Reed Smith LLP

A Texas grand jury recently indicted Arkema Inc., Arkema CEO Richard Rowe, and plant manager Leslie Comardelle based on allegations that these defendants “recklessly” allowed for a release of air contaminants resulting from a fire at the Arkema Crosby, TX, facility during Hurricane Harvey. The hurricane, which resulted in historic rainfall and flooding, caused a loss of power at the plant that disabled refrigeration units storing organic peroxides, which ultimately resulted in loss of cooling and eventual release of the peroxides. The statute allegedly violated allows penalties of up to $250,000 or five years’ imprisonment or both for an individual and up to $500,000 for a company. Following the indictment, a judge set bond for both Rowe and Comardelle at $20,000. 

Introduction

This is the first in a series of client alerts discussing the potential impact of Brexit on energy trading in the UK. This alert will focus on general trading and contractual issues, providing a high-level overview of the immediate and potential long-term repercussions of Brexit, at a time when the UK is still in the process of negotiating a permanent deal with the EU.

Hot on the heels of the Shanghai International Energy Exchange (INE)’s launch of a new crude oil futures contract, which has been made available to overseas investors, the Dalian Commodity Exchange (DCE) has announced that their existing iron ore futures contract will be made accessible to overseas investors. The DCE published its final rules on 27 March 2018.

This client briefing seeks to discuss:

• the main features of the DCE iron ore futures contract;
• the two routes by which the overseas investor can access the iron ore futures contract;
• its settlement through physical delivery feature; and
• the general trends which may emerge as a result of the INE and the DCE’s decisions to make commodities futures contracts available to overseas investors