RTP opens facility in Poland

MOSCOW (MRC) -- RTP Companyб a global compounder of custom engineered thermoplastics, is expanding into Poland, by opening new facility. RTP’s newest manufacturing unit is located at Prologis Park V in Wroclaw, Poland, as per the company's press release.

This newest manufacturing location will support regional demand and provide a consistent supply of our products to customers operating in Europe.

The 8,000 m2 facility has a wide dock area with a high clearance ceiling, external office space, and a laboratory with controlled temperature and humidity.

The production area will feature extra natural light, additional ventilation and drainage, and will accommodate up to six production lines. The park provides room to expand operations in the future.

The plant is scheduled to open in summer 2018 and will employ 25 or more people.

As MRC informed before, in 2015, Solvay Specialty Polymers, a leading global supplier of high-performance thermoplastics, announced a new licensing agreement that enables RTP Company to produce and sell Solvay’s Radel R-7000 series of polyphenylsulfone (PPSU) resins to the global commercial aircraft industry.

RTP company is a producer of specialty compounds from a wide range of base polymers, including polypropylene, polystyrene, low density polyethylene, high density polyethylene, polycarbonate, polyvinyl chloride, etc.
MRC

Devon Energy to sell midstream stakes worth USD3.1bn to GIP

MOSCOW (MRC) -- Devon Energy has entered into an agreement with Global Infrastructure Partners (GIP) to sell its stakes in EnLink Midstream Partners (ENLK) and EnLink Midstream (ENLC) for USD3.1bn, as per Compello.

The transaction is expected to reduce Devon Energy’s consolidated debt by 40%. The company had a debt of USD10.29bn at the end of 2017.

Devon Energy president and CEO Dave Hager said: "The sale of our EnLink interests represents a significant step forward in achieving our 2020 Vision to further simplify our asset portfolio and return excess cash to shareholders."

The transaction is subject to customary terms and conditions and is expected to be completed in July 2018. Following the completion of the transaction, the EnLink Midstream companies (EnLink) will continue a commercial relationship with Devon under long-term commercial contracts.

The companies will continue to partner to maximize returns in the STACK, redevelop the Barnett Shale, and team on new potential opportunities, such as crude gathering in the Delaware Basin.

Devon will extend its fixed-fee gathering and processing contracts with respect to the Bridgeport and Cana plants with EnLink through 2029.

Hager said: "EnLink remains a preferred partner for us in the midstream space, and we will continue to pursue mutually beneficial ways to grow our respective businesses across North America’s most prolific growth basins."

After the completion of the stake sale, the infrastructure fund manager GIP will 100% stake in EnLink Midstream Manager, nearly 64% limited partner equity interest in ENLC, and an approximate 23% limited partner equity interest in ENLK.

In conjunction with the EnLink transaction, Devon has also decided to increase its share repurchase program from USD1bn to USD4bn.

However, the expanded share repurchase program, which will extend through 31 December 2019, is subject to the closing of the EnLink transaction.

Based in Oklahoma City, Devon operates in several of the most prolific oil and natural gas plays in the US and Canada.
MRC

Synthomer launches new Revacryl UltraGreen 1647 for high performance wall paints

MOSCOW (MRC) -- Synthomer takes pride in unveiling the new Revacryl UltraGreen 1647, an innovative, styrene acrylic binder for interior wall paints, as per the company's press release.

With its outstanding wet scrub resistance and pigment loading, it paves the way for wall paints fulfilling EN13300 class 1 wet scrub resistance and hiding power, as well as meeting the strict requirements of ecolabels like RAL UZ 102.

The polymer is designed to have high compatibility with silicate and is stable under high pH condition, making it suitable for silicate paint formulation. Synthomer binders are the basis for many premium coatings applications, for both decorative and protective use. Please contact and talk to one of our technical experts about how our polymer binders can help to elevate the performance of your products.

Synthomer is one of the world’s leading suppliers of emulsions polymers, styrene-butadiene and acrylonitrile-butadiene latexes and specialty polymers. It develops and markets polymers used in a wide range of industries to create and enhance everyday consumer products. Synthomer holds leading positions in their chosen markets and have a proven record to generate added value to its customers through in-depth application know-how and strong R&D support.
MRC

Gazprom Neft, IBM collaborate on new technologies for onshore oil production

MOSCOW (MRC) -- Russian oil and gas firm Gazprom Neft has agreed to expand cooperation with technology giant IBM in developing new technologies in onshore oil production, as per Compello.

The parties are looking to collaborate on the methodology for the launch of a digital laboratory by the Russian company among other initiatives.

Earlier, this month, Gazprom Neft had signed a collaboration agreement with the Skolkovo Institute of Science and Technology to establish the digital laboratory to conduct research in the field of modeling of multiphase systems in the oil and gas industry.

Gazprom Neft said that new technologies will be evaluated to boost the efficiency of geological exploration and production of onshore oil reserves. The technologies would involve software created based on artificial intelligence, Big Data, predictive analytics and industrial IoT among others.

The expanded cooperation that covers onshore production is within the framework of an agreement made on strategic cooperation in the field of digital technologies between Gazprom Neft and IBM during this year’s St. Petersburg International Economic Forum.

Gazprom Neft first deputy general director Vadim Yakovlev said: “Together with IBM we will expand the accumulated experience of implementing breakthrough developments in the field of geology and drilling.

“The use of artificial intelligence in the analysis of large data has proved the possibility of increasing the economic efficiency of our projects through making timely and optimal decisions.”

So far, Gazprom Neft and IBM personnel had come up with a joint program for digitally managing oil production processes for onshore fields.

According to the Russian firm, various projects are in progress in the field of automated analysis of the geo-information system with the objective of assessing geology and predicting complications in drilling operations.

Gazprom Neft is also developing a partnership with IBM within the Gazprom Neft Project Management Center. The management center is designed to maximize the accuracy of forecasting results and cut down the time of important onshore oil production projects, said Gazprom Neft.

IBM Russia and the CIS country general manager Andrey Filatov said: "Surveys conducted by the IBM Institute for Business Value among the top managers in the oil and gas industry show that the digital transformation is becoming a key driver in making the businesses more efficient.

"It allows the companies to remain leaders even in such competitive industries. IBM’s joint projects with Gazprom Neft are a clear demonstration of such approach."
MRC

European refiners winding down purchases of Iranian oil

MOSCOW (MRC) -- European refiners are winding down oil purchases from Iran, closing the door on a fifth of the OPEC member's crude exports after the United States imposed sanctions on Tehran, reported Reuers with reference to company and trading sources.

The drop in crude purchases from the Islamic republic could complicate efforts by European governments to salvage the Iranian nuclear deal disavowed by US President Donald Trump last month.

Although European governments have not followed Washington by creating new sanctions, banks, insurers and shippers are gradually severing ties with Iran under pressure from the US restrictions, making trade with Tehran complicated and risky.

Trump on May 4 announced his decision to quit the landmark 2015 nuclear deal between Iran and world powers and reimposed sanctions on Tehran. The restrictions on Iran's oil sector take effect after a 180-day "wind-down period" ending on Nov. 4.

Ministers from Germany, France and Britain have urged US officials to shield European companies from the sanctions, but refiners are not taking any chances.

"We cannot defy the United States," said a senior source at Italy's Saras, which operates the 300,000-barrels-per-day (bpd) Sarroch refinery in Sardinia.

Saras is determining how best to halt its purchasing of Iranian oil within the permitted 180 days, the source said, adding: "It is not clear yet what the U.S. administration can do but in practice we can get into trouble."

Refiners including France's Total, Italy's Eni and Saras, Spain's Repsol and Cepsa as well as Greece's Hellenic Petroleum are preparing to halt purchases of Iranian oil once sanctions bite, the sources said.

These refiners account for most of Europe's purchases of Iranian crude, which represent around a fifth of the country's oil exports.

Iran's crude sales to foreign buyers averaged around 2.5 million bpd in recent months, according to data collected by Reuters and EU statistics office Eurostat. The bulk of the exports go to Asia.

The companies, most of which have long-term contracts with Iran's national oil company, will continue to purchase cargoes until the sanctions take effect, the sources said.

Total, Europe's largest refiner, does not intend to request a waiver to continue crude oil trading with Iran after Nov. 4, according to people with direct knowledge of the matter. That effectively means it will be unable to keep purchasing crude.

Eni said it had an oil supply contract outstanding for the purchase of 2 million barrels per month, expiring at the end of the year.

Repsol and Hellenic Petroleum declined to comment.

"Our trading activity (remains) business as usual ... We continue to strictly conform with European Union and international laws and regulations," a Cepsa spokesman said.

Iranian crude can be substituted by Russian Ural grades, whose prices have risen following the US announcement, as well as crude from Saudi Arabia, trading sources said.

Some of the refiners, including Cepsa, are considering whether to request a waiver from US authorities to continue buying beyond the November deadline in order to complete their term agreements.

"With a longer-term contract in place, we're hoping to get a six-month waiver," an industry source close to Cepsa said. "From November, we don't know if any cuts will have to be partial or total."

Crude trade between Iran and Europe has risen sharply since the lifting of tough sanctions on Tehran in 2015.

But banks, shipping firms and insurance companies are now distancing themselves from the Islamic republic, leaving Europe's refiners few options but to stop oil purchases.

"It's a matter of finding a tanker and an insurer that will cover it. It's definitely not easy right now," a source at Repsol said.

Hellenic had to stop imports because the Swiss bank that it used was no longer processing payments to Iran, an industry source familiar with the situation said.

Asian buyers are also expected to reduce their purchases. India's Reliance Industries Ltd, owner of the world's biggest refining complex, plans to halt oil imports from Iran, two sources familiar with the matter said last week.
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