Joint venture makes $20 million bid for ailing EV company Fisker

A joint venture consisting of China-based Wanxiang group, former General Motors head Bob Lutz and industrial Gilbert Villarreal offers troubled electric vehicle manufacturer Fisker Automotive in a prefabricated insolvency purchase valued at $20 million, to deal according to reports.

Like Tesla Motors, which recently their loans repaid, $529 million in the form of received vehicles Fisker Automotive of loans from the Department of energy (DOE) under the advanced technology manufacturing loan program.

In contrast to Tesla Fiskers issued loans was seized but money by DOE if the company not to payments or to meet production quotas. The company has approximately 171 million $ in DOE loans still outstanding.

Fisker was founded in August 2007 by Henrik Fisker, who later left the company, that relying on differences of opinion over corporate strategy. Reuters reported that Fisker and a Hong Kong-based investor named Richard Li are common Fiskers DOE pay off loans and save the carmaker from bankruptcy.

Fisker dismissed three-quarters of its workforce in April. The company has its headquarters in Anaheim, California.

According to the company, Fisker was valued at around 2 billion $ until 2011.

The lone car, the Karma Fisker has a base price of more than $100,000. The company has sold a car reportedly since July 2012.

Wanxiang group bought Fisker's former battery manufacturer, A123 systems, at an auction in 2012, after the bankruptcy of the company.

Lutz was quoted in 2008 as saying that the electrification of the automobile "inevitable."

View the original article here

Iraq natural gas joint venture gets final approval

The Iraqi Cabinet approved with Royal Dutch Shell and Mitsubishi Corporation, formation of joint ventures to the raw gas from three large oil fields to collect an agreement.

The joint venture, Mitsubishi Corporation, 51% of Iraqi South gas company, are called held 44% of shell and 5% Basrah gas company (BGC) and come together is raw gas that is currently due to lack of infrastructure, flared to collect it.

Shell offers project management and technical expertise with the intention that learn and step-by-step key positions in the management of the company take over development of our Iraqi employees to facilitate.

"Recording this gas is a reliable energy supply for the Iraq while reducing greenhouse gas emissions," said shell Chief Executive Officer Peter Voser.

"This sends a positive signal about the investment climate in the country."

The joint venture collect and process raw gas from the fields of Rumaila, Zubair and West world's largest 1 and Majnoon, in the southern part of the country. The primary market for the gas is Iraq, but any surplus can potentially be exported.

Some 700 million standard cubic feet of gas is currently burned every day in the South of Iraq. At current prices is the gas valued at approximately $1.8 billion per year.

Burning created it, how much per year than 3.5 million cars greenhouse gases.

In September 2008, shell signed a preliminary agreement with the Iraqi Ministry of oil for a gas project collect. The agreement established the commercial principles: a joint venture between shell and the South gas company. An official signing of the agreement is scheduled in the near future.

In the Iraq shell, the operator of the Consortium is providing technical assistance in the development of the Majnoon field.

View the original article here

Official Launch of Styrolution Joint Venture

LUDWIGSHAFEN, Germany, October 4, 2011 /PRNewswire/ --

- New Leading Styrenics Supplier Starts Operations

On October 1st, 2011 Styrolution officially started operating as an independent company, following the approval of the relevant antitrust authorities. The new company is a 50:50 joint venture between BASF and INEOS, comprising the key styrenics activities of the two partners. Styrolution is the world's leading styrenics supplier.

Styrolution is the only one of the key players dedicated entirely to styrenics, and a strong leader in the market. It holds global number one positions in styrene monomer (SM), polystyrene (PS), styrene-butadiene block copolymers (SBC), other styrene-based copolymers (SAN, AMSAN, ASA, MABS) and copolymer blends, and a number two position in acrylonitrile butadiene styrene (ABS).

Giving customers a competitive edge in their markets

Says Styrolution's CEO Roberto Gualdoni: "Using different business models to serve the different needs of the commodity and specialty styrenics markets, we are determined to give our customers a competitive edge. Our highly professional and passionate team around the world works diligently to deliver the best and most efficient solutions to drive the success of our customers - with fast and reliable supply, the highest product quality and consistency, constant innovation, and a professional service. This is in our corporate DNA and is reflected in our company name, which is a combination of the words 'styrenics' and 'solution'. Our objective as a company is to be and remain a strong leader in our markets globally, and we are excellently positioned for profitable growth and long-term success."

Global presence and industry-benchmark manufacturing sites

With its global and regional headquarters in Frankfurt, Germany and regional headquarters in Channahon (USA) and Singapore, Styrolution has a global market presence, which allows it to always be close to its customers and to serve their needs in the best possible way. The company employs around 3,400 people, and its 17 manufacturing sites across ten countries represent industry benchmarks and are among the most efficient in the world. With best-in-class production technology, leading R&D skills and strong IP and patents positions, Styrolution is perfectly equipped to ensure top quality, efficiency and innovation.

ABOUT STYROLUTION

Styrolution is the leading global styrenics supplier with a focus on styrene monomer, polystyrene, copolymers, and ABS. As a joint venture of BASF and INEOS, Styrolution combines the key styrenics assets of two of the biggest chemical companies in the world - with more than 70 years of experience, complementary competencies and portfolios. Styrolution strives to serve the success of its customers by offering them the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenics applications for many everyday products across a broad range of industries, including automotive, electrical/electronics, building and construction, household appliances, toys/sports/leisure, packaging, healthcare and diagnostics. In 2010, pro forma combined sales were at 6.4 billion euros, resulting in an EBITDA before exceptionals of 407 million euros. Styrolution employs about 3,400 people at 17 sites in ten countries.

Further information on Styrolution is available at http://www.styrolution.com

Contact
Christine Schonfelder
Head of Corporate Communications, Investor Relations and Change Management

Styrolution Group GmbH
KS/K - H201
67056 Ludwigshafen
Germany
Phone: +49-621-60-45375
Email: christine.schoenfelder@styrolution.com

Internet: http://www.styrolution.com

SOURCE Styrolution Group GmbH

View the original article here

Rosneft to defend the BP venture

ROBERT DUDLEY hopes to revive BP with Russian crude oil.State-controlled Rosneft will seek to enforce a 7.8 billion US dollar share swap and Arctic partners venture with BP after the British company business Russian billionaire has been blocked.Rosneft "defend its position in the deal, a deal is that is good for Russia," said Deputy Prime Minister Igor Sechin, also Chairman of the oil producer, Friday. "BP suits us as a partner."BP shall apply for a decision on whether the share-swap can be continued, said the company in a statement. It is disappointed by Thursday's result and is looking for, their differences of opinion "to solve Russian billionaire with its partners in TNK-BP, a major oil producer".BP partner, represented by the AAR group, claim the right for TNK-BP, to pursue new opportunities in Russia for the London oil company. Last month, she won an injunction on the deal, which was expanded by an arbitration tribunal Thursday.The ruling is a setback for efforts of BP, one of the world's largest untapped oil exploit finds. The January agreement with Russia of the State oil company was part of CEO Robert Dudley's strategy, the producer to revive u.k. after the last year's Gulf of Mexico of oil Spill.In judges other BP developments: A a judge can cause BP additional tests on the deepwater horizon drilling equipment of rig's Blowout Prevention now", that reviewers have completed their own forensic tests Government."Will be the additional BOP testing in a way that possible preserved the evidence to the maximum extent possible, "US District Judge Carl said Barber on its behalf with reference to the blowout preventer." He decided that other companies, the disaster now additional tests to run, as long as each monitoring procedures and parts in the results.The stack of 300 tons of valves could not in last April ever spilling BP runaway well cordon firing a fatal rig explosion and worst offshore oil of the United States. Documented to increase monthly compensation of $850,000 to nearly $ 1.3 million provided by the administrator of the BP claims Fund for Gulf oil spill victims show that the oil giant agreed to his Office.The documents included a letter from former U.S. Attorney General Michael Mukasey call Czar Kenneth Feinberg. Mukasey said his belief that the extra money was justified because of Feinberg had grown obligations. Feinberg criticized the approximately 500,000 claims which have not submitted, since he took over management of the Fund $20 billion in August for the speed of processing.

View the original article here