty bags, meat bags, grocery sacks and carrier bags. The company said that converters will be able to increase the efficiency and performance of their operations by using significantly less material while producing film with adequate stiffness and strength and that films have an impact resistance around 20% higher than those made from a typically common HDPE grade.

MRC

(Reuters) - Specialty chemicals maker H.B. Fuller Co on Thursday said it would close five more manufacturing plants and cut about 100 jobs as part of its integration with Switzerland-based Forbo's industrial adhesives business.

H.B. Fuller last month said it will close six manufacturing facilities and cut about 130 jobs in North America. The company employs 3,530, it said in a regulatory filing in January.

H.B. Fuller will close its facilities in the UK, Germany, Spain, Italy and Austria in the next two years, the company said in a statement. H.B. Fuller agreed to buy Forbo's industrial adhesives business for USD395 million in cash in December to bulk up its presence in Europe.

H.B. Fuller also said it plans to invest about UD90 million in Europe, India, the Middle East and Africa (EIMEA) and Asia-Pacific in the next three years to improve profitability.

It expects to raise its earnings before interest, taxes, depreciation, and amortization (EBITDA) margin to 15 percent by 2015.

For 125 years, H.B. Fuller has been a leading global industrial adhesives provider.
MRC

(upstreamonline) -- TNK-BP was leaving the door open to the prospect of a third investor, the company’s former chief executive has told reporters following his resignation earlier this week.
Mikhail Fridman, also a co-owner of the Russian joint venture with Britain’s BP as part of the AAR consortium, quit as chief executive on Monday, deepening a leadership crisis that has deprived the company of a functioning board.

Fridman said that TNK-BP's current shareholder structure "no longer serves the interests of each party", adding that only one – either BP or AAR – should control the company, Russia's third largest crude producer.

"There are a lot of different options. For example, BP becomes a minority shareholder and gradually leaves TNK-BP's capital ... We would also consider cutting our stake if part of it is to be converted into BP shares," Fridman said.

He added that this process could take between five and seven years.That said, third parties to the joint venture would be welcome if they presented the right offer.

"Everything is possible and realistic. We are open to proposals," Fridman said. "There are no concrete offers, but it (TNK-BP) may be interesting to many."

Fridman declined to comment what he considers to be fair value for TNK-BP, which is worth USD38.4 billion based on the current market price of its main listed unit, TNK-BP Holding.

But in a note dated 29 May, Bank of AmericaMerrill Lynch assigned a value of USD50 billion to TNK-BP International, a holding company that controls TNK-BP Holding and further assets including Slavneft and some Ukrainian assets.

MRC

(uralkali) -- Uralkali regrets to announce that a mine foreman died in an accident that occurred at the Solikamsk-1 Mine on 30 May 2012.

Uralkali expresses its deepest condolences to the relatives of the miner. The company will pay compensation to his family. An investigation is being carried out by a special commission to determine the causes of the fatality and ensure that similar accidents do not occur in the future. The accident will not affect the Company's production plans.

Uralkali is one of the world's largest potash producers with a market share of about 20%. The Company's assets consist of 5 mines and 7 ore-treatment mills situated in the towns of Berezniki and Solikamsk (Perm Territory, Russia). Uralkali employs ca. 12,500 people (in the main production unit).

MRC

(gunvorgroup) -- Gunvor Group signed a purchase agreement to acquire the assets of Petroplus’ Ingolstadt refinery and related German marketing activities Gunvor Group, one of the world's major independent commodity trading companies, has announced that it has signed a purchase agreement to acquire the assets of Petroplus’ refinery in Ingolstadt and related German marketing activities.

The acquisition is subject to customary closing conditions and regulatory clearance from competition authorities. The closing of the transaction is expected in the third quarter of 2012, with the support from the local and German state authorities.

Gunvor intends to restart operations as soon as possible, following the refinery’s closure in early February as a result of Petroplus’ financial situation. The Ingolstadt refinery is one of the best performing European refineries, with a strong regional footprint in one of Germany’s most prosperous regions, Bavaria. It has a processing capacity of approximately 100,000 barrels per day.

MRC