Cytec Industries to finish transaction of its coating resins unit by late Q4, 2012

(chemmonitor) -- The US-based specialty chemicals company headquartered in New Jersey, Cytec Industries Inc., reached the decision to sell its coating resins unit instead of separating the business. The assistant in its sale process is the New York-headquartered company J.P. Morgan Securities LLC.

Cytec Industries Inc. plans to fulfill the deal by late 2012.

The selling of coating resins business will allow the company to concentrate fully on its composite materials production and to expand as well as develop its position in the global market.

MRC

(pennenergy) -- Diversified Romanian holding InterAgro, which owns several fertilizer plants in the country, plans to form a joint-venture company in the chemical industry with Gazprom Schweiz AG for processing Russian and Romanian natural gas.

The natural gas would be processed in InterAgro's facilities, but also in other plants in Romania. According to a separate report, Swiss grain and fertilizers trader Ameropa just took over Romania's largest fertilizers producer, Azomures, from Turkish investors. The natural gas supply is a critical element in the fertilizer industry as it accounts for the largest part of the production costs.

The Romanian government has to take the first steps towards natural gas market liberalisation for non-residential users as soon as this year. InterAgro's fertilizers producers were subject to state subsidies broadly allowed to the chemical industry over the past couple of years, when the chemical companies were allowed to process 100% cheap natural gas. But such preferential regime is unlikely in the future, under the pressure of EU directives that Romania is already late in enforcing.
MRC

(upstreamonline) -- France’s Technip has snapped up the energy and chemical division of US engineering company Shaw Group in a EUR225 million (USD287.7 million) deal.

Technip said it was acquiring Stone & Webster Process Technologies and the associated oil and gas engineering capabilities from Shaw, and will take on the divisions 1200 engineers, researchers and project teams.

Stone & Webster generates revenues from technology licensing, process design engineering, early-stage and front-end engineering, project management consulting and the supply of equipment.

Its revenues, pro-forma and annualised, are currently about EUR220 million, according to Technip which it said would double its own revenue it generates from the type of activity performed by Stone & Webster to about EUR400 million, on a pro-forma basis.

The French company said the acquisition would enhance its position as a technology provider to the refining and petrochemicals industries, while diversifying it onshore and offshore segment, as well as add revenues based on technology supply.
MRC

(upstreamonline) -- Mikhail Fridman has resigned as chief executive of BP's joint venture operation in Russia, TNK-BP.
The billionaire native of Ukraine handed in his notice as both chairman and CEO of the company on Monday, a brief statement from TNK-BP read.

Fridman is to step aside from both roles in 30 days, it added.

"After Mikhail Fridman’s resignation, TNK-BP will be managed by a group of executives who hold powers of attorney related to their areas of responsibility.

"Alfa Access Renova shareholders German Khan and Victor Vekselberg remain with the business as executive directors and members of the management board."

Fridman played a key role in blocking BP's monster proposed tie-up with Rosneft for exploration and production activities in the Kara Sea. Rosneft later penned a huge deal with ExxonMobil instead.

Forbes magazine recently named 48-year-old Fridman as the world's 57th richest person with a net worth of USD13.4 billion.

Apart from his oil and gas assets, Fridman has a large stake in the banking and telecommunications industries with his Alfa group, held together with others, the country's largest financial and industrial group.
MRC

(upstreamonline) -- Higher oil and gas prices sent net profit rising at Russian energy giant Lukoil in the first quarter.
The company also had to deal with rising costs with capital expenditure up 43% year-on-year to USD2.5 billion.

Net profit for the three months to the end of March was USD3.79 billion as against USD3.52 billion in the comparable period a year ago.

Revenues spiked from USD29.63 billion to USD35.26 billion with the price of hydrocarbons climbing from a year ago while the per barrel of oil equivalent lifting cost remained steady at USD4.70.

The amount of hydrocarbons produced for sale rose 0.4% to 200 million boe while gas production was up, helped in large part by a 70.2% increase in gas produced in Uzbekistan.
MRC