Iran and India to resolve oil payment dispute

(Arabian Oil and Gas) -- India has settled a USD 5 bln dispute over payment for oil imports from Iran, according to reports from the Iranian oil ministry and the Iranian state-backed Mehr news agency.

In order to navigate payment through what has been described by the Carnegie Endowment for Peace as the "swiss cheese" of international sanctions currently levied against Iran, India will make the USD 5 billion back payment and future payments for crude through a Euro-denominated facility in Turkey's Halkbank.

While buying Iranian crude remains legal under the sanctions regime, severe financial restrictions have made it difficult to pay Tehran for crude exports.

India imports around 400.000 barrels of oil per day from Iran, some 12% of total national daily demand. The Iranian oil ministry had threatened to cancel future exports to India if payment terms were not negotiated.

MRC

(BASF) -- BASF SE and Purac, a subsidiary of CSM nv, today announce the start of negotiations to form a joint venture for the production of bio-based succinic acid. The companies have been conducting research under a joint development agreement on bio-based succinic acid since 2009. The complementary strengths in fermentation and downstream processing led to the development of a sustainable and highly efficient manufacturing process based on a proprietary microorganism. The demand for succinic acid is anticipated to grow strongly in the next years. Main drivers are expected to be bioplastics, chemical intermediates, solvents, polyurethanes and plasticizers.


MRC

(PlasticsToday) -- In a move to increase sales and service resources available to its customer base in Europe and the Middle East, extrusion systems manufacturer Macro Engineering has opened a new office near Milan, Italy under the name Macro Engineering & Technology S.r.l.

Plastic film and sheet extrusion systems manufacturer Macro (Mississauga, Ontario, Canada) say it had considered a number of alternatives to accelerate its plan to start a European operation including the acquisition of an Italian machinery manufacturer. However, negotiations for the acquisition broke down and the company opted to establish its own subsidiary. Macro selected Italy because of its proximity to the company's European customer base and for the Milan area's well-established network of suppliers and human resources.

MRC

(BASF) -- BASF will substantially expand the production plant for the insulation material Styrodur C at the Ludwigshafen site in Germany. This will increase the production capacity of the extruded polystyrene rigid foam panels (XPS) from the current 1.3 million m by an additional 220,000 m. In the extended plant the new XPS types Styrodur Neo and Styrodur HT can be manufactured along with standard products. Operation will start at the end of 2011.


The plant extension is incorporated into the existing production structure, but will have a more elaborate configuration and will operate using an optimized method. This will allow a well-directed setting of specific panel properties. Thus, security of supply and quality consistency for BASF customers is increased.


With Styrodur C, BASF is among the leading providers of XPS insulation in Europe. The European XPS market is currently growing by 3 to 5 percent per annum, driven by rising energy prices and legal regulations on thermal insulation in new and old buildings.

MRC

(Plastemart) -- Lubrizol, an innovative specialty chemical company, announced that its business unit, Lubrizol Advanced Materials has started the multimillion-dollar expansion project at its manufacturing plant in Louisville, Kentucky. The facility expansion will help to tackle the rising worldwide demand for Lubrizol's TempRite chlorinated polyvinyl chloride (CPVC) resins and compounds. The expansion is expected t o be completed in 2012.

The Louisville manufacturing facility has been producing CPVC solutions for use in the variety of industrial, commercial and residential piping products. The products are presented under the brand names Corzan, BlazeMaster and FlowGuard. CPVC products have become preferred building materials for a spectrum of applications due to its unique properties, durability, lower material costs, easy installation and inherent temperature and chemical resistance features.

MRC