Glencore May Give $900 Million Loan To Bakrie -Reuters

Glencore International PLC (GLEN.LN) is close to agreeing to lend $800-$900 million to Indonesia's PT Bakrie & Brothers (BNBR.JK) to help the holding company of Bakrie Group refinance debt of $1.35 billion and stave off a potential default, Reuters reported Thursday, citing sources with knowledge of the deal.

The deal involves Glencore receiving additional marketing rights on coal produced by Bakrie Group-controlled Bumi PLC (BUMI.LN). The loan will be backed by part of the Bakrie Group's 47% stake in the coal miner, the sources told Reuters.

Glencore will have the option of turning the loan into an equity stake in Bumi if Bakrie can't repay the debt, one source said, according to Reuters.

The agreement could be announced as early as Friday, another source said.

Bakrie and Glencore declined comment to Reuters.

Full story at http://www.reuters.com/article/2011/10/13/us-glencore-bakrie-idUSTRE79C4AK20111013

-Dow Jones Newswires; 212-416-2900

Copyright © 2011 Dow Jones Newswires

Onyx, Bayer Reach Deal Over Access To Cancer Drugs

--New agreement with Bayer means Onyx would keep current Nexavar rights if there is change of control

--Onyx gets $160 million payment for Nexavar royalty rights in Japan

--Onyx also gets access to experimental cancer drug regorafenib

(Updates throughout with details on agreement, analyst company, background.)

Onyx Pharmaceuticals Inc. (ONXX) has reached an agreement with Bayer AG (BAYRY, BAYN.XE) ensuring Onyx will retain profit-sharing and co-promotion rights to its main product, the cancer drug Nexavar, if Onyx is bought out by another company.

The restructured partnership also calls for Bayer to pay Onyx $160 million, and potentially up to $15 million later on, for Nexavar royalty rights in Japan. Additionally, the deal resolves a lawsuit Onyx filed in 2009 seeking access to an experimental cancer drug called regorafenib by giving Onyx a fifth of future sales, which the company would retain if there is a change in control.

Onyx shares recently traded up 6.3% at $33.92. The reworked deal clarifies some big questions for any potential suiters that might have interest in the San Francisco-based biotechnology firm, which has a market capitalization of about $2 billion.

"These new agreements strengthen the collaboration and provide Onyx the opportunity to participate significantly in the market potential of regorafenib," said N. Anthony Coles, president and chief executive at Onyx, in a release.

Onyx and Bayer have long collaborated over Nexavar, which accounts for all of Onyx's sales to date, but their agreement previously said Onyx would get royalty-based payments if it were bought out, and that the new company would lose co-promotion rights. But under the deal announced Wednesday, Onyx would keep the 50-50 profit-sharing arrangement plus co-development and co-promotion rights, Onyx said in a filing with the Securities and Exchange Commission.

The co-promotion part is key because any potential acquirer would want the ability to sell the drug, and not just collect royalties, analysts said.

Onyx has not said it is for looking for a buyer, but mid-sized biotechnology firms have been sought-after targets as bigger pharmaceutical companies look to diversify their offerings and defray the impact of patent expirations on key drugs. Morningstar considers Onyx among the top 20 takeover candidates in biotechnology and specialty pharmaceuticals for 2011, analyst Lauren Migliore said.

Regorafenib, in late-stage studies for two types of cancer, is at least a couple years from going on sale, pending regulatory approval. But there were questions about Onyx's access if the drug does reach the market; Onyx sued Bayer in 2009 seeking monetary damages and a court ruling giving it rights to the drug.

Under the new agreement, which resolves the lawsuit, Bayer will pay Onyx a royalty of 20% of future worldwide regorafenib sales in human oncology, and Onyx or a future buyer would retain rights to royalties if there is a change of control. Bayer would, however, would be able to terminate Onyx's co-promotion rights for regorafenib in such a circumstance.

Another key question for Onyx, which could be answered by late November, is whether the Food and Drug Administration will give the company's application for a blood-cancer treatment a priority review that could yield a decision in the first half next year.

Copyright © 2011 Dow Jones Newswires

Canada's International Reserves Up $5 Million In Oct 8 Week

OTTAWA -(Dow Jones)- Canada's official international reserves rose $5 million in the week ended Oct. 8, the Bank of Canada reported.

At Oct. 8, the official international reserves totaled $63.723 billion, compared with $63.718 billion at Sept. 30.

The latest reserves included:

-U.S. dollars, $31.543 billion;

-other foreign currencies, $19.082 billion;

-gold, $180 million;

-special drawing rights, $9.172 m/billion;

-reserve position in the International Monetary Fund, $3.746 billion.

All reserve figures are reported in U.S. funds.

Copyright © 2011 Dow Jones Newswires

BASE METALS HIGHLIGHTS: Top Stories Of The Day

TOP STORIES: Australia Government Approves BHP's Expansion Of Olympic Dam

SYDNEY -(Dow Jones)- Australia's government Monday gave the green light for a massive expansion of the BHP Billiton Ltd. (BHP.AU) operated Olympic Dam mine in South Australia state but applied more than 100 stringent conditions, from protecting the region's fish to maintaining the landscape.

Talks To End Labor Row At Zambia's Chambishi Mine Deadlocked-Union

Talks to resolve a dispute between management and miners at Chinese-owned Chambishi Copper Mine broke down Sunday after the two sides failed to agree on a new wage structure being demanded by the workers, a union official said Monday.

UPDATE: Base-Metal Investors Worry Over Chinese Demand

LONDON (Dow Jones)--The focus of base-metal investors is back on China, the world's top metals consumer, as industry participants worry over the outlook for demand there ahead of key trade data expected later in the week.

STORIES OF INTEREST: Peru's Antamina CEO: Mine Expansion To Up 2012 Output-Report

LIMA (Dow Jones)--Peruvian base-metals miner Compania Minera Antamina SA expects to increase production next year following the completion of a large-scale expansion at its mine, company Chief Executive Abraham Chahuan told business newspaper Gestion.

Russia Jan-August Copper, Nickel Exports Down On Year

MOSCOW (Dow Jones)--Russia exported in 83,200 metric tons of copper in the first eight months of the year, 73.5% less than in the corresponding period last year, the federal customs service said Monday.

Exxaro To Stop Production At Zincor At End Of Year

JOHANNESBURG -(Dow Jones)- South African mining company Exxaro Resources Ltd. (EXX.JO, EXXAY) said Monday that it will begin to shut its Zincor refinery in the country in a move to leave the zinc business.

Zambia Chambishi Copper Miners End Strike After Winning 100% Pay Rise

Miners at Chinese-owned Chambishi Copper Mine ended a six-day strike Monday after management offered them a 100% pay rise, union officials said.

MARKETS: BASE METALS: Comex Copper Rises On Euro-Zone Optimism

NEW YORK (Dow Jones)--Copper's rebound extended to a fourth session Monday, as optimism about Europe's debt crisis spurred a charge into risky assets.

BASE METALS: LME Metals Close Higher As Euro, Equities Rally

LONDON (Dow Jones)--Base metals closed firmly higher on the London Metal Exchange Monday as they and the euro, together with world equity markets, took a strong boost from the latest round of talks aimed at resolving the European debt crisis.

BASE METALS: Shanghai Metals Catch Up LME; Econ Data In Focus

SHANGHAI (Dow Jones)--Base metals on the Shanghai Futures Exchange rose Monday after a week-long holiday, catching up with gains on the London Metal Exchange last week.

matt.day@dowjones.com

Copyright © 2011 Dow Jones Newswires

BofA to pay $11 million total to Price, Krawcheck

(Reuters) - Bank of America Corp said it will pay $11 million total to ousted executives Joe Price and Sallie Krawcheck, according to separation agreements filed by the bank Friday.

Krawcheck, a former Citigroup Inc executive who came to Bank of America in 2009, will receive a one-time payment of $5.15 million, while Price, a Bank of America veteran, gets $4.15 million. Both will also receive $850,000 in return for releasing claims against the bank and other considerations.

The Charlotte, North Carolina, bank last month eliminated the executives' positions as part of a efficiency initiative called Project New BAC.

(Reporting by Rick Rothacker in Charlotte; Editing by Gary Hill)

Dow Chemical, Saudi Aramco Mega JV To See $10 Billion Revenues In 5 Yrs

DHAHRAN, Saudi Arabia (Zawya Dow Jones)--Dow Chemical Co.'s (DOW) top executive said Saturday a planned mega chemical joint venture with Saudi Arabian Oil Co. would generate revenues to the tune of $10 billion within five years, making the company the equivalent of a Fortune 250 company.

"Five years from now, we expect the venture to be the equivalent of a Fortune 250 company, generating over $10 billion in annual revenue while spurring job growth in the kingdom and abroad," Andrew Liveris, Dow's chairman and chief executive officer, said at the signing ceremony of the project in Dhahran in the Saudi Arabia's Eastern Province.

State-run Aramco, the world's biggest oil company and Dow signed an agreement earlier Saturday to build one of the world's largest chemicals plants in the oil-rich desert kingdom.

The partners will spend around $12 billion on building the plant, located at Jubail on Saudi Arabia's Persian Gulf coast, producing high-margin chemicals and plastics for fast-growing Asian and Middle East markets, with another $8 billion earmarked for third-party investors and contingencies.

Construction of the 26 plants that will make up the complex--known as Sadara Chemical Co.--is scheduled to begin immediately, with first output due to come on line in the second half of 2015 and full operation scheduled for the following year.

Sadara will produce polyeurethanes, propylene oxide, propylene glycol, elastomers, linear low-density polyethylene, low density polyethylene, glycol ethers and amines.

Copyright (c) 2011 Dow Jones & Co.

Copyright © 2011 Dow Jones Newswires

U.S. Refinery Status: ConocoPhillips Okla -2-

The following table lists unplanned and planned production outages at U.S. refineries as reported by Dow Jones Newswires. The information is compiled from both official and unofficial refining sources and doesn't purport to be a comprehensive list.

Turnaround maintenance is under way at ConocoPhillips' (COP) oil refinery in Ponca City, Okla., company spokesman Rich Johnson said on Oct. 6. While he was not able to provide details about the duration and specific units involved, a local news report referred to the work as ConocoPhillips' biggest turnaround in the company's history.

BP PLC's (BP, BP.LN) oil refinery in Ferndale, Wash., on Oct. 7 was added to the list of area-refineries performing maintenance. Work started on Oct. 3. A hydrocracker, two delayed coking units, two reformer units are among several units slated for maintenance. A person familiar with operations at the refinery said catalyst regeneration will also take place.

PBF Holding Company LLC and Delaware City Refining Company LLC on Oct. 7 announced the successful restart of the Delaware City petroleum refinery, which was closed down by previous owners in 2009. Initial operations began in June 2011 and the refinery is now fully operational.

Unconfirmed reports on Oct. 5 said Sunoco Inc. (SUN) began two weeks of crude unit, reformer unit and sulfur recovery unit maintenance at its Marcus Hook, Penna., refinery.

Chevron's (CVX) Bay-area refinery in Richmond, Calif., started 4-6 weeks of scheduled maintenance on unspecified units, the company said on October 4. Traders in the region said the plant's crude unit will be worked on during the time frame.

Valero Energy (VLO) on Oct. 4 said scheduled turnaround maintenance got under way in late-Sept. at its Three Rivers, Texas, refinery crude unit and FCCU. The work was originally scheduled to start in Oct.

Alon USA (ALJ) said on Oct. 4 that power was restored quickly following an outage on September 28 and that all process units were in operation.

Pasadena Refining Systems Inc. said on Oct. 4 the cause of a crude unit fire on Sept. 30 at its Pasadena, Texas, refinery is still under investigation and that damage assessment continues. The refinery remains off-line with no estimate on restart.

Exxon Mobil Corp. (XOM) on Oct. 4 reported the end of turnaround maintenance at a Baytown refinery Flexicoker unit. It is the last of several process unit to return to service after turnaround work that began in mid-July.

Planned maintenance activity at a crude unit, reformer unit and coker unit in October at Hovensa's oil refinery on the U.S. Virgin Island of St. Croix isn't expected to affect the company's ability to meet customer commitments, the company said on Oct. 3.

Tesoro Corp.'s (TSO) refinery in Anacortes, Wash., began maintenance at an unspecified process unit on Oct. 1, the company said on Oct. 3. Traders doing business in the region said work involves the plant's key gasoline-making fluid catalytic cracking unit. The work wasn't expected to affect Tesoro's ability to meet regional supply commitments, traders said on Oct. 3.

ExxonMobil Corp. (XOM) on Oct. 3 said operations at its oil refinery in Billings, Montana, were nearing normal operations and should be at planned rates very soon. Rates were reduced on July 1 when the Silvertip crude oil pipeline leaked about 1,000 barrels of crude oil into the Yellowstone River.

Total SA (TOT) is performing maintenance work for six weeks at its 232,000 barrel-a-day refinery in Port Arthur, La., that includes work on the crude distillation unit and fluid catalyst cracker, a source familiar with the refinery said Sept. 21.

For more detailed information, search Dow Jones Newswires using the code N/REF. Operator Refinery Capacity Description Restart (in 000s bbl/day) UNPLANNED CANADA CARIBBEAN EAST COAST GULF COAST Alon Big Spring 67.0 Power restored quickly after TX Sep 28 outage; all process units in operation, the company said on Oct. 4. Pasadena Pasadena 100.0 Sep 30 crude unit fire still Refining TX under investigation; damage assessment continues. Refinery remains off-line, the company said on Oct. 4. MIDWEST ROCKIES Sinclair Sinclair 74.0 Refinery at reduced rates fol- WY lowing fires at CDU on Sept. 3 and Sept. 4. Repairs and damage assessments underway. No update the company said on Oct. 6. Exxon Billings, 60.0 Operations nearing normal rates MT after being reduced due to rup- tured Silvertip pipeline on July 1, the company said on Oct. 3. WEST COAST Tesoro Anacortes, 120.0 FCCU shut Oct. 1 for maintenance WA traders said on Oct. 3; no further details provided. PLANNED CANADA CARIBBEAN Hovensa St. Croix 350.0 Planned maintenance at a crude unit, reformer and coker unit in Oct. will last 2-4 weeks, company said on Oct. 3. EAST COAST Conoco Trainer, PA 185.0 Crude processing halted; operations winding down, the company said on Sept. 30. The refinery will be shuttered in six months if not sold. PBF Delaware City 190.0 All refinery units operation- Oct 7 DE al, the company said on Oct. 7. Some units came on-line after major overhaul in June; the hydrocracking unit was the last unit to be restarted. Sunoco Philadelphia 335.0 Refineries up for sale on Marcus Hook 190.0 Sept. 6; process units will be shuttered in July 2012 if no buyer is found. Sunoco Marcus Hook 190.0 Crude unit, reformer unit Oct 16 PA and sulfur recovery unit shut for 2 weeks work, traders on Oct. 3. Not confirmed. GULF COAST Exxon Baytown, TX 560.6 Turnaround ends at Flexicoker Oct 4 Mobil Unit, the company said on Oct. 4. It is the last of several units to return to service from the turnaround that began mid-July. Motiva Port Arthur 285.0 Expansion project to increase 1Q TX throughput capacity by 325,000 2012 b/d, to 610,000-b/d, slowed. Completion now seen 1Q 2012, from 2010. Total Port Arthur 232.0 Several units, including crude USA TX unit and FCCU shut six weeks turnaround maintenance, a source familiar with the plant said on Sept. 21. Valero Corpus 315.0 Crude & coker unit turnaround Oct. Christi, TX to start in Oct. for three 2011 weeks. Valero McKee TX 170.0 Vacuum unit turnaround planned for first half of 2012, company said. Expansion project announced March 2011 to increase crude oil throughput by 25,000 b/d to 195,000 b/d. Valero Norco, LA 185.0 Hydrocracker project will pro- 2013 ceed and be completed in late 2013, the co. said on 7/27/10. Upgrade project to build 2012 a new diesel hydrotreater unit moved from 2010 to 4Q 2012. Valero Port Arthur 325.0 Hydrocracker project will pro- 2012 TX ceed and be completed in late 2012. Valero Three Rivers 100.0 6 weeks of turnround work under Nov 6 TX way since late-Sep at FCCU and (est) crude unit. This work was ad- vanced from an early-Oct start. MIDWEST BP Whiting, IN 405.0 Turnaround at Pipestill 12 de- layed by 3 months; it was sup- posed to begin in November, a source said on March 25. Cenovus Roxana, IL 306.0 Coker and refinery expansion Q4 2011 (Conoco/WRB) project on track for comple- tion 4th Q 2011, the company said on July 26. Conoco Ponca City 187.0 Turnaround maintenance under way week of Oct. 3, the co. said on Oct. 6. No details pro- vided. CVR Coffeyville 115.7 Periodic turnaround will take 2012 KS place in two phases beginning in Fall 2011 and completed in Spring 2012. Husky Lima, OH 160.0 15-days of maintenance planned at

Energy at aromatics unit in the fall of 2012. Husky Toledo, OH 140.0 Minor maintenance planned in 4Q Energy 2011, the company said on July 28; no details provided. Tesoro Mandan, ND 58.0 Total crude-oil processing capa- 2nd Q city to increase by 17% to 68,000 2012 b/d by 2nd quarter 2012. WEST COAST BP Ferndale, WA 225.0 Seasonal turnaround maintenance started Oct. 3. Hydrocracker, 2 reformers, 2 delayed coking units, listed among units involved in the turnaround. Catalyst regener- ation will also take place. Chevron Richmond, 240.0 4-6 weeks of planned work under Oct 30- CA way at unspecified units, the Nov 13 company said on Oct. 4. Traders said the crude unit will be worked on in this 4-6 week period.

Copyright © 2011 Dow Jones Newswires