NOVA Chemicals signed MoU for ethane supply

(Nova Chemicals) -- NOVA Chemicals Corporation signed a memorandum of understanding with a wholly-owned subsidiary of Range Resources Corporation for a long-term supply of ethane from the Marcellus Shale Basin.

In addition to finalizing a definitive purchase and sale agreement with Range Resources, and customary reviews and approvals, the arrangement is subject to NOVA Chemicals finalizing a pipeline transportation agreement to transport ethane from the Marcellus Shale Basin into the Sarnia, Ontario petrochemical market.

NOVA Chemicals develops and manufactures chemicals, plastic resins and end-products. NOVA Chemicals, headquartered in Calgary, Alberta, Canada, is a wholly owned subsidiary of The International Petroleum Investment Company (IPIC) of the Emirate of Abu Dhabi.

MRC

(Lanxess) -- The specialty chemicals company Lanxess exceed the EUR 1 billion EBITDA pre exceptionals mark in 2011 after achieving its best-ever quarterly result in the first quarter. EBITDA pre exceptionals rose 38 percent year-on-year to EUR 322 million, with all segments and regions achieving double-digit growth.


Sales increased 29 percent year-on-year to EUR 2.1 billion. This was due to higher volumes and price increases that helped offset rising raw material costs, in particular for butadiene, cyclohexane and benzene. EBITDA margin pre exceptionals rose to 15.5 percent in the first quarter from 14.4 percent a year earlier and net profit increased by 60 percent year-on-year to EUR 166 million.

Net debt at the end of the first quarter 2011 only rose moderately to EUR 937 million from EUR 913 million from the end of 2010 despite increased net working capital needs in line with stronger business activity.

MRC

(BP) -- On May 6, the Parliament of the Republic of Azerbaijan ratified the new production sharing agreement (PSA) between BP and SOCAR on joint exploration and development of the Shafag-Asiman structure in the Azerbaijan sector of the Caspian Sea.

Rashid Javanshir, BP's Regional President, said: "We are particularly pleased that the PSA was ratified by a unanimous vote. This is a good demonstration of the country's acknowledgement of BP's track record here and trust in our long-term commitment to Azerbaijan. We look forward to working in partnership with the State Oil Company of Azerbaijan (SOCAR) to expand our mutual cooperation in exploration and development".

The ratification follows the signing of the PSA in Baku in October, 2010. Under the PSA, which is for 30 years, BP Exploration (Azerbaijan) Limited will be the operator with 50 per cent interest while SOCAR will hold the remaining 50 per cent equity.

MRC

(Styron) -- Today the newly elected minister of economic affairs Mrs. Prof. Dr. Birgitta Wolff and other dignitaries joined leaders and employees from Styron to celebrate the construction of Styron's new SSBR (Solution Styrene Butadiene Rubber) production line. The groundbreaking ceremony introduced an additional capacity of 50 KT at the production facility in Schkopau, Germany, and will allow Styron to help customers around the world meet the increasing demand for high performance tires.

The new production train will be built alongside existing trains and is expected to be fully operational by Q4 2012. With this capacity expansion, Styron envisions the creation of approximately 30 additional jobs at the Schkopau site. According to Ralf Irmert, business development director, Synthetic Rubber at Styron, the new train will focus on SSBR production, with the capability to produce all existing clear and oil extended Styron grades.

MRC

(DSM) -- Elevance Renewable Sciences, Inc. and Royal DSM N.V. announce they have signed a Letter of Intent for a collaboration to evaluate Elevance's unique monomers for production of specialty bio-based high performance thermoplastic materials, for DSM's engineering plastics portfolio.

Elevance will provide natural monomers produced from plant oils along with its proprietary metathesis technology to enable the production of various polymers. DSM will provide expertise on polymer research, application development and commercialization.

⌠Partnering with Elevance enables DSM to further broaden our portfolio of products that provide improved performance over existing polymer solutions, said Roelof Westerbeek, president of DSM Engineering Plastics. ⌠Together with Elevance we can create new classes of bio-renewable, high-performance materials without compromising cost or quality.

MRC