Eni decreased net profit for 2014 almost 5 times

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

MOSCOW (MRC) -- PolyOne Corporation, a premier provider of specialized polymer materials, services and solutions, has announced that Scott J. Leffler has been appointed vice president and Treasurer, said the producer on its site.

Mr. Leffler will now be responsible for all aspects of the company's capital structure, cash management, insurance and capital markets transactions. He was appointed to this position after serving as the company's vice president of Financial Planning and Analysis since 2013, and he will retain those responsibilities while in his new role as Treasurer. He replaces Daniel J. O'Bryon who has accepted a Chief Financial Officer position with a Florida-based company.

Mr. Leffler joined PolyOne in 2008 as senior finance manager in Corporate Treasury and was later promoted to finance director, South America, while based in the company's offices in Sao Paulo, Brazil. He began his career in the financial services industry, working in both trading and banking. Mr. Leffler earned a bachelor's degree in economics and history from Yale University and an MBA in finance from Emory University.

As MRC wrote before, in June, PolyOne Corporation has presented its specialty portfolio for automotive interiors to designers and engineers at the 2014 WardsAuto Interiors conference. These advanced technologies, including soft-touch materials as well as colorants and special effects, enable customers to design new features that boost consumer appeal and reduce manufacturing complexity.

We also remind that in February 2014, PolyOne Corporation announced the addition of new capabilities to its OnColor HC Plus portfolio. These expanded offerings add medical-grade LDPE, nylon, PEBA, PS and PVC to the globally available palette of specialty healthcare colorants, and are pre-certified to meet or exceed biocompatibility requirements for ISO 10993 and/or USP Class VI protocols.

PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- Sichuan Yongxiang is in plans to shut a polyvinyl chloride (PVC) plant for maintenance turnaround, said Apic-online.

A source in China informed that the plant is likely to be shut in October 2015. It is planned to remain off-stream for around one month.

Located in Sichuan, China, the plant has a production capacity of 120,000 mt/year.

As MRC wrote before, Sichuan Yongxiang Poly-silicon started up its 6,000 tonne/year polysilicon plant in 2012. The project has been under construction since July 2010. Sichuan Yongxiang invested yuan (CNY) 4bn (USD634m) for the project, which is located in Leshan city, Sichuan province, in southwestern China. The company currently has a total polysilicon capacity of 4,000 tonnes/year at Leshan city.
MRC