Lukoil proved hydrocarbon reserves 17.3 bln barrels of oil equivalent

(lukoil) -- Lukoil finished an evaluation and independent audit of its oil and gas reserves. The evaluation was performed in accordance with the US Securities and Exchange Commission (SEC) standards until the economic limit of commercial production is reached.

The audit results by Miller and Lents, a US firm, suggest that the Company's proved hydrocarbon reserves as of December 31, 2011 came to 17.3 billion barrels of oil equivalent, including 13.4 billion barrels of oil and 23.2 trillion cubic feet of gas. The oil already produced was replenished more than 100% through an increment in proved reserves in 2011.

Significant progress was achieved in 2011 in the preparation and commissioning of a number of new fields of the Company, which allowed the Group to transfer 170 million barrels of oil equivalent from the contingent resources category to the category of proved reserves. At the same time rapid production drop at the Yuzhno-Khylchuyuskoye field, as compared with earlier forecasts, led to a fall in the proved reserves by 147 million barrels of oil equivalent.


In summary, in terms of the proved hydrocarbon reserves volume LUKOIL retains its leading positions among the Russian and international companies.

MRC

(industryweek) -- Blaming a difficult operating environment in the debt-hit continent, Mitsubishi Motors said on Feb. 6 that it would stop manufacturing automobiles in Europe by the end of 2012.
Mitsubishi produces the Colt subcompact and the Outlander sports utility models at NedCar, a wholly-owned production unit in Born, the Netherlands, with 1,500 employees.

"But we have decided to withdraw production in Europe by the end of this year due to the unfavorable business environment for us there," a company spokeswoman said.

Mitsubishi is expected to suffer 22 billion yen (USD287 million) in operating losses in Europe for the fiscal year to March due to stagnant sales in a continent beset by the uncertainty of a raging debt crisis.

It will be the first withdrawal from Europe by a major Japanese carmaker, local media said, adding that Mitsubishi Motors now plans to shift its focus to emerging markets.

Mitsubishi said it would continue selling its own brand cars in Europe with shipments from plants in Japan and Thailand.

MRC

(bp) -- BP announced today that it intends to sell its LPG bottles and tank filling operations in Portugal, UK, Austria, Poland, Netherlands, Belgium, Turkey, China and South Africa, as well as its non refinery-integrated wholesale business.

Also included in the sale are LPG storage terminals, bottle filling plants, customer lists, operating licences and logistics assets.

The decision follows a review of BP's LPG portfolio last year. As a result of the review, it was concluded that BP is not the natural owner long term of the LPG bottles and tank filling business.

It was felt that the business would offer greater opportunities for other companies wanting to invest allowing BP to continue to focus its refining and marketing businesses where it has leading market positions it can sustain and grow in the long-term.

BP intends to retain its autogas business in Europe and move it into the Fuels Value Chains, and maintain LPG wholesale outlets to support its refinery operations.
The LPG bottles and tank filling activities will continue to be managed as a global business until sold. BP intends to sell the businesses as going concerns and expects significant market interest.

MRC

(akzonobel) -- AkzoNobel is planning to invest EUR80 million in the construction of a new pulp Chemical Island facility in Brazil. The plant, operated by the company's Pulp and Paper Chemicals business, Eka Chemicals, will supply the Suzano Maranhao pulp mill. This is AkzoNobel's second largest investment in Brazil in the past 12 months and further expands Eka Chemicals' sustainability-focused Chemical Island concept.

"This 15-year agreement emphasizes the importance of high growth markets for AkzoNobel and will help drive the company's medium-term strategy of doubling revenue in Brazil to EUR1.5 billion," said Rob Frohn, AkzoNobel Executive Committee member responsible for Specialty Chemicals.

The investment will involve supplying, storing and handling all chemicals for the 1.5 million ton per year pulp mill, which is being constructed in Imperatriz, Maranhao, Brazil. The mill is expected to come on stream in the last quarter of 2013.

The new facility will expand AkzoNobel's well-established pulp and paper activities in Brazil. The business already successfully runs Chemical Islands, as well as other production units, on several customer sites. It also operates bleaching and paper chemical plants in Jacarei, Rio de Janeiro, Tres Lagoas and Jundiai.

MRC

(perstorp) -- Specialty chemicals company Perstorp will increase the price for its Capa Caprolactone monomer and polymers effective from March 1, 2012.

Effective from March 1, 2012 or as existing contracts permit, Perstorp will increase the price for its Capa Caprolactone monomer and polymers. Prices will be increased by up to ┬200/ton in Europe, GBR170/ton in UK , USD0.12/lb in North America, Yen20/kg in Japan and USD260/ton Asia and rest of the world.

The price increase is necessitated by increasing raw material prices that cannot be absorbed.

MRC