Americas top stories - weekly summary

16 December 2013 16:00 Source:ICIS News

HOUSTON (ICIS)--Here are some of the top stories from ICIS Americas for the week ended 16 December 2013.

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US Anadarko ready to fight Tronox opinion that may cost it $14.2bn
Anadarko plans to pursue every avenue available to the company once a judgement is issued in the Tronox litigation, which could cost the company up to $14.2bn (€10.4bn).

Mexico’s Congress approves landmark energy reform bill
Mexico’s Congress approved a landmark energy reform bill that will open up the country’s state-controlled oil and gas sector to private and foreign investment for the first time in 75 years.

US December PP contracts rise 4 cents/lb on higher propylene
US polypropylene (PP) contracts for December generally settled higher by 4 cents/lb ($88/tonne, €64/tonne), following movement in propylene contracts, sources said.

Bipartisan Senate group seeks to kill US corn ethanol mandate
A bipartisan group of senators moved to kill the federal requirement for corn ethanol fuel consumption, charging that the mandate is bad policy that has cost taxpayers billions of dollars and raised fuel and food prices.

US November styrene contracts fall 2.50 cents/lb on lower benzene
US November styrene contracts were fully settled at an average decline of 2.50 cents/lb ($55/tonne, €40/tonne) from the previous month, based on a decline in the November benzene contract, according to sources.

US propane demand reaches record high in November
November propane demand in the US reached a record high for that month because farmers needed to dry a large corn harvest, an agency said.

Energy demand to grow by 35% in '10-'40 − US ExxonMobil
World energy demand will likely grow by 35% in 2010-2040, requiring the development of all forms of energy, US-based producer ExxonMobil said in its annual energy outlook.

US Williams cited for six safety violation in olefins plant blast
US producer Williams Olefins faces a $99,000 (€72,270) fine from the Occupational Safety and Hazard Administration (OSHA) after the agency said that it found six process safety management standard violations during an investigation into the deadly 13 June plant explosion and fire in Geismar, Louisiana.

US budget deal hailed by Obama but slammed by conservatives
A new two-year, bipartisan US federal budget deal was welcomed by the White House, but the Senate-House agreement came under fire from conservatives and political action groups, suggesting that full congressional approval for the package might not be easy or quick.

Braskem, Genomatica to develop process tech to make bio-based BD
Brazilian petrochemical firm Braskem and US-based renewable chemicals company Genomatica have agreed to jointly develop commercial process technology to make bio-based butadiene (BD) from renewable feedstocks, Genomatica said.

US chemical trade surplus to soar to $30bn by '18
The US chemical sector’s exports are poised to soar in the coming years as higher production driven by shale gas comes on line, leading to a record trade surplus of around $30bn (€22bn) by 2018, the chief economist of the American Chemistry Council (ACC) said.

US spot ethane prices hit six-month high as natgas futures rally
US spot ethane prices at the Mont Belvieu hub in Texas rose to a six-month high. Ethane spot prices were assessed at 28.00 cents/gal, the highest price since the week ending 24 May, when prices hit a high of 28.50 cents/gal.

By Staff Reporter