Kuwait's Supreme Petroleum Council urges PIC to reach settlement with Dow

(Arabian Oil and Gas) -- Kuwait's Supreme Petroleum Council has ⌠verbally requested that the state-back Petrochemical Industries Company (PIC) tries to reach an amicable settlement with Dow Chemical over disputes following the cancellation of the USD 17.6 billion ⌠K-Dow joint venture, before any judgment is handed down.

Under the deal, cancelled by Kuwait in December 2008, K-Dow Petrochemicals was to be a USD 17.4 billion multinational 50/50 joint venture between Dow and PIC in which the company was to become the leading global supplier of petrochemicals and plastics.

Under the joint venture agreement, both parties committed themselves to an arbitration process in case of disputes, and a liquidated damages clause of USD 2.5 billion. Dow Chemical has reportedly stated the damages they are seeking may be in excess of that amount. The SPC is now verbally urging the PIC to do a deal outside the formal arbitration process.

MRC

(PlasticsToday) -- A technology that uses nitric oxide gas embedded into polymers as an antimicrobial to prevent hospital acquired infections has been granted a U.S. patent. Enox Biopharma Inc. (Vancouver, BC) announced that it received a notice of allowance from the U.S. Patent Office for its "Antimicrobial Gas-Releasing Ear Drainage Tubes." Enox calls the intellectual property a foundation patent for the company. Additional patent applications are under review in the U.S. and other countries that would expand the use of antimicrobial gas releasing technology to virtually any polymer-based medical device.

Enox said nitric oxide is recognized as an ideal antimicrobial agent since it is highly effective against pathogens yet not affected by the drug resistance issues of excessive antibiotic use. Enox CEO, John Rewcastle, said in a release that nitric oxide emitting medical devices have a unique potential to reduce hospital acquired infections, which he called a global problem that costs "tens of billions of dollars annually," adding that the issuance of this patent "further ensures Enox is the only company that can create such devices."

Enox notes that the immune system uses nitric oxide to block microbial growth, with the compound also serving as an effective vasodilator that can accelerate wound healing. Enox's says its device technology is applicable to any indwelling polymer medical device including, but not limited to catheters, endotracheal tubes, and central venous catheters.

MRC

(Arabian Oil and Gas) -- Gazprom won't begin talks on restarting its projects in Libya until a "legitimate" regime is in place in the North African country, the company told Dow Jones Newswires yesterday. Gazprom halted work at oil concessions C96 and C97, a joint project with Wintershall, which was producing 100,000 barrels a day when unrest broke out in the country in February. One of the projects is in the Mediterranean Sea off Libya's coast, while the second is Block 64 located in the Gadames oil province.

Wintershall said Monday that production at the C96 and C97 concessions could be restarted within several weeks, depending "on the state of the export infrastructure as well as a stable security situation in the country."

Plans by Gazprom's oil unit Gazprom Neft to acquire a 33% stake in Eni's Elephant field in Libya were also delayed due to the unrest in the country. The company said in April the deal would be finalized when the situation stabilizes in Libya, but declined to comment Tuesday.

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(Reuters) -- Total's 223,000 barrel per day Lindsey refinery in the UK will go offline for eight weeks' maintenance on September 7, traders said on Tuesday. The company previously said in July it was hoping to secure a deal for the sale of the plant by the end of 2011.

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(Arabian Oil and Gas) -- The Assad regime's response to demonstrations has prompted additional sanctions from the US and EU. European Union governments are likely to adopt an embargo against imports of Syrian oil "by the end of next week" to ratchet up pressure on President Bashar al-Assad, an unnamed EU diplomat told the Reuters news agency on Wednesday.

The bloc's 27 governments agreed last Friday to explore new sanctions against Assad in response to his five-month crackdown on pro-democracy demonstrators, in which the United Nations says 2,200 civilians have been killed. Earlier this month the US urged the EU to stop importing Syrian oil after introducing its own oil sanctions. A round of discussions was held in Brussels on Monday, the diplomat said, and EU capitals raised no objections.

An oil embargo would constitute a major step for the EU, where several governments have been reluctant so far to target Assad's oil industry because of concerns over potential damage to their commercial interests when the Eurozone teeters on recession.

Syria produces about 400,000 barrels of oil a day, exporting most of about 150,000 barrels per day to European countries, particularly the Netherlands, Italy, France and Spain. Oil accounts for around 30% of government revenues and it vital to the financial health of the Assad regime.

MRC