14 January 2011 17:09 [Source: ICB]
SASOL, TALISMAN PLAN GTL IN WESTERN CANADA
South Africa's oil and chemical group Sasol will invest C$1.05bn ($1.04bn) in shale gas in western Canada and will consider a regional gas to liquids (GTL) plant. The company has agreed to acquire a 50% stake in Talisman Energy's Farrell Creek Gas shale gas assets in Montney Basin, British Columbia. The partners will conduct a feasibility study for the use of GTL to market the gas. They believe that GTL could be an economic alternative to marketing the gas through the North American pipeline system or by liquefaction. A regional GTL plant would use Sasol's GTL technology.
SOLVAY RESUMES PLANS TO BUILD IN BRAZIL
Solvay will resume plans to build a plant in Brazil that will rely on sugarcane-based ethanol to produce polyvinyl chloride (PVC). Solvay initially planned to invest $135m (€103m) in the unit, which could start production early in 2012. It expects to have the final project investment approved in the next couple of months. The new PVC plant will have a production capacity of 60,000 tonnes/year of green ethylene produced from sugarcane. Solvay will then produce an identical volume of PVC using the sugarcane-based feedstock.
PBF COMPLETES BUY OF VALERO REFINERY
US refiner PBF Energy has completed of its $340m (€258m) acquisition of Valero's Paulsboro refinery in New Jersey. The agreement was announced in late September. In addition to the 180,000bbl/day refinery, PBF also acquired a connecting natural gas pipeline, the refinery's hydrocarbon inventory and other assets. The Paulsboro sale is the second deal that PBF has made this year with Valero.
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