Wood Group completes acquisition of Amec Foster Wheeler

MOSCOW (MRC) — Wood Group is pleased to announce that it has completed the acquisition of Amec Foster Wheeler, said Hydrocarbonprocessing.

Wood Group's new ordinary shares will be admitted to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange with effect from 8 a.m. (London time) Oct. 9.

Holders of ordinary shares of 50 pence each in the capital of Amec Foster Wheeler on the register at the Scheme record time, being 6 p.m. on Oct. 6, will receive 0.75 of an ordinary share of 4 2/7 pence each in the capital of Wood Group in exchange for each Amec Foster Wheeler Share. As a result, 294,510,216 New JWG Shares will be listed on the Premium Listing segment of the Official List of the UK Listing Authority and will be admitted to trading on the London Stock Exchange's main market from 8 a.m. Oct. 9.

Following the admission to trading of the New JWG Shares, the Wood Group's issued share capital will consist of 677,685,600 ordinary shares with each share carrying the right to one vote. Wood Group holds no ordinary shares in treasury. The total number of voting rights in Wood Group will therefore be 677,685,600. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in Wood Group under the FCA's Disclosure Guidance and Transparency Rules.

The admission of Amec Foster Wheeler Shares to the premium segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange will be cancelled with effect from 8 a.m. (London time) Oct. 9.

As of Oct. 6, Ian McHoul, Linda Adamany and Roy A. Franklin have been appointed to the Wood Group Board as Non-executive Directors. Since the publication of the Prospectus, Ian McHoul has been appointed Senior Independent Director of Britvic plc effective Sept. 1 and a non-executive director of Bellway plc effective Feb. 1, 2018. Roy Franklin has been appointed Non-Executive Chairman of Premier Oil PLC effective Sept. 1 and resigned as a non-executive director of Santos Ltd effective Sept. 30.
MRC

MOSCOW (MRC) — China National Offshore Oil Co (CNOOC) completed trial runs at its 200,000-bpd Huizhou refinery in the southern Guangdong province on Oct. 2, China Securities Journal reported on Monday, as per Reuters.

The test runs were completed 16 days after crude oil was pumped into the unit, the Journal reported. The new plant is part of the second phase of CNOOC’s Huizhou refining and chemical complex, which also includes a 1.2-MMtpy ethylene plant, a JV with Royal Dutch Shell.

The new ethylene complex’s construction is expected to be completed at the start of 2018, the report said.

CNOOC is the parent of offshore oil and gas producer CNOOC Ltd.
MRC

MOSCOW (MRC) -- Fluor Corporation has announced that it was selected by LyondellBasell, one of the world's largest plastics, chemical and refining companies, to perform the engineering and procurement for its propylene oxide (PO) and tertiary butyl alcohol (TBA) project located at its Channelview and Bayport complexes outside of Houston, as per Fluor's press release.

Fluor booked the undisclosed contract value into backlog in the third quarter of 2017.

The project represents the single-largest capital investment in LyondellBasell’s history. When completed, the plant will produce 1 billion pounds per year of PO and 2.2 billion pounds per year of TBA. At the peak of construction, the project is expected to create up to 2,500 jobs and approximately 160 permanent positions when operational.

PO is a building block of many everyday products, including bedding, furniture, carpeting, coatings, building materials and adhesives. The TBA will be converted to fuel additives that help gasoline burn cleaner and reduce automobile emissions.

"This facility is a strategic part of LyondellBasell’s organic growth plans and we are pleased to continue our partnership on this project," said Mark Fields, president of Fluor’s Energy & Chemicals business in the Americas. "Using our Zero Base ExecutionSM approach, the LyondellBasell and Fluor team developed a fit-for-purpose solution that optimized the plant design, leveraged global procurement opportunities and implemented a cost-effective modularization approach. Our integrated solutions approach substantially reduced the facility’s capital costs and helped LyondellBasell achieve their final investment decision on this world-scale chemical facility."

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world and has world-leading PO/TBA technology. Fluor has participated in the project since the commencement of front-end engineering and design in 2015. Project completion is expected in 2021.

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 56 sites in 19 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.
MRC

MOSCOW (MRC) -- Hanwha Total Petrochemical is in plans to shut its No. 2 ethylene vinyl acetate (EVA) plant for a brief maintenance, as per Apic-online.

A Polymerupdate source in South Korea informed that the plant is likely to be taken off-line for maintenance on November 20, 2017. The plant is slated to remain shut for around 4-5 days.

Located at Daesan, South Korea, the No.2 plant has a production capacity of 280,000 mt/year.

As MRC informed before, in October 2016, Hanwha Total Petrochemical expanded the production capacity of its low density polyethylene (LDPE)/ethylene vinyl acetate (EVA) swing plant. Thus, the production capacity of the existing plant was increased by 40,000 mt/year. Located at Daesan in South Korea, the swing plant had a total capacity of 240,000 mt/years.

Hanwha Group is one of the largest business conglomerate in South Korea. Founded in 1952 as Korea Explosives Inc., the group has grown into a large multi-profile business conglomerate, with diversified holdings stretching from explosives, their original business, to retail to financial services.
MRC

MOSCOW (MRC) -- Sabic, a global leader in the chemical industry, will showcase at Aquatech Amsterdam its industry-leading water management resources, technical support services and materials that are helping customers address global industry trends in revitalizing infrastructures and raising operational efficiency, said the producer in its press release.

In particular, the company will spotlight its growing portfolio of high-performance engineering resins for the water management industry, extensive application development capabilities, and new Predictive Engineering Services that can enable the industry to solve tough challenges, ranging from optimizing hydrolytic stability and water quality to preventing corrosion and biofouling.

Sabic will demonstrate at Aquatech Amsterdam how its advanced resin technologies can become the materials of choice for a wide array of potable, process and wastewater applications by delivering important design, performance and productivity benefits that could surpass those of metal and other traditional materials. The company will also showcase at its stand the diverse testing capabilities of its recently expanded Water Management Center of Excellence, located in Bergen op Zoom, The Netherlands. Additionally, Sabic will feature new data that reinforces the benefits of using its resins, live simulations and real-world customer applications.

As MRC informed before, in October 2016, Sabic announced that it had developed next generation low density polyethylene (LDPE) foram grades. The first product of a new generation of LDPE foam grades from SABIC was designed to increase production efficiency at the foam manufacturer.

Saudi Basic Industries Corporation (Sabic) ranks among the worldпїЅs top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
MRC