A federal judge in New Orleans could rule at any time on BP’s oil spill penalties, which could rise as high as $13.7 billion. BP has set aside just $3.5 billion for the fines, but Fitch said its rating adjustment assumes the judge will hand down the highest-possible penalty.
PBF Energy on Thursday announced plans to spend $322 million to buy a refinery and pipelines outside of New Orleans in a deal that gives the company a new footprint in the booming Gulf Coast refining corridor.
The factory would produce at least 1 billion pounds (450,000 metric tons) of resin a year and would be the U.S. polypropylene industry’s first world-scale project in about 12 years, said Mark Nikolich, a vice president at Braskem.
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