US Nalco to reach $40m in Gulf oil spill dispersant sales
17 May 2010 22:42 [Source: ICIS news]
HOUSTON (ICIS news)--The use of chemical dispersants manufactured by Nalco for Gulf oil spill recovery efforts will generate about $40m (€32m) in sales by the end of this week, or about 1% of the company’s expected revenues for 2010, the US water-treatment chemicals producer said on Monday.
Nalco’s Corexit dispersants containing propylene glycol have been credited by BP as making a significant impact in breaking up accumulations of heavy oil.
The dispersants have been injected both under water and at the surface.
The chemical breaks oil down into small parts that can be eaten and dissolved by naturally occurring bacteria, Nalco said, with the process biodegrading both the oil and the dispersants.
“We have focused our efforts in recent weeks on increased dispersant production at the expense of normal growth pursuits, but believe it is our corporate responsibility to both respond to the federal agencies working to minimise the effects of this spill and assist those who live along the Gulf coast and derive their livelihood from the region,” said CEO Erik Fyrwald.
Nalco also said it would donate $2m to organisations conducting clean-up and relief efforts related to the oil spill.
Nalco’s stock rose 20 cents, or 0.8%, to $24.92/share in Monday after-hours electronic trading on the New York Stock Exchange.
($1 = €0.81)
For more on Nalco visit ICIS company intelligence
To discuss issues facing the chemical industry go to ICIS connect
By: Ben DuBose
+1 713 525 2653
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
| ICIS news FREE TRIAL |
| Get access to breaking chemical news as it happens. |
| ICIS Global Petrochemical Index (IPEX) |
| ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index |
Related Articles
- 29 Sep 10 21:56 MOVES: US Nalco to hire Mikells as chief financial officer
- 03 Sep 10 00:47 BWA Water Additives aims for 10-20% growth
- 28 Jul 10 16:50 Fallout from Gulf spill may boost oilfield chemical makers – Nalco
- 27 Jul 10 23:51 US Nalco swings to $56.9m Q2 profit on Gulf spill dispersant sales
- 24 May 10 23:43 US not satisfied with BP work with oil dispersants
- 24 May 10 17:43 Alabaster disputes BP claim that Sea Brat #4 dispersant too toxic
- 23 May 10 17:12 BP plans to stick with Corexit in US Gulf clean-up
- 20 May 10 22:36 BP eyes less-toxic dispersants for Gulf oil spill
- 17 May 10 22:03 BP hopes tube can siphon up to half of Gulf oil spill
- 12 May 10 21:00 US officials more optimistic on BP oil spill recovery - VIDEO
- 11 May 10 23:09 US dispersant makers unlikely to see spill sales backlash - execs
- 05 May 10 02:25 BP touts use of chemical dispersants in US Gulf oil spill
- 03 May 10 18:25 Nalco stock jumps on use of its dispersant in oil cleanup
- 30 Apr 10 23:25 BP to apply chem dispersants under water to US Gulf oil spill
Latest News
- 18 Jun 13 05:29 Asia C3 hits 15-week high; may extend gains on tight supply
- 18 Jun 13 05:29 Oxygen content a challenge in biomass displacement of crude
- 18 Jun 13 05:19 Displacing crude requires focus on RDD&D for technologies
- 18 Jun 13 05:00 NOON SNAPSHOT - Asia Markets Summary
- 18 Jun 13 04:23 China’s Liaoning Huajin Tongda expands ammonia, urea units