Styron competes change of company name to Trinseo

MOSCOW (MRC) -- Styron, the global materials company and manufacturer of plastics, latex and rubber, has announced it has changed its name to Trinseo, effective February 1, 2015, said the producer in its press release sent to MRC.

The name Trinseo comes from the word "intrinsic," meaning something is essential and belonging by its nature. The new company name reflects how Trinseo’s technologies and materials play an intrinsic role in the innovative and sustainable solutions that its customers require in developing the next generation of products.

"The name Trinseo captures our commitment to deliver materials that provide intrinsic value to our customers’ products," said Chris Pappas, President and CEO of Trinseo. "Customers approach us for help with complex material challenges, and we collaborate and innovate with them to design new applications and products together. Our new name of Trinseo better reflects our breadth as a growing company with broad global reach and a diverse portfolio of materials and technologies."

The company will maintain the gold arrow icon in its new logo, along with its current color palette and tagline of "Materials. Powering Ideas." The company had previously changed the name of some legal entities; all legal entities around the world have now been renamed as Trinseo.

As MRC informed before, in October 2014, Trinseo announced that it would realign its business divisions, creating two new business groups called Performance Materials and Basic Plastics and Feedstocks.

The Performance Materials division will include the following reporting segments: Rubber, Latex and Performance Plastics (consisting of the Automotive and Consumer Essential Markets businesses). The Basic Plastics and Feedstocks division will also represent a separate segment for reporting purposes and will include the following businesses: Styrenic Polymers (Polystyrene, ABS, SAN), Polycarbonate, and Styrene Monomer.

Trinseo is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. Trinseo’s technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Trinseo had approximately USD5.3 billion in revenue in 2013, with 19 manufacturing sites around the world, and approximately 2,100 employees.
MRC

MOSCOW (MRC) -- MTM Plastics GmbH, which produces recycled polyolefins from mixed plastic waste, is planning to invest 8 million euros (USD9.2 million) to expand its production facilities in Niedergebra, Germany by the end of 2016, said Plasticsnews.

The company states that around 20 new jobs will be created. Two new production halls, expected to be completed by the end of February 2015, and two new halls will extend its granulate warehouse.

MTM will then concentrate on expanding its production area by 20,000 square meters. The company currently produces 30,000 metric tons of granulate in Niedergebra with a workforce of 88. By late 2016, those numbers should grow to around 110 employees and an output of nearly 40,000 metric tons.

Looking to the future, MTM says that within the next five years, it plans to build a second plant at a new location because its site in Niedergebra will no longer be large enough.

MTM Plastics converts secondary raw materials into high quality regranulates for plastic products. This involves cleaning and enhancing the shredded material in various process steps (recycling). The company is headquartered in Niedergebra, a town to the south of Hanover in Germany, the company has been recycling plastic packaging material since 1994. Since then, there have been two changes of ownership (1998 and 2003). European technology leader in in the recycling of mixed plastics and as one of the world's biggest producers of polyolefin recyclate. With our substantial production capacities, we can turn out up to 30,000 metric tons of regranulate a year.
MRC

MOSCOW (MRC) -- Petrofac Ltd Tuesday said it has been awarded a contract for the first phase of Kuwait Oil Co's Lower Far heavy oil development programme in the north of Kuwait as part of a consortium with Greece-based Consolidated Contractors Co., said Youpetrochemicalnews.

Petrofac said the scope of work the consortium will complete includes greenfield and brownfield facilities, including engineering, procurement, construction, pre-commissioning, commissioning, start up and operations, maintenance work and associated infrastructure work.

The total project value is in excess of USD4.0 billion, although Petrofac did not say how much the first phase is worth.

The work will also consist of a 162 kilometre pipeline which will transport heavy crude from the central processing facility to the south tank farm where it can be sent to a refinery in the south of Kuwait.

The engineering, procurement and construction work will involve 10 months of commissioning and ramp up work at the project, which is expected to be completed in 52 months, when the plant will be handed over to the Kuwait Oil Co, said Petrofac.

When fully operational it is expected that the initial phase of the Lower Fars heavy oil project will produce around 60,000 barrels of oil a day.

"With a track record extending over the last 14 years, it represents our eleventh project in the country and reinforces the strategic importance of Kuwait as part of our onshore engineering and construction portfolio," said Subramanian Sarma, managing director of Petrofac's onshore engineering and construction business.

As MRC wrote before, Petrofac received two engineering, procurement and construction (EPC) contracts from Saudi Aramco to work on the Jazan Refinery and Terminal project in Saudi Arabia. The two contracts are worth about USD1.4bn and will be executed from Petrofac's Saudi Arabian office. The scope of the contracts includes delivery of tank farms in the north and south areas of the project.

Petrofac is a provider of oilfield services to the international oil and gas industry. It is registered in Jersey (number 81792), with its main corporate office on Jermyn Street, London. It has operational centres in Aberdeen, Sharjah, Woking, Chennai, Mumbai, Delhi, Abu Dhabi, Saudi Arabia and Kuala Lumpur. There are another 24 offices in various countries.
MRC

MOSCOW (MRC) -- Japanese trading house Marubeni Corp reduced its full-year net profit projections by a half on Monday citing write-downs caused by plunging commodities prices, said Binarytribune.

Like international oil majors and mining companies, Japan's trading companies have been caught flat-footed by the rout in commodities, with oil down as much as 60 percent and copper falling about 25 percent since the middle of last year.

The trading house said it would consolidate business divisions and strengthen oversight to catch risks early, but would continue to seek out investment opportunities.

"We did not expect (crude oil prices) would fall below USD45. There is no mistake that this was quite different from our earlier outlook," Marubeni President Fumiya Kokubu told reporters at a hastily called news conference.

In addition, the trader revealed a goodwill impairment loss of approximately Y50bn related to its acquisition of Idaho-headquartered fertilizer and grain merchant Gavilon. "The performance of Gavilon for the current fiscal year is expected to fall short of the initial business plan, as was the case in the previous fiscal year," Marubeni disclosed.

As MRC wrote before, Marubeni Corporation concluded an off-take agreement with Nghi Son Refinery and Petrochemical Limited Liability Company, the operator of the Nghi Son Refinery & Chemical Complex in Vietnam, for its products, namely polypropylene and sulfur.

Marubeni is delighted to be a support of the first Japanese-owned refinery & chemical complex located outside of Japan in terms of stable operations by committing to long-term off-taking and is willing to continue its contribution to the emerging Vietnamese economy for further development.

MRC

MOSCOW (MRC) -- Austrian energy group OMV will take a 700 million euro (USD790.5 million) charge in the fourth quarter. The investment curbs due to low oil prices and uncertainty in Libya would prevent it from reaching its 2016 output target, said Reuters.

This year will be even tougher for OMV than a difficult last quarter in 2014 as a slump in oil prices has pushed the oil and gas group to slash its investment plans. OMV is reducing its annual investment to 2.5-3 billion euros from 3.9 billion euros (USD4.4 billion) and further investment reductions are possible if the oil price stays low at around USD50 per barrel.

"Net special charges of approximately 700 million euros were recorded in the operational result for the quarter, mainly due to impairments in Petrol Ofisi and in the power business of OMV Petrom," it said in a trading statement.

"While we remain committed to the major projects expected to contribute to our previously stated 2016 production target of around 400,000 kboe/d, the changes to the investment program will inevitably lead to a delay in reaching this production level," it said.

The contribution to OMV's results of Austrian petrochemical producer Borealis – of which OMV is a 36% stakeholder – fell on a quarter on quarter basis, mainly driven by a lower result from the Abu Dhabi-based Borouge business, the company also said.

OMV also said in the trading statement that in order to "reflect the significant decline of the oil price together with the unpredictability of our Libyan production, we have scaled back our investment program".

“The latest expenditure for the average Group CAPEX for the period 2015-2017 is EUR2.5-3bn per annum (the lower end of the range represents an oil price assumption of approximately USD50/bbl going forward for the next three years) with roughly 80% being directed to Upstream," the company said.

OMV is an integrated international oil and gas company, headquartered in Vienna. Its main businesses are exploration and production of oil and gas, natural gas distribution and power generation, and refining and marketing oil products. OMV is the largest listed manufacturing company in Austria.MRC