MOSCOW (MRC) -- US refiner Phillips 66 expects a permit will be granted to build an oil pipeline under the Missouri River near Native American land in North Dakota, said Hydrocarbonprocessing citing Chief Executive Officer Greg Garland.
"There's not that much left to be finished once we get the easement to go underneath the Missouri River," Garland told analysts on a conference call. "So I think that can be wrapped up in relatively short order."
In a tense standoff in North Dakota that spilled into Friday morning, police arrested 141 Native Americans and other protesters seeking to halt construction of the Dakota Access Pipeline intended to carry crude oil to the Midwest. Phillips owns 25% of the project.
The US Justice and Interior Departments along with the US Army Corps of Engineers halted construction under the Missouri in September due to protests by Native American tribes who say the pipeline would disturb sacred land and pollute waterways supplying nearby homes.
Construction is continuing on sections of the pipeline away from the Missouri River, Garland said.
The USD3.7-B, 1,100-mile Dakota Access would be the first to carry crude from the Bakken shale, a vast oil formation in North Dakota, Montana and parts of Canada, to an existing pipeline in Illinois through which it could be shipped to refineries along the US Gulf Coast.
As MRC informed before, Phillips 66 and Chevron Phillips Chemical are teaming up with the Sweeny Independent School District in Texas to help fund the creation of a petrochemical academy.
Phillips 66 is an American multinational energy company headquartered in Westchase, Houston, Texas. It debuted as an independent energy company when ConocoPhillips spun off its downstream assets and midstream assets. Phillips 66 began trading on the New York Stock Exchange on May 1, 2012, under the ticker PSX. The company is engaged in producing natural gas liquids (NGL) and petrochemicals.
MOSCOW (MRC) -- Hanwha Chemical is likely to brought on-stream its ethylene vinyl acetate/low density polyethylene (EVA/LDPE) swing plant, as per Apic-online.
A Polymerupdate source in South Korea informed that the company has planned to resume operations at the swing plant on November 5, 2016. The plant was shut for planned maintenance on October 24, 2016.
As MRC informed previously, in March 2015, South Korea's Fair Trade Commission (KFTC) gave conditional approval to Hanwha's proposed acquisition of Samsung General Chemicals. The regulatory authority identified that the combined entity could dominate the domestic ethylene vinyl acetate (EVA) market, which could result in higher prices. However, markets of the other three chemical products including low-density polyethylene, linear low-density polyethylene and high-density polyethylene will not be significantly affected by the transaction, KFTC said.
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.
MOSCOW (MRC) -- BP reported a near halving in third-quarter earnings on Tuesday and cut its 2016 investment plans by another USD1 billion as weak oil prices cut into profits yet tighter spending helped the British oil major still beat analysts' estimates, said Reuters.
BP, which plans to lay off around 7,000 workers by the end of next year, said it was expecting further charges related to redundancies and other restructuring measures next year, adding to the USD2.1 billion in charges incurred since the end of 2014.
BP's third-quarter underlying replacement cost profit, the company's definition of net income, fell to USD933 million from USD1.8 billion a year earlier but beat the USD780 million expected by analysts.
"We remain on track to rebalance organic cash flows next year at USD50 to USD55 a barrel," Chief Financial Officer Brian Gilvary said in a statement.
Oil prices are now trading at around USD49 a barrel, meaning BP is banking on a slight rise in prices going into next year.
To achieve a leaner balance sheet, BP said it would lower its 2016 capital expenditure to around USD16 billion from the USD17-19 billion expected at the start of the year, and target USD15-17 billion for 2017.
BP joined the ranks of Shell, France's Total and U.S. majors Exxon Mobil and Chevron in beating expectations, with cost cuts helping to improve margins. Norway's Statoil and Italy's ENI disappointed, however.
BP said asset sales stood at USD2.7 billion at the end of the quarter and the company remained on track to sell USD3-5 billion of assets this year.
As MRC informed earlier, BP is seeking buyers for its 50% stake in Chinese petrochemicals joint venture SECCO, its largest investment in China, in a deal sources said could fetch USD2-USD3 B.
BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year. Employing about 17,000 people across the country, BP supports more than 170,000 additional jobs through all of its business activities.