SARB offshore project given 2016 production target

(Arabian oil and gas) -- ADMA OPCO's Satah Al Razboot (SARB) full field development has been approved by ADNOC to proceed with high priority in order to start production by early 2016, according to the offshore production company's annual review.


The SARB Project Team was formed under the sponsorship of ADMA-OPCO's CEO Ali Al Jarwan, and the Front-End Engineering and Design (FEED) was awarded in 2010.


The annual report reveals the target was to complete the FEED activities by April 2011. The developed scheme is based on building two artificial islands for drilling instead of the conventional Wellhead Towers approach and directs the well fluid through subsea pipelines to a new facility to be installed on Zirku Island for processing, storage and export of the SARB production of 100 MBD of crude oil. An option to export crude through Jabbel Al Dhanna is being studied. This facility will also handle the Umm Lulu production of 105 MBD in addition to the Gas and Water Injection requirement for SARB Field.


ADNOC is scheduled to complete the artificial islands construction by end 2012. The layout of the falcon shaped islands has been finalized and an optimum well location for drilling and SIMOPS has been identified. The current plan is to drill 44 wells from SARB 1 and 42 wells from SARB 2.


MRC

INEOS licensed its Innovene PP Process to Chinese chemical enterprises

(Ineos) -- INEOS Technologies confirmed it had licensed its Innovene PP Process for the manufacture of homopolymers, random copolymers and impact copolymers to the Shaanxi Yanchang Petroleum Yanan Energy and Chemical Company Limited in Shaanxi, China. The 300 KTA Innovene PP plant will produce a wide range of polypropylene products to serve the growing demand in China.


Peter Williams, CEO of INEOS Technologies, commented: "INEOS Technologies is proud of the fact that Yanchang Petroleum Group Co. has again chosen INEOS technology platform for development of its polypropylene business. In 2009 Shaanxi Yanchang Petroleum Group chose Innovene PP and Innovene S for its expansion of their Yulin site.


MRC

Formosa Plastics is not considering investing in a petrochemical venture in the Gulei Development Zone

(CNA) -- The Taiwan-based Formosa Plastics Group (FPG) is not considering investing in a petrochemical venture in the Gulei Development Zone in southern China's Fujian Province, a senior executive with the group said Monday.


According to Hong Fu-yuan, president of group subsidiary Formosa Chemicals and Fibre Corp., the conglomerate will maintain its focus on its styrene acrylonitrile plant in Ningbo, Zejiang Province, and is not thinking about joining a reported petrochemical venture initiated by Taiwanese investors in Gulei.


It was reported earlier by local media that Taiwanese petrochemical companies have sought investment destinations outside the country after a plan to build a petrochemical complex along the coast of Changhua County was abandoned over environmental concerns.


MRC

Eastman acquired Brasil's manufacturer of plasticizers

(Eastman) -- Eastman Chemical Company announced that it has acquired Scandiflex do Brasil S.A. Industrias Quimicas, a manufacturer of plasticizers located in Maua, Sao Paulo, Brazil. The acquired Scandiflex plasticizer business and manufacturing capabilities are now part of Eastman's Performance Chemicals and Intermediates (PCI) segment. Terms of the transaction were not disclosed.


With 2010 sales revenue of $54 million, Scandiflex's manufacturing capabilities and customer relationships in Brazil will enable Eastman to accelerate growth of its PCI segment's non-phthalate plasticizer business in the Latin America region. In addition to regional diversification of both sales and manufacturing, Scandiflex also brings several complimentary non-phthalate products to Eastman's broad portfolio of plasticizer products.


MRC

Solvay and Rhodia announced the success of Solvay's tender offer on Rhodia for EUR 31.6 per share

(Solvay) -- Solvay and Rhodia announced the success of Solvay's tender offer on Rhodia for EUR 31.6 per share and American Depositary Share or ADS (equivalent in USD) and EUR 52.32 (after adjustment) per bond convertible into and / or exchangeable into new or existing shares (OCEANE).


The French financial markets authority (AMF) published the results of the tender offer which show that on 24 August 2011, the closing date of the tender offer, 100,267,068 shares and voting rights of Rhodia (including 102,782 ADS equivalent to as much Rhodia shares) had been tendered, representing 94.25% of the share capital and of the voting rights of Rhodia. 12,063,999 OCEANEs had also been tendered, equivalent to 97.51% of the outstanding OCEANEs.


Taking into account the 907.604 own shares held by Rhodia (0.85% of the share capital), the number of Rhodia shares that have not been tendered represents 4.89% of the share capital and voting rights. The number of shares that can be created by converting the non-tendered OCEANEs, when added to the non-tendered shares, represent 4.63% of the share capital and the voting rights of Rhodia, on a diluted OCEANE basis.


MRC