BP to strengthen risk management in the group

LONDON (ICIS) -- BP will create a new division to strengthen safety and risk management across the group, following the Deepwater Horizon oil spill disaster in the Gulf of Mexico, the energy major said on Wednesday.

The Safety & Operational Risk function, brought in by the incoming chief executive Bob Dudley, would have sweeping powers to oversee and audit BP's global operations and intervene in all aspects of its technical activities, it added.

The new organisation was one of a number of changes announced by Dudley as he prepared to take over his new role on 1 October.

Tony Hayward stepped down as CEO following BP's investigation into the Macondo well incident in April which led to the explosion and fire that killed 11 people and caused widespread pollution.


New giant petrochemical terminal starts in China

(tsm) -- In China Tianjin Port Group is looking to begin trial operations of its new 350 million yuan (┬38.4 million) petrochemical terminal project by the end of 2010.

The petrochemical terminal project will be mainly used for SinoChem's new storage project in Tianjin Port, which will have a storage capacity of 950,000m3.

The terminal has a quay length of 509m with a 50,000-tonne and a 10,000-tonne liquid bulk cargo berth. The terminal's installed capacity is expected to exceed 5 million tonnes a year.


Blavatnik denies rumors from Lyondell creditors

(Reuters) -- Investor Len Blavatnik and his company Access Industries have refuted claims that he was aware of a US$12 bln leveraged buyout in 2007 that created LyondellBasell would fail. They claim that they had every reason to believe the merger between Basell and Lyondell would succeed. Blavatnik had led the merger in 2007 to create the world's third largest petrochemicals maker, by crafting a leveraged buyout of Lyondell through Basell, which his company acquired in 2005.

A trustee acting on behalf of Lyondell's creditors sued Blavatnik, Access and other executives and advisors responsible for putting together the deal, claiming they set the company up to fail by leaving it with too much debt and unreasonably small capital.


New Baghdad PET preforms factory gets financial support

(prw) -- The World Banks' Multilateral Investment Guarantee Agency (MIGA) is considering making a $5m guarantee for financing a new PET bottle preforms factory in Baghdad. It would be Iraq's first - operated by the country's Sebeel Al Safa Manufacturing Petrochemicals and Water Filling Company - and would supply drinks companies.

Because of Iraq's continuing instability, private guarantors are often reluctant to provide such assurances. The plant would initially produce preforms for half-litre water bottles. The investor requiring the five-year guarantee against transfer restriction, expropriation, war and civil disturbance is Turkish shareholder Karo Dis Ticaret ve Sanayi.


KraussMaffei Berstorff names new CEO

(prw) -- Manfred Reichel is stepping down as CEO of KraussMaffei Berstorff and head of extrusion at KraussMaffei Technologies after 45 years with the company. He will be replaced by Dr Hans Ulrich Golz who also joins the managing board.

Dietmar Straub, CEO of KraussMaffei, said: "In his 45 years with the company, Manfred Reichel has made an outstanding contribution to the development of both the KraussMaffei group and KraussMaffei Berstorff. He himself, his work, and his achievements have always been highly valued by customers and business partners, and by his colleagues at KraussMaffei."