BASF applied for EU approval for Fortuna

(BASF) -- BASF Plant Science applied today for EU approval for Fortuna, a genetically optimized table potato. Fortuna has a wild potato's natural protection to late blight, a disease causing severe problems in agriculture. The application for approval covers commercial cultivation as well as use as food and feed within the EU. In the next step of the approval process, the European Food Safety Authority (EFSA) will assess the safety of Fortuna for humans, animals and the environment.


BASF Plant Science started research efforts on the disease-resistant potato in 2003. Fortuna has been tested in field trials for six years and has been subjected to extensive safety assessments. Market introduction is expected for 2014/15.


⌠Fortuna provides decisive benefits for agriculture, says Peter Eckes, President of BASF Plant Science. ⌠The processing characteristics of Fortuna are as good as the parent variety. In addition, Fortuna offers complete protection from one of the world's most persistent potato diseases. By coupling Fortuna with modern plant protection measures, we are now in a position to offer a food which is produced with a highly sustainable method. Consumers ultimately stand to benefit from this too.


Fortuna represents the further development of one of Europe's leading potato varieties for the production of french-fried potatoes. The researchers at BASF Plant Science have given Fortuna complete resistance to late blight. Late blight is the most important potato disease in the world and is caused by the fungi-like pathogen Phytophthora infestans. Up to 20 percent of annual harvests the world over are lost to this disease. Farmers expend a huge amount of time and effort into fighting Phytophthora.


MRC

(Arabian oil and gas) -- ExxonMobil has announced thrid quarter earnings of $10.33 billion, an increase of 41% or $2,980 million from the third quarter of 2010. The company also confirmed capital and exploration expenditures for the period of $8.6 billion, roughly consistent with the third quarter of 2010. ExxonMobil's chairman Rex Tillerson said: ⌠ExxonMobil's results for the third quarter of 2011 reflect a continued commitment to operational integrity, disciplined investing and superior project execution.

⌠Third quarter earnings of $10.3 billion were up 41% from the third quarter of 2010, reflecting higher crude oil and natural gas realizations and improved refining margins. Earnings for the first nine months of 2011 were $31.7 billion, up 49% over the first nine months of 2010.

⌠In the third quarter, capital and exploration expenditures were $8.6 billion, and reached a record level of $26.7 billion for the first nine months of the year as we continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation.

⌠Oil-equivalent production decreased 4% compared to the third quarter of 2010. Excluding the impacts of entitlement volumes, OPEC quota effects and divestments, production was in line with 2010.

⌠The Corporation distributed over $7 billion to shareholders in the third quarter through dividends and share purchases to reduce shares outstanding.

MRC

(ICIS) -- Polyethylene (PE) demand in Europe is weak and while cutbacks are being implemented across the board most market sources see little chance of an upturn for the remainder of 2011, several said on Monday.

A series of cutbacks at the cracker and polymer level has been in place for some weeks, but some sources are now questioning whether production really was reduced enough, as supply still outstrips demand, particularly low density polyethylene (LDPE) and linear low density polyethylene (LLDPE).
Crackers are now estimated to be running at 70-80% of capacity, and more cutbacks are planned and being implemented at the PE level.

Dow has cut production at several LDPE sites throughout Europe and reduced output at solution sites. It has also taken the unexpected step of targeting a ┬100/tonne ($141/tonne) increase for November PE.

Most PE sources view this as strange, given that earlier announced hikes for October were abandoned within days of being announced, but the company says this move is being supported by heavy cutbacks.

Several producers said they were cutting back output at several sites but are not prepared to give details at present.


MRC

(ICIS) -- Asia's naphtha spot prices are likely to fall sharply this week, with crack spreads and inter-month spreads already weakening amid surplus, squeezed margins and falling prices for key petrochemical products, traders said on Monday.

Continued deceleration in China, the world's second biggest economy, sparked worries over the plastic demand outlook for next year. In response to the bearish situation, some regional producers have begun to rein in operating rates.

⌠The market is bearish currently. The market will be weak until the end of the year. The economic policy of China, in terms of financing, will be important, said a trader in northeast Asia.
The open-spec Asian naphtha contract for the first half of December fell by $18.50/tonne (┬13.14/tonne) from Friday's close to $858.00-861.00/tonne CFR (cost and freight) on Monday midday, partly because of weaker global crude futures ahead of the G20 summit later this week, ICIS data showed.

The naphtha crack spread versus December Brent crude futures plunged to $30.38/tonne on 25 October, the weakest since 8 January 2009. The crack spread was assessed at $36.50/tonne on Friday versus $64.28/tonne on 21 October, the data showed.

The spread between the contracts for the first half of December and the first half of January weakened to a contango of $2/tonne on Friday, as compared a backwardation of $2/tonne in the week earlier.

MRC

(ICIS) -- Three of Nan Ya Plastics' four monoethylene glycol (MEG) units at Mailiao will again have to shut down, one after the other, starting 30 November, for safety inspections, a company spokesperson said on Monday. Nan Ya is a unit of Taiwanese petrochemical major, Formosa.
The planned shutdown of the MEG units is part of the Formosa group's agreement with the Taiwanese government. following a series of fire incidents that occured at the petrochemical site since July last year, said David Tsou of Nan Ya Plastics.

The company's 360,000 tonne/year No 2 MEG unit will be taken off line on 30 November, followed by the No 3 unit, which also has a 360,000 tonne/year capacity, at the end of this year. The 720,000 tonne/year No 4 unit, meanwhile, will be shut in March 2012, Tsou said. ⌠Only the No 1 unit will not be shut for safety inspections, said the Nan Ya spokesperson. No definite timeline was set on how long the safety checks will last.

The No 1 and No 3 units that each has a 360,000 tonne/year capacity are currently undergoing maintenance. The No 1 unit is expected to come back on stream on 2 November, while the No 3 unit will resume operations on 16 November, Tsou said.

Taiwan's Ministry of Economic Affairs (MEA) has approved a plan submitted by the Formosa Plastics Group to suspend operations at its petrochemical facilities in Mailiao in phases before resuming full operation by August next year, according to Tsou.

MRC