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Posts on ‘February 17th, 2016’

Shell Begins Repaying Debts to Iran

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By BENOIT FAUCON: Feb. 17, 2016 

Royal Dutch Shell PLC said Wednesday it had started the process of repaying $2 billion in oil-related debts owed to Iran, easing a key hurdle to doing business there now that western sanctions have been lifted.

“Following the lifting of applicable EU and U.S. sanctions, we can confirm that the process for paying Shell’s outstanding debt to [state-run National Iranian Oil Co.] has started,” the Shell spokesman said.

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$717M expansion at Shell plant in Geismar, Louisiana

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– Associated Press – Wednesday, February 17, 2016

GEISMAR, La. (AP) – Shell Chemical LP is starting a $717 million expansion at its plant in Geismar (GYS-mar).

Shell officials and Gov. John Bel Edwards say it will create 1,500 construction jobs and add 20 permanent jobs when it opens in 2018. Salaries for the permanent jobs average $104,000 a year.

About 650 people already work at the plant.

Officials say the expansion will make the 800-acre complex the world’s largest producer of a group of chemicals used to make various consumer and industrial products, including packaging plastics, synthetic lubricants, drilling fluids and household detergents.

Officials say the expansion will bring total production capacity to 425,000 tons of alpha olefins (OH-luh-finz) a year. read more

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