Israel Petrochemical to sell 45% stake in Avgol

(Plastemart) -- The board of directors of Israel Petrochemical Enterprises Ltd has approved the sale of a 45% stake in its Avgol Ltd subsidiary to London-based private equity company Ethemba for USD106.8 million. An additional payment of USD16 million has been agreed to by the parties dependent on 2013 results.

Following the sale IPE will control 21% and the remainder is traded on the Tel Aviv Stock Exchange.

Israel Petrochemical Enterprises Ltd. (IPE) is a public holding company whose shares are listed on the Tel Aviv Stock Exchange. Avgol is a global leader in the nonwoven fabrics industry with manufacturing facilities in Israel, China, Europe and the US. Avgol manufactures and supplies nonwoven fabrics mainly for hygiene applications, such as diapers for infants and adults, feminine hygiene products and more.
MRC

LUKOIL Q2 net profit slumps below forecast

(Reuters) - Russia's No.2 oil producer LUKOIL shed more than two thirds of second-quarter net profit compared with last year and undershot forecasts, hit by lower oil prices, a weaker rouble and a bigger tax bill.

Net profit was just over USD1 billion (631 million pounds), against the average of analysts' forecasts of USD2.34 billion.

However, LUKOIL performed better than peer Rosneft, which posted a surprise second-quarter loss this month, thanks to high exposure to refining which benefited from a lower export duty and high margins.

The company said current profit tax jumped to USD1.1 billion in April-June 2012 from $649 million a year earlier following a tax rate increase as the government replenishes its coffers after an election-related spending spree.

Russian crude producers have been complaining over a high tax rate, set by the state, where oil and gas revenues accounts for a half of state budget proceeds.

LUKOIL has suffered from crude production decline due to depletion of West Siberia deposits, while its new South-Khylchuyu field disappointed with a double-digit output decline, attributed by the company to wrong geological assessments.
MRC

Oil companies recover from Isaac, one refinery flooded

(Reuters) – Most oil and gas companies in the U.S. Gulf Coast region on Thursday prepared to gradually restart installations there following Hurricane Isaac, while one refinery reported flooding and scrambled to prevent further damage. Isaac, now a much weaker tropical depression moving north, posed no further threat to most energy infrastructure.

Phillips 66 said its 247,000 barrel per day (bpd) Alliance refinery in Belle Chasse, Louisiana, had been partially flooded. It offered no estimate on when the plant could restart and said personnel were trying to prevent damage by pumping water out.

Royal Dutch Shell and Anadarko were among companies that said they could begin restarting idled offshore production platforms as early as Friday.

Shell said late Thursday it restarted the Capline pipeline, which carries crude between Louisiana and refiners as far north as Illinois.

Most regional refineries appeared unscathed by Isaac. Independent refiner Valero said it detected no structural damage at two Louisiana plants it operates. It was unclear when they would restart.
MRC

Petainer invests in PET production at its swedish plant

(plasticsinfomart) -- Plastic packaging manufacturer Petainer has agreed to a multimillion Euro investment package over the coming 12 months to strengthen its PET container manufacturing plant in Lidkoping, Sweden.

This initiative includes an initial order for a Husky HPP injection machine, which will be followed by additional investments focused on growth and supporting the current customer base.

Petainer, headquartered in the Czech Republic, has manufacturing plants in Sweden, the Czech Republic and Germany. The company also features an R&D center in Sweden and sales offices in Germany and the UK. Earlier this year, Petainer announced that the company had created the “greenest ever” refillable bottle.

This refillable PET bottle is manufactured with more than 25% post-consumer recycled PET plastic. The company claims it has the same performance characteristics as a refillable bottle made entirely from virgin material.
MRC

SABIC helps create Indian first injection molded plastic fenders

(plasticsinfomart) -- Indian automotive manufacturer Mahindra & Mahindra (M&M), in collaboration supplier Plastic Omnium, has developed the country’s first injection molded plastic fenders, which are featured on the new XUV500 sports utility vehicle (SUV).

The new car features online paintable Noryl GTX thermoplastic resin from SABIC’s Innovative Plastics, a substitute of steel in the fender. The chemicals supplier says it helps to improve the SUV’s fuel economy, reduce emissions, expand design freedom, and enhance resistance against minor impact.

According to SABIC, the plastic fender on XUV500 is 27% lighter than its steel-made predecessor, reducing the weight by 0.9kg. In day-to-day vehicle operation, Noryl GTX resin’s enhanced resilience compared to steel allows the XUV500?s fender to flex and absorb energy to regain its original shape, reducing repair costs.

The design flexibility provided by Noryl GTX resin also eliminated the multiple steps, tools and operations that are required to manufacture steel fenders.
MRC