Indian Oil Petronas gets greenlight for Haldia LPG terminal expansion

MOSCOW (MRC) -- Indian Oil Petronas has obtained environmental approval to expand the capacity of its LPG import/export terminal at Haldia, West Bengal state, to 36,500 mt from 31,500 mt, in a bid to increase LPG supply in the state, a company source said Tuesday, reported Apic-online.

The expansion will cost Rupee 750 million (USD11.2 million), according to a report by The Economic Times late last week.

The report quoted a senior government official saying that the environment ministry has given clearance to the terminal expansion project at Haldia, subject to certain conditions.

Among the conditions, IPPL is required to give adequate buffer zone around the storage tanks and construct a garland drain around the project site to prevent a spillage of oil into the nearby water.

IPPL, a 50:50 joint venture between Indian Oil Corporation and Malaysia's Petronas, has another LPG terminal at Ennore, Tamil Nadu state, with a capacity of 31,000 mt, according to the source. There are currently no plans to expand the Ennore terminal at this point.

IPPL is however, looking at building a third LPG import/export terminal in the west coast of India, the source said, but added it is too premature to give details.

India's LPG imports have been growing steadily amid rising demand for the cooking gas.

Imports grew from 6.567 million mt in fiscal year 2013-2014 (April-March) to 8.313 million mt in FY 2014-2015 and 8.885 million mt in FY 2015-2016, data from the Petroleum Planning and Analysis Cell showed.

As MRC reported earlier, Indian Oil to invest Rs7,812 crore for expansion IOC to invest Rs.1,843 crore in upgrading Koyali refinery in Gujarat to produce Euro-IV complaint fuel, Rs.1,327 crore to be spent on Barauni refinery in Bihar. In February 2015, the board approved an investment of Rs.1,843 crore in upgrading the 13.7 mln tons Koyali refinery in Gujarat to produce Euro-IV complaint petrol an diesel. Another, Rs.1,327 crore will be spent on similar fuel quality upgradation project at Barauni refinery in Bihar. The Borad approved setting up of ethylene glycol project along with associated facilities at Paradip (in Odisha) at an estimated project cost of Rs.3,752 crore. The project would help in consolidating the glycol business of IOC by producing low cost mon-ethylene glycol based on refinery gas.

Indian Oil Corporation Limited, or IndianOil, is an Indian state-owned oil and gas corporation with its headquarters in New Delhi, India.
MRC

MOSCOW (MRC) – Cristal announced today that effective September 1, 2016, or as contracts allow, prices on all TiONA and TiKON titanium dioxide (TiO2) products will increase in all regions, said the company on its site.

These increases are in addition to previously announced price increases.

In North America: Prices for all TiONA and TiKON titanium dioxide (TiO2) products will increase by USD0.07/lb.
In Latin America: Prices for all TiONA and TiKON titanium dioxide (TiO2) products will increase by USD150 per metric ton.
In Eastern and Western Europe, including Turkey: Prices for all TiONA and TiKON titanium dioxide (TiO2) products will increase by EUR150 per metric ton and in Russia and CIS region by USD150 per metric ton.
In the Middle East and Africa: Prices for all TiONA and TiKON titanium dioxide (TiO2) products will increase by USD150 per metric ton.
In Asia Pacific: Prices for all TiONA and TiKON titanium dioxide (TiO2) products will increase by USD150 per metric ton.

Cristal is one of the largest producers of titanium dioxide and a leading producer of titanium chemicals. Cristal is the world’s leading supplier of ultrafine titanium dioxide products and titanium chemicals and is a fast-growing producer of mineral sands and titanium metal powder. Cristal operates eight manufacturing plants in seven countries on five continents and employs nearly 3,400 people worldwide.

As MRC informed earlier, Huntsman Corporation recently announced global price increases for all its titanium dioxide pigments. The following increases are effective September 1, 2016

Cristal is owned 79% by Tasnee, a listed Saudi joint stock company and 20% by Gulf Investment Corporation, a company equally owned by the six states of the Gulf Cooperation Council and headquartered in Kuwait.


MRC

MOSCOW (MRC) -- Monsanto has accepted an increased takeover bid of USD128/share from Bayer, paving the way for Bayer to acquire Monsanto in an all-cash transaction valued at USD66 billion.

The price is a slight increase from Bayer's bid of USD127.50/share that was announced earlier. It also represents a 44% premium to Monsanto's closing share price on 9 May 2016, the day before Bayer made its initial approach to Monsanto. The deal wil create "a global leader in agriculture," combining Bayer's strengths in agricultural chemicals with Monsanto's strengths in seeds and traits, the companies say.

Bayer's management and supervisory boards, as well as Monsanto's board, have unanimously approved the agreement. "This represents a major step forward for our Bayer CropScience business and reinforces Bayer's leadership postion as a global innovation-driven life science company with leadership positions in it core segments," says Werner Baumann, CEO of Bayer. High Grant, chairman and CEO of Monsanto says, "we believe that this combination with Bayer represents the most compelling value for our shareowners, with the most certainty through the all-cash consideration."

Bayer and Monsanto expect the deal to create synergies leading to annualized cost savings of about USD1.5 billion starting three years after the transaction's close, plus additional synergies from ongoing integration.

The combined business's worldwide seeds and traits and North American commercial headquarters will be located at Monsanto's St. Louis, Missouri, base. The combined business will have an annual pro-forma R&D budget of about EUR2.5 billion. "It has been both companies' belief that the challenge (of feeding a rising global population) requires a new approach that more systematically integrates expertise across seeds, traits, and crop protection including biologicals with a deep commitment to innovation and sustainable agriculture practices," says Liam Condon, a Bayer board member and head of Bayer CropScience.
MRC

MOSCOW (MRC) -- Huntsman Corporation announced that its Polyurethanes division is installing a honeycomb panel composite spray moulding production cell at its Auburn Hills, MI, USA, technical centre to support the company’s expanding automotive and industrial businesses, as per GV.

The new Hennecke HK metering machine for polyurethane composite spray moulding (CSM) will allow customers in the Americas market to develop and prototype honeycomb panel composite spray mouldings, which are most commonly used in the parcel trays, sun shades and cargo area load floors. The CSM machine will be commissioned in late September 2016. Development programmes for interested customers are scheduled to begin in early October 2016, says the company.

"Installing this CSM work cell increases the wide range of quality composite solutions that Huntsman Polyurethanes can provide to the transportation market. This should also help customers shorten their development cycle, and allow them to conduct pilot scale production of parts and systems before going into full-scale manufacturing," said David Bareis, Market Development Manager, Polyurethane Composites, Huntsman Polyurethanes. "The purchase and installation of this equipment is another example of how Huntsman’s Polyurethanes and Advance Materials divisions are increasing the Company’s capabilities and establishing a composites centre of excellence at its technical site in Auburn Hills."

The honeycomb composite panels are commonly manufactured for non-structural automotive applications using glass-fibre (mat/fabric) with a paper honeycomb core. "The market for this technology is firmly established in Europe, but it is growing very rapidly in the Americas," said Randy Wellman, Automotive Business Manager, Huntsman Polyurethanes. "We intend to use this new equipment for the known industry applications, but we will also extend the technology with our Vitrox polyurethane and Araldite epoxy chemistries to advanced honeycomb structural components using carbon fibre and high performance honeycomb cores."

As MRC informed previously, in October 2014, Huntsman Corporation announced that it had completed the acquisition of the Performance Additives and Titanium Dioxide (TiO2) businesses of Rockwood Holdings, Inc. In 2015, the company announced that it planned to reduce its TiO2 capacity by approximately 100,000 tons.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated chemicals. The company's operating companies manufacture products for a variety of global industries, including chemicals, plastics, automotive, aviation, textiles, footwear, paints and coatings, construction, technology, agriculture, health care, detergent, personal care, furniture, appliances and packaging.
MRC

MOSCOW (MRC) -- Clariant's hunt for U.S. oil- and gas-related assets paid off on Wednesday as the Swiss chemical maker bought two Texas-based businesses whose products are used in drilling, fracking and other processes needed by energy customers, said Reuters.

Chief Executive Hariolf Kottman has lamented that the North American footprint of his oil-chemicals business was too small, prompting him to seek takeovers. Low oil and gas prices have put pressure on acquisition targets, he has said, creating potential opportunities for Clariant.

Clariant is buying Kel-Tech Inc. of Midland, Texas, from private equity firm Arsenal Capital Partners and Irving, Texas-based X-Chem from NCH Corporation, with the deal to be completed on Oct. 1.

"It is part of our global strategy to seize business opportunities in key markets with excellent future prospects through innovations and bolt-on acquisitions," Kottman said in a statement. "These acquisitions allow us to strengthen our position in one of the world’s largest specialty chemicals markets."

The two firms will add about USD200 million to Clariant's annual sales of about 5.8 billion Swiss francs (USD5.93 billion), it said in a statement, adding it is paying for the businesses in cash. It gave no further financial details.

Kel-Tech and X-Chem are active in the oil-rich Permian Basin stretching from Texas to New Mexico which has become the biggest and fastest-growing U.S. shale oil field. Clariant will profit from its expanded presence in the sector especially once energy prices recover, analysts from Zuercher Kantonalbank said in a note to investors.

U.S. oil and gas exploration and production company Apache Corp this month said it made a significant discovery in the Permian containing an estimated 3 billion barrels of oil and 75 trillion cubic feet of gas.

Clariant's specialty chemicals help stimulate production at oil and gas wells, separate solids from oil and reduce corrosion in pipelines, among other energy-related applications.

As MRC informed earlier, Clariant, a world leader in specialty chemicals, inaugurated its new production plant for water-based pigment preparations in Mexico. The new plant located in Santa Clara doubles Clariant’s Mexico annual production capacity for water-based pigment preparations and enhances its ability to serve customers across North and Latin America.

Clariant is a global leader in pigment preparations, with worldwide production and technical service and support. Its broad range of products covers the whole color index.
MRC