Grace completes purchase of Dow UNIPOL PP process technology licensing

MOSCOW (MRC) -- Grace has completed the acquisition of the assets of the Polypropylene Licensing and Catalysts business of The Dow Chemical Company for a cash purchase price of USD500 mln, said Plastemart.

The acquisition includes UNIPOL Polypropylene Process Technology and makes Grace the second largest polypropylene licensor in the world based on installed capacity, advancing Grace's leadership in the broader polyolefin sector.

Grace is a leading global supplier of catalysts; engineered and packaging materials; and, specialty construction chemicals and building materials. Grace will continue to support the UNIPOL Polypropylene Process Technology, which includes the UNIPOL UNIPPAC Process Control System, a recognized leader in the industry. The UNIPOL tailored SHAC Catalysts Systems, 6(th) Generation non-phthalate CONSISTA Catalysts Systems, and advanced donor systems, ADT and CONSISTA, enhance Grace's polyolefin catalysts portfolio. These products complement Grace's polypropylene catalysts families of POLYTRAK, and HYAMPP and its polyethylene catalyst systems such as Cr-based catalysts (MAGNAPORE), Ziegler-Natta Catalysts, and Single Site Catalysts.

"The UNIPOL brand and the capabilities it represents are highly respected in the marketplace, and we are committed to strengthening that position," said Grace Chairman and Chief Executive Officer Fred Festa. "We look forward to communicating our expanded capabilities and full portfolio of products and services to our customers and the broader global marketplace. We're pleased to welcome a very talented team to Grace."

In mid October 2013 Dow Chemical Company announced that it has signed a definitive agreement under which Dow’s global Polypropylene Licensing & Catalysts business will be divested to W. R. Grace & Co. for a sale price of USD500 million.

The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
MRC

MOSCOW (MRC) -- Shell could sign an exploration deal with Bosnia-Herzegovina’s autonomous Muslim-Croat Federation before the end of next year, said Upstreamonline.

The Anglo-Dutch supermajor is to begin talks on a potential concession with government officials in late February, the federation’s energy minister Erdal Trhulj told Reuters.

"Bearing in mind the extent of the possible deal, we would be able to sign a contract awarding the concession to Shell at the end of 2014," Trhulj said. "This is an enormous endeavour that has never before been conducted in Bosnia."

The investment is set to range between USD300 million and USD700 million depending on the number of drilling sites, he said.

Experts say that southern deposits, located at a depth of between 4000 metres and 8,000 metres, could contain up to around 3.5 billion barrels of oil reserves, while northern beds are estimated at around 490 million barrels.

The Serb Republic in 2011 awarded a concession for exploring potential oilfields to Jadran Naftagas, a joint venture between Russia's Neftegazinkor, a unit of state-owned Zarubezhneft, and Serbian oil firm NIS, majority-owned by Russia's Gazprom Neft.

The company started drilling last June as part of a USD41 million investment in the first exploration phase, but has so far reported no significant findings.

MRC

MOSCOW (MRC) -- Oriental Petrochemical is likely to restart its purified terephthalic acid (PTA) plant, as per Apic-online.

A Polymerupdate source in Taiwan informed that the plant is likely to be restarted in end-December 2013. It was shut down on November 6, 2013 for maintenance turnaround.

Located in Taoyuan, Taiwan, the plant has a production capacity of 400,000 mt/year.

As MRC wrote previously, China based company Xianglu Petrochemical started up its new purified terephthalic acid (PTA) plant in end-November 2013. Located in Xiamen, China, the plant has a production capacity of 1.5 million mt/year.
MRC

MOSCOW (MRC) -- Sumitomo Chemical Co. Ltd. expects to win project finance approval for the USD7 bln expansion of a petrochemical project in Saudi Arabia in H1-2014 despite a series of problems at the existing complex, said Plastemart.

"The Rabigh II plan is on track with an aim to start operation in 2016. The total investment plan of USD7 billion is unchanged," Sumitomo Chemical President Masakazu Tokura told a news conference, adding "Until the project finance is ready, parents companies will be providing money needed to proceed with the Rabigh II project.”" PetroRabigh, a JV between Sumitomo Chemical And Saudi Aramco, has annual output capacity of 18 mln tons of refined products and 2.4 mln tons of petrochemicals.

Part of the construction for the second phase of the project had already begun. Under Rabigh II, an existing ethane cracker will be expanded and a new aromatics complex will be built using around 3 mln tpa of naphtha to make higher-value petrochemical products. The two parent companies will make a planned capital injection of about 100 billion yen (USD986.19 mln) each in PetroRabigh either next year or in 2015.

Saudi Aramco and Japan's Sumitomo Chemical each hold a 37.5% stake in Petro Rabigh, with the remaining 25% owned by the public.
MRC

MOSCOW (MRC) -- A division bench of the Calcutta High Court dismissed all appeals of the West Bengal government, WBIDC and Haldia Petrochemicals Ltd over a dispute between them and The Chatterjee Group regarding 155 mln shares of the ailing petrochemical company, as per Plastemart.

The division bench dismissed the appeals and observed that as the Supreme Court held that the trial court order in this regard was just and proper, all the appeals against it had become infructuous.

The trial court of Justice I P Mukerji had earlier restrained the state government from dealing with the disputed 155 million shares of HPL and transfer of the shares to any third party. Challenging this, the state government, WBIDC and HPL, which is at present under the management control of the state, moved the appeal court.

The division bench had directed that the instant process of disinvestment in HPL may continue, but no final decision can be taken without the leave of the court.

As MRC wrote earlier, Indian Oil Corporation (IOC) had bid for the shares of HPL which the state wanted to disinvest.

TCG moved the Supreme Court against this order and on November one, the apex court held that the trial court order restraining the state government from taking any step for disinvestment of HPL's 155 million shares was proper. The Supreme Court had also observed that the high court would hear the suit in this regard. The Supreme Court had passed an order of status quo for three weeks on November 1. On November 22, TCG moved a petition before the trial court of Justice I P Mukerji and obtained an interim order of status quo, extending the order of the apex court, regarding disinvestment of HPL shares. TCG argued that as the Supreme Court observed that the high court would hear the case, it had no option but to move the trial court.

Haldia Petrochemicals Ltd is a modern naphtha based petrochemical complex at Haldia, West Bengal, India. Haldia has played the role of a catalyst in emergence of more than 500 downstream processing industries in West Bengal with a capacity to process more than 3,50,000 TPA of polymers, among which are polyethylene (PE) and polypropylene (PP).
MRC