Dow acquires full ExxonMobil stake in PE venture Univation Technologies

MOSCOW (MRC) -- Dow Chemical and ExxonMobil Chemical announced an agreement Thursday to restructure the ownership of Univation Technologies, currently a 50/50 joint venture between affiliates of Dow and ExxonMobil, reported Hydrocarbonprocessing.

This transaction will result in Univation Technologies becoming a wholly-owned subsidiary of Dow aligned to its performance plastics operating segment.

"Univation Technologies is a global leader serving a growing, high-margin market," said Cindy Shulman, president of Univation Technologies.

"Univation remains committed to reliably serving our customers and licensees with the world’s leading gas phase polyethylene process technology and associated catalysts and looks forward to being aligned with Dow’s performance plastics franchise," she added.

Univation Technologies is the licensor of UNIPOL PE process technology and the leader in the development, manufacture and sales of PE catalysts for the UNIPOL PE process.

The transaction is expected to close by the end of 2014, pending regulatory approval. Dow and ExxonMobil say they are committed to working closely together to ensure a seamless transition for all stakeholders.

As MRC wrote before, in late 2013, Grace 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. 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.

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

Ineos acquires Grangemouth power plant from Fortum

MOSCOW (MRC) -- Ineos Industries Holdings Ltd has agreed to acquire the Combined Heat and Power Plant (CHP) from Fortum, that serves the Grangemouth site, for GBP54 million, as per the company's press release.

Grangemouth CHP, currently owned and operated by Fortum, is a natural gas-fired combined heat and power (CHP) plant located at the Grangemouth petrochemical site and refinery in Scotland.

Competitive, efficient energy is a critical element necessary to secure the long term future of the Grangemouth site. The acquisition sits hand in hand with the GBP300 million infrastructure project at the site to import and store ethane, an essential raw material for the petrochemical plant.

John McNally , CEO Ineos Olefins & Polymers UK, Grangemouth, says: "These investments demonstrate what is possible at Grangemouth and represent another key milestone in creating a successful future for the site and those businesses that depend upon its continued presence in Scotland."

Commissioned in 2001, the Grangemouth power plant's power generation capacity is 145 megawatts (MW) and heat generation capacity of 257 MW. It provides electricity and steam to INEOS’ petrochemical operations. Excess electricity is sold to the National Grid. Fortum will continue to provide operations and maintenance (O&M) services at the power plant in the future.

As MRC reported earlier, Ineos had announced plans to give 6% of its shale gas revenues to homeowners, landowners & communities who live above its shale gas operations. Ineos anticipates being a major player in the shale gas industry and believes it will give away over GBP2.5 billion over the life of its business.

Ineos Group Limited is a privately owned multinational chemicals company consisting of 15 standalone business units, headquartered in Rolle, Switzerland and with its registered office in Lyndhurst, United Kingdom. It is the fourth largest chemicals company in the world measured by revenues (after BASF, Dow Chemical and LyondellBasell) and the largest privately owned company in the United Kingdom.
MRC

Hanwha to shut down PA plant in South Korea

MOSCOW (MRC) -- Hanwha Chemical is likely to shut a phthalic anhydride (PA) plant for maintenance turnaround, reported Apic-online.

A Polymerupdate source in South Korea informed that the plant is planned to be shut in October 2014. It is likely to remain off-stream for around one month.

Located at Ulsan in South Korea, the plant has a production capacity of 80,000 mt/year.

As MRC informed before, in July 2014, Hanwha Chemical created a task force to manage the process of bidding for Dow Chemical's chlorine business. Hanwha retained Credit Suisse earlier this year to advise on the possible purchase, which involves about 40 production facilities at 11 sites, including Dow's chlor-alkali and chlor-vinyl units in Plaquemine, La., and Freeport, Texas, as well as Dow’s interest in the Dow Mitsui chlor-alkali joint venture in Freeport.

Hanwha Group is one of the largest business conglomerate in South Korea. Founded in 1952 as Korea Explosives Inc., the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial services.
MRC

Foster Wheeler awarded a contract by Petron Corporation

MOSCOW (MRC) -- Foster Wheeler AG's subsidiary of its Global Engineering and Construction Group has been awarded a contract by Petron Corporation to provide operator training, commissioning, and start-up assistance services for the new delayed coking unit at Petron’s Bataan Refinery in the Philippines, said Plastemart.

The new delayed coking unit at the Bataan Refinery is based on Foster Wheeler’s leading SYDECSM delayed coking technology and includes a Foster Wheeler delayed coker heater. The company also undertook the detailed engineering and procurement services for the new coker. Foster Wheeler’s scope of work is scheduled to be completed by the end of 2014.

"Following the execution of the process design package and the detailed engineering, we are pleased to receive this subsequent award and the opportunity to continue to work with Petron Corporation," said Roberto Penno, Chief Executive Officer, Global Engineering and Construction Group. "We believe this is a reflection of Petron’s continued confidence in the added value Foster Wheeler delivers in the implementation, commissioning, start-up and operational phases of delayed coker projects based on our leading SYDECSM delayed coking technology."

As MRC wrote before, Foster Wheeler AG announced that a subsidiary of its Global Engineering and Construction (E&C) Group has been awarded a contract by STAR Rafineri A.S., a subsidiary of SOCAR Turkey, for project management consultancy (PMC) services for its grassroots Aegean Refinery to be built within the Petkim Petrokimya A.S. (PETKIM) facilities at Aliaga, Turkey.

Foster Wheeler AG is a global engineering and construction company and power equipment supplier delivering technically advanced, reliable facilities and equipment. The company’s Global Engineering and Construction Group designs and constructs leading-edge processing facilities for the upstream oil and gas, LNG and gas-to-liquids, refining, chemicals and petrochemicals, power, minerals and metals, environmental, pharmaceuticals, biotechnology and healthcare industries.
MRC

ONGC Mangalore Petrochemicals Ltd to commence paraxylene and benzene production

MOSCOW (MRC) -- ONGC Mangalore Petrochemicals Ltd (OMPL)'s Mangalore plant will commence regular commercial production of benzene and paraxylene from October 1, said Plastemart.

Sources in the company told Business Line that OMPL, had conducted trial production during July-August period, exported three consignments to destinations such as Indonesia and Thailand.

Paraxylene and benzene are the major products of OMPL. Paraxylene is used in the production of polyester fibres and PET bottles. Benzene is used as an intermediate to make products such as styrene, polystyrene, phenol and nylon. The feedstock for OMPL will be supplied by the MRPL refinery in Mangalore.

The OMPL plant will have the capacity to produce 920,000 tonnes of paraxylene and 283,000 tonnes of benzene a year. The company has marketing plans for the exports and domestic sectors. In the domestic market, the products from OMPL will help develop downstream industries in and around Mangalore.

Oil and Natural Gas Corporation Limited (ONGC) is an Indian multinational oil and gas company headquartered in Dehradun, India. It is one of the largest Asia-based oil and gas exploration and production companies, and produces around 77% of India's crude oil (equivalent to around 30% of the country's total demand) and around 81% of its natural gas.
MRC