Reliance aims to become big clean energy provider

MOSCOW (MRC) -- India’s Reliance Industries Ltd will become a major provider of clean energy in the country, Chairman Mukesh Ambani said, as the South Asian nation transitions to renewable energy sources from fossil fuels, reported Reuters.

India is one of the world’s biggest users of coal, and renewable energy such as solar power is a priority for Prime Minister Narendra Modi’s government.

"Can Reliance become a leading provider of clean and affordable energy to India? Yes we can and yes we will," billionaire Ambani said at a function on Saturday to mark 40 yr of the company.

Reliance, owner of the world’s biggest refining complex and also a leading petrochemicals player, expanded its tie-up with BP earlier this year to meet India’s rising fuel and renewable energy demand.

Reliance can also be a global producer of innovative materials and among the top 20 companies in the world, Ambani said. He didn't give details.

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

Ineos sees Forties oil flows back to normal around new year

MOSCOW (MRC) — Britain's biggest and most important oil and gas pipeline Forties should resume normal flows around the new year, slightly earlier than previously flagged, its operator Ineos said, as per Hydrocarbonprocessing.

Ineos had previously expected the pipeline, which suffered a rare unplanned shutdown because of a crack, to resume normal operations in early January. The closure since Dec. 11 of the pipeline, which normally pumps about 450,000 bpd, and supply disruptions in Libya have helped push oil prices above USD67/bbl, their highest since mid-2015.

Forties plays an important role in the global market as it is the biggest of the five North Sea crude streams underpinning Brent, a benchmark used for oil trading in Europe, the Middle East, Africa and Asia. The system also carries a third of Britain's offshore natural gas output.

"All restrictions on the flow of oil and gas from platforms feeding into the pipeline system have been fully lifted. All customers and control rooms have now been informed," Ineos said in a statement. "Based on current estimates the company expects to bring the pipeline and Kinneil (oil plant) progressively back to normal rates around new year," it added.

Ineos was forced to declare force majeure on deliveries of Forties crude oil, natural gas and condensate, suspending its contractual obligations to customers by citing circumstances beyond its control. This is believed to be the first force majeure on a major North Sea production stream in decades.

On Thursday, traders said force majeure was still in place and no indication had been given as to when it might be lifted. In a sign of normality returning, an export schedule of Forties crude oil cargoes in February was sent out to cargo owners on Wednesday, although the number of shipments is much lower than normal.

Just six Forties cargoes of 600,000 bbl each are listed in February's export schedule, down from 20 originally planned in January, trade sources said on Wednesday.
MRC

Ube, JSR & Mitsubishi get EC okay for combination of ABS businesses

MOSCOW (MRC) -- Ube Industries, JSR Corp. and Mitsubishi Chemical Corp. (MCC) have received European Commission (EC) approval for the planned integration of their acrylonitrile butadiene styrene (ABS) subsidiaries, as per GV.

The combination involves UMG ABS, a 50-50 joint venture of Ube and MCC, and Techno Polymer Co. (TPC), a JSR subsidiary. JSR and UMG ABS plan to acquire joint control over TPC, making TPC a joint venture of the two companies.

The transaction had been scheduled to take effect on 1 Oct. 2017, but was delayed due to the length of procedures stipulated in competition laws, other laws and regulations, applicable in relevant countries. The new date of the split has not been disclosed.

As MRC reported earlier, in July 2016, oversupply of purified terephthalic acid (PTA), mainly from China, prompted Mitsubishi Chemical to off load Indian as well as Chinese PTA businesses.

Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.
MRC

Actega increase prices for TPE compounds

MOSCOW (MRC) -- The German producer of TPE materials Actega DS GmbH announced that it will raise the sales prices for all types of compounds for the medical, pharma, food and beverage industries in the range of 5 – 10 %, depending on the individual product composition, according to GV.

The price increases will be effective from 1 January 2018. The measure is the result of increased raw material prices, said the company.

ACTEGA DS GmbH manufactures sealing compounds for metal closures, plastic closures and other sealing solutions. It also manufactures coatings for both flexible and rigid packaging. The company serves food and beverages, medical, and pharmaceutical industries. ACTEGA DS GmbH was formerly known as DS-Chemie GmbH and changed its name to ACTEGA DS GmbH in 2007. The company was founded in 1957 and is based in Bremen, Germany. ACTEGA DS GmbH operates as a subsidiary of Altana AG.
MRC

PKN Orlen launches planned bid for Czech unit Unipetrol

MOSCOW (MRC) — Poland’s biggest oil refiner PKN Orlen on Thursday offered 380 crowns for each remaining share in its Czech downstream oil unit Unipetrol, as per Reuters.

The offer runs until Jan. 30 and values Unipetrol at 68.9 B crowns (USD3.2 B). Unipetrol’s largest minority shareholder said last week it would sell its 20% stake.

Unipetrol’s board said the bid price was “non-problematic and generally acceptable,” adding it was considerably higher than historical prices of Unipetrol shares in recent years.
MRC