A BP Plc project in the UK North Sea is set to restore production halted since 2013 and help double the company’s output in the area by the end of the decade. BP and its partners budgeted £4.4bn for the Quad 204 project, which involved building a new floating production and supply vessel and redeveloping the ageing Schiehallion and Loyal oilfields. Output from Quad 204 will ramp up to 130,000 barrels of oil a day this year, the London-based company said. Bloomberg
Huntsman and Clariant seal $14bn merger
US-based Huntsman Corp and Swiss Clariant AG are combining to create a chemical manufacturer with a market value of more than US$14bn after years of tentative mutual approaches. The Huntsman-Clariant speciality chemicals company will be 52% owned by Clariant shareholders and valued at about $20bn including debt, Clariant said.
Huntsman, controlled by the eponymous Mormon family, is best known for inventing the clam-shell styrofoam box for McDonald’s Big Mac burgers. Reuters