Shell scrambles to pay huge bill for Iran oil

(Reuters) - Royal Dutch Shell (RDSa.L) is struggling to pay off USD1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said.

Four sources said the oil major owes a large sum to the National Iranian Oil Co (NIOC) for deliveries of crude, with one putting the figure at close to USD1 billion. A debt of that size would equate to roughly four large tanker loads of Iranian crude or about 8 million barrels. A Shell spokesman declined to comment.

The European Union toughened financial sanctions and placed a ban on Iranian oil imports on January 23, but gave companies until July 1 to wind down their existing business.

With daily contract volumes of 100,000 barrels, Shell ranked as Iran's second biggest corporate client - along with France's Total (TOTF.PA) - behind Turkey's Tupras. Shell CEO Peter Voser said on March 7 the company would take its final deliveries of Iranian crude "within a matter of weeks".

MRC

(daily.tportal) -- Petrokemija's stock has been in investors' focus after the media reported a week ago that the government could privatise the company by the end of the year. Stock exchange analysts expect interest to increase this week as the media speculate that Economy Minister Radimir Cacic's visit to Moscow is, among other things, also related to Petrokemija's privatisation.

A union active in the company forwarded a letter to the top state officials on Sunday night, asking for answers regarding the privatisation.

In the letter, the EKN union recalls that upon signing an agreement on how to privatise Petrokemija on 28 August 1998, the government committed to owning at least 51 per cent of the company's stock, as well as parliament's decision on companies of special state interest.

The state's current stake in Petrokemija is 50.63 per cent.

Last week, the company's shares were among the more traded on the Zagreb Stock Exchange, turning over HRK 12.6 million. The price went up 8.06 per cent on the week, to HRK 228 per share.

MRC

(canplastics) -- In a bid to expand its footprint in India, Australia-based PET packaging supplier Amcor Ltd. has acquired Uniglobe Packaging Private Ltd. for USD20.7 million.

Uniglobe is based 150 km north of Mumbai, and produces flexible packaging for the food, personal care, and health sectors.

Amcor is a global packaging company that manufactures PET containers for beverages, flexible packaging for the food and healthcare markets, tobacco packaging, and corrugated boxes. The company has operations across 30 countries and 89 plants; with this deal, it will increase its facilities in India from three to five plants.

⌠This is an important opportunity to expand Amcor's footprint in the high growth Indian market, said managing director and CEO Ken MacKenzie. ⌠The Uniglobe business comes with a strong management team, and a track record of delivering significant annual sales growth.

The purchase is Amcor's second this month: the company also acquired The Aperio Group, producers of flexible packaging products with 13 manufacturing facilities across Australia and New Zealand.

MRC

(koreaherald) -- Kazakhstan is a state rich in gas, oil and other natural resources. LG Chem and state firm Kazakhstan Petrochemical Industries plan to move ahead with a petrochemical complex in Atyrau, at a total investment outlay ofUSD4.2 bln.

The event took place as LG Chem and state firm Kazakhstan Petrochemical Industries plan to go forward with building a petrochemical complex in Atyrau.

A total of USD4.2 billion in investment will be injected into the complex, which is the biggest project since Kazakhstan announced its independence in 1991. It will include an 800,000-ton ethylene unit and another 800,000-ton unit for polyethylene, according to LG Chem officials.

With the petrochemical complex being dubbed one of the few projects by a foreign firm fully supported by the Kazakhstan government, LG chairman Koo Bon-moo has discussed various cooperative measures with President Nazarbayev since Koo first visited Kazakhstan as Korea's business representative in 2004.

The project, to comprise an 800,000 ton ethylene unit and a 800,000 ton unit for polyethylene, will be the biggest project since Kazakhstan announced its independence in 1991.

MRC

(plastemart) -- An increased demand exists for sophisticated pipes and cables in all the sectors. Therefore, demands in production, durability standards and change in safety are the issues faced continuously by manufacturers.

Arkema will display a complete range of organic peroxides and specialty resins that are designed specially for use in manufacturing electronic and electrical cables. These functional polyolefins are utilized in the cable production of all kinds for end-application like flame retardant cables, which are free from halogen and comply with new fire standards in high and medium voltage cables, buildings, telephone networks, cars, photovoltaics cables and telephone cables.

In addition, these resins provide exceptional mechanical properties and processing features such as oil resistance, breaking and abrasion. The function of semi-conductor shield can be played by the Lotryl and Evatane copolymers, which contain carbon black additives. It's Luperox organic peroxides that comprise precise grades of Luperox in order to crosslink the functional polyolefins and other polymers such as EPDM and LDPE. These polymers are employed in materials for assembling circuits and in high voltage cable production.

MRC