Dow releases statement on AP story regarding chlorpyrifos

MOSCOW (MRC) – Dow Chemical responded to an Associated Press story about the company reaching out to the Trump administration about certain pesticides. The company released the following statement, said Hydrocarbonprocessing.

"The recent Associated Press story regarding government reviews of chlorpyrifos contained a number of misleading and inaccurate statements. Chlorpyrifos is, in fact, one of the most widely used and thoroughly studied pest control products in the world, supported by more than 4,000 studies examining chlorpyrifos in terms of health, safety and the environment.

It is approved not only for use in the US, but nearly 100 countries. In its preparation of biological evaluations of chlorpyrifos and the other compounds under the Endangered Species Act, EPA did not apply its own standards of data quality, nor did it follow its own procedures.

As a result, Dow and other companies submitted concerns and scientific requests through various proper channels. Dow stands by the safety of chlorpyrifos and believes that comprehensive regulatory review of all available data will continue to support the safety of the registered uses of this product.

Dow is providing links to letters sent on behalf of Dow AgroSciences, Adama and FMC in full transparency of the companies’ request. We are advocating that EPA return to applying its own standards of data quality and following its own procedures. Dow will continue to actively participate in policymaking and political processes in compliance with all applicable federal and state laws."
MRC

MOSCOW (MRC) -- US paintmaker PPG has fired what it called its "last" friendly invitation to buy Akzo Nobel, by tabling a third bid to take over its Dutch rival for EUR24.6bn, said The Financial Times.

PPG made a new cash-and-stock offer for the owner of the Dulux brand of paints, consisting of EUR61.50 in cash and 0.357 shares of PPG’s common stock. The figure includes a dividend payment that Akzo Nobel’s shareholders would be due should the company remain independent. The revised proposal valued each share in Akzo Nobel at EUR96.75.

PPG said the offer valued Akzo Nobel’s equity at EUR24.6bn. The company’s second bid was at EUR90 per ordinary share, including a dividend payment, comprised cash of EUR57.50 and 0.331 share of PPG common stock.

The new approach will raise the tempo in what has become a transatlantic tussle for one of Europe’s oldest industrial concerns. Akzo Nobel has refused two prior offers on the grounds they undervalued the company, would lead to substantial job cuts and result in significant disposals to appear antitrust regulators. PPG had said that its second bid valued Akzo Nobel’s equity at EUR22.7bn.

MRC

MOSCOW (MRC) -- Oman Oil Refineries and Petroleum Industries Company (Orpic) will conduct a ground breaking ceremony to start work on its Liwa Plastics Industries Complex (LPIC) on April 27, 2017 at Fahud in the Wilayate of Ibri, as per Times of Oman.

The engineering and procurement and construction (EPC 3), worth US$688 mln, brings for the first time to Oman the Natural Gas Extraction Plant- a consortium of two corporations namely GS Engineering and Construction, and Mitsui & Co. Ltd.

LPIC will firmly reinforce Orpic as a recognised player in the international petrochemicals marketplace - enabling Oman, for the first time, to produce polyethylene and increase the current production of polypropylene. LPIC is the largest of the three strategic growth projects undertaken by Orpic to fulfil its vision of building an Omani integrated refining and petrochemical business.

Upon commissioning in 2020, Liwa Plastics Industries Complex will transform Orpic’s product mix. This project will be the first-of-its-kind in the Sultanate and will enable Oman to take the downstream plastics industry to the next level.

Following commissioning, plastics production is forecast to have increased by more than 1 million tons, giving Orpic a total of 1.4 million tons of polyethylene (PE) and polypropylene (PP) production.

With the highly integrated complex in Suhar consisting of Orpic’s refineries, aromatics plant, PP plant, steam cracker and the downstream PP and PP units, the operation will be considered as one of the finest integrated refinery and petrochemical facility combinations in the world, and will achieve the maximum value-added for Oman’s hydrocarbon resources.

As MRC informed before, in 2014, Orpic selected LyondellBasell's Spheripol polypropylene process technology for a new 300,000 tpy PP plant to be built in Sohar, Sultanate of Oman.

Orpic (Oman Oil Refineries and Petroleum Industries Company) is one of the leading companies in Oman and has two refineries in that country, in Sohar and Muscat. ORPIC is owned by the Government of the Sultanate of Oman and Oman Oil Company SAOC, the trading company created by the Government of the Sultanate of Oman for managing investments in the energy sector.
MRC

MOSCOW (MRC) -- Shell and four European companies – ENGIE, OMV, Uniper and Wintershall – signed financing agreements with Nord Stream 2 AG, the company responsible for the planning, construction and future operation of the Nord Stream 2 pipeline, said the company on its site.

The 1,220-kilometer pipeline will be able to transport a total capacity of 55 billion cubic meters of natural gas a year. It will run from the coast of Russia via the Baltic Sea to Greifswald in Germany, acting as a direct link between Russian reserves and European consumers.

The five energy companies have each committed to provide financing and guarantees for up to 10% of the total cost of the project, which is currently estimated to be EUR9.5 billion.

Each company will provide a long-term funding facility of EUR285 million expected to be drawn down in 2017. In addition, funds of up to EUR665 million will be provided to cover a combination of short and long-term funding and guarantees.

The draw down of the 665 million fund will depend on future decisions by Nord Stream 2 AG in respect of the overall financing of the project. Gazprom remains the sole shareholder of Nord Stream 2 AG.

MRC

MOSCOW (MRC) -- Specialty chemicals company LANXESS has successfully completed the acquisition of U.S. company Chemtura, one of the world’s leading suppliers of flame retardant and lubricant additives, earlier than originally expected effective April 21, 2017.

All required regulatory authorities have cleared the transaction. Already in February 2017, Chemtura’s shareholders voted to approve the acquisition. With a total enterprise value of EUR 2.4 billion, Chemtura is the largest acquisition in the history of LANXESS. The acquisition significantly expands the company’s additives portfolio and makes LANXESS one of the world’s leading players in this growth field, which is one of the most attractive in the specialty chemicals industry. In addition to additives, Chemtura’s urethanes and organometallics businesses will be integrated into the LANXESS portfolio. The Cologne-based specialty chemicals company will absorb some 2,500 Chemtura employees at 20 sites in 11 countries worldwide. The former Chemtura businesses generate annual sales of approximately EUR 1.5 billion.

"The acquisition of Chemtura is another major step in our realignment process and a significant milestone in our course of growth. The ‘new’ LANXESS is increasingly taking shape. The expansion of the additives business gives LANXESS an additional strong pillar. In its new set-up and with an even more balanced portfolio, the company will be much more stable and profitable. At the same time, Chemtura considerably strengthens our presence in the North American growth region," said Matthias Zachert, Chairman of the Board of Management of LANXESS AG. "We will now focus our energy on rapidly and smoothly integrating the new businesses and employees, as well as on optimally serving our new and existing customers."

Through the acquisition LANXESS increased its footprint in North America. In this region, the company is now represented at 24 production sites (previously 12) and employs approximately 2,800 staff (previously 1,500). The region’s share in global sales increases from approximately 17 percent to approximately 21 percent.

The expected annual synergy effects from the transaction amount to approximately EUR 100 million with realization targeted until 2020. The acquisition of Chemtura is already expected to be accretive to LANXESS’s earnings per share in the first full fiscal year after closing. LANXESS financed the acquisition through two corporate bonds and a hybrid bond as well as cash. The bonds were successfully placed at attractive terms already in 2016.
MRC