Solazyme Partners With ADM, BP Settles With US: Energy Business Review
The renewable oil and bioproducts firm Solazyme (NASDAQ: SZYM), and the worldwide agricultural processor Archer-Daniels-Midland Company (NYSE: ADM) will collaborate in a manufacture and market development arrangement through which the firms will produce the former’s tailored algal oils in the latters advanced fermentation plant at Clinton, Iowa. These products will be sold in the most part to North American nutritional and industrial markets. Through the terms, Solazyme will initially aim for the output of 20,000 metric tons of oil in 2014, with the intent of boosting production to 100,000 metric tons in later years.
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On Thursday, BP (NYSE:BP) said that it has reached agreement with the government of the United States, subject to court approval, to settle all federal criminal charges and all claims by the Securities and Exchange Commission against the company originating from the Deepwater Horizon accident, oil spill, and response. Group Chief Executive Bob Dudley comments that “All of us at BP deeply regret the tragic loss of life caused by the Deepwater Horizon accident as well as the impact of the spill on the Gulf coast region. From the outset, we stepped up by responding to the spill, paying legitimate claims and funding restoration efforts in the Gulf. We apologize for our role in the accident, and as today’s resolution with the U.S. government further reflects, we have accepted responsibility for our actions.”
Shares of Repsol SA (REPYF.PK) moved up, following the prediction of Spanish Foreign Minister Jose Manuel Garcia-Margallo that his government will reach an agreement with Argentina over YPF Sociedad Anonima (NYSE:YPF), Repsol’s Argentine division which was expropriated in April. In Madrid, shares jumped as much as 4.3 percent to €15.88, which was the largest such movement since October 16th. Garcia- Margallo remarked in a television interview with Spain’s state broadcaster RTVE that “I hope that we have a solution relatively soon,” adding that “The talks are on the right track.”
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