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.

MRC

(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.

MRC

(Reuters) -- Taiwan's government has accepted a plan by the Formosa Plastics group for safety checks at its fire-hit Mailiao complex that will see operations suspended in stages until the end of August 2012.

The government had ordered some facilities at the complex, which houses naphtha cracking and plastics manufacturing facilities and is one of Asia's largest refineries, closed after a series of fires between July 2010 and August 2011. The blazes triggered public protests over safety standards.

It had also ordered Formosa to come up with a plan to conduct safety checks on the entire complex in stages. The plan agreed at a weekend meeting should be complete by the end of August 2012, the government's Industrial Development Bureau said.

The partial shutdowns had roiled oil markets and cut Taiwan's export growth in August. Some of the refining units that were ordered closed have since reopened.

MRC

(ICIS) -- US butadiene (BD) contracts for November fell on average by 18% in the first single settlement for the US contract in eight months, market sources said on Monday. The reduction to $1.15/lb ($2,535/tonne, ┬1,800/tonne) marks a return to the way US BD used to settle, with the four main producers agreeing to match the lowest price nominated for the month.

The last time BD settled at a single price in the US was in March 2011, when contracts rose by 5 cents/lb to $1.04/lb FOB (free on board) USG (US Gulf).

In September 2010, a producer did not match nominations from two other suppliers, ushering in a series of split settlements for US BD contracts.

The market has since been mostly split between a group of three producers, which tends to converge to a single price, and a stand-alone fourth supplier that sets its own contract value. Prior to 2010, there were only two split BD settlements going back to 1994.


MRC

(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