BOSTON, Dec. 13, 2010 /PRNewswire/ -- Cabot Corporation (NYSE :CBT ) today announced that Cabot Specialty Fluids has been recognized for its sustainable business model at this year's United Nations International Development Organization (UNIDO) chemical leasing awards. UNIDO is devoted to reducing unnecessary consumption of finite chemical resources and the awards are an integral part of UNIDO's Green Industry Initiative.
More than a decade ago, Cabot broke with traditional oil field chemical sales models by pioneering the leasing of its cesium formate drilling and completion fluids. With this model, Cabot retains ownership and stewardship of the chemicals at all times and charges customers for the number of days they are used in the field. At the end of the project, the fluids are returned for reclamation and leased out for the next job.
Jim Turner, Vice President of Operations for Cabot Specialty Fluids, said, "As long-time champions of the chemical leasing model in the oil segment, we are delighted to receive the UNIDO Chemical Leasing Award. Cabot has leased cesium formate brine to more than 250 well construction operations globally and with careful management we typically re-use 80 to 85 percent of the fluid. The leasing model benefits the environment by conserving chemicals and reducing water and energy use and is a sustainable business approach, helping to extend the overall life of our finite mineral resource."
About Cabot Corporation
Cabot Specialty Fluids is a business of Cabot Corporation. Cabot is a global specialty chemicals and performance materials company headquartered in Boston, MA. The Company's major products are carbon black, fumed silica, inkjet colorants, capacitor materials, and cesium formate drilling fluids. Cabot operates 39 manufacturing facilities in 21 countries worldwide. The Company's website is: http://www.cabot-corp.com.
SOURCE Cabot Corporation