Oil and gas announcements: 15 July 2014

Albemarle

Albemarle Corporation and Rockwood Holdings, Inc. have announced that they have entered into a definitive agreement under which Albemarle will acquire all outstanding shares of Rockwood in a cash and stock transaction valued at approximately US$ 6.2 billion. This combination reflects both companies’ commitment to drive sustainable growth, creating one of the world’s premier specialty chemicals companies, with market leading positions across four high margin businesses: lithium, catalysts, bromine and surface treatment.

Fluor

Fluor Corporation has market the 25 year anniversary of its Golf for Greenville charitable golf tournament that has raised more than US$ 3.5 million to assist local community organisations. The event at Fluor’s campus in Greenville South Carolina, which was held on 14 July, included representatives from the local charitable organisations that have benefitted from the golf tournament over the past 25 years along with Fluor executives and local elected officials.

Golf for Greenville was developed and founded by Fluor employee volunteers in 1989 with the first tournament held in 1990. Countless volunteer hours go into organising the tournament and soliciting donations.

Foster Wheeler

Foster Wheeler AG has announced that Foster Wheeler Energy Limited (FWEL), the UK subsidiary of its Global Engineering and Construction Group, has achieved two prestigious five star ratings from the British Safety Council (BSC) in connection with its environmental and health and safety management systems. The five star Environmental Audit rating follows a BSC review of the overall environmental management systems and associated arrangements of FWEL’s operation in Middlesbrough, Teesside. Organisations are rated from 1 - 5, five being the top rating. FWEL achieved a five star rating, with an overall audited score of 92.3%.

The five star Occupational Health and Safety Management Award System Audit rating follows a BSC review of the overall health and safety management system of FWEL’s operation in Reading, UK. FWEL’s Reading Office achieved a five star rating with a world class overall audited score of 96.6%.

UOP

UOP LLC, a Honeywell company has announced that its green fuels process technology has been selected by Petrixo Oil and gas to produce renewable jet fuel and renewable diesel at a new refinery to be built in Fujairah, UAE. Petrixo will use UOP Renewable Jet Fuel process technology to process approximately 500 000 tpy of renewable feedstocks into renewable jet fuel and renewable diesel, also known as Honeywell Green Jet Fuel and Honeywell Green Diesel. The process technology is capable of processing a variety of renewable feedstocks.

Petrixo announced earlier this year that it will invest US$ 800 million to build the new refinery, which will have a design capacity of 1 million tpy or biofuel products, and will be the first commercial scale renewable jet fuel production facility outside of North America.

Valero

Valero Energy Corporation has announced that the company expects to report income from continuing operations in the range of US$ 1.10 – 1.25 /share for the second quarter of this year. Valero’s refining segment operating income is expected to be higher in the second quarter of 2014 versus the second quarter of last year, primarily due to higher throughput volumes, as well as wider discounts on sour crude oil and certain types of North American light crude oil, which offset weaker year on year gasoline and distillate margins in most regions. In addition, Valero’s ethanol segment operating income is expected to be higher in the second quarter of 2014 versus the second quarter of 2013, mainly due to higher gross margins.

Valero also expects to report a loss from discontinued operations of US$ 63 million, or US$ 0.12 /share, related primarily to a non-cash charge associated with recognising an asset retirement obligation for the Aruba refinery.

Edited from various sources by Claira Lloyd

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/15072014/oil_gas_announcements_15_july/