Saudi Arabia to diversify its energy resources by turning to solar and nuclear power generation

(Reuters) -- Saudi Petroleum, Chemicals and Mining Co (PCMC), wholly owned by Saudi BinLadin Group, hopes to be more successful in renewable and nuclear energy projects after its attempts to develop the kingdom's first privately owned refinery failed, its chief executive said. Saudi Arabia aims to diversify its energy resources by turning to solar and nuclear power generation to reduce its need to burn fuel oil and preserve its oil for lucrative export markets.


Earlier this year, French nuclear group Areva signed a partnership agreement with the BinLadin Group for nuclear and solar energy. PCMC was one of the major shareholders in Advanced Refineries and Petrochemicals Co. (ARPC) -- a company formed for the development of the Jizan refinery and which is no longer in operation.


ARPC submitted bids for Jizan last year, as part of a consortium with Saudi industrial group Tasnee and Saudi Nama Chemicals Group, but lost the bid to state oil company Saudi Aramco.


The kingdom had hoped the refinery would be built and owned entirely by the private sector, a first in the world's top exporter, but the plan failed to generate interest from foreign investors, who were concerned that the cost of supplying crude to the plant could make it unprofitable in the future.


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Manufacturing sector in China to slow down through the rest of 2011

(ICIS) -- China's manufacturing sector is expected to slow down through the rest of 2011 because of softer demand from overseas markets and export orders, industry sources said on Tuesday.
The country's purchasing managers' index (PMI) fell by 0.8 percentage points to 50.4% in October from September, according to data released by the China Federation of Logistics & Purchasing (CFLP) on Tuesday.


From September to October, the new orders index fell by 0.8 percentage points to 50.5%, while the production index dropped by 0.4 percentage points to 52.3%, according to the data. The declining PMI indicates that economic growth will continue to slow in the near future, said Zhang Liqun, an analyst from CFLP.


The country's third-quarter export and investment growth has slowed and companies are having problems with funding, Zhang added. The new export orders index dropped by 2.3 percentage points from September to 48.6% in October, the data showed. The decline reflects weaker demand from the international market due to the eurozone debt crisis, an analyst from China Customs said.


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Haldia Petrochemicals Ltd to face an acute financial crisis

(Plastemart) -- The West Bengal government plans to take further steps after getting legal opinion on the aspects of the Supreme Court verdict on the share pattern of the company. With this the state government asserts that revival of the cash-starved Haldia Petrochemicals Ltd (HPL) is its top priority, as per IANS. HPL, co-promoted by the West Bengal government, is currently facing an acute financial crisis.


The Supreme Court recently dismissed the petition filed by Purnendu Chatterjee-led The Chatterjee Group (TCG), which is also a principal shareholder of HPL, against the decision of the Calcutta High Court allowing the state government to retain 155 million shares in the company.


The TCG had challenged the high court verdict that set aside an order of the Company Law Board directing the state government to exit from HPL by selling its stake to the joint venture partner TCG.
The state opines that the current sickness in HPL is not only because of the share pattern, but also because of technology, marketing and decision making.


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Borouge-3 IT study awarded to Hyperion Systems

(Arabian oil and gas) -- Hyperion Systems Engineering has announced the award by Abu Dhabi Polymers Company (Borouge) of the project to deliver the Borouge 3 Information Technology Strategy and Borouge 3 Information Technology FEED (Front End Engineering Design) to support the major expansion of the company's production facilities due for start-up end-2013 at its Ruwais plant in Abu Dhabi.


Hyperion is executing the IT FEED project utilizing specialist resources from several of its regional offices, and in cooperation with India's Infosys Corp. which undertook the subcontract for the IT Strategy component of the scope.


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Reliance not in discussions with Valero considering an acquisition

(Business Standard) -- After the international media went abuzz last week over Reliance Industries Ltd (RIL) looking to buy Valero Energy Corp, the Indian petrochem major on Monday categorically denied the move. ⌠While it is, and will remain, the policy of Reliance not to comment on market rumors, in light of the materiality of the rumored transaction, Reliance wishes to dispel the rumors and announce that it is not in discussions with Valero nor otherwise considering an acquisition of Valero, RIL said in a statement.


It said it was a company policy to not comment on market speculations but made an exception this time. The company said, ⌠Reliance undertakes no obligation to update this statement and intends to adhere to its no comment' policy in the future.


The UK's Daily Mail reported last week RIL might be in talks to buy Valero Energy Corp of the US for $48 per share, at a premium of 85 per cent, valuing the company at a whopping $27 billion. At the end of the last quarter, RIL had cash reserves of around $13 billion. Valero has 15 refineries, with a total crude oil processing capacity of around 2 million barrels per day. Analysts say RIL's aggressiveness to acquire assets in North America might have fueled the rumour.


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