PEOPLE & BUSINESS

BP receives FTC clearance to sell Carson refinery and marketing assets to Tesoro

BP says it has received clearance from the US Federal Trade Commission (FTC) to sell its Carson, CA refinery and southwest US retail assets to Tesoro Corp. and expects to complete the sale in the second quarter of this year. Under the terms of the deal...

DOE authorizes Freeport LNG to export to non-FTA countries

The company will be allowed to export at a rate of up to 1.4 billion cubic feet per day (Bcf/d) for a period of 20 years....

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People/Executives

Ube announces business plan, will invest $1.37 billion over the next 3 years

Ube Industries has unveiled a new medium-term management plan for the next three years. Ube is targeting operating profits of ¥55 billion ($540 million) in the fiscal year ending 31 March 2016 compared with operating profits of ¥29.9 billion in the...

Companies

Sipchem Misses Earnings Estimates on Lower Revenues

The Saudi International Petrochemical Co. (Sipchem) reported third quarter net profit of SR84.1 million ($22.4 million), a 54% increase on the third quarter of 2009. The result was lower than consensus estimate of SR128 million and that of Sico Research...

Emerging Companies

Evonik, OPX to develop biobased routes to specialty chemicals

Evonik Industries and Boulder, CO–based industrial biotechnology firm OPX Biotechnologies say they have entered into a joint development agreement to find biobased routes to undisclosed specialty chemicals. Under the terms of the agreement, OPX will use...

Earnings/Finance

Sabic Reports Big Rise in Net Profit on Increased Sales and Higher Prices

Saudi Basic Industries (Sabic) reported a 46% rise in third quarter net profit to SR5.33 billion ($1.42 billion) compared with the same period in 2009. The net result was 6% higher than in the second quarter of this year. The company's gross income in the...

M&A

Mexichem cleared to acquire PolyOne's specialty PVC assets, bidding for Solvay's Indupa assets

Mexichem (Tlalneplantla, Mexico) has received clearance from FTC—and its equivalent body in Germany—for Mexichem's acquisition of the polyvinyl chloride (PVC) specialty resins business of PolyOne, the company has announced. PolyOne entered into an...

Reach

ECHA invites comments on proposals for harmonized classification and labeling of lenacil and boric acid

The European Chemicals Agency (ECHA; Helsinki) has invited comments on two new proposals for harmonized classification and labeling (CLH). The chemicals concerned are lenacil, a uracil herbicide; and boric acid, used in various industrial applications...

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