Technip wins EPIC work off Dubai

(upstreamonline) -- French engineering player Technip has been awarded a subsea contract covering the South West Fatah and Falah fields, off Dubai, by state-run Dubai Petroleum.

Technip said the the engineering, procurement, installation and commissioning contract included the replacement of a 12 inch gas pipeline and six 18 inch water injection pipelines.

The work will be carried out by the company’s operating centre in Abu Dhabi and is scheduled to be completed by the end of the year.

Technip said its G1201 S-Lay installation vessel would be used for pipelaying, as well as a diving support vessel.
MRC

(hydrocarbonprocessing) -- Dow Chemical and Turkish acrylic fiber company Aksa have formed DowAksa Advanced Composites, a JV to manufacture and commercialize carbon fiber and derivatives. Aksa and Dow each hold a 50% stake in the JV, which will finance its growth through cash flow from operations and financial institutions.

Dow Chemical and Turkish acrylic fiber company Aksa on Friday announced the official formation of DowAksa Advanced Composites, a joint venture (JV) to manufacture and commercialize carbon fiber and derivatives.

Aksa and Dow had previously signed a definitive agreement to form the venture on December 20, 2011.

DowAksa will develop and globally market a broad range of products and technical service support in the rapidly expanding carbon-fiber composites industry, the companies said.

The JV will have a particular focus on bringing solutions to market that reduce overall costs, thereby enhancing economics and driving adoption in a broader array of markets.

The JV will expand on existing Aksa carbon fiber production assets in Yalova, Turkey, and will capture growth by creating a large-scale, integrated production capability for the manufacture and supply of advanced carbon fiber technologies, the companies said.
MRC

(chemmonitor) -- Lotte Chemical UK based in the UK proceeds with implementation of its polyethylene terephthalate (PET) capacity expansion plan.

The company announced a decision to construct a new unit at its Wilton (UK) production site.

Uhde Inventa-Fischer (HQ in Germany) has been recently chosen to provide the mill with engineering services. It will also execute a supervision function during the object’s construction and its launching.
MRC

(chemmonitor) -- Unipetrol with headquarters in the Czech Republic is apt to boost its profitability. However, this will be done not via the increase list/off list prices increase, sales/production boost, but the firm decided to permanently stop operations at its detrimental production unit.

The facility is engaged in the urea making. It is located at Litvinov (Czech Republic). The plant will be taken off line in Q1 of the following year.
MRC

(upstreamonline) -- Iranian Oil Minister Rostam Qasemi has urged Opec's secretary general to call for an extraordinary meeting amid falling oil prices.

"In 161st meeting of Opec it was agreed if oil prices fall below USD100 per barrel it means that prices are in crisis, so we have urged secretary general of Opec...to make preparations for holding an emergency meeting," Qasemi was quoted as saying on the Iranian Oil Ministry's website, Shana.

International crude benchmarks Brent and US oil futures posted their biggest quarterly declines on Friday since the fourth quarter of 2008 due to weak demand, ample supply and economic worries.

However prices rebounded later on Friday on a deal by European leaders to shore up euro zone banks.

Qasemi warned that if Opec members failed to comply with the agreed production ceiling of 30 million bpd that it would disrupt balance in the oil market.

"If Opec members don't observe agreed production ceiling it will be followed by disorder in oil markets," he told Shana.

Iraq's Deputy Prime Minister Hussain Shahristani said on Friday that Opec needed to cut its supply, while Venezuela's Energy Minister Rafael Ramirez also called for an extraordinary meeting in the third quarter of this year if global crude prices remain low.

In its last meeting in mid-June, Opec agreed to adhere to the collective limit, implying a 1.6 million bpd cut from the actual supply for 12 members of 31.5 million. To do that, Saudi Arabia would need to cut back sharply.

But Saudi Arabia is showing no sign yet of changing its policy of pumping near its highest rate in decades to support global economic growth, despite a fall in crude prices below USD90 a barrel for the first time in 18 months.
MRC