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Ineos asks lenders for new debt terms

* New terms will provide space on leverage, interest cover
* UK chemicals firm offers lenders extra fees, interest
* Wider debt restructuring not needed - finance director
By Tom Freke
LONDON, June 25 (Reuters) - British chemicals firm Ineos Group has asked lenders for more headroom on its 7.5 billion euro ($10.5 billion) debt after securing backing for new terms from some of its biggest debtholders.
The privately held company said on Thursday it had asked its loan syndicate to approve the new terms. In exchange, the company is offering lenders extra fees and a sharp hike in interest rates.
Ineos, one of Europe's largest privately-owned companies, has been in discussions with lenders since the end of last year after it ran close to breaching its covenants.
The new proposals would give the company additional space on its leverage, interest cover and debt service cover covenants, the company said in a statement.
John Reece, Ineos chief financial officer, said the measures would give the company more headroom, "which is consistent with our new business plan and the current economic uncertainty".
Reece told Reuters that more extreme debt reduction methods, as had been suggested by some analysts, were unnecessary given the company's present performance.
"Any sort of debt restructuring wouldn't make sense given where the company is, and what the business plan says about the prospects for the company," Reece said.
Responding to recent reports that Ineos may offload its holding in Scotland's Grangemouth refinery, Reece said discussions about a potential sale were "pretty preliminary".
SOUNDED OUT
The covenant reset plan has the backing of a "sounding group" of lenders, a seven-strong group of banks and funds that represent Ineos's 230-strong syndicate of lenders.
Lenders have until July 15 to approve the new debt terms, two days before a covenant waiver runs out.
In exchange for approving the new terms, lenders will receive a 2 percentage points higher interest rate on their debt as well as fees totalling 1 percent.
However, the extra interest rate will be "rolled up" and paid when the loans mature, with the first maturity in 2012.
Reece said the delay to the interest payment was because "cash is king" at the moment.
Much of Ineos's debt dates from February 2006 to back its 5 billion pound ($8.13 billion) acquisition of Innovene from BP. The majority of its loans now pay between 2.25 percent and 2.75 percent over Libor.
In the last two years the chemicals industry has been hit by a sharp downturn in sales, as well as volatility in the price of commodities.
Ineos was caught out by the big fall in the price of oil alongside the economic downturn in the last three months of 2008, Reece said.
"January was probably the bottom of the cycle and each month since then has seen a gradual improvement, certainly over the last two or three months," Reece added. ($1=.7177 Euro) ($1=.6153 Pound) Printable version larger | smaller Business

 

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* New terms will provide space on leverage, interest cover

Jun. 22, 2009 (China Knowledge) - PetroChina<601857><0857><PTR>, the country's largest oil producer, is in talks with British chemical maker Ineos on investment in the Grangemouth refinery, said local politicians, the Financial Times reported on Friday.The paper quoted Angus MacDonald, a Scottish National Party councilor, as saying that an Ineos manager had confirmed at a communi

 

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ExxonMobil 'disappointed' over India findings on PP dumping

SINGAPORE (ICIS news)--ExxonMobil has on Friday expressed disappointment over India’s proposed levying of provisional anti-dumping duties (ADD) on polypropylene (PP) imports that would hit the petrochemical giant’s polymer business in Singapore.

India’s Anti-dumping Authority (ADA) has initially established that Saudi Arabia, Oman and Singapore have been dumping PP into the country and must be curbed through imposition of ADDs.

“We are disappointed with the preliminary findings of the Indian anti-dumping authorities,” an ExxonMobil spokesperson told ICIS news.

ADA recommended ADDs ranging from $44.40/tonne (€31.97/tonne) to $1,033.65/tonne on homo-polymers of propylene and copolymers of propylene and ethylene imports from the three countries.

The circumstances when the duties would apply to products of particular companies were specified in ADA's report that was submitted to the Ministry of Finance on Wednesday. (See the table below.)

In the case of ExxonMobil Chemical Asia Pacific (EMCAP), its PP shipped to India would be slapped with duties of $44.43/tonne.

“Our position is that EMCAP had not, at any time, engaged in the dumping of polypropylene products in India,” she said.

The company’s PP exports from Singapore accounted for less than 2% of India's market demand in 2008, she added.

“Going forward, we will continue to engage and cooperate with the Indian authorities, so that the Indian authorities would have access to the information necessary to make a fair assessment of EMCAP’s business in its final findings,” the spokesperson said.

ExxonMobil operates a petrochemical facilty in Singapore that includes a 900,000 tonne/year cracker, a 480,000 tonne/year polyethylene (PE) plant as well as a 275,000 tonne/year polypropylene (PP) unit. Polymer products from the facility were mostly exported.

“It is EMCAP’s business policy to supply polypropylene to all markets, including India, at internationally competitive prices and in full compliance with local laws,” said the spokesperson.

India had launched the anti-dumping investigation in February this year following a petition filed by major PP producer Reliance Industries Ltd (RIL), a move that was supported by Haldia Petrochemicals Ltd (HPL).

RIL and HPL are the only two domestic PP producers in India.

The petition was met with strong objections from PP exporters, including ExxonMobil, as well as PP converters, who maintained that no basis to call for anti-dumping investigation.

“ExxonMobil Corporation and its affiliates are committed to operating ethically, responsibly and in full compliance with the law, in every part of the world where we have a presence,” the spokesperson said.

 

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Clariant emette CV

ZURICH (Dow Jones)--Clariant AG (CLN.VX) said Thursday it has placed 300 million Swiss francs ($294.1 million) in convertible bonds due 2014 with investors, more than the CHF225 million originally planned because of strong demand.

The Basel-based company said the conversion price was set at CHF8.55 a share, while the coupon is 3% annually.

Clariant didn't give a reason for raising the funds. BNP Paribas, Citigroup, Commerzbank and UBS worked as joint bookrunner and joint lead managers on the offering

 

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Air Products' Leading Proprietary Technology Vital to Algeria's Largest LNG Facility

LEHIGH VALLEY, Pa., June 17 /PRNewswire-FirstCall/ -- Air Products (NYSE: APD) today announced that it signed an agreement with Saipem to provide its proprietary process technology and main cryogenic heat exchanger for Sonatrach's GNL3Z liquefied natural gas (LNG) project in Arzew, Algeria. Sonatrach will produce 4.7 million metric tons per year (mmtpy) of LNG, making the Arzew facility train the largest single LNG producer in Algeria. Air Products' LNG technology and equipment, which produces the largest majority of the total worldwide LNG, is to be delivered to the western Mediterranean port site by October 2010.

Saipem, in joint venture with Chiyoda of Japan, is the contractor on the project for Sonatrach, the national energy company of Algeria. Air Products will be providing the GNL3Z LNG project its liquefaction process technology and its MCR(R) main cryogenic heat exchanger, which is the heart of the natural gas liquefaction process. This proprietary Air Products process is the propane pre-cooled mixed refrigeration process with SplitMR(R) machinery configuration. This novel LNG process is currently in operation globally in four LNG trains and will be employed at an additional five LNG trains now under construction around the world. Air Products has already delivered its main cryogenic heat exchanger equipment to these five projects.

This is the second time in a little more than a year that Air Products will supply its proprietary technology to an LNG project in Algeria, having previously announced in 2008 its involvement with the 4.5 mmtpy Sonatrach facility being constructed at Skikda. "We are pleased to be working with Saipem on this project for Sonatrach. Air Products and Sonatrach have worked together on LNG and other projects for over three decades. To be working on what will be the largest-ever LNG projects in Algeria at Arzew and Skikda demonstrates the confidence Sonatrach has in the performance and reliability of our propriety technology and equipment," said Jim Solomon, director-LNG at Air Products. During this greater than 30 year time span, Air Products' technology has now been selected by Sonatrach in the development of 14 LNG trains in Algeria. Air Products and Sonatrach also participate in a helium joint venture at Arzew.

Air Products has designed, manufactured, and exported over 80 LNG heat exchangers from its Wilkes-Barre, Pa. facility over the last 30 years. In support of the LNG industry, Air Products' involvement reaches beyond process technology, key equipment, and nitrogen plants for base-load LNG facilities. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides dry inert gas generators for LNG carriers, shipboard membrane nitrogen systems, land-based membrane and cryogenic nitrogen systems for LNG import terminals, and LNG peak shavers



...Come si saldano le cose leggendo di geopolitica....

 

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Air Products NewLNG Technlgy Placed On-Stream at World's Largest LNG Proc. quatar

Production Capacity 50 Percent Larger Than Current LNG Production Trains

LEHIGH VALLEY, Pa., July 1 /PRNewswire-FirstCall/ -- Air Products (NYSE: APD), a global leader in liquefied natural gas (LNG) technology, today announced that its new AP-X(R) liquefaction process technology, which increases single train LNG production capacity over the current generation of LNG process trains by approximately 50 percent, was successfully placed on-stream at the Qatargas 2 Train 4 expansion project. This single LNG process train for the Qatargas 2 facility, located in Ras Laffan Industrial City, Qatar, is rated for an annual LNG production capacity of 7.8 million tons per year (MTY), making it the first in a coming series of the world's largest LNG process trains involving Air Products' technology.

"Placing our new AP-X technology on-stream for the first time at an LNG facility is another major milestone for Air Products and the LNG industry. Air Products congratulates Qatargas on inaugurating and fully commissioning its world-class production facility," said Stephen Jones, senior vice president and general manager-Tonnage Gases, Equipment and Energy at Air Products. "We take a great deal of pride in our LNG capabilities and leadership, and at a time when natural gas usage is increasing in importance on a global basis as a source of energy, we are especially pleased to be able to meet the trend of the industry's demand to operate larger LNG process trains."

The feed gas for the project will come from Qatar's North Field, the largest offshore non-associated natural gas field in the world, with proven natural gas reserves in excess of 900 trillion cubic feet. More information on the Qatargas 2 expansion can be found at www.qatargas.com.

Air Products' new AP-X technology is also being installed for three other LNG trains under construction for Qatargas in Ras Laffan, Qatar: Qatargas 2 (Train 5), Qatargas 3 (Train 6), and Qatargas 4 (Train 7). All of these process trains have a design capacity for an annual LNG production capacity of approximately 7.8 MTY.

Air Products provides natural gas liquefaction process technology, main cryogenic heat exchanger equipment, plus other key process equipment components in the AP-X process in an elegant combination of proven Air Products process technologies and key liquefaction components, providing a new standard for the industry. A majority of the total worldwide LNG is produced with Air Products' technology. Air Products has designed, manufactured and exported over 75 LNG heat exchangers from its Wilkes-Barre, Pa., United States facility over the last four decades.

In support of the LNG industry, Air Products provides process technology and key equipment for the heart of the natural gas liquefaction process, and also nitrogen plants for the base-load LNG facility. Upstream, Air Products provides both nitrogen and natural gas dehydration membrane systems for offshore platforms. Downstream, Air Products provides dry inert gas generators for LNG carriers, shipboard membrane nitrogen systems, land-based membrane and cryogenic nitrogen systems for LNG import terminals, and process technology and equipment for small and mid-sized LNG plants, floating LNG plants and LNG peak shavers.

The Middle East is an important business region for Air Products, and the company's 40 year presence reaches beyond LNG technology. Air Products, with regional headquarters in Doha, Qatar, has been working with the petrochemical and refining industries, and has built, owned and operated air separation units (ASUs) and hydrogen production plants in the Middle East. Air Products delivers world class expertise in designing, constructing and operating ASUs, with unrivalled merchant gases back-up in the region through its joint venture with Abdullah Hashim Group (AHG), who in cooperation with Air Products brings existing plant operation infrastructure in the Kingdom of Saudi Arabia, in Oman and UAE.

Air Products has several noteworthy projects completed and under construction in the Middle East. The company has built, and now operates and maintains, an ASU and a hydrogen production facility for Emirates Float Glass Company in Abu Dhabi, UAE. Air Products also announced in 2008 that it will supply two new ASUs for Shadeed Iron & Steel's production plant in the Sohar Industrial Port of Oman. The company also has designed and built two of the world's largest ASUs for Qatar Oryx GTL at their site in Ras Laffan.

Air Products (NYSE: APD) serves customers in industrial, energy, technology and healthcare markets worldwide with a unique portfolio of atmospheric gases, process and specialty gases, performance materials, and equipment and services. Founded in 1940, Air Products has built leading positions in key growth markets such as semiconductor materials, refinery hydrogen, home healthcare services, natural gas liquefaction, and advanced coatings and adhesives. The company is recognized for its innovative culture, operational excellence and commitment to safety and the environment. Air Products had fiscal 2008 revenues of $10.4 billion, operations in over 40 countries, and 21,000 employees around the globe.

 

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Rhodia Buys Econcern's Participation In 6 Biogas Projects

PARIS (Dow Jones)--French chemicals specialist Rhodia SA (RHA.FR) Monday said it has bought Econcern NV's participation in six pilot biogas production projects located in China and Vietnam.

This is the first business development in biogas technology for Rhodia, which already has extensive operations in CER carbon credit trading.

No financial details were provided on the biogas projects.

Rhodia expects the transaction be finalized in the fourth quarter of 2009.

"This new expertise is at the crossroads of our activities" in chemicals and its activities in the energy and carbon markets, President of Rhodia Energy Services Philippe Rosier said.

Biogas is a mix of methane and CO2 obtained from fermentation of biowastes and can be used to produce electricity or heat

 

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K+S

K+S AG Raised To Equalweight From Underweight By Morgan Stanley

 

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Lonza, DSM Reinforce Partnership For Nutritional Products

ZURICH (Dow Jones)--Lonza Holding AG (LONN.VX) said Monday it has strengthened an existing collaboration pact with Dutch DSM MV (DSM.AE), without disclosing financial details.

DSM Nutritional Products Ltd and Lonza Ltd announce the early renewal and extension of their long-time collaboration in the production facilities in Visp and Lalden, Wallis, Switzerland. Lonza has for decades been a critical supplier for the services and raw materials for the vitamins, carotenoids, and aroma chemicals produced by DSM Nutritional Products. Within the framework of this new contract, the parties are reviewing the organizational setup for the 147 Lonza employees working at the Lalden site of DSM Nutritional Products.

In today's environment it becomes of increasing importance to intensify partnerships in order to be able to innovate, deliver the highest quality, and secure future growth at competitive conditions. All these elements are intrinsically part of the partnership between Lonza and DSM Nutritional Products.

We are very pleased to continue our partnership with DSM. The common utilization of the infrastructure is benefiting both partners. The extended partnership is also a promising commitment to the production sites of Visp and Lalden, showing that they are able to deliver high quality products at competitive costs", comments Lonza Chief Executive Stefan Borgas.

We have many interests in common here in Visp and Lalden and the collaboration between Lonza and DSM is very close. We are excited about the extension of the existing partnership by many years", adds Leendert Staal, President and CEO of DSM Nutritional Products.

The collaboration between the companies dates back to 1965, when the predecessor company Teranol AG was founded to produce vitamin A and E. As Lonza commissioned at that same time its cracker, which could supply the necessary raw materials acetylene and hydrogen, the decision was made to locate the new Teranol production site in Lalden next to existing Lonza infrastructure.

 

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Air Liquide: Saudi Arabia: Acquisition of 75% of Al Khafrah Industrial Gases

The industrial and medical gas market in the Kingdom of Saudi Arabia, the largest economy in the Middle East, presents an attractive growth potential for Air Liquide (Paris:AI), with double-digit growth in 2008, driven by the expansion of the petrochemical industry and the development of infrastructure projects.

Air Liquide has just completed the acquisition of Al Khafrah Industrial Gases, a company headquartered in Riyadh with operations in both Riyadh and Dammam (East coast of the Kingdom). Sheikh Mubarak Al Khafrah, one of the founders and former chairman of the company, will contribute to the expansion of the newly incorporated company, which will be named Air Liquide Al Khafrah Industrial Gases.

With more than US$20 million of sales in 2008 and around 100 employees, the company's main business activities include the manufacturing, the sale of packaged gases (oxygen, nitrogen, argon, acetylene, etc) and bulk air gases.

This acquisition complements the Saudi activity of Pure Helium, which was acquired last year. It provides Air Liquide a solid basis for the continuing development of its Industrial Merchant activity in the Kingdom of Saudi Arabia and in the Middle East zone in general, where the Group currently employs more than 450 people.

Sheikh Mubarak Al Khafrah said: "I am particularly delighted to be the partner of Air Liquide in this acquisition. I am also confident that a leader like Air Liquide will bring its gas application know-how to accelerate the growth of the company".

Pierre Dufour, Senior Executive Vice-President of the Air Liquide Group, responsible for the Middle East zone, said: "This acquisition will strengthen our position in the Middle East and allows us to get swift access to one of the most dynamic industrial gas markets in the region. This acquisition is aligned with the Group's program of targeted investments, notably in the Emerging Economies