ONGC no longer interested in HPL

MOSCOW (MRC) -- ONGC Ltd, the public sector behemoth, has dropped out of the race for the Bengal government’s share in Haldia Petrochemicals after the state disallowed the company to form a consortium with Indian Oil. A top official of ONGC said it was no longer interested in HPL after it became evident that the state would turn down its request. “We told the state about our intention to form a consortium with one of the shortlisted bidders some time back. But so far it has not been accepted. It is now certain that the request would not be accepted. In this scenario, ONGC is no longer interested in HPL,” the official told The Telegraph.

Initially, the state government had agreed to allow consortiums to be formed. It sent out letters to all bidders seeking no objection for change in share purchase agreement regarding consortium. While three public sector units and Cairn India had agreed to form a consortium before the final price bid, Reliance was opposed to it. The memorandum was later modified to exclude the possibility, prompting objections from ONGC.

ONGC became the second company after Essar to exit the race, taking some sting out of the sale process.

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MOSCOW (MRC) -- Cabot Corporation and joint venture partner Risun Group announced the completion and commissioning of their new carbon black manufacturing facility in Xingtai, Hebei Province, China. According to press-release of Cabot Corporation, Cabot and Risun invested approximately USD140 million in the new facility, with Cabot owning a 60 percent equity interest.

Cabot and Risun broke ground on the new facility in April 2012. The site’s Phase I manufacturing capacity will be 130,000 metric tons of carbon black per year. As a result, Cabot’s overall carbon black manufacturing capacity in China increases by 25 percent. The addition of Xingtai solidifies Cabot’s position as the world’s leading producer of carbon black. The new plant also employs advanced emissions control and energy efficiency technology to minimize environmental impact and simultaneously reduce energy consumption.

“This new facility is a part of our long-term commitment to the tire industry as we seek to meet our customers’ needs across the globe,” said Patrick Prevost, Cabot president and chief executive officer. “Through the use of state-of-the-art technology in our new Xingtai plant, we will be able to supply high-performance carbon black products to the Chinese and Asia-Pacific markets. Through our investment in process equipment and infrastructure we are also able to increase our energy efficiency and minimize our environmental footprint.”

As we continue to strengthen our global carbon black business, we want to thank the Hebei Provincial Government, the Xingtai Municipal and County Governments, and Risun Group for their support,” continued Prevost.

Cabot continuously seeks to improve product solutions for the tire industry in order to help tire manufacturers meet the ever increasing performance demands for their products. The Xingtai plant will utilize state-of-the-art proprietary technology to produce Cabot’s ultra-reinforcing products VULCAN 9, VULCAN 10H and VULCAN 10HD, that are key materials for producing high-performance tires.

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MOSCOW (MRC) -- BASF has created a unique “MySetta” show car based on a 1958 BMW Isetta 250. The MySetta is a two-seater that you enter through the front. Innovative BASF products were used to give the car a modern outfit. The MySetta’s chassis, the body, the add-on parts and its interior were completely refurbished. For the overhaul, BASF paints, coated fabrics and flexible foam were used.



BASF’s broad portfolio made this individual project possible. Whether for polyurethane foams for ergonomically correct seats, lightweight engine mounts made of plastic, or unusual coatings, BASF is the world’s largest automotive supplier in the chemical industry. “The automotive industry is one of the BASF Group’s most important customer segments. In order to consolidate the activities and competencies, a lively exchange takes place in the cross-divisional teams,” said Harald Pflanzl, Head of Automotive Refinish Europe at BASF.



The automotive industry is one of BASF’s key customer industries, accounting for up to 15 percent of the Group’s total sales. As the world’s leading automotive supplier in the chemical industry, BASF is recognized as a reliable and competent partner by carmakers, suppliers, and the after-sales market. With a strong presence in Europe, Africa, North and South America, as well as in Asia, BASF has a global industry network. It supplies and develops functional materials and solutions that contribute to the vehicles of today and of the future. From engineering plastics, polyurethane and specialty foams, coatings and fuel additives to catalysts, battery materials, pigments, synthetic lubricants, coolants, brake fluids and chemicals for leather and textiles, BASF supplies a broad range of products for use in the automotive industry. Sales to the automotive industry in 2012 were EUR9.5 billion.

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MOSCOW (MRC) -- LyondellBasell announced that it has entered into a new contract with CEO James L. Gallogly and taken other steps to ensure continued strong leadership and executive continuity at the company.

"The company has been transformed in recent years under the talented leadership team that Jim has assembled and led," said Robert G. Gwin, chairman of the supervisory board. "The company emerged from bankruptcy in May 2010 and is now a member of the S&P 500 with an investment-grade credit rating. It has advanced every facet of its business goals, including safe and reliable operations, strict cost control, asset refurbishments and a significant capital growth program," Gwin said. Total shareholder return over this period, assuming dividends were reinvested into the stock, has been approximately 400 percent.

Gallogly's new contract will become effective May 14, 2014. Gallogly's original employment agreement was entered into in May 2009 when he joined the company during its bankruptcy proceedings and tied most of his realizable compensation to equity awards.

LyondellBasell is one of the world's largest plastics, chemical and refining companies and a member of the S&P 500. LyondellBasell manufactures products at 58 sites in 18 countries. LyondellBasell products and technologies are used to make items that improve the quality of life for people around the world including packaging, electronics, automotive parts, home furnishings, construction materials and biofuels.

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MOSCOW (MRC) -- Bangladesh Petrochemical Company Limited (BPCL), the first petrochemical company in Bangladesh to produce food grade PET plastic using recycled plastic bottles, hosted an investment agreement signing ceremony to join hands with DEFTA Partners, as per Plastemart. This is the first time that DEFTA Partners invested outside the technology arena, with the focus to help Bangladesh step forward with innovative eco-solutions.

DEFTA Partners is a venture capital firm primarily making investments in early stage IT companies with global opportunities to accelerate their growth. Their vision is to use advanced technology to realize a better future for the 21st century.

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