-North American shale oil is squeezing Saudi Arabian oil out of the U.S. market, according to the International Energy Agency (IEA). Via Reuters, Saudi oil exports are shifting in a similar way to West African crude, which has moved away from the U.S. and toward Asia.
-The railroad industry’s top lobbyist on Wednesday blamed the Bakken oil boom for widespread delays in freight rail shipments. Via the Associated Press, senators and shippers chastised Association of American Railroads CEO Edward Hamberger during a Senate committee hearing, saying the delays are hurting other industries. American Chemistry Council President Cal Dooley testified at the hearing, saying rail service has drastically diminished despite significant increases in shipping rates.
-Eastman Chemical agreed to acquire specialty chemicals manufacturer Taminco for $2.8 billion in cash and debt. Eastman said the move would bolster its presence in niche markets such as food, feed and agriculture and allow it to expedite growth in personal care, coatings and oil and gas. Taminco has 30 days to solicit alternative proposals. The deal is expected to close before the end of the year.
-Momentive Specialty Chemicals has expanded its triazine production plant in Edmonton, Alberta, adding more materials storage and increasing capacity and redundancy. Momentive also added flammable triazine production to the plant and optimized its truck loading capability.
-Cameron International appointed Scott Rowe president and COO, effective Oct. 1. Rowe currently serves as CEO of OneSubSea, an offshore oil equipment company co-owned by Cameron and Schlumberger. Cameron also announced that Jim Wright would retire from his post as president of the firm’s Valves and Measurement Group in January. Company Vice President of Operational Excellence Doug Meikle will succeed him.
