Two oil traders sentenced in USD82m scheme against LyondellBasell

(bloomberg) -- Two oil traders were sentenced to four and five years in prison for illegally paying more than USD20 million to a LyondellBasell Industries NV (LYB) executive in return for oil-tanker charters to the company's Houston refinery.

U.S. District Judge Sim Lake in Houston imposed a four-year sentence today on Bernard Langley, 54, of the U.K. Clyde Meltzer, 66, of Houston and Livingston, New Jersey, was given a five-year sentence.
They pleaded guilty last year to paying kickbacks into Swiss bank accounts controlled by LyondellBasell's Jonathan Barnes, a shipping manager, from 2007 to 2009. Langley and Meltzer were also sentenced to three years of supervised release.

Barnes agreed to pay above-market shipping rates to tanker companies controlled by the men to transport Venezuelan crude oil to Houston, in exchange for one-third of the profit the traders received, prosecutors said. Barnes, 56, pleaded guilty and was sentenced to seven years in January and ordered to pay restitution of USD82 million to the Rotterdam-based company.

MRC

(polyestertime) -- Amcor Rigid Plastics, the world's leading producer of rigid plastic packaging, has designed and produced a proprietary series of lightweight polyethylene terephthalate (PET) bottles for McCormick Distilling Co. Inc., a Weston, MO.-based manufacturer and distributor of premium spirits.

The custom PET containers in 50ml, 750ml, 1L, and 1.75L sizes helped McCormick successfully launch its new brand - Montego Bay Coconut Rum - in a distinctive and eye-catching package.

Already a producer of straight rum products, McCormick's entry into the flavored rum segment required not only a great-tasting product but an equally impressive package design to attract consumers in retail stores, bars, restaurants, and other establishments, according to Vic Morrison, McCormick's vice president of marketing. ⌠Amcor delivered a custom bottle that was phenomenal in terms of color and look," said Morrison. " The unique design and color really stands out on the shelf and differentiates us from the competition."

MRC

(sibur) -- 72% of the construction and installation works for Tobolsk-Polymer have been completed, while the overall progress of the project is fully in line with schedule at 90.2%, according to Mikhail Karisalov, SIBUR's Deputy Chairman of the Management Board.

The detailed engineering plans are complete and all of the oversized equipment for manufacturing propane dehydrogenation and polypropylene are now on site. The equipment and materials that have been delivered will ensure construction and installation work remains on schedule. All construction contracts relating to major works have been signed and agreed with building contractors. The company expects the workforce employed by contractors to reach a maximum number of 4,700 in May.

With the necessary schedules and programmes in place and the contract with the general contractor signed, commissioning works at the plant's facilities have begun. A total of 190 people have been hired in the operating unit at Tobolsk-Polymer, and all positions that are critical to the launch of the commissioning work have already been filled. More than 70% of the staff are qualified experts from the local area.
MRC

(sibur) -- 72% of the construction and installation works for Tobolsk-Polymer have been completed, while the overall progress of the project is fully in line with schedule at 90.2%, according to Mikhail Karisalov, SIBUR's Deputy Chairman of the Management Board.


The detailed engineering plans are complete and all of the oversized equipment for manufacturing propane dehydrogenation and polypropylene are now on site. The equipment and materials that have been delivered will ensure construction and installation work remains on schedule. All construction contracts relating to major works have been signed and agreed with building contractors. The company expects the workforce employed by contractors to reach a maximum number of 4,700 in May.


With the necessary schedules and programmes in place and the contract with the general contractor signed, commissioning works at the plant's facilities have begun. A total of 190 people have been hired in the operating unit at Tobolsk-Polymer, and all positions that are critical to the launch of the commissioning work have already been filled. More than 70% of the staff are qualified experts from the local area.
MRC

(basf) -- BASF Sales in the fisrt quarter of 2012 were higher than in the very good first quarter of the previous year and rose 6% to EUR20.6 billion. Income from operations (EBIT) before special items decreased as expected and, at EUR2.5 billion (down 7%), was slightly below the same quarter of the previous year.

"Increased raw material costs could not be fully passed on in all business areas, which put pressure on our margins. Our Oil & Gas and Agricultural Solutions segments increased their earnings significantly," said Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF, at the Annual Shareholders' Meeting in the Congress Center Rosengarten in Mannheim.

Compared with the first quarter of the previous year, EBIT grew by 22% to EUR3.1 billion. Special items in EBIT resulted primarily from gains of EUR645 million on the disposal of thefertilizer business. EBITDA rose by EUR525 million to EUR3.9 billion.

MRC