-Shell closed on a deal to buy 1,000 acres of land in Beaver County, Pa., for a proposed ethane cracker. Via the Pittsburgh Business Times, the property is the former site of a zinc smelter owned by Horsehead Holding Corp. Shell has yet to make a final decision on the ethane cracker.
-Shell also cleared a regulatory hurdle in its bid to acquire BG Group, receiving anti-trust clearance from the Federal Trade Commission. Via Dow Jones Business News, the deal still needs review and approval by anti-trust and regulatory authorities. It is expected to close next year.
-Dow Chemical and Olin Corp. crossed a regulatory milestone in their $5 billion bid to merge the former’s Gulf Coast chlor-alkali and vinyl, global chlorinated organics and global epoxy businesses into the latter. Dow Chairman and CEO Andrew Liveris said the expiration of the 30-day Hart-Scott-Rodino Act antitrust review waiting period “marks progress” toward closing the transaction, which is expected by the end of the year.
-Willbros Group agreed to sell its downstream engineering group in Baton Rouge, La., and its heater engineering services group in Tulsa, Okla., to a group led by Bernhard Capital Partners (BCP). BCP is helmed by Shaw Group founder and former CEO Jim Bernhard. Willbros is also looking to sell its Professional Services segment, which includes its midstream and mainline engineering operations.
-U.S. oil production could see a boost from price stability and lower drilling costs, according to an Energy Information Administration (EIA) economist. Via Platts, EIA’s Grant Nulle said production is likely to rebound as operators target the most efficient wells and increase well completions. Thousands of uncompleted wells in the Bakken, Permian and Eagle Ford regions could start up soon.
