NOVA Chemicals announces SEC de-registration

MOSCOW (MRC) -- NOVA Chemicals Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission and will no longer file with the SEC periodic and current reports under Section 15(d) of the Securities Exchange Act of 1934, as amended, said the producer in its press release.

Effective the date hereof, the company will satisfy its reporting obligations under the Indenture, dated as of July 30, 2013, between the company and US Bank National Association, as trustee, pursuant to which the company issued its 5.25% Senior Notes due 2023 and the Indenture, dated as of October 28, 2014 (together with the 2013 Indenture), between the company and the trustee, pursuant to which the company issued its 5.00% Senior Notes due 2025 (together with the 2023 Notes), in each case, by posting the financial statements and reports required by each of the Indentures on a password-protected online data system.

The company has caused the trustee to deliver a Notice of de-registration to all holders of the Notes.

As MRC reported previously, in early 2013 NOVA Chemicals decided build two polyethylene (PE) plants and expand its ethylene capacity. NOVA has taken several actions to secure additional ethane feedstock supply for its crackers in Corunna, Ontario, and Joffre, Alberta.

Nova Chemical is one of the largest world's petrochemical companies, a manufacturer of polyethylene, styrene polymers, monomers, and many other related products.
MRC

MOSCOW (MRC) -- Cosmo Films, known for its specialty films offers multiple barrier products. One such product is a highly effective high barrier metallized BOPP film, said the producer in its press release.

The film generally used as part of a duplex/triplex laminate structure with OPP/PET/PE offers good lamination bond. The end-pack can be used for all food/personal care applications where moisture barrier is of utmost importance. The film also offers optimum gas barrier properties.

Along with barrier properties, the film has good heat seal strength for pouching applications. The film can be used for cold sealing as well.

Available in 12/15/18 microns, the film’s metallization offers superior anchorage with the film. The treated metallized surface may be used for printing.

“We are also working on a coated product with drastically enhanced gas barrier properties," says CEO Pankaj Poddar.

As MRC wrote before, Cosmo Films Ltd. may start chemical coating of films in the United States. Cosmo has two U.S. plants, in Addison, Ill., and Hagerstown, Md., plus five warehouses in the United States and Canada. It entered the market in 2009, when it bought the GBC Commercial Print Finishing business of ACCO Brands Corp., which specialized in thermal lamination film.

Cosmo Films Limited Established in 1981, Cosmo Films Limited is one of the global leaders and manufacturers of BOPP Films. It is the largest exporters of BOPP films from India and largest manufacturer of thermal lamination films in the world. The films make their way into flexible packaging, labels and lamination industry.
MRC

MOSCOW (MRC) -- The Board of Directors approved Eni’s consolidated financial statements and the separate draft financial statements of the parent company for the year ending December 31, 2014, said the producer in its press release.

Consolidated net profit amounted to EUR1,291 million and net profit of the parent company amounted to EUR4,455 million. These results and the underlying business trends were commented through the press release on Eni's preliminary results for 2014. This press release was issued on February 18, 20151.

The Board of Directors intends to submit a proposal for the distribution of a cash dividend of EUR1.12 per share (EUR2.24 per ADR) at the Annual Shareholders’ Meeting. Included in this annual distribution is EUR0.562 per share which was paid as an interim dividend in September 2014. The balance of EUR0.56 per share (EUR1.12 per ADR) is payable to shareholders on May 20, 2015, the ex-dividend date being May 18, 2015 and the record date being May 19, 2015.

The review of the sustainability performance has been included in the 2014 Integrated Annual Report, to provide a comprehensive insight into the Company’s business model.

An Annual Report on Form 20-F will be filed with the U.S. Sec and the Italian market authorities as early as in the in the first decade of April 2015. This report will be disseminated through the Company’s headquarters and on Eni's website eni.com and through other sources provided by the regulation in force.

Enclosed are the 2014 IFRS consolidated statements of the companies within the Eni group as included in the approved Consolidated financial statements and the statements of the parent company Eni SpA.

As MRC wrote before, Eni is open to talks with Gazprom about a possible partnership in Mozambique but is not aware of any interest from the Russian state gas monopoly in buying a stake in its gas assets there. Eni retains 50% of what is its biggest-ever gas discovery. The Mamba field holds an estimated 75 trillion cubic feet of gas.

Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of 68 billion euros (USD 90 billion). The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.

MRC

MOSCOW (MRC) --- Mogilevkhimvolokno, the only Belarusian polyethylene terephthalate (PET) producer, announced last week an increase in export contract PET prices for March, according to ICIS-MRC Price report.

Export prices for Russian buyers are traditionally announced in roubles. Prices rose by Rb2,000/tonne from February prices FCA Mogilev, excluding VAT. Offer prices of bottle grade PET chips for the Ukrainian market (announced in euros) were set by EUR80/tonne higher than February prices FCA Mogilev, excluding VAT.

Price increase were caused by an upward trend in export PET prices in Europe and Asia in the second half of February and early March.

Demand for Belarusian PET from Ukrainian consumers is expected to increase in March, despite the plant's higher prices. This year's strong depreciation of the euro against the dollar also helped to boost demand. This week's prices of Belarusian PET in dollars were lower than prices of Asian material.
MRC

MOSCOW (MRC) -- Saudi Kayan Petrochemical Co said it had extended the maintenance work on the olefins plant at its petrochemicals complex in Jubail after a technical fault was discovered, said Reuters.

In a bourse filing, the company said repairing the fault was expected to be completed within 10 days. The impact of the fault, along with another one that had been found and repaired in another unit, had been calculated to be around 310 million riyals (USD83 million) at current prices, which will be reflected in first-quarter results, it said.

This is significantly higher than the 62 million riyals which the company forecast the original maintenance work would cost when it announced last month the olefins plant would be shut from Feb. 1 for almost five weeks.

Kayan, an affiliate of Saudi Basic Industries Corp (SABIC), said at the time the impact would be offset by Kayan's inventories and other SABIC units.

"Maintenance work had been completed according to schedule and when work started to restore production to the normal level, a technical fault was discovered in the olefins plant which necessitated extending the maintenance period," the company said in the statement.

It said the repairs would entail temporary stoppage of the high density polyethylene and the low density polyethylene plants, and reduced production at the ethylene glycol and polypropylene plants which are being supplied by the olefins plant.

As MRC wrote before, Saudi Arabia’s Oil Ministry allocated an additional 10m cbf/d (2.8m cbm) of ethane to Saudi Kayan Petrochemical Co (Al Jubail / Saudi Arabia) to enable an expansion of capacity at its Al Jubail complex. The company plans to widen its ethylene production by at least 93,000 t/y and its ethylene oxide capacity by 61,000 t/y from the second quarter of 2017.

Saudi Kayan Petrochemical Company is a manufacturing affiliate of the Saudi Basic Industries Corporation (Sabic).

MRC