Petrobras settles US lawsuit with The Vanguard Group

MOSCOW (MRC) --Brazil's state-run oil company Petroleo Brasileiro SA on Monday said its board has approved a settlement to end an United States-based lawsuit opened by some affiliates of The Vanguard Group, one of its largest shareholders, reported Reuters.

Petrobras, as the company is known, did not give details of the settlement, but said it raised provisions for legal cases underway in the United States to USD445 MM from USD372 MM. Several investors petitioned US courts for compensation for damages suffered in recent years, when the company was engulfed in a massive corruption scandal.

As MRC wrote before, in late December 2016m, Petrobras said its board had approved the sale of two petrochemical companies, Petroquimica Suape and Citepe, to Mexico's Alpek SAB de CV for USD385 million.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
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MOSCOW (MRC) -- Plastic packaging maker Alpla Inc. is investing more than USD5 million to acquire an existing bottle manufacturing plant in West Bend, Wis., said Plasticsnews.

The Austria-based company, with 160 locations in 43 countries, purchased the former Gehl Foods bottle manufacturing plant from private equity firm Wind Point Partners of Chicago.

Wind Point acquired Gehl Foods, known for making shelf-stable dairy-based products, about two years ago. Gehl makes a variety of products, including pudding, yogurt and dairy-based beverages, but might be best known for its cheese sauces.

In buying the food company, Wind Point ultimately decided to divest Gehl's high density polyethylene bottle-making site.

The blow molding facility has the capability to make bottles ranging in size from 4 to 16 ounces, according to Gehl's website.

Gehl also distributes its products in pouches as well as dispenser-ready bags with fitments that are often used in convenience stores for its nachos and cheese line of products.

Tom Jablonsky, vice president of manufacturing for Alpla in North America, could not be reached for comment. But he said in a local news report that the company is looking to grow the bottle-making business both locally and regionally.

The sale price was $5.43 million, according to a special warranty deal filed with the state of Wisconsin.

Wind Point has other investments in the plastics industry. In early June, it acquired Reinier Plastics of Marieville, Quebec, a move that increases its PVC compounding business through its Aurora Plastics business.

The private investment firm also owns stretch film maker Paragon Films Inc. and sold off its majority interest in plastic bag maker Novolex last year.
MRC

MOSCOW (MRC) -- NOVA Chemicals Corporation announced the pricing of the previously announced private offering of USD1,050 million of senior notes due 2024 (the “2024 notes”) and USD1,050 million of senior notes due 2027 (the “2027 notes” and, together with the 2024 notes, the “senior notes”), said the company on its website.

The 2024 notes will have an interest rate of 4.875% per annum and the 2027 notes will have an interest rate of 5.250% per annum. The senior notes are being issued at a price of 100% of their face value. The closing of the offering of the senior notes is expected to occur on June 9, 2017, subject to customary closing conditions. The Company plans to use the net proceeds of the offering and cash on hand to fund its previously announced acquisition of Williams Partners L.P.’s (“Williams”) 88.46% interest in the Geismar, Louisiana olefins plant, approximately 525 acres of undeveloped land adjacent to the plant, and Williams’ interest in the Ethylene Trading Hub in Mt. Belvieu, Texas, and to pay fees and expenses related to the transaction and this offering.

Barclays Capital Inc. and HSBC Securities (USA) Inc. acted as joint active bookrunners and TD Securities (USA) LLC, RBC Capital Markets, LLC and Scotia Capital (USA) Inc. acted as joint bookrunners.

The senior notes will be issued in reliance on the exemption from the registration requirements provided by Rule 144A and Regulation S of the United States Securities Act of 1933, as amended (the “Securities Act”). None of the senior notes have been registered under the Securities Act or the laws of any state or other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any security, nor will there be any sale of any security in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state other jurisdiction.

NOVA Chemicals develops and manufactures chemicals and plastic resins that make everyday life safer, healthier and easier. Our employees work to ensure health, safety, security and environmental stewardship through our commitment to sustainability and Responsible Care®. NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is wholly-owned ultimately by Mubadala Investment Company of the Emirate of Abu Dhabi, United Arab Emirates.
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MOSCOW (MRC) -- Abu Dhabi National Oil Company (ADNOC), with its subsidiary company ADNOC Distribution, hosted an official opening ceremony for its new "North Depot" aviation fuel facility at Abu Dhabi International Airport, as per Hydrocarbonprocessing.

The ceremony was overseen by Abdulla Salem Al Dhaheri, Director of Marketing, Sales and Trading for ADNOC, and Saeed Mubarak Al Rashdi, Acting Chief Executive Officer of ADNOC Distribution. It was attended by senior ADNOC and ADNOC Distribution executives and key stakeholders, including Abdul Majeed Al Khoori, Acting Chief Executive Officer of Abu Dhabi Airport.

"The opening of the North Depot at Abu Dhabi International Airport’s new Midfield Terminal represents the latest stage in our growth and expansion strategy to meet the needs of aviation customers,” said Abdulla Salem Al Dhaheri, Director of Marketing, Sales and Trading for ADNOC. "Through ADNOC Group, we now refuel as many as 34 aircraft per hour at 26 fuel depots across the UAE. More than 200 customers in the civil and military sectors rely on our high standard products and services, distributed through state-of-the-art fueling facilities, and with health, safety, and the environment (HSE) at the core of all operations."

Over USD200 MM was invested in the fuel depot at the new Midfield terminal to meet an anticipated significant increase in demand for aviation fuel from Etihad Airways and its associated airlines. With a fuel storage capacity of 96 MM liters - comparable to the amount of water needed to fill 38 Olympic size swimming pools - the North Depot will be the airport’s exclusive provider of Jet A1, a fuel manufactured to meet the most stringent standards and specifications as recognized by its international validation.

The North Depot will provide up to 6.5 MM liters of fuel per hour through a battery of 24 pumps controlled by a Basic Process Control System with sophisticated gauging mechanisms to monitor the level of fuel in the depot’s tanks: the facility will be capable of fueling more than 100 aircraft simultaneously as a result. To ensure the highest safety levels, the depot is equipped with advanced fire detection and fire suppression/firefighting systems. Continuity of service is ensured by a full generator backup facility to power the depot and its pumps in the event of a cut in electric power from the public grid.

A key element in the realization of Abu Dhabi Vision 2030, Abu Dhabi International Airport’s new Midfield Terminal, which will be served by the North Depot, has the capacity to handle more than 30 MM passengers annually after it becomes fully operational.

As MRC informed before, ADNOC is targeting rapid growth in demand for its polymer products from China’s automotive industry and the country’s investment in gas and electricity infrastructure. ADNOC is focused on market expansion in China and Asia, where demand for petrochemicals and plastics, including light-weight automotive components, essential utility piping and cable insulation, is forecast to double by 2040.

The Abu Dhabi National Oil Company or ADNOC is the state-owned oil company of the United Arab Emirates (UAE). According to the Oil & Gas Journal, as of January 2015, the UAE holds the seventh-largest proven reserves of oil in the world at 97.8 billion barrels. Most of these reserves are located in Abu Dhabi. It is the world's 11th largest oil company by production, standing at 3.1 million barrels per day.It is the UAE's biggest company.
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According to the statistical committee of the Republic of Belarus, local converters virtually maintained the March level of purchasing of unmixed PVC in April, total imports were just over 2,500 tonnes. Thus, PVC imports rose in the first four months of 2017 to 8,600 tonnes from 6,200 tonnes in January-April 2016, local windows producers accounted for the main increase in demand.

Russian producers were the key suppliers of resin to Belarus. They accounted for about 68% of the Belarusian market in the first four months of the year. Producers from Germany with the share of about 29% were the second largest suppliers.

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