LyondellBasell announces final daily VWAP and final price cap of tender offer to purchase up to 37 mln of Its shares

MOSCOW (MRC) -- LyondellBasell has announced that it has determined the final Daily VWAP and the Final Price Cap (each as described below) pursuant to its previously announced tender offer to purchase up to 37,000,000 of its issued and outstanding ordinary shares, par value EUR0.04 per share, as per the company's press release.

The final Daily VWAP is USD87.3671 and the Final Price Cap for the tender offer is USD96.1038. As set forth in the offer to purchase, the "Daily VWAP" is the daily per share volume-weighted average price for Shares on the New York Stock Exchange, as defined in more detail in the offer to purchase and the "Final Price Cap" is a price that equals 110% of the Daily VWAP on the Expiration Date of the tender offer.

The tender offer expired at one minute after 11:59 P.M., New York City time, on July 8, 2019.

As MRC wrote previously, in August 2016, LyondellBasell made the final investment decision to build a high density polyethylene (HDPE) plant on the US Gulf Coast. The plant will have an annual capacity of 1.1 billion pounds (500,000 metric tons) and will be the first commercial plant to employ LyondellBasell's new proprietary Hyperzone PE technology. The start-up of the new plant is scheduled for 2019.

LyondellBasell is one of the largest plastics, chemicals and refining companies in the world. Driven by its 13,000 employees around the globe, LyondellBasell produces materials and products that are key to advancing solutions to modern challenges like enhancing food safety through lightweight and flexible packaging, protecting the purity of water supplies through stronger and more versatile pipes, and improving the safety, comfort and fuel efficiency of many of the cars and trucks on the road. LyondellBasell sells products into approximately 100 countries and is the world's largest licensor of polyolefin technologies.
MRC

MOSCOW (MRC) - The PCK refinery in eastern Germany has halted imports of Russian oil via the Druzhba pipeline after once again finding “slightly elevated” levels of organic chlorides, the refinery’s owner Shell told Handelsblatt newspaper on Friday, reported Reuters.

The pipeline, which brings oil from deep inside Russia to much of eastern and central Europe, has been plagued by a contamination crisis that disrupted flows from the world’s second-largest exporter of crude.

Organic cholorides are used in oil production but can damage refinery equipment if not removed.

In April, Transneft, the pipeline’s owner, pumped some 5 million tonnes of contaminated oil through its pipelines, forcing refineries throughout much of central and eastern Europe to suspend or reduce production at a cost of billions of euros.

As MRC informed before, Russia’s state pipeline monopoly Transneft will compensate all parties for losses incurred from contaminated oil, but they must prove the damage, a government official said in May 2019, as the first European refinery declared force majeure.
MRC

MOSCOW (MRC) -- INEOS Styrolution, the global leader in styrenics, has agreed with Unternehmensgruppe Theo Muller, a recognised leader in dairy products, to collaborate on developing a circular solution for polystyrene based on chemical recycling, said the producer in its press release.

"he joint project between INEOS Styrolution and Unternehmensgruppe Theo Muller focuses on the use of polystyrene that is recycled via depolymerisation, a process that converts post-consumer polystyrene waste back to its monomers. The advantage of this process is the generation of high-quality virgin polystyrene ultimately for food-related use. In other words, yoghurt cups made of recycled polystyrene will have the identical properties as yoghurt cups made of conventional polystyrene.

INEOS Styrolution and Unternehmensgruppe Theo Muller have agreed on a phased approach with a lab-scale phase to start this year, a pilot-scale phase starting in 2020 and a commercial-scale phase in 2022.

As an internationally operating food company, Unternehmensgruppe Theo Muller is continuously investigating technological opportunities that offer potential with regard to a circular economy.

Sven Riechers, Vice President Business Management, Standard Business EMEA at INEOS Styrolution adds: "We are very excited to join forces with a leading market player like Unternehmensgruppe Theo Muller. We are looking forward to a speedy and agile collaboration resulting in innovative solutions that may serve as an example in the industry."

The announcement is part of INEOS Styrolution’s ambitious efforts aiming at circularity for styrenics to save valuable resources, recycle styrenic waste and reduce the ecological footprint. The company’s efforts include research projects, collaboration across the value chain and partnerships with customers to optimise solutions concerning sustainability aspects.

As MRC reported before, in order to be set up for growth in the Iberia region, INEOS Styrolution has agreed on a new cooperation with Tecnopol for its standards business in Spain and Portugal. The new agreement is effective as of the beginning of 2019. INEOS Styrolution and Tecnopol are already looking back at a successful cooperation in Italy for the standard and a selected specialty portfolio. The agreement for Iberia covers INEOS Styrolution’s entire standards business (polystyrene and ABS standard polymers).

INEOS Styrolution is the leading, global styrenics supplier with a focus on styrene monomer, polystyrene, ABS Standard and styrenic specialties. With world-class production facilities and more than 85 years of experience, INEOS Styrolution helps its customers succeed by offering the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenic applications for many everyday products across a broad range of industries, including Automotive, Electronics, Household, Construction, Healthcare, Packaging and Toys/ Sports/ Leisure. In 2018, sales were at 5.4 billion euros. INEOS Styrolution employs approximately 3,500 people and operates 20 production sites in ten countries.
MRC

MOSCOW (MRC) -- SayanskKhimPlast (Irkutsk region), Russia's second largest polyvinyl chloride (PVC) producer, has shut down its production capacities for a scheduled turnaround, according to the ICIS-MRC's Price report.

The plant's representative said PVC production was taken off-stream for a scheduled turnaround on 7 July. The outage will be long and will last for about 30 days. The plant's annual production capacity is 350,000 tonnes.

It is also worth noting that Bashkir Soda Company intends to shut its PVC production for a scheduled maintenance on 14 July. The shutdown will not be that long and will last for two weeks. The plant's annual production capacity is 240,000 tonnes.

JSC "Sayanskkhimplast" (Irkutsk region), established in 1998, is a complex of large-capacity chlororganic production facilities connected in a single production cycle. SayanskKhimPlast produces PVC, caustic soda and bleach. After commissioning of RusVinyl's PVC production (Nizhny Novgorod region), SayanskKhimPlast became Russia's second largest PVC producer.
MRC

MOSCOW (MRC) -- Shanghai?Sichuan Shengda has successfully started up a new purified terephthalic acid (PTA) plant in Nanchong, Sichuan Province, China, as per Apic-online.

The PTA facility, which utilizes Invista's proprietary P7 PTA process technology, has a nameplate capacity of 1-million t/y. On-spec production was achieved on 24 May 2019.

The plant also uses Invista's proprietary R2R technology for the production of benzoic acid. Cost of the project was not given.

"With this start-up, IPT (Invista Performance Technologies) and our licensees have now successfully commissioned seven PTA projects totaling over 11-million tons per annum capacity since 2015," noted IPT President Mike Pickens.

We remind that, as MRC wrote previously, in February 2019, Indorama Ventures (IVL) commenced production of PTA and polyethylene terephthalate (PET) at plants it acquired from Artlant PTA in Portugal and EIPET in Egypt, respectively.
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