The Diesel Page

IN BRIEF (Page 2)

Lehman resolves $20b claims in HK

Lehman Brothers Holdings Inc said it settled $20 billion of intercompany claims with liquidators for Lehman Hong Kong and won the affiliate's support for its liquidation plan.

Details of the agreement, which is subject to court approval in the US and Hong Kong, weren't provided in Lehman's statement on August 3. Edward Middleton, a partner at KPMG China and one of the Hong Kong liquidators, said that the settlement will benefit creditors by speeding up liquidations.

A final reconciliation of claims related to derivatives positions should be reached within 60 days, he said on Thursday.

Unipec, Trafigura buys naphtha

China International United Petroleum & Chemical Corp, or Unipec, and Trafigura Beheer BV bought a total of 50,000 metric tons of naphtha from Indian Oil Corp, said two traders on Thursday who declined to be identified because they aren't authorized to speak to the media.

Sinopec makes III-grade diesel

China Petroleum & Chemical Corp's Yanshan refinery produced its first batch of China III-grade diesel last month, parent China Petrochemical Corp said in its online newsletter on Thursday.

The refinery in Beijing upgraded the sulfur content of the fuel to 350 parts per million from 2,000 parts per million, meeting the China III specification, equivalent to the Euro III grade, according to the report. Yanshan also produces diesel with sulfur content of 50 parts per million, which meets Beijing IV specifications, equivalent to Euro IV, it said.

Chalco prepares for $300m loan

Aluminum Corp of China Ltd hired Australia & New Zealand Banking Group Ltd and Natixis to help it borrow $300 million in a three-year term loan, according to a person familiar with the matter on Thursday. Proceeds will be used by Chalco, as the company is known, to refinance debt and the two banks plan to start marketing the facility to other lenders as early as next week, the person said, asking not to be identified as details are private.

Stocks retreat as oil prices decline

Hong Kong stocks fell for the third day on Wednesday, its longest losing streak in more than six weeks, as oil producers declined on lower crude prices and as developers fell before earnings announcements.

The Hang Seng Index (HSI) fell 0.48 percent to 21884.74 at the close. Cnooc slid 2.4 percent to HK$16.52, the second-biggest drag on the HSI. PetroChina declined 1.3 percent to HK$10.70.

Tickets now available for the Charlotte Diesel Super Show

Advance general admission tickets now are available for the Charlotte Diesel Super Show, set for Oct. 7-8 at the Charlotte Motor Speedway Z-Max Dragway in Concord, N.C. Produced by Randall-Reilly Business Media and Information, which also produces the Great American Trucking Show, the Charlotte Diesel Super Show outdoor extravaganza include truck and construction equipment exhibits and demonstrations, truck drag races and the Custom Rigs Pride & Polish truck beauty contest, where contestants will compete for cash, prizes and bragging rights. And on Friday night, country music legend Charlie Daniels will perform a free concert.

“Attendees at the Charlotte Diesel Super Show will be able to enjoy activities for all ages,” says Alan K. Sims, vice president/executive director, Randall-Reilly Events. “There will truly be something for everyone.”

The Charlie Daniels concert will be held at 7 p.m. Friday and is free with purchase of a Charlotte Diesel Super Show ticket. Adult admission is $20 for a two-day pass; tickets for children ages 7-16 are $10 for two days. Children 6 and younger can attend for free. In addition to the concert, all events, exhibits and parking are included in the purchase price.

Advanced general admission tickets are available online through The Charlotte Motor Speedway/zMAX Dragway and Ticketmaster or by phone by calling 800-455-FANS (3267). Tickets will also be available for purchase at the gate both days. Attendees can reserve hotel accommodations at the Residence Inn by Marriott, Courtyard by Marriott and SpringHill Suites through Travel Planners at www.tphousing.com or 800-221-3531.

The Charlotte Diesel Super Show offers free truck and vehicle parking, including overnight. RV parking and campsites are available nearby. Food and refreshments will be available for purchase on the show grounds. For more information, go to www.dieselsupershow.com.

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