COMMODITY / ENERGY BRIEFS

COMMODITY / ENERGY BRIEFS

UNION CARBIDE PLANS

LA. COGENERATION PLANT

NEW YORK - Union Carbide Corp. will build a 220-megawatt, combined- cycle cogeneration power plant at its Taft, La., petrochemicals complex, the company said.

The unit will provide electrical power as well as steam for chemical production facilities at the complex, including the adjoining Star Plant.

The facility is scheduled for completion in early 1997.

Union Carbide has awarded a contract to Fluor Daniel Inc., a unit of Fluor Corp., for engineering, construction and start-up of the power plant.

Chemicals produced at Taft include ethylene, ethylene oxide and glycol, amines, acrolein, esters and acrylates.

At the Star Plant, Union Carbide produces polyethylene.

HADSON, PEOPLES

TO FORM JOINT VENTURE

NEW YORK - Hadson Gas Services Inc. and Peoples Energy Corp. Thursday said they have agreed to form a marketing venture to focus on energy management and purchasing options of large customers in the upper Midwest and Chicago areas.

The agreement is expected to be completed by Oct. 1.

''It gives us the opportunity to apply our national scope and expertise in natural gas marketing and risk management to Peoples' in-depth knowledge and assets in the Great Lakes-area market," said Greg Jenkins, Hadson's chief executive officer.

Based in Dallas, Hadson is the natural gas marketing unit of LG and E Energy Corp.

Based in Chicago, Peoples Energy is the parent of The Peoples Gas Light and Coke Co. and North Shore Gas Co. The two natural gas utilities serve a total of about 1 million customers in Chicago and 54 communities in northeastern Illinois.

GERMAN MOBIL REFINERY

TO SHUT DOWN SEPT. 30

HAMBURG, Germany - The Mobil refinery in Woerth will terminate crude- oil processing Sept. 30, a company spokesman confirmed.

Negotiations are being held about the facility's future, he said, adding that it was difficult to predict what the result might be and when it might be announced.

Various options are being discussed, including selling the refinery, dismantling it, or converting it in an effort to keep it running for something other than oil refining.

Mobil announced May 31 it would close the refinery because of its heavy losses.

German refiners said they were expecting some relief for refinery

margins from the plant's closure.

''Woerth produces some 2.5 million metric tons of middle distillates annually. We will feel an effect when it's closed," one said.

CHICAGO EXCHANGES

PUSH VANILLA CONTRACTS

NEW YORK - The Chicago Board Options Exchange and the Chicago Mercantile Exchange are aggressively pushing into lucrative emerging markets trade with the introduction of several new vanilla derivatives contracts.

The exchanges have applied for regulatory approval for options, futures and options on futures to be traded on the newly created Mexico 30 Index.

The push follows the April 25 listing on the CME of Mexican peso futures and futures options. The exchange also plans to introduce futures and options on futures based on their foreign currencies, stock indices and interest rates of various emerging market countries.

Jack Sandner, CME chairman, said in a statement the exchange intends to list three products from each of the almost 48 emerging market countries ''we have identified from the Pacific Rim to Latin America."

GLAXO STOCK DROPS

ON PATENT RUMOR

NEW YORK - The stock of Glaxo Wellcome PLC dropped Wednesday on worries that an unidentified U.S. senator is trying to reverse a recent decision that extended the American patent for the anti-ulcer drug Zantac, the world's best-selling medicine.

Glaxo was off 37.5 cents at $23.75 on the New York Stock Exchange amid the concern, which first surfaced on the London market.

"There is talk around the market this morning that a U.S. senator yesterday said he was going to try to get the patent time reduced. That is what is driving the shares down this morning," one trader said in London.