Unipetrol approves squeeze-out to give Orlen 100% company ownership

MOSCOW (MRC) -- Unipetrol informs that the General Meeting of Unipetrol, held on 28 August 2018, adopted a decision on the squeeze out of all Unipetrol’s participation securities to Polski Koncern Naftowy Orlen Spolka Akcyjna, a joint stock company established and existing under the laws of the Republic of Poland, with its registered office at Chemikow 7, 09-411 Plock, Republic of Poland, as per the company's press release.

It is registered in the Register of Entrepreneurs maintained by the District Court in the Capital City of Warsaw in Warsaw, XIV Commercial Division of the National Court Register under KRS number: 0000028860 as the majority shareholder in accordance with § 375 and 382 of the Business Corporations Act.

Pursuant to this General Meeting resolution, PKN Orlen S.A. will, subject to terms set forth in this General Meeting resolution and relevant legal regulations, provide other UNIPETROL shareholders, eventually pledgees if establishing of a pledge of other shareholders? shares in Unipetrol is evidenced, a monetary consideration of CZK 380 per one UNIPETROL share.

In accordance with Section 385 of the Business Corporations Act, ownership of other shares of Unipetrol shall transfer to PKN Orlen upon lapse of one month from publication of registration of the General Meeting resolution on the squeeze out of all participation securities in the Commercial Register. Unipetrol will publish information regarding date of the publication of the Unipetrol General Meeting resolution on the squeeze out of all participation securities in the Commercial Register through a regulatory announcement.

As MRC wrote before, in April 2017, technology, engineering and project management company Neste Jacobs and refinery and petrochemical group Unipetrol have signed an agreement for Neste Jacobs to perform a comprehensive energy efficiency study of Unipetrol's Litvinov oil refinery in Czech Republic.

Unipetrol , a.s. is a group of companies operating in the petrochemical industry in the Czech Republic. In 2005 Unipetrol became a part of the PKN ORLEN Group, the largest oil processor in Central Europe. The Unipetrol Group is oriented mostly towards oil processing, fuel distribution and petrochemical production. In all of these business areas the Unipetrol Group is among the key players both in the Czech Republic and on the Central European market. The Group ranks among the leading firms in the Czech Republic in terms of its revenues, and employs almost 4,000 people.

Explosion, fire erupt at Vohburg refinery in Germany

MOSCOW (MRC) -- Firefighters controlled a fire that injured 10 people at Germany’s Vohburg refinery in Bavaria state, after it erupted following a blast, reported Reuters with reference to regional officials.

The blaze at the 120,000 barrel per day (bpd) plant, part of the Bayernoil refinery complex, prompted police to evacuate 1,800 residents from the surrounding area.

Bavarian Interior Minister Joachim Herrmann said police in the nearby town of Ingolstadt and the Bavarian state criminal police agency had started an investigation into the blaze, which sent smoke billowing into the air.

Bayernoil said on its website that the refinery had been put out of action but the installation had been secured and was no longer a safety risk.

The minister said 10 people were injured and 600 police, firefighters and other members of the emergency services were on site dealing with the incident.

Bayernoil refinery complex, which also includes the Neustadt refinery, has an overall capacity of 210,000 bpd.

"Statements regarding the cause of the incident and the extent of damages will only be possible after investigations have been completed," Bayernoil said.

Bayernoil is 45 percent owned by Varo Energy , with Rosneft Deutschland holding 25 percent, Eni Deutschland 20 percent and BP Europe 10 percent.

Par Pacific shares jump on acquisition, plans to expand

MOSCOW (MRC) - Par Pacific Holdings Inc shares jumped 17 percent after the refiner said it would acquire assets from its rival in Hawaii and expand its fuels production, as per Hydrcoarcbonprocessing.

The Houston-based company’s shares were at USD21.12 in mid-morning trading, up USD3.18 from the previous day’s close after rival Island Energy Services on Wednesday disclosed it would halt its refining operations on the island.

"This is clearly good news for Hawaii’s only other refinery," analysts at investment firm Tudor, Pickering, Holt said in a note on Thursday.

Par said in a conference call on Thursday it would pay $45 million in cash and stock to buy assets from Island Energy. The acquisition will allow Par to expand processing capacity at its Kapolei, Hawaii, refinery by about 28 percent to 120,000 barrels per day (bpd).

Par will add Island Energy’s atmospheric and vacuum crude distillation units to its Kapolei refinery, which has a current capacity of 93,500 bpd.

The company said it would spend USD30 million from cash on hand and USD15 million in shares to finance the purchase, which is expected to close in the fourth quarter. Par also will spend between USD8 million and USD10 million to integrate pipelines.

"We will be able to run those units the day we close," Par Pacific Holdings Chief Executive William Pate said on Thursday’s conference call.

Par also plans to lease terminals and pipelines from Island Energy, which will shift its focus to storage and logistics. Island owns refined products distribution pipelines around terminals near Hilo, Honolulu, Kahului and Port Allen, Hawaii.

Because Par is not adding gasoline-producing units, its product mix will continue to be 50 percent diesel and will have less need to import motor fuels to Hawaii.

Par will spend USD10 million for an overhaul of the Hawaii refinery in 2019, the company said.

The addition of the Island Energy units will better position Par to take advantage of the switch to lower sulfur marine fuels in 2020 mandated by the International Maritime Organization, a move that is expected to boost margins.

Atmospheric crude distillation units do the primary refining of crude oil and provide feedstock for all other units. They operate at atmospheric pressure.

Vacuum distillation units refine residual crude from atmospheric distillation units and increase the yield of motor fuel feedstock obtained from a barrel of oil.

European Commission approves acquisition of Cristal by Tronox

MOSCOW (MRC) -- Tronox Limited announced that it has received final approval from the European Commission to close its proposed acquisition of the titanium dioxide ("TiO2") business of The National Titanium Dioxide Company Limited, a privately held global chemical and mining company headquartered in Jeddah, Saudi Arabia, as per the company's press release.

The final approval was issued following the European Commission’s conclusion that Venator Materials PLC is a suitable purchaser of Tronox’s 8120 paper-laminate product grade currently supplied to European customers from Tronox’s Botlek facility in the Netherlands.

Divesture of this product grade was the condition set forth in the conditional approval granted to Tronox by the European Commission on July 4, 2018. Consummation of the divestiture of the 8120 paper-laminate product grade will occur following approval of the overall Cristal acquisition transaction by the U.S. regulatory authorities.

In addition to receiving final approval from the European Commission, Australia, China, New Zealand, Turkey, South Korea, Colombia and Saudi Arabia have also approved the proposed acquisition. The United States Federal Trade Commission remains the final regulatory authority reviewing the transaction.

Germany's Evonik sells US Jayhawk site to Permira

MOSCOW (MRC) -- Evonik is taking the next step in systematically focusing on specialty chemicals with the divestment of its US Jayhawk site in Galena, Kansas, as per the company\\s press release.

The site produces precursors for agrochemicals, which are not included in the growth businesses defined by Evonik. "We want to continue growing profitably in the specialty chemicals sector," says Evonik Executive Board Chairman Christian Kullmann. “This also means giving up businesses or sites if a different owner can offer the business better future perspectives. The sale is a further step towards optimizing our portfolio and it opens up new opportunities for us in the targeted development of our growth engines."

Jayhawk’s activities fall under the Agrochemicals & Polymer Additives business line in Evonik’s Performance Materials segment. Under a share deal, funds advised by the international investment firm Permira will acquire the site along with the company and its approximately 120 employees. “We’re looking forward to successfully growing the business in Jayhawk further,” said Sebastian Hoffmann, Principal and member of the Industrials Team at Permira. “We already have a high level of expertise in customer-oriented solutions in fine chemicals, for example through the investment of the Permira funds in CABB. A strategic cooperation between Jayhawk and CABB will create a seamless transatlantic product and service offering from which existing and new customers of both companies will benefit."

The sale price is in the high double-digit million dollar range. The transaction is subject to approval by antitrust authorities in several countries.

Caspar Gammelin, Head of Evonik’s Performance Materials segment, sees good prospects for the site under its new owner: "Jayhawk has highly skilled employees, well-developed facilities, and longstanding customer relationships. Under the new owner these strengths can be leveraged even more effectively. With this sale, we’re paving the way for the intelligent further development of our businesses."

Permira is a global investment firm. Founded in 1985, the firm advises funds with a total committed capital of approximately EUR32 billion. The Permira funds have a long track record of successfully investing in industrial companies around the world and have invested over EUR4.6 billion in more than 20 companies.

The CABB Group, headquartered in Sulzbach am Taunus, Germany, is a globally active producer of precursors, intermediates, and active substances for fine chemicals. With about 1,000 employees, the Group generates annual sales in the region of EUR450 million.