Turkey resumes Iranian oil imports under US sanctions waiver

MOSCOW (MRC) -- Turkey has resumed imports of Iranian crude oil after a one-month hiatus in November when US sanctions on Iran were reimposed, reported Reuters with reference to trading and shipping sources.

The United States granted Turkey and other countries import waivers in early November. Turkey said it was permitted to take 3 million tonnes a year, equivalent to about 60,000 barrels per day (bpd), under the waiver.

Turkey used to import about 200,000 bpd of Iranian crude before Washington announced last year that it would pull out of the 2015 Iran nuclear deal and reimpose sanctions.

Turkey had reduced its imports from Iran in the months prior to sanctions coming into force in early November. Its imports fell to zero in November.

But in December Turkey took delivery of two tankers carrying Iranian crude, equivalent to about 54,000 bpd during December, according to a shipping and trading source familiar with the matter.

The Solan tanker delivered into the port of Aliaga, while the Sea Topaz I discharged at Tutunciftlik.

So far in January, Turkey is set to receive a cargo from the Iranian-owned tanker Sinopa, the sources and Refinitiv Eikon ship tracking showed.

Turkish officials and Tupras were not immediately available to comment.
MRC

China to crack down on diesel trucks, raise fuel standards

MOSCOW (MRC) - China will take action against highly-polluting diesel trucks by imposing tougher fuel and engine standards, raising rail freight volumes and strengthening its monitoring capabilities, new guidelines published by the environment ministry said, as per Reuters.

The Ministry of Ecology and Environment said in a policy document on Friday it would aim to "significantly increase" the number of diesel trucks capable of meeting emission standards by 2020, targeting a compliance rate of at least 90 percent by next year.

It also promised to improve the quality of diesel, crack down on low-grade fuel and reduce overall nitrogen oxide and particulate matter emissions from fuel combustion.

New trucks that fail to comply with state requirements will not be allowed to enter the market, and key regions will also be ordered to implement advanced “China VI” fuel standards starting in July this year, the document said.

China is in the fifth year of a “war on pollution” but average emission levels in many smog-prone northern cities remain significantly higher than the levels recommended by the government.

The northern regions near the capital Beijing will eliminate more than 1 million outdated diesel-fueled trucks by the end of 2020. Tougher controls on diesel freight will also be imposed during smog build-ups, it said.

National rail freight rates would be increased by 30 percent compared with 2017, and China will work to ensure that long-distance bulk commodity deliveries are done via rail or ships, it said.

Tackling truck emissions has become a major part of China’s efforts to curb pollution. Though trucks produce 13 times more pollution per unit of cargo than trains, the share of rail in total freight amounted to just 7.7 percent in 2017.
The environment ministry said last year that while diesel trucks accounted for just 7.8 percent of China’s total vehicles, they contributed as much as 57.3 percent of total nitrogen dioxide emissions and more than three quarters of airborne particulate matter.

The ministry plans to charge higher fees and introduce more stringent monitoring procedures to try to persuade firms to make better use of the rail network to deliver goods.
MRC

TransCanada to change its name to TC Energy

MOSCOW (MRC) -- Canadian pipeline operator TransCanada Corp said on Wednesday it would change the company’s name to TC Energy to better reflect its scope of operations, as per Reuters.

"We believe the name TC Energy clearly articulates our complete business – pipelines, power generation and energy storage operations," Chief Executive Officer Russ Girling said.

The company said it will continue to trade under "TRP" on the Toronto Stock Exchange.

TransCanada shareholders will be voting to approve the name change at the next annual meeting in the second quarter of 2019, the company said in a statement.
MRC

PolyOne acquired Fiber-Line for USD120m


MOSCOW (MRC) -- PolyOne Corporation, a premier global provider of specialized polymer materials, services and solutions, today announced the acquisition of Fiber-Line, a global leader in customized engineered fibers and composite materials for USD120 million, said the company.

Founded in 1987, Fiber-Line has utilized its customer-centric culture and specialty innovation to establish a leading portfolio of materials serving the fiber optic cable, oil & gas, industrial and consumer industries. With five manufacturing locations in North America, Europe and Asia, Fiber-Line provides material science and polymer formulation expertise to engineer specified performance characteristics for fiber. These include strength, abrasion and chemical resistance, and specialty colorants.

"Fiber-Line is an innovative and unique addition to our portfolio of fiber and composite solutions with tremendous upside for growth," said Robert M. Patterson, chairman, president and CEO, PolyOne Corporation. "They provide an immediate leadership position in serving the build out of fiber optic cable and future 5G networks." Mr. Patterson added, "This acquisition represents a significant investment for our Specialty Engineered Materials segment. We expect it to add nearly USD100 million in revenue in 2019 and be immediately accretive to EPS."

Fiber-Line's leading technologies complement PolyOne's existing specialty composite solutions and wire & cable applications. PolyOne will utilize its proven invest-to-grow integration strategy to increase innovation for Fiber-Line customers, by leveraging deeper formulation expertise and a global commercial presence that accelerates growth.

"Joining the PolyOne team represents another important and exciting milestone for Fiber-Line employees and our valued customers," said Dale Outhous, CEO, Fiber-Line. "Through PolyOne's future investments in Fiber-Line's technical capabilities, operations and commercial reach, we will be able to serve our customers better than ever before."

Mr. Patterson added, "We're very excited to welcome Dale and his accomplished Fiber-Line management team to PolyOne. Through increased collaboration with customers, we'll capture both near-term growth prospects as well as benefit from the expansion of 5G networks. Longer term, we expect future growth to be driven by significant technology synergies between fiber and composites, utilizing specialty colorants and coatings, which PolyOne is well positioned to develop."

PolyOne Corporation, with 2017 revenues of USD3.2 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is an ACC Responsible Care certified company committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles.
MRC

Ivory Coast SIR oil refinery secures loan

MOSCOW (MRC) -- Ivory Coast’s SIR oil refinery, the largest in French-speaking West Africa, has secured a USD660 million loan, lead arranger Africa Finance Corporation (AFC) announced, allowing it to reduce debt and keep buying crude, reported Reuters.

SIR has struggled with towering debt levels for years, potentially threatening its ability to buy oil for Ivory Coast’s fast-growing economy. In 2016, the country implemented debt-relief measures for the refinery using public and private funds.

The new loan comprises a euro tranche with a 9-year maturity and a West African CFA franc tranche with a 7-year maturity.

Other banks involved in the loan include Deutsche Bank, ICBC Standard Bank, United Bank for Africa, NSIA Bank and Bridge Bank. Lawyers Norton Rose Fulbright and Bile-Aka, Brizoua-Bi & Associes advised on the transaction.

With a refining capacity of 3.8 million tonnes in 2018, SIR serves Ivory Coast and nearby countries.

As MRC wrote previously, in October 2016, Ivory Coast signed a partnership pact to create a consortium headed by France's Total to build a LNG import terminal that could have begun receiving gas shipments by mid-2018.
MRC