Novatec Solar and BASF start operations of solar thermal demonstration plant

MOSCOW (MRC) -- Novatec Solar and BASF have successfully commissioned a solar thermal demonstration plant based on a new type of molten salt technology, known as direct molten salt or DMS technology, reported BASF on its site.

The plant is located on the site of the solar-thermal power plant PE1 in southern Spain. The innovative feature of the new plant design is that the solar collector uses inorganic molten salt as heat transfer fluid. Most solar thermal power plants currently use heat transfer oils, which have a limited qualification temperature. Using inorganic salts as heat transfer fluid allows operating temperatures above 500°C, resulting in a significant increase in power yield.

The thermal energy can either be directly converted into electrical power or be stored in large molten salt tanks during periods of low demand. This stored energy can be kept in reserve for times when production is low, for example when the sky is overcast. Solar thermal power plants with storage systems can supply electricity as and when required, which helps to ensure grid stability.

Over the coming months, the demonstration collector will be used to experimentally simulate a large number of different operating conditions and study the impacts on long-term operability. The results will be used to develop the next generation of solar thermal power plants.

"The successful commissioning and the initial results of the DMS demo plant have confirmed our expectations of the technology. We are delighted that we can now offer solar thermal power plants with molten salt technology and thermal storage on a commercial basis," says Andreas Wittke, CEO of Novatec Solar.

As MRC wrote before, Tinosorb A2B is the first UV filter to be included in the positive list (Annex VI) of the new EU Cosmetics Regulation. Therewith, BASF’s highly efficient broadband filter is also the first UV filter with particle sizes smaller than 100 nanometers approved for use in cosmetics in Europe, announced the company in late August 2014.

Novatec Solar is a leading technology supplier for concentrating solar power, specializing in the production, supply, and turnkey delivery of solar steam generators based on Fresnel collector technology. These are suitable for a wide range of applications such as power generation in solar thermal power plants and the production of process steam for industrial processes, for example in more cost-efficient oil production.

BASF is the world’s leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. BASF had sales of about EUR74 billion in 2013 and over 112,000 employees as of the end of the year.
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MOSCOW (MRC) -- Eastman Chemical Company, a global specialty chemical company, has announced that it has entered into a definitive agreement with Taminco Corporation under which Eastman will acquire Taminco, a global specialty chemical company, reported Eastman on its site.

Under the terms of the agreement, Taminco stockholders will receive USD26.00 in cash for each share of Taminco common stock. The total transaction value is USD2.8 billion, including net assumed debt of USD1 billion. The acquisition will be funded with available cash and debt financing.

"The acquisition of Taminco demonstrates Eastman’s continued commitment to accelerating growth throughout the company and around the globe," said Mark Costa, chairman and chief executive officer of Eastman. "As a specialty chemical company with consistent earnings growth and leading positions in attractive niche end markets, Taminco is a strong fit with Eastman’s strategic focus. Taminco will add an attractive alkylamines stream to our chemical portfolio."

The acquisition of Taminco strengthens Eastman’s presence in attractive niche markets such as food, feed and agriculture. In addition, it provides opportunities to accelerate growth in the personal care, coatings, and oil and gas markets. These markets also benefit from global megatrends such as a growing population, demand for high-performance products, and energy efficiency. The acquisition of Taminco will add an attractive, world-class technology platform in alkylamines to Eastman’s portfolio.

Eastman stockholders will benefit from corporate and operating cost synergies and revenue synergies. Total synergies are estimated to be approximately 5% of Taminco’s 2013 sales revenues with the majority expected to be realized over the two years post-acquisition.

Eastman expects free cash flow (defined as cash from operations less capital expenditures and dividends) in the two years following the acquisition to be approximately USD1.5 billion and unlevered return on capital to be between 12-15%, consistent with previous target returns.

As MRC wrote previously, earlier this year, Eastman Chemical Company enhanced its medical packaging portfolio with Eastalite copolyester, the company’s first opaque offering, which is styrene-free and can be a sustainable alternative to high-impact polystyrene (HIPS).

Eastman (headquartered in Kingsport, Tennessee, USA) is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables.
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MOSCOW (MRC) -- Idemitsu Kosan has shut a naphtha cracker for maintenance turnaround, reported Apic-online.

A Polymerupdate source in Japan informed that the cracker was shut on September 9, 2014. It is likely to be restarted in November 2014.

Located at Tokuyama in Japan, the cracker has an ethylene capacity of 623,000 mt/year and propylene capacity of 450,000 mt/year.

As MRC informed previously, Idemitsu SM Malaysia, an affiliate of Idemitsu Kosan, restarted its styrene monomer (SM) plant on September 15, 2014. It was shut for maintenance turnaround. Located at Pasir Gudang in Malaysia, the plant has a production capacity of 240,000 mt/year.

Idemitsu Kosan is a Japanese petroleum company. It owns and operates oil platforms, refineries and produces and sells petroleum, oils and petrochemical products. The company runs two petrochemical plants in Chiba and Tokuyama. The two naphtha crackers can produce up to 997,000 tonnes of ethylene per year.
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MOSCOW (MRC) -- BASF has been again included in the Dow Jones Sustainability World Index (DJSI World), as per the company's press release.

The company has been especially recognized for its engagement in the areas eco-efficiency, environmental reporting, labor practice and human rights. The DJSI World is one of the most renowned sustainability indices and represents the top 10% of the largest 2,500 companies included in the Dow Jones Global Index.

The BASF share is included in the DJSI World for the 14th consecutive year. The listed companies have to demonstrate continuous improvement every year with regards to sustainability and are assessed by analysts fromasset manager RobecoSAM.

As MRC wrote before, in order to better help its customers align environmental and societal aspects with business success, BASF has recnetly developed a new process for steering its portfolio based on sustainability criteria. The Sustainable Solution Steering method is used to systematically review and evaluate the sustainability aspects of the approximately 50,000 relevant product applications in the company’s portfolio, which represent sales of EUR56 billion.

Besides, in July 2014, BASF Shanghai Coatings Co., Ltd. inaugurated its new automotive coatings plant at the Shanghai Chemicail Industry Park in Shanghai, China. The expansion of its automotive coatings production capacity with an investment of around EUR50 million further strengthens BASF’s presence in China and its position as a leading coatings supplier to the automotive industry.

BASF is the world’s leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. BASF had sales of about EUR74 billion in 2013 and over 112,000 employees as of the end of the year.
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MOSCOW (MRC) -- Tokyo Electric Power Company (Tepco) and BP Singapore (BPS) have reported the conclusion of a sale and purchase agreement for LNG. Under the agreement, Tepco will purchase up to 1.20 MMtpa of LNG over 17 years from BPS, starting in April 2017, said Hydrocarbonprocessing.

The agreement states that Tepco will receive LNG from BPS, supplied from multiple LNG sources which BP Group holds, and is the first long term contract of its kind for Tepco.

The agreement will enable Tepco's steady purchase of LNG through diversification, since BPS will provide LNG from various supply areas. The supply features the inclusion of lean LNG, of which Tepco intends to increase its share, and also the inclusion of gas link (Henry Hub link) for price indexation, which will contribute to Tepco's aim of purchasing LNG at competitive price.

Tepco has reviewed multiple supply sources, including those of US origin, in its strategy towards the annual purchase of approximately 10 MMtpa of lean LNG (half the amount of LNG purchasing). With this agreement concluded with BPS, a total of approximately 2 MMtpa of lean LNG will be secured.

In addition to introducing multiple supply sources and diversification of price indexation, Tepco will continue to strive towards the steady and economical purchase of fuel through comprehensive business alliances in order to meet its responsibilities as an electricity supplying company.

As MRC wrote before, BP, the UK oil company with the single-biggest foreign investment in Russia, warned that more sanctions against the country could hurt its business. BP, with a 20% stake in OAO Rosneft, stands to lose the most from further sanctions in response to Russia’s annexation of Crimea. The European Union and the US are acting to intensify punitive measures aimed at key sectors of the economy -- finance, defense and energy.

BP is one of the world's leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items.
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