SOCAR and Uzbekneftegaz sign a memo

MOSCOW (MRC) -- Chairman of "Uzbekneftegaz" Management Board Alisher Sultanov, who has visited Baku to attend the International Caspian Oil&Gas 2017 exhibition and conference, met with SOCAR President Rovnag Abdullayev at the SOCAR's main office, as per Report.az.

R. Abdullayev noted that international oil and gas exhibitions, which already turn into a tradition in Azerbaijan and Uzbekistan, play a role of an important platform in exchange of ideas and experiences between the world's energy organizations, demonstration of achievements obtained in this field as well as stated importance of bilateral meetings held within these forums. The Company President reminded successful participation of SOCAR in the projects of regional and global importance and said that the achievements and experience gained in frames of these projects will be useful in the development of energy cooperation between Azerbaijan and Uzbekistan and create basis for future projects.

He said that deepening energy cooperation, study of prospects for joint oil and gas operations is in the focus of attention of SOCAR.

Chairman of "Uzbekneftegaz" Management Board Alisher Sultanov reminded participation of the Azerbaijani delegation in "Oil and Gas - OGU 2017" XXI International Exhibition and Conference in Tashkent last month as well as meetings with R.Abdullayev and highly appreciated the memorandum signed between SOCAR and "Uzbekneftegaz" in terms of establishment of close cooperation between the two companies in the new era. He expressed confidence that the document to be signed today will further expand the opportunities for development of bilateral cooperation.
At the end of meeting, memorandum was signed between the two companies to determine areas of possible activity of "Uzbekneftegaz" in Azerbaijan.
MRC

MOSCOW (MRC) -- Amec Foster Wheeler has been awarded an engineering, procurement and construction management (EPCm) contract by BP Oil Espana S.A.U. for the revamp of the vacuum distillation unit (VDU) at its Castellon refinery, Spain, said Hydrocarbonprocessing.

Marco Moresco, President of Amec Foster Wheeler’s Downstream Capital Projects for Europe, Middle East and Africa, said, "This latest contract win builds upon our long-standing relationship with BP Oil in Spain, with the execution of more than 30 successful projects over 25 years at the Castellon refinery."

Amec Foster Wheeler’s "More 4 Less” approach, including modularization and lean engineering, focuses on efficiency and the reduction of costs while never compromising on safety.

As per MRC, Amec Foster Wheeler has been awarded an engineering contract by ISAB Srl, a Lukoil Group Co., as part of a major turnaround at their refinery in Priolo, Sicily, Italy.
MRC

MOSCOW (MRC) -- Reliance Industries Ltd (RIL) is likely to restart its high density polyethylene/linear low density polyethylene (HDPE/LLDPE) and LDPE units, as per Apic-online.

A Polymerupdate source in India informed that the company is expected to resume operations in early June 2017 following a planned maintenance. The units were taken off-line in early-May 2017.

Located at Nagothane in the western Indian state of Maharashtra, the HDPE/LLDPE swing unit has a capacity of 240,000 mt/year and LDPE unit has a capacity of 80,000 mt/year.

As MRC informed before, in February 2016, RIL was awarded a contract worth Rs. 100 crore to Petron Engineering Construction Ltd for its linear low density polyethylene (LLDPE) plant in Gujarat. The LLDPE plant is part of RIL's J-3 project in Jamnagar in the western Indian state of Gujarat. The J-3 project boasts of a petroleum refinery and allied petrochemical plants for the production of plastics and fibre intermediates.

Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.
MRC

MOSCOW (MRC) -- Responding to current and expected production needs for Thailand and South East Asia region, AkzoNobel has opened a new Performance Coatings production facility in Chonburi, Thailand, as per the company's press release.

With an investment of EUR31 million, AkzoNobel expands its footprint with this ninth production site in the South East Asia region. The new site will help to better serve AkzoNobel customers, and reflects AkzoNobel’s continued commitment to the region.

Commenting on the opening, Bill Collins, Corporate Director of AkzoNobel Performance Coatings business, said: "This new facility highlights our continued focus on adapting to market needs in order to better serve our customers with essential color and protection. It will also play a key role in driving organic growth for the Performance Coatings business."

The large size of the new site and the already established infrastructure enables later-phase investments for expansion. The Chonburi site will then provide opportunities for possible future expansion and growth in the region.

Furthermore, the new Chonburi site follows AkzoNobel’s sustainability vision: the plant uses state-of-the art technology pioneered in the US and Europe that will maximize operational efficiency and minimize waste generation. It also adds to AkzoNobel’s organic growth momentum and provides a continuous sustainable footprint.

The new Chonburi site supplies a number of businesses within AkzoNobel and supports the growth and improved customer service for several Performance Coatings’ businesses, as well as Decorative Paints. The Performance Coatings businesses supported include Metal, Protective, Specialty and Marine Coatings. The site also provides possible future expansion opportunities for Powder Coatings.

As MRC informed previously, on June 9, 2016, AkzoNobel said on that it was adding marine and protective coatings capacity at its existing performance coatings site at Lipetsk, south of Moscow.

Akzo Nobel N.V., trading as AkzoNobel, is a Dutch multinational, active in the fields of decorative paints, performance coatings and specialty chemicals. Headquartered in Amsterdam, the company has activities in more than 80 countries, and employs approximately 55,000 people.
MRC

MOSCOW (MRC) -- PPG Industries has withdrawn its proposal to combine with AkzoNobel and will not pursue a public offer for all issued and outstanding shares of AkzoNobel, said Reuters.

PPG said that it made the final decision after careful consideration, including the stakeholder interests of both companies.

"We were hopeful throughout this process that AkzoNobel’s Boards would see the merits of our compelling proposal to combine our two great companies and create significant shareholder value and a more sustainable business for the future," said Michael McGarry, PPG Chairman and CEO.

"We made a final attempt for engagement late last week and through a letter to AkzoNobel (attached). In that letter, we addressed AkzoNobel’s stated commentary around value, certainty, timing and stakeholder considerations, and provided additional and specific commitments and assurances, including a significant break-fee and an offer to negotiate a nominal price increase as part of an agreed transaction. However, AkzoNobel’s Boards have consistently refused to engage and did not respond to our call or letter. As a result, we believe it is in the best interests of PPG and its shareholders to withdraw our proposal to AkzoNobel at this time."

Akzo Nobel NV Chairman Antony Burgmans has resisted numerous offers over the course of three months, as well as an attempt by Elliott Management Corp. to remove him to jump-start talks with PPG. A court this week rejected a petition by Elliott to force a shareholder vote on firing the chairman. The petition claimed that Mr. Burgmans was in "flagrant breach" of his duties to investors for rejecting PPG’s offers. Elliott declined to comment on Akzo or its view on the bid failing.
MRC