Oil prices move up in Asia after previous session's declines

Oil prices in Asia moved up after declining in the previous session. Light, sweet crude for February delivery inched up to US$96.11 a barrel in electronic trading on the New York Mercantile Exchange by midday in Singapore.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11444&P=P

Nova Chemicals fined over US$550,000 for discharging benzene

Nova Chemicals (Canada) Ltd. has been fined US$550,000, along with a victim fine surcharge, after pleading guilty to discharging benzene to the air from its facility at Sarnia, Ontario that caused an adverse effect.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11443&P=P

LyondellBasell to commence with smooth transition for both partners

In July, Basell decided to buy Lyondell's outstanding common shares for US$48 each in an all-cash transaction that, with debt assumed by Basell, was valued at about US$20 billion. Last month, Lyondell shareholders voted to approve the deal, and the transaction closed before year-end as scheduled.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11442&P=P

SABIC Board recommends increase in capital by SAR5bln

Board of Directors at Saudi Basic Industries Corporation (SABIC), at yeaterdays' meeting, decided to recommend to the Extraordinary General Assembly, an increase in the company's capital from SAR25bln to SAR30bln by granting one bonus share for every five shares.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11441&P=P

Petrochem industry fears unfair competitive advantage in FTA with the Gulf

Fearing unfair competitive advantage, a leading industry body has urged the government to keep key petrochemical products like ethylene and linear low-density polyethylene (LLDPE) outside the purview of the proposed free trade agreement with the Gulf Cooperation Council (GCC).

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11440&P=P

Capacity reduction at Czech Unipetrol's ethylene unit for another five mont...

Czech refiner Unipetrol has estimated a period of five months for a temporary reduction in capacity at its ethylene unit. A repaired coldbox will be installed in the unit in May 2008 during a 14-day shutdown. The financial impact of the reduction has not been specified. Production of benzene at the unit is currently at less than 80% of annual capacity of 210,000 tons, ethylene production has been stabilised at 512,000 tpa.

LUKOIL Chemical Group's new strategy that has enabled a turnaround

LUKOIL Chemical Group's activities include conversion of hydrocarbons produced by Russian company LUKOIL, as well as production of a wide range of petrochemicals to meet demand from domestic Russian as well as overseas markets. The company's overall development strategy until 2017 includes maximizing existing plant efficiency as well as launching new production operations in existing facilities. The company is set to invest over US$4 billion over the next 10 years.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11438&P=P

Bhutto assassination hits oil markets

Oil prices rose on dual concerns of larger than expected declines in U.S. crude inventories and growing geopolitical concerns after the assassination of Pakistani opposition leader Benazir Bhutto. Light, sweet crude for February delivery shot up to US$96.83 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. In London, Brent crude rose 33 cents to $95.11 a barrel on the ICE Futures exchange.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11437&P=P

Korea to remove tariffs on naphtha under EFTA Oil Product Imports

South Korea's Ministry of Finance and Economy will remove tariffs imposed on 16 petroleum products, including naphtha, imported from European Free Trade Association starting Jan 1, 2008. EFTA's members are Iceland, Liechtenstein, Norway and Switzerland. Korea had not imported any of the listed 16 petroleum products from EFTA in 2005.

Iran petrochemical projects to have 300% growth in next 10 years

Iran's petrochemical projects will witness a 300% growth in 10 years, with domestic petrochemical output soaring to 98 million tons at the end of 10-year plan, 2014, fetching the country US$20 bln pa.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11435&P=P

ONGC Mangalore Petrochemicals Ltd. to set up aromatic unit in Mangalore SEZ

ONGC Mangalore Petrochemicals Ltd. (OMPL) - a company jointly promoted by ONGC and MRPL, will be setting up an aromatic unit in Mangalore SEZ (MSEZ) with a capacity to produce 920,000 tpa of Paraxylene and 140,000 tpa of Benzene.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11434&P=P

Turkish Court suspends sale of Petkim

The sale of a 51% stake in Turkey's largest petrochemicals company Petkim to a consortium consisting of Turcas, Socar and Injaz, has been suspended by Turkey's top administrative court. Interestingly, the Court has mentioned that the sale would be allowed to proceed if Turkey's privatisation board clears the transfer of shares.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11433&P=P

ONGC asks for free land, fiscal incentives to set up Kakinada project

Oil and Natural Gas Corporation's (ONGC) fresh list of conditions to set up the Rs 25,600 crore export-oriented refinery-cum-petrochemical project at Kakinada includes 950 hectares of land free of cost from Andhra Pradesh government and fiscal incentives in the form of exemption from sales tax on sale of petroleum and petrochemical products.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11432&P=P

Grenland Group to modify Noretyl AS ethylene cracker in Norway

Noretyl AS owns and operates an Ethylene cracker at Rafnes in Norway, for which it has signed a modification contract with Grenland Group. The contract includes procurement of material and prefabrication of steel and pipe systems together with installation of process equipment and a large column, in order to increase the flexibility in production of liquid ethylene. Piping and structural steel will be fabricated at Grenland Group's yards in Grenland.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11431&P=P

Alcoa to sell packaging business for US$2.7bln

Alcoa plans to hive off its packaging and consumer businesses to New Zealand´s Rank Group Ltd. for US$2.7 bln in a cash deal. The transaction is expected to be completed by the end of Q1-08. Lehman Brothers acted as financial advisor to Alcoa on this transaction. Alcoa´s packaging and consumer businesses generated revenues of approx US$3.2 bln and US$95 mln in after-tax operating income in 2006, representing approx 10% of Alcoa 2006 revenues and 3% of after-tax operating income.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11430&P=P

Injaz Projects' acquisition of Petkim Petrokemiya on schedule

Injaz Projects' joint venture proposal of US$2 bln to acquire a 51% controlling stake in Turkey's state-owned petrochemicals manufacturing company, Petkim Petrokemiya, is to close on schedule by the second half of January 2008. Injaz Projects - together with its partners, Azerbaijan Oil and Gas Company (SOCAR) and Turcas Petroleum - formed a joint venture group in early 2007 for the purpose of winning the Petkim tender.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11429&P=P

Shell, BP actively contending for refinery investments in China

The rivalry between Shell and BP to build refineries in China seems persistent. BP was shortlisted instead of Shell to participate in the 15 mln tpa refinery project in Guangzhou in partnership with Sinopec and Kuwait Petroleum Corporation (KPC).

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11428&P=P

Dow and Crystalsev to invest US$800 mln in a PE plant that uses sugar cane ...

Dow Chemical Co. and its Brazilian partner Crystalsev, plan to invest US$800 mln in a polyethylene plant in Brazil to produce plastics from sugar cane instead of petroleum as feedstock. The jointly owned plant will be based in Santa Vitoria, in the southeast state of Minas Gerais. The new plant will start producing 350,000 metric tpa of polyethylene resin by 2011.

Feasibility report on Sino-Kuwaiti JV in Guangdong to be submitted to Chine...

The results of a feasibility study for the multi-billion Sino-Kuwaiti joint venture in south China's Guangdong Province is expected to be completed next year. The findings for the project will be submitted to the Chinese authorities for approval in H2-08.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11426&P=P

Linde to supply oxygen and nitrogen to Ningbo Wanhua Polyurethane in a long...

The Linde Group has secured a long-term contract with Ningbo Wanhua Polyurethane, China's fastest growing polyurethane company to supply oxygen and nitrogen from 2010 onwards. Wanhua is the only domestic company that owns the technology and expertise for MDI (feedstock for the production of polyurethane). China is quickly becoming one of the key MDI markets, following North America and Europe.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11425&P=P

DSM Venturing invests in Novomer Inc.

DSM Venturing, the corporate venturing unit of Royal DSM N.V., has invested in a stake in Novomer Inc. for an undisclosed amount. The companies also plan to sign a cooperation agreement. Both the investment and cooperation agreement will support DSM's plans to develop bio-based performance polymers to meet customers' growing needs for improved materials performance and environmental benefits at competitive costs.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11424&P=P

Cosmo Films to raise Rs 33 cr via preferential allotment

Cosmo Films Ltd, manufacturer of Bi-axially Oriented Polypropylene Films (BOPP) and Thermal Lamination Film, plans to raise Rs 33.17 crore through issue of 31 lakh fully convertible warrants to the promoters on a preferential basis.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11423&P=P

CMAI predicts downstream nylon demand to shift to Asia

As the growth and profitability of nylon fibers is declining, many companies have and will continue to divest nylon fiber assets from their portfolios. CMAI predicts that Asia will be the only location where any meaningful capacity additions are likely to occur. As downstream nylon mill demand increasingly shifts to Asia, assets in North America and West Europe will face growing competitive difficulty.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11422&P=P

Oil prices rise on renewed supply concerns

Light, sweet crude for February delivery rose to US$94.39 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. Wednesday witnessed a rise in crude oil prices on renewed supply concerns amid expectations that data will show a new decline in US oil inventories. Crude oil supplies in the United States are expected to fall for the sixth consecutive week.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11415&P=P

Mitsubishi expects to supply customers till end of year despite fire

Despite its ethylene unit being hit by a fire, Japan’s Mitsubishi Chemical Corp. expects to be able to supply petrochemical raw materials and products to its customers through to the end of the year despite a fire at Japan's biggest ethylene plant.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11414&P=P

Fair Trade Commission fines 6 Korean companies for LDPE, LLDPE price fixing

The Fair Trade Commission has fined six Korean petrochemical companies more than W54 bln for fixing the price of synthetic resins over the last 11 years (US$1=W941). Earlier this year, in February, the anti-trust watchdog imposed W100 bln in fines on 10 petrochemical companies for fixing the prices of other products.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11413&P=P

Stock price and estimated amount paid determined for IPO of Petro Rabigh

The stock price and estimated amount paid have been determined for the initial public offering (IPO) of the Rabigh Refining and Petrochemical Company (Petro Rabigh), which will be held on the Saudi Arabian stock exchange in early January 2008.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11412&P=P

New environmentally friendly packaging for Swiss chocolates

Along with the innovative Plantic Technologies Ltd., UK’s Marks & Spencers has introduced environmental friendly packaging for Swiss chocolates. The Plantic® trays within the box are:Biodegradable after use

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11411&P=P

Iran exports US$3.7 bln of petrochemicals since March 21, 2007

As per a statement, US$3.7 bln of petrochemicals were exported from Iran since March 21, 2007. Iran has sold US$5.5 bln worth of various petrochemical products since the start of the current Iranian calendar year amounting to nearly 16 mln tons of petrochemicals. Sales for the year (till March 20, 2008) are expected to reach US$8.3 bln.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11410&P=P

SIBUR to open representative office in Peking

Russia’s leading petrochemicals company – SIBUR, plans to open and register a representative office in Peking in the People’s Republic of China. The SIBUR group has a total of 34 plants and subsidiaries producing over 100 petrochemical products.Growing demand from the Chinese market is of particular significance to SIBUR that plans to work with its clients, analyze the market needs, and deal with government institutions through its representative office.

Haldia plans to maintain bottomline during petrochem downturn period

Haldia Petrochemicals Ltd (HPL) is in the process of preparing a proposal to maintain its bottomline at current levels even during the petrochem downturn period which is expected to start from 2010, likely to continue till 2013.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11408&P=P

Eastern Thailand to witness water shortage as petrochem industry grows in t...

Eastern Thailand could face water shortages in the next five years unless additional resources can be made available to meet growing demand from 300 bln baht worth of new petrochemical complexes planned in the area, as well as the growing tourism industry in Pattaya, Rayong and Trat.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11407&P=P

ABS

Restrained demand from China has kept ABS prices weaker at US$1755/MT in Asia in the week of December 24, 2007, despite a hike in upstream butadiene prices. South Korean and Taiwanese suppliers lowered offers to US$1750/MT CFR China, along with which, few deals were heard concluded at lower level of US$1750/MT CFR China. Most buyers from China refrained from stock piling on account of tightened credit control by the Chinese government.

GPPS

Slow movement from the Chinese markets has caused GPPS prices to dip by twenty dollars to US$1430/MT in Asia in the week of December 24, 2007. The lackluster market sentiments from Chinese buyers were coupled with a sharp dip in feedstock SM values.

PVC

A revival of buying interest in the region kept PVC prices higher at US$995/MT in Asia in the week of December 24, 2007. Provisional January offers CFR China from Japan were heard almost 30-50 dollars higher, though resistance from the buyers will mellow down prices to the level of US$1000-1010/MT.

Polypropylene

Firm demand from China has kept PP prices in Asia at last weeks' level of US$1455/MT in the week of December 24, 2007. Majority offers for yarn grade for January shipment were sustained US$1460/MT CFR China (from Taiwan, Malaysia and South Korea) and at US$1480/MT CFR China for IPP grade.

POLYMERS - LLDPE

LLDPE markets witnessed a sharp hike in prices to US$1560/MT in Asia in the week of December 24, 2007, mainly due to a tight supply situation. Current selling intention from South Koreans was being indicated at US$1560/MT CFR China levels.

POLYMERS - LLDPE

LLDPE markets witnessed a sharp hike in prices to US$1560/MT in Asia in the week of December 24, 2007, mainly due to a tight supply situation. Current selling intention from South Koreans was being indicated at US$1560/MT CFR China levels.

POLYMERS - LDPE

LDPE market in Asia held steady at last weeks' US$1655/MT in the week of December 24, 2007. This stagnancy in prices was mainly on account of low level of market activity as suppliers seem to be planning a hike in offers for January shipment by almost twenty dollars.

POLYMERS - HDPE

Limited availability of supplies across the Asian region has supported HDPE price increase to US$1580/MT in Asia in the week of December 24, 2007. Upon news of some deals already settled at US$1580/MT CFR China with usance terms, few traders revised offers by twenty dollar. However, this hike was met with resistance from buyers.

STYRENE MONOMER

Styrene Monomer prices in Asia dipped by twenty dollars to US$1320/MT in the week of December 24, 2007. Weakening end user demand was the major contributor to this downward movement in prices. An assessment of price for February shipment indicated values at US$1310-1320/MT FOB Korea. Upstream benzene prices, on the other hand, moved up to US$1000/MT in Asia, spiking by almost twenty dollars.

FEEDSTOCK - PROPYLENE

Propylene prices strengthened on the back of tight availabilities to US$1160/MT in Asia in the week of December 24, 2007. Restricted supplies kept buying interest robust, particularly in South East Asia where buyers were eager to build up inventories. This eagerness kept prices on the higher side.

FEEDSTOCK - ETHYLENE

Ethylene prices rose to US$1270/MT in Asia in the week of December 24, 2007. In a dual movement in the ethylene markets of Asia, CFR South East Asian market remained soft due to influx of deep sea cargoes from the Middle East, while prices in the Far East region moved up on restricted supplies from South Korean producers. Tight supplies kept selling intentions well sustained at levels above US$1290/MT FOB Korea for February shipment. Though a deal was heard done at CFR China at US$1370/MT, Chinese buyers began to look wary of fresh purchases at higher values.

FEEDSTOCK - VCM

VCM prices in Asia stagnated at last weeks' level of US$755/MT in the week of December 24, 2007. At these levels, VCM prices are almost fifteen dollars more than November levels, but an equal amount lesser than the thirty dollar hike originally planned by Japanese producers at the beginning of the month. This hike was planned in conjunction with a robust gain in naphtha values, but was met with resistance from the PVC producers of China, resulting in a downward correction to present levels.

FEEDSTOCK - EDC

EDC prices saw a marginal downward movement by five dollars to hover around US$395/MT in Asia in the week of December 24, 2007. This dip can be attributed to slow movement in downstream VCM demand. CFR offers for Southeast Asia held steady, while offers for Far East Asia saw a downward revision. A dip in the US EDC market resulted in a batch of cargo being quoted at US$360/MT FOB US Gulf.

NAPHTHA

Despite a 2% increase in crude values, weakening demand has caused a dip in naphtha prices in Asia in the week of December 24, 2007. Open-spec naphtha values for H1 February delivery declined to US$860/MT CNF Japan.

Price trends of oil, polymer feedstock & commodity polymers in Asia for the...

Crude oil futures witnessed a two dollar gain, spiking to US$93 levels on release of government report showing a more than expected dip in US weekly inventories and increased consumer spending in USA.

CRUDE OIL Crude oil futures witnessed a two dollar gain, spiking to US$93 levels on release of government report showing a more than expected dip in US weekly inventories. Weekly stockpiles shrunk as fog delayed the arrival of imports. Markets also gained strength on increased consumer spending in USA that has gained the most in over two years, signaling economic growth and anticipated stronger oil demand. Oil futures ended at US$93.31 a barrel in New York for the week of December 24, 2007.

Basell commences construction of second PP compounding facility in China

In a bid to meet groing demand from the automotive, appliance, electrical and electronics sectors, Basell has started construction of its second polypropylene compounding facility in China at Guangzhou Nansha scheduled to come on-stream in September 2008.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11405&P=P

Ecopetrol to buy Colombia's largest PP maker Propilco

As part of its expansion plans, Colombia's state- controlled oil company Ecopetrol SA has agreed to buy Colombia's largest polypropylene maker Propilco for US$690 mln. This acquisition of Propilco complements oil-refining operations. Propilco, with annual sales of about US$600 million, currently buys 30% of its fuel from Ecopetrol.

Indian Oil to commission Paradip Project by 2011-12

India's state run IndianOil Corporation Ltd. (IOCL) expects to commission its 15 mln tpa grassroots refinery-cum-petrochemicals complex at Paradip by 2011-12. For this, infrastructure development continues to be a major focus area, for which several schemes have been initiated with increasing emphasis on project execution in compressed schedules as per world benchmarking standards.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11403&P=P

Strong domestic demand pushes BPCL to cancel naphtha export contract

India's Bharat Petroleum Corp. Ltd. (BPCL) has canceled a contract to export 180,000 tons of low aromatic naphtha, to meet domestic demand that could result in better price realisation.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11402&P=P

Petrochemical companies in Korea could witness consolidation after 2009

LG Chemical, Honam, Hanwha Petrochemical, Kumho Petrochemical, SK Corp., Samsung Total Petrochemical, Yeochun NCC and Korea Petrochemical are Korea's domestic petrochem producers. Of these only Yeochun NCC and Samsung Total are unlisted on the Korea Stock Exchange.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11401&P=P

Sinopec shuts Fujian refinery for maintenance

Sinopec Corp has shuttered the 80,000 bpd Fujian oil refinery for 40 days of planned maintenance, to start work on connecting the plant with a new multi-billion-dollar complex jointly funded by Exxon Mobil and Saudi Aramco.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11400&P=P

Arburg subsidiary inaugurates new premises in Shanghai

Arburg (Shanghai) Co. Ltd. has shifted into its new premises in Shanghai earlier this month. The relocation to the new premises in the Shanghai business district represents a further milestone in Arburg's ongoing investment in the Chinese market. It is supported by the three subsidiaries in Hong Kong, Shanghai and Shenzhen.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11399&P=P

As trading remains thin, oil prices almost unchanged at US$93

Light, sweet crude for February delivery stood at US$93.26 a barrel in electronic trading on the New York Mercantile Exchange, midmorning in Singapore. As trading remained light due to holidays, oil prices were almost unchanged on Monday.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11398&P=P

Eastman in definitive agreements with Indorama to sell its PET and PTA faci...

Eastman Chemical Company has entered into definitive agreements with Indorama to sell its PET facility and related businesses in the United Kingdom, and its PET and PTA facilities and related businesses in the Netherlands.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11397&P=P

QAPCO to inaugurate EP2 at Mesaieed in the first half of 2008

Qatar Petrochemical Company (Qapco) is to inaugurate an ethylene expansion project (EP2) at Mesaieed on January 8, 2007. EP2, completed at an outlay of QR840 mln, will boost Qapco’s ethylene production capacity to 720,000 tons from the existing 525,000 tons.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11396&P=P

Government enforces PCPIR policy in India

The PCPIR is a policy adopted by the Union Government in India to boost investment in the Petrochemical Sector. The PCPIR- a National Policy on Petrochemicals and the Petroleum, Chemical and Petrochemical Investment Regions, released in May 2007, envisages establishment of investment regions with world-class infrastructure with both center and states playing key roles.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11395&P=P

GAIL plans to build strength in petrochemical sector

GAIL- India’s largest transporter and marketer of gas, has its core strength in its presence across the value chain – from exploration and production to transportation and marketing to petrochemicals. The company plans to build on these strengths.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11394&P=P

Budget may bring cheer for Indian plastics industry if imports get cheaper

The Union Budget may bring in cheer for the plastics industry in India, as price of many commonly-used consumer products made from petrochemicals may decline after the upcoming Budget.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11393&P=P

Fire at Mitsubishi’s ethylene plant to shutter unit for 3-4 months

Last week’s fire at Japan's largest ethylene plant, operated by a unit of Mitsubishi Chemical Holdings, is to shut the core facilities for at least three to four months. It is still unclear which facilities are to be shut at the Kashima plant, near Tokyo.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11392&P=P

Haldia Petro to develop downstream business opportunities caused at propose...

In an effort to improve its margins and reduce costs, Haldia Petrochemicals Ltd (HPL) plans to develop downstream chemicals business opportunities expected at the proposed chemical hub at Nayachar. To be built at an initial investment of Rs 600 crore, this will also help create a robust downstream chemicals industry in the state of West Bengal.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11391&P=P

As concerns of US economic growth, oil prices stagnate above US$91

Oil prices have more or less stabilized around US$91 a barrel ay amid concerns over a possible slowing of the US economy that could lead to a drop in fuel demand. The US Conference Board's report indicates that its index of leading indicators dropped 0.4% in November to the lowest level in over two years.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11390&P=P

Dow plans to invest US$5 bln in China over the next decade

Dow Chemical Co plans to invest US$5 billion in China over the next decade for several projects, including a potential coal-to-chemicals project in Shaanxi Province for which Dow and Chinese partner Shenhua Group Corp are conducting a feasibility study.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11389&P=P

Basell completes acquisition of Lyondell - creating world's third-largest i...

Dutch chemical and plastics maker Basell has completed acquisition of Houston's Lyondell Chemical Co., creating the world's third-largest independent chemical company. The combined company will have its corporate headquarters in Hoofddorp, Netherlands, until this summer when it will move to Rotterdam.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11388&P=P

Fire at Mitsubishi's No.2 ethylene plant in Ibaraki prefecture

A fire broke out at Japan's Mitsubishi Chemical Corp's No.2 ethylene plant in Ibaraki prefecture near Tokyo The fire is expected to have some effect on production at the 476,000 tpa Kashima ethylene plant.The Kashima plant, which consists of two units, can produce up to 926,000 tpa of ethylene, with the No.2 unit producing 516,000 tons.

IOC mulls investment in gas based petrochemical unit in Oman

Indian Oil Corporation Ltd (IOC) is considering an investment of over US$5 bln in Oman. With the amount, India's state-run petroleum major will to either set up a gas-based petrochemical complex in Oman or to form a JV with a local company for an existing petrochem complex.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11386&P=P

Rompetrol Petrochemicals completes HDPE upgrades at US$14.5mln

Rompetrol Petrochemicals has successfully completed upgrades at its 60,000 tpa high density polyethylene line at Constanta, Romania, at an investment of US$14.5 mln on new equipment. Rompetrol plans to invest over US$170 mln for the petrochemical expansion.

Mitsubishi to license CO2 recovery technology to GPIC in Bahrain

Mitsubishi Heavy Industries, Ltd. (MHI) has singed a license agreement for carbon dioxide (CO2) recovery technology with Gulf Petrochemical Industries Company (GPIC) in Bahrain. The recovery plant is slated for completion on January 2010.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11384&P=P

Successful upgrades at ExxonMobil's LaGrange specialty film facility

ExxonMobil Chemical has attained successful start up of its upgraded specialty oriented polypropylene (OPP) film production line in LaGrange, Georgia. This upgrade will significantly increased capacity for multi-layer OPP films. The upgraded line is running at full capacity in its first full week and will provide the company greater flexibility to meet customer expectations for a secure and undisrupted supply of specialty OPP films.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11383&P=P

Solvay to set up America's first industrial project implementing renewable,...

The board of a Solvay affiliate - Solvay Indupa, has approved a further US$135 mln investment program to expand and increase the competitiveness of its vinyls production plant at Santo Andre, Brazil. Also included in this second stage of expansion will be an integrated plant to produce ethylene with ethanol originating from sugar cane.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11382&P=P

JGC Corp awarded ethylene plant order in Saudi Arabia

Japanese engineering company JGC Corp has been awarded an order to construct an ethylene plant in Saudi Arabia to be completed by mid-2011. The 200 bln yen order is one of the largest independent contracts ever awarded to a Japanese plant engineering company. The new plant will be one of the largest facilities of its kind and have an annual production capacity of 1.2 million tons for ethylene and will be built in the eastern coastal city of Jubail.

Programme announced for Middle East Plastic Pipes 2008

The Middle East is experiencing rapid growth and there are excellent opportunities for suppliers to the construction industry in the region. There are major applications of pipe in the development of new housing, business areas and industry.
For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11380&P=P

Construction of Vietnams's PP project underway

Construction is underway for the polypropylene project at Dung Quat economic zone, Vietnam. Viet Nam Oil and Gas Group (PetroVietnam) have invested in the project. The US$232 million project is capable of producing 150,000 tpa and will be provided feedstock propylene from the Dung Quat refinery. The project, scheduled to be completed in 28 months, will be the first petrochemical factory to using materials from Viet Nam's refinery. The chosen contractors include Huyndai Engineering Co LG International Corp, Pvengine Ering, PV Construction of Viet Nam.

Tecnimont S.p.A. and Linde shortlisted by Sibur

Tobolsk-Polymer Ltd. a subsidiary of Sibur, has shortlisted contractors for designing (FEED) and subsequent supply of equipment and the managers of project construction in the city of Tobolsk (Tyumen region). Italy's Tecnimont S.p.A. has been selected as partner for the 510,000 tpa propylene projet, while Germany's Linde-KCA-Dresden has been selected as partner for the 500,000 tpa polypropylene project.

CNPC and Royal Dutch Shell agreed to expand cooperation

China National Petroleum Corporation (CNPC) has agreed to expand cooperation with Royal Dutch Shell, at a ceremony held at the Diaoyutai State Guesthouse in Beijing. However, no specific details about the expansion plans have been provided. Shell has entered into a joint venture agreement with CNPC subsidiary PetroChina, to develop the Changbei gas field in northwest China's Shaanxi province, operational since early this year. Shell is also involved in construction of a large-scale petrochemical industrial park with the China National Offshore Oil Corporation (CNOOC) in southern China's Guangdong province.

Brazil and Venezuela in US$3.52 bln petrochem JV

The state-owned petrochemical companies of Brazil and Venezuela plan to collaborate to build the most modern and competitive integrated petrochemical project in the region to supply to markets in South American countries, USA and Europe.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11376&P=P

Hyundai awarded US$210 mln deal to build petrochemical plant in Saudi Arabi...

South Korea's Hyundai Engineering Co. Ltd. (HEDC) has been awarded an order to build a petrochemical plant in Saudi Arabia for about $210 mln. As per the deal, the unlisted unit of Hyundai Engineering and Construction Co. would build an ethyleneamines plant jointly with Hanwha Engineering & Construction Corp. To win the deal for the Amines project, Hyundai and Hanwha team beat competition from CTCI of Taiwan, and a joint venture of Aker Kvaerner of Norway and Sinopec of China. Amines is an equal joint venture of Al-Zamil Group and Huntsman Corporation of the US.

Bayer MaterialScience to acquire polyurethanes systems business in Greece

Bayer MaterialScience and Dr. D. A. Delis AG polyurethanes business have inked a preliminary agreement to transfer ownership of the company to Bayer Hellas. The business will be integrated into the worldwide network of the polyurethanes systems houses of Bayer MaterialScience under the name BaySystems Hellas. The deal is estimated to be concluded at the beginning of next year.

Haldia Petrochem to borrow US$50 mln to finance ongoing expansion

In a move to finance its ongoing expansion plans, Haldia Petrochemicals (HPL) plans to raise US$50 mln ( Rs 200 crore) through the external commercial borrowing (ECB) route. This will form part of the Rs 400 crore being raised via debt for the project. The project has been dubbed as Project Supermax, and will result in a capacity increase of 30% plant from 520,000 tons to 670,000 tons by October 2008.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11373&P=P

TPE demand to rise 6.4% pa until 2011

Global demand for thermoplastic elastomers (TPEs) is forecast to grow by 6.4% pa through 2011 to 3.5 mln tons as per a report by reportlinker.com. Value gains will expand an even stronger 7.8% annually to US$13.7 bln over the same period, due to the increasing number of applications that require costlier types of TPEs and sustained high energy prices that will raise TPE production costs. China will expand its share of the world market from 31% in 2006 to 35% in 2011, although the US will remain the world's largest manufacturer of some products such as olefinic based TPEs.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11372&P=P

Sinopec commences work on 80,000 tpa ethylene plant in China's central regi...

Sinopec has commenced work on an 80,000 tpa ethylene plant in Wuhan, the capital of Hubei Province. The plant, to be built at an investment outlay of 14.6 bln yuan will meet growing demand in the central region of the country.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11371&P=P

After rising, oil prices dip on withdrawal of Turkish troops from Iraq

Oil prices declined on news of withdrawal of Turkish troops from Northern Iraq. Earlier, prices had increased on reactions to movement of Turkish troops into northern Iraq to flush out Kurdish rebels. New Yorks's light sweet crude for January delivery, dipped to US$90.49 after surging briefly past US$92. In London, Brent North Sea crude for February delivery settled at US$90.12.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11370&P=P

Pakistan's Engro Polymer to invest US$250 mln in PVC expansion

Pakistan's Engro Polymer & Chemicals Ltd (EPCL) plans to invest US$250 million for PVC capacity expansion to meet PVC demand in Pakistan is estimated to be growing at 12% pa. Capacity will be increased by 50,000 metric tons through backward integration to 150,000 tpa by March 2009. EPCL currently produces almost 76% of the total PVC produced in the country.

Sabic announces a PE price hike in Europe

With effect from Jan 1, 2008, Saudi Basic Industries Corp (Sabic), will raise polyethylene prices in Europe for by €100 per metric ton. The price hike will affect all of its high-density polyethylene, low-density polyethylene and linear low-density polyethylene products. This price hike has been announced in a bid to pass on feedstock increases to the downstream sector further down the value chain.

INEOS NOVA and SEEA Polymers in 50:50 EPS plant JV in Romania.

INEOS NOVA and SEEA Polymers have signed an agreement to form a 50:50 joint venture to build and operate a new 100000 tpa expandable polystyrene (EPS) plant in Romania. The proposed facility is expected to commence operations by late 2009 at a a site owned by SEEA Polymers in Medgidia, Romania, near the Black Sea.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11367&P=P

DuPont to invest US$500mln in Kevlar® plant expansion in South Carolina

DuPont's Cooper River plant in South Carolina is to receive a planned investment to the tune of US$500 mln for expansion of capacity of Kevlar®. Kevlar® is a high performance para-aramid fiber that finds application in industrial and military uses. The investment will include construction of a new Kevlar® fiber facility, scheduled to begin in January 2008. The plant startup is scheduled for 2010.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11366&P=P

Kureha to invest over US$100 mln high performance polymer plant

Kureha Corporation plans to invest over US$100 mln in a new, wholly-owned subsidiary to build a high performance polymer plant. Kureha plans to build a plant for the production and sale of the high performance polymer - polyglycolic acid (PGA), to be located at the DuPont site in Belle, W.Va. Early 2008 will see the commencement of plant construction, followed by production scheduled to begin in early 2010.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11365&P=P

ABS

Notwithstanding rising feedstock butadiene prices, ABS prices dipped to US$1760/MT in Asia in the week of December 17, 2007. Markets were lackluster mainly on account of quiet demand from China, which caused a drop in supplier offers as buyers preferred to wait and watch. Reluctance on part of Chinese buyers was due to tightening of credit control by the Chinese government, causing a negative cash flow situation for the importers. Hence markets for ABS are not expected to recover even in January.

GPPS

GPPS prices dipped marginally to US$1450/MT in Asia in the week of December 17, 2007. Subdued conditions were mainly due to weak Chinese markets and a downward correction in price of feedstock SM. Majority of offers for GPPS witnessed a downward adjustment by ten dollars CFR China/Hongkong for December shipment, but few offers heard were even lower.

PVC

As January offers were hiked by suppliers, polyvinyl chloride prices saw a northward movement, rising to US$985/MT in Asia in the week of December 17, 2007. Quotes from Taiwanese producers were heard at a premium of thirty dollars as feedstock VCM values strengthened and demand improved. Quotes for January PVC offers from the Japanese players are awaited as they conclude deals for December shipment at about US$970/MTCFR China and hike more recent offers for December shipment to US$990/MT CFR CMP.

Polypropylene

Polypropylene prices rose to US$1455/MT in Asia in the week of December 17, 2007. The optimistic outlook in the Asian PP market continues on account of persistent tight supplies and rising feedstock propylene rates. After deals were concluded at US$1450/MT levels, several suppliers from South Korea and Taiwan revised offers upwards.

POLYMERS - LLDPE

LLDPE prices moved up to US$1540/MT in Asia in the week of December 17, 2007, on the back of tight supplies from Taiwan. Though suppliers’ offers have seen a hike of almost fifty dollars, prices have not swung to the same tune as buying intention remains pegged lower. South Korean LLDPE cargoes were heard being offered at US$1540/MT BWT terms, while US LLDPE cargoes were heard offered at US$1480/MT CFR China/Hongkong.

POLYMERS - LDPE

Supported by persistently restricted supplies, LDPE prices in Asia rose to US$1655/MT in the week of December 17, 2007. Though prices remained strong, limited market movement was seen due to a shortage of firm offers, as few suppliers contemplate a fifty dollar hike for January shipment.

POLYMERS - HDPE

A sharp surge was seen once again in HDPE prices in Asia in the week of December 17, 2007. HDPE prices rose to US$1570/MT this week, with higher values witnessed for deals concluded for January shipment. But offers for film grade that were hiked to US$1,600/MT CFR China, found no takers buyers

STYRENE MONOMER

Styrene Monomer prices continued their downward trend and dipped to US$1345/MT in Asia in the week of December 17, 2007. Dual pressure of weakening feedstock benzene values (despite a sharp gain in crude oil and naphtha values) coupled with subdued downstream Polystyrene markets, have led to this dip in SM values. Dull market conditions prevailed as both sellers and buyers preferred to wait and watch.

PROPYLENE

Propylene gained in value and rose to US$1155/MT in Asia in the week of December 17, 2007, mainly on account of restricted supplies in the region. Only a small number of deals were concluded as the market lacked in suppliers’ offers, pushing up prices. Supplies from Taiwan are also expected to be affected next month as Formosa plans to shut down its metathesis unit at Mailiao for a month long turnaround.

ETHYLENE

Ethylene prices plummeted by fifteen dollars in Asia in the week of December 17, 2007 to US$1250/MT. Falling prices can be attributed to a sharp price dip in downstream MEG values on one hand and chances of a possible supply increase from Taiwan next month. Spot MEG prices have plummeted by over US$80 a ton over the past fortnight. Hence, ethylene prices continue to face resistance from downstream MEG producers who are reluctant to purchase ethylene cargoes at current values. Supplies are also expected to be abundant from Taiwan next month as Taiwan's Formosa plans to shut down its metathesis unit at Mailiao for a month long turnaround, rendering surplus ethylene as feedstock at the rate of 125,000 tpa.

VCM

VCM prices moved up to US$755/MT in Asia in the week of December 17, 2007. This shift in prices can be attributed to movement seen in the market due to conclusion of deals for December delivery between major Japanese supplier Tosoh and downstream Chinese PVC producers. An unsuccessful attempt was made by the Japanese supplier to hike December prices by more than thirty dollars a ton, in a bid to recover a deficit in production margins due to higher naphtha cost. Despite higher offers quoted by the suppliers, deals were finally concluded at US$750/MT levels, due to strong resistance from Chinese buyers. However, deals were concluded at prices higher than November values by 15 dollars per ton.

EDC

Lackluster market conditions prevailed in the EDC markets of Asia, stagnating prices at US$400/MT in the week of December 17, 2007. Producers have been operating downstream VCM plants at reduced rates because of realization of poor production margins, causing a lull in demand for EDC. A difference of twenty dollars persists between sellers’ bids at US$420/MT CFR Asia and buyers’ intentions. Demand for EDC in Asia is expected to be reduced in January as Taiwan VCM plans to shut its 300,000 tpa VCM plant in Kaohsiung for 4 weeks maintenance. In the US, EDC markets are weak indicated by quotes as low as US$360/MT FOB. Producers are finding it increasingly difficult to maintain production rates at these prices.

NAPHTHA

Rising in line with rising crude oil prices, naphtha prices in Asia surged to US$880/MT CNF Japan in Asia in the week of December 17, 2007.

Price trends of oil, polymer feedstock & commodity polymers in Asia for the week..

Crude oil prices have increased due to a decline in crude and heating oil supplies.

Crude oil prices rose by over 3% this week on release of U.S. government data reporting a sudden decline in crude and heating oil supplies. Prices settled at US$91.27 a barrel on the New York Mercantile Exchange. Will rising inflation cut consumers' buying power and reduce demand for gasoline and oil? Higher inflation also means the Federal Reserve will stop cutting interest rates. Will this lead to create conditions akin to those created by the recent rate-cutting campaign that led to depressing the value of the dollar – a contributing factor behind the oil rise in November to record levels above US$99 a barrel.

Röchling plans Engineering Plastics expansion

Germany's Röchling has planned expansion of its engineering plastics division, Röchling Engineering Plastics in eastern Europe countries, particularly Russia. Röchling´s easternmost location for high-performance polymers is Plana nad Luznici in the Czech Republic. To support it, the company is considering building a production site in Russia with certain marketing activities.

Eco-polymers plans capacity upgradation at estimated investment of €75 mln

Eco-polymers plans to upgrade capacity at its Etna plant at an estimated investment of €75 mln. Eco-polymers started successfully production of Purified Terephthalate Acid (PTA) and Polyethylene Terephthalate (PET) from its modernized plants in Etna, Italy; that increased the company's production of Amorphous Polyethylene Terephthalate (APET) from 113,000 tons to 175,000 tons, and PET production from 113,000 tons to 158,000 tons.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11361&P=P

Toray-Furukawa form sales partnership for Foamed Polyolefin Products

The Furukawa Electric Co. Ltd. and Toray Industries Inc. have reached an agreement to form a sales partnership in China for their foamed polyolefin products. Furukawa Electric (Tianjin) Co Ltd., a China-based subsidiary of Furukawa, will commence the import and sale of Toray's foamed polyolefin products.
For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11360&P=P

Reliance and GAIL name new countries to jointly establish petrochem plant

As part of the strategy to set up plants to meet growing global demand for petrochemicals, Reliance Industries and state-run gas firm GAIL India have identified 10 countries including Qatar, Australia and Russia to explore for setting up a multi-billion-dollar petrochemical plant.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11359&P=P

HPL naphtha expansion scheduled for completion in 2008

Completion of the proposed expansion of Haldia Petrochemicals Ltd.'s (HPL) naphtha cracker; christened 'Super Max', is scheduled for end of 2008. The board of directors has approved the plan involving expansion of naphtha cracking capacity to 670,000 tpa from the present level of 523,000 tpa, at an estimated investment outlay of Rs 840 crore. This amount was to be funded from debt and internal accruals, but there has been a cost overrun of Rs 40 crore. HPL's turnover for 2007 was in excess of Rs 8,000 crore and clocked a net profit of Rs 581 crore.

Basell to team with a consortium to build integrated PP complex in Trinidad...

Basell, the National Gas Company of Trinidad and Tobago, Ltd. (NGC), and the National Energy Corporation of Trinidad and Tobago, Ltd. (NEC) have entered into a Memorandum of Understanding (MOU) confirming their intention to construct and operate a fully integrated polypropylene (PP) complex in Trinidad and Tobago.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11357&P=P

Petrochina subsidiary embarks upon ethylene expansion

Daqing Petroleum & Chemical Co., a unit of PetroChina Co. Ltd., has embarked upon an ethylene expansion project to double output to 1.2 mln tpa. The scheduled date of project completion has not been disclosed by the company. With this expansion, Daqing will attain the number one ethylene maker position in the country, overtaking the 1 mln tpa Sinopec owned Maoming ethylene refinery

CPCL to conduct pre feasibility to set up 15 mln ton refinery and petrochem...

Chennai Petroleum Corporation Ltd (CPCL) plans to foray into the petrochemical sector. With this end in view, CPCL has assigned Engineers India Ltd (EIL) the task to conduct research studies on process configuration and pre-feasibility for establishing a 15 million tons refinery and petrochemical unit at Ennore.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11355&P=P

Oil prices on the rise as winter storm expected to boost heating fuel deman...

As yet another winter storm struck USA with snow, sleet and freezing rain, oil prices rose on expectations of a hike in heating fuel demand. Light, sweet crude for January delivery rose to US$91.77 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11354&P=P

Petro Rabigh to raise up to SR4.6 bln in IPO open to all Saudi nationals

Petro Rabigh, the Rabigh Refining and Petrochemical Company, plans to raise an estimated SR4.599 bln in its initial public offering (IPO) at SR21 per share, open to all Saudi nationals. Petroc Rabigh will sell 219 mln shares representing a 25% stake between January 5 and 12 next year.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11353&P=P

Daelim awarded US$962.3 mln construction order in Saudi Arabia

South Korea's Daelim Industrial Co. has been awarded a US$962.3 mln order to build a petrochemical facility by Saudi Polymers Co. The plant will be located at Al- Jubail in eastern Saudi Arabia, for which construction will be completed in April 2011. Saudi Polymers' plant will have an annual capacity to produce 550,000 tons of high density polyethylene (HDPE), 550,000 tons of linear density low polyethylene (LLDPE), 400,000 tons of polypropylene (PP) and 200,000 tons of polystyrene (PS).

Cereplast to set up facility to produce half a billion pounds at Indiana

Manufacturer of bio-based, sustainable plastics - Cereplast, Inc. is to set up the world's largest manufacturing plant of renewable biopolymers at Indiana, with annual production capability pegged at half a billion pounds (226.8 million kg), when the site is fully developed by early 2010. Operations will start at the site in January of 2008.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11351&P=P

LANXESS to acquire 70% stake in Petroflex at approx €198 mln

Leverkusen-based specialty chemicals group LANXESS plans to acquire 70% stake in Petroflex S.A, Brazil, at a provisional price of EUR 198 mln. The acquisition by LANXESS includes purchase of stakes held by current major shareholders Braskem and Unipar, and is subject to approval of the relevant antitrust authorities. Petroflex is one of the world's large-scale producers of synthetic rubber.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11350&P=P

Solvay affiliate to invest in vinyl plant in Brazil

The board of Solvay Indupa, has approved a US$135 mln investment program for a Brazilian vinyls production plant. The company, an affiliate of Belgian company Solvay, is also considering construction of a power plant at its Bahia Blanca plant in Argentina which would require an investment of US$130 mln.

EU recommends reimposition of import duties on PET film from India

As the 27-nation European bloc seeks early conclusion of a free-trade pact with India, the European Union has recommended reimposition of anti-dumping duties on polyethylene terephthalate (PET) film imported from India. The decision will mean that 17.3% duties will be reimposed on Indian PET film, with some specified companies being charged variable rates (up to 18%) or being exempted altogether.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11348&P=P

PetroChina to adopt UNIPOL PE Process at three new facilities

Univation Technologies' UNIPOL PE Process for polyethylene manufacturing is to be adopted by PetroChina at three new facilities. The three facilities located at Daqing in Heilongjiang Province, Fushun in Liaoning Province and Pengzhou in Sichuan Province are expected to have an annual polyethylene productivity of over 1 mln tons. Upon completion, their major products will be linear low density polyethylene (LLDPE), high density polyethylene (HDPE) and bimodal HDPE.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11347&P=P

Dow to sell off 50% of its petrochemical operations to PIC

Consequential to its pledge to reduce the company dependence on the cyclical nature of the petrochemicals businesses, Dow Chemical plan to hive off 50% of its petrochemicals operations to Kuwait's Petrochemical Industries Co. (PIC) for US$9.5 bln.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11346&P=P

Basell to acquire Solvay Engineered Polymers

Basell - global leader in advanced polyolefins, has signed a definitive agreement with Solvay by which Basell will acquire Solvay Engineered Polymers, Inc., a leading supplier of polypropylene compounds in North America.

The transaction is subject to relevant regulatory approvals, after which it is expected to close in early 2008.

Traffic at USA's busiest petrochemical port restarts

Dense fog has halted traffic to and from Houston-the busiest US petrochemical port at 1:55 am on Wednesday. After an seven-hour halt, ships were sailing both inbound and outbound on the Houston Ship Channel for the first time since morning. Ships had moved only outbound down the channel to clear dock space for inbound ships between 9 a.m. and 12 noon CST. The Houston Ship Channel serves the ports of Houston, Texas City and Galveston, Texas. Refineries in Houston and Texas City account for 13.45% of U.S. refining capacity.

SK Energy signs US$35 mln deal for operation and maintenance services at Ju...

SK Energy, South Korea's largest refiner, will be paid US$35 mln for providing operation and maintenance services to Singapore's Jurong Aromatics Corporation (JAC), from January 2008 to June 2013. SK Energy will provide services to a US$2 bln petrochemical plant being built jointly by Jurong Energy Corporation, Glencore, Noor Financial and Jiangsu Sanfangxiang Industrial Group.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11343&P=P

Petrochem project delays and cancellations estimated in the Gulf due to sur...

Gulf Petrochemicals and Chemicals Association (GPCA) has warned that construction cost bubble in the Middle East region would lead to some project delays and cancellations, as the surge in petrochemicals exports from the Gulf is projected at more than 50 million tons by 2008. Expressing concern over the construction cost the region is currently experiencing, GPCA Chairman said it makes it difficult to achieve acceptable financial targets when capital costs have risen so much.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11340&P=P

Supreme Petrochem plans 4 plants to meet growing demand for eco-friendly co...

India's Supreme Petrochem (SPL) has plans on the cards to set up four plants to manufacture extruded polystyrene (XPS- known as Styrofoam) insulation board to cater to the growing demand for eco-friendly material for construction, as it aids in reducing energy consumption in commercial and residential buildings. SPL has plans to invest an approximate of Rs 100 crore on the expansion over the next few years. SPL is in the process of sourcing the equipment from overseas machinery suppliers.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11339&P=P

Dow and KPIC subsidiary plan 50:50 joint venture

The Dow Chemical Company (Dow) and Petrochemical Industries Company (PIC) of the State of Kuwait, a wholly owned subsidiary of Kuwait Petroleum Corporation (KPC), have announced plans to form a 50:50 joint venture to form a global petrochemicals company.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11338&P=P

Oil prices dip after yesterday's 5% jump

Light, sweet crude for January delivery dipped to US$94.13 a barrel in Asian electronic trading by late morning in Singapore. The Nymex crude contract gained US$4.37 on Wednesday to settle at US$94.39 a barrel. In London, January Brent crude dipped to US$93.50 a barrel on the ICE Futures exchange.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11337&P=P

GPCA's Second Annual Forum in Dubai

The Second Annual Forum of the Gulf Petrochemicals and Chemicals Association (GPCA) opened in Dubai on 12 December at the Grand Hyatt Dubai Hotel.The two-day event, which will deal with a range of challenges and opportunities in the region's petrochemical and chemical sectors, was inaugurated by GPCA Chairman, Mr. Mohamed Al- Mady, who is also Vice Chairman and Chief Executive Officer of Saudi Basic Industries Corporation (SABIC). The Forum provides industry experts an opportunity to share key industry insights, experiences, and discuss the global economic outlook at a critical point in the chemical industry cycle.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11336&P=P

Thai petrochemical business outlook remains promising

The bright outlook for petrochemicals business continues in Thailand for 2008. The petrochemical business is projected to continue growing next year since the demand and supply in the market remain closely aligned, and global polymer prices will stay high. The Thai petrochem makers will not very adversely affected by the hefty oil price hikes, as this constitutes only 20% of production costs. Almost 80% of the production costs are dependent on natural gas-based raw materials.

Reliance to ramp up investments in the Gulf region

Reliance Industries plans to invest in petrochemical projects in the Gulf region in the next 10 years. The company's expansion plans include setting up a number of petrochemical plants in the next decade, each at an outlay of US$4-6 bln. For this purpose, Reliance plans to invest at its operations in Dubai, which it perceives will be the nerve centre of the company's international operations.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11334&P=P

Reliance to ramp up investments in the Gulf region

Reliance Industries plans to invest in petrochemical projects in the Gulf region in the next 10 years. The company's expansion plans include setting up a number of petrochemical plants in the next decade, each at an outlay of US$4-6 bln. For this purpose, Reliance plans to invest at its operations in Dubai, which it perceives will be the nerve centre of the company's international operations.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11334&P=P

Chevron Phillips to raise US$1.8bln by Q1-08 for petrochem complex

As part of its plans to build a mega petrochemicals complex in eastern Saudi Arabia, Chevron Phillips Chemical Co plans to raise US$1.8 bln in project finance by Q1-08. The company has received very good response from the banks. The funds will finance a US$5 bln petrochemicals complex known as National Chevron Phillips (NCP) a 50:50 joint venture between Chevron Phillips and Saudi Industrial Investment Group. NCP is the third petrochemical complex planned by Chevron Phillips and Saudi Industrial at Jubail. Contracts for the construction of the plant are in the process of being awarded.

Algeria to invest US$10 bln in petrochemicals next year

Algeria plans to invest an estimated US$10 billion in 2008 towards development of its petrochemical industry.Last July, Algeria embarked upon the first of its six petrochemical projects, when it awarded a contract to France's Total SA to build and operate a steam cracking complex to produce 1.4 mln tpa of ethane, in partnership with Algerian state energy firm Sonatrach. The investment outlay for the project that will also produce polythylene, ethylene glycol and other petrochemicals, is over US$3 bln. The plant will be financed 49% by Sonatrach and 51% by Total.

Petronas to expand petrochemicals presence in Uzbekistan

Malaysia's state oil company Petronas is to partner with the government of Uzbekistan to expand its presence in the country through three key agreements. The agreements, which include an exploration deal and a preliminary agreement for a production sharing deal, were entered into by its wholly-owned unit Petronas Carigali Overseas Sdn Bhd.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11330&P=P

Indorama directors approve acquisition plan for Eastman's PET business in U...

Directors at Indorama Holdings (Thailand) have approved acquisition of Eastman Chemical’s PET business in the UK and the Netherlands. The Thai company is willing to shell out a maximum price of EURO 65 mln for the take-over which will add a total of 340,000 tpa of PET capacity to the group’s portfolio.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11328&P=P

Naphtha exports from Essar Oil to decline

Naphtha exports from India’s Essar Oil are to decline by end of December. This will happen when a new fluidised catalytic cracker unit at Essar’s Vadinar refinery is on stream and the plant is operating at full capacity. Naphtha will be replaced with petrol and diesel, once the cracker comes on stream. This switch will be made as Essar plans to focus on higher value products, unlike the market for naphtha.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11325&P=P

EIL and Tata Group in JV to execute domestic and overseas EPC contracts

India's state-run Engineers India Ltd (EIL) and Tata Group have signed a memorandum of understanding (MOU) to float a 50:50 joint venture company to undertake engineering, procurement and construction contracts. The two partners plan to form a joint venture for executing engineering consultancy and construction projects in India and overseas, subject to approval of the MOU from the petroleum ministry. The joint venture will commence with an initial authorized capital of Rs. 15 crores, of which Rs. 10 crores will be paid up equity.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11329&P=P

PetroChina choses Basell's Hostalen technology for two new HDPE plants

PetroChina Company Ltd., China's largest oil and petrochemical company has shortlisted Basell's Hostalen technology for two new high density polyethylene plants coming up in China. The two plants, start up of which is expected to be in 2011, include a 300,000 tpa plant in Chengdu, Sichuan province, and a 350,000 tpa plant in Fushun, Liaoning province, China.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11322&P=P

Egypt mulls US$9 bln refinery and petrochemical complex with IOC

Egypt is in talks with India's top state-run refiner Indian Oil Corp. to jointly build a US$9 bln refinery and petrochemical complex in Egypt. IOC has been asked to cooperate with the Egyptian General Petroleum Corp to prepare a report on the project. IOC will decide upon the investment when a detailed report on the commercial viability of the project would only be ready by mid-2010. India?s state-run Engineers India Ltd (EIL) told hopes to conduct a feasibility study for the project, which will produce an estimated 180,000-300,000 bpd.

New TPE that looks, feels and smells like leather

An innovative product range of leather-fiber-filled thermoplastic elastomer (TPE) in film and granules as well as compacted leather fiber granules for addition to polymer compounds has been introduced by Goodfellow Corporation. The leather-filled TPE can be processed by extrusion, injection molding or calendaring, resulting in a material that looks, feels and even smells like leather. The ease of processing and robustness of TPE also make possible designs that may have been too costly or even impossible to produce with real leather. Goodfellow Corporation is the North American subsidiary of Goodfellow Cambridge Limited.

DSM to invest in Dyneema UD expansion

Royal DSM N.V. plans to invest in 25% capacity expansion of its Dyneema UD (unidirectional bullet-resistant sheeting) at its manufacturing facility located in Greenville, N.C. Growing demand in the US market for personal and vehicle security products designed to provide protection against terrorism, has been the principle force governing the healthy growth prospects of the material.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11324&P=P

Solutia raises price of polyamide 66 resin and Ascend polymer

With effect from December 15, Solutia Inc. has announced a price increase of Vydyne polyamide 66 resin and Ascend polymer in North America by 10 cents per pound. Strong global demand and sustained increases in energy and raw material costs have rendered this price hike inevitable.

ABS

ABS markets stagnated at last weeks' US$1760/MT in Asia in the week of December 10, 2007. Market sentiments did not pick up as demand from China weakened due to tight credit control by the Chinese government. Despite weak demand, average offers have not been lowered, as sellers battle another gain in prices of feedstock butadiene.

GPPS

GPPS prices dipped to US$1455/MT in Asia in the week of December 10, 2007, on restrained buying interest from China. A drop in feedstock Styrene Monomer prices has mainly been the cause for the lackluster GPPS market. Bearish trend in the SM markets has kept GPPS markets quiet, as buyers prefer to wait and watch. General buying intention has been pegged lower than sellers' offers.

Poly Vinyl Chloride

Prices for PVC moved up to US$975/MT in Asia in the week of December 10, 2007. The market has seen limited activity this week, and the price hike was mainly on account of deals concluded for some Japanese cargoes with end of December shipment terms. Markets in Asia remained lackluster as major suppliers have not yet opened notional January offers. Market players anticipate prices to spike up to almost thousand dollars CFR China levels, as Chinese demand increases ahead of the forthcoming Lunar New Year holiday.

Polypropylene

Polypropylene prices in Asia rose to US$1440/MT in the week of December 10, 2007. Asian PP prices continue on their northward march on limited supplies caused by restricted influx of deep-sea cargoes from USA. With deals for December recently concluded up to US$1420/MT CFR levels, offers from SE Asian and Indian suppliers have risen by almost twenty dollars. Interestingly, intentions by a Taiwanese seller have been hiked to US$1450/MT CFR China. Deals for PP yarn grade were heard concluded above US$1480/MT CFR Pakistan, pushing up fresh offers by almost twenty to thirty dollars.

POLYMERS - LLDPE

LLDPE prices surged to US$1520/MT in Asia in the week of December 10, 2007 on support from strong HDPE prices as well as growing market demand. Offers for January shipment have been heard higher by at least twenty dollars, with offers for Middle East cargoes rising up to US$1520/MT CFR China.

POLYMERS - LDPE

LDPE prices have risen to US$1665/MT in Asia this week. Persistently limited supplies have led LDPE markets to remain strong in Asia in the week of December 10, 2007. Markets are anticipated to remain strong, with price for January expected to increase by twenty dollars.

POLYMERS - HDPE

Persistently robust demand has triggered a hike in suppliers' offers, causing HDPE prices to rise to US$1535/MT in Asia in the week of December 10, 2007. Offers for January/early February shipment from various Asian suppliers have witnessed a price hike surpassing US$1550/MT CFR China.

FEEDSTOCK - STYRENE MONOMER

Styrene Monomer prices stagnated at US$1360/MT in Asia in the week of December 10, 2007. Not much movement was seen in the market, with sellers managing to sustain prices despite a slight dip in buying intentions. Feedstock benzene prices persisted in its downslide, plunging below US$1000/ MT FOB Korea, on weak demand from buyers.

FEEDSTOCK - ETHYLENE

Augmented by dual forces of reduced output from South Korean and Chinese producers on one hand and bullish downstream Polyethylene markets on the other, ethylene prices spiked to US$1265/MT in Asia in the week of December 10, 2007. In a bid to maximize production margins, majority of Korean producers chose to utilize ethylene inventories for captive consumption in polyethylene production. Absence of fixed offers from the spot market kept market activities subdued. Additionally, ethylene output reduction to the tune of 3,000 mt/day has been ordered by Sinopec at 8 ethylene plants in an effort to recover a shortfall of fuel and heating oil supply in China

FEEDSTOCK - EDC

EDC prices stagnated at last weeks' US$400/MT in Asia in the week of December 10, 2007, mainly on waning demand from vinyl producers. A difference of almost twenty dollars exists between sellers quotes pegged at US$400-410/MT CFR Asia, and bids from Chinese end users. The persistently low buyers' bids have forced few downstream VCM producers to cut operating rates due to poor production margins.

FEEDSTOCK - VCM

VCM prices recorded a hike, moving up to US$750/MT in Asia in the week of December 10, 2007. VCM prices have gained strength in the Asian markets amid a quick upsurge in sellers' offers. In fact, December offers were heard quoted higher by almost thirty dollars - at levels as high as US$770/MT CFR China. This sharp hike can be attributed to an ongoing rise in naphtha prices; and has been met with some opposition from the buyers from China. The sharp difference in sellers' offers and buying intentions has resulted in an absence of deals.

NAPHTHA

A marginal upward movement was seen in naphtha prices in Asia in the week of December 10, 2007. Naphtha prices inched up to US$850/MT CNF Japan level for 2H of January shipment.

Price trends of oil, polymer feedstock & commodity polymers in Asia for the...

Crude oil prices slipped marginally on reports that fuel inventories are sufficient to meet the demand form the Northern Hemisphere this winter.

CRUDE OIL : Crude oil prices moved down marginally, dipping to US$88.28 in New York in the week of December 10, 2007. Markets softened on estimates that fuel inventories in USA are sufficient to meet Northern Hemisphere demand this winter.

Waterproof membranes sees healthy rate of technical innovation

Delegates to the AMI conference, Waterproof Membranes 2007, appreciated the range of discussion topics, covering all types of membrane material from polymer modified bitumen to the latest thermoplastic elastomers. There was a degree of surprise at the rate of technical innovation in such a well established industry. There was a lot of discussion about the rate of penetration of polyolefins and the potential for further market innovation and growth following the introduction of several new polyolefinic resin families.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11320&P=P

Arkema targets price hike for functional polyolefins

With effect from 1 January 2008, Arkema is targeting a EUR 130/ton price increase across Europe for its entire range of functional polyolefins. The hike applies to the "Orevac", (grafted polyolefins), "Lotryl" (ethylene acrylates, copolymers) and "Lotader" (ethylene acrylates, terpolymers) families, which are used mainly in co-extrusion of multi-layer packaging. The company also plans some price increases in the rest of the world.

Socar plans to invest US$10 bln in an oil refinery and petrochemical plants

Azeri energy major Socar, plans to invest US$10 billion in an oil refinery in Ceyhan on the Turkish Mediterranean and on petrochemical plants. Socar is part of a consortium that includes Turkey's Turcas, that has won a tender for a controlling stake in privatised petrochemical firm Petkim . Its other projects in Turkey include plans for an oil refinery at Ceyhan, also with Turcas.

Octal Petrochemicals forays into Asian market to target major growth in pac...

With dispatch of its first shipments to India and China, Oman based Octal Petrochemicals has forayed into the Asian market; targeting the quantum growth in plastic packaging demand in Asia. Octal opened a sales office in Shanghai in July and claims to be the first company exporting APET sheet to India and China.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11316&P=P

SABIC IP to shutter ABS plant in northern France

Sabic Innovative Plastics has planned to shutter its' ABS plant at Villers-Saint-Sepulchre in northern France next spring. The 70,000 tpa ABS plant is part of the former GE Plastics portfolio acquired by Sabic IP this summer. The decision to shutter the plant follows a full business review, including an evaluation of future operating needs required to sustain competitiveness.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11315&P=P

Oil prices decline by over 10%

Oil prices have slipped further on revelation of details by a November US jobs report that turned out to be less robust than expected. Light, sweet crude for January delivery fell to US$88.12 a barrel in electronic trading on the New York Mercantile Exchange by noon in Europe. January Brent crude dipped to US$88.28 a barrel on the ICE Futures exchange in London.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11314&P=P

Lanxess ABS plans to invest in Greenfield project in India

Germany’s Lanxess ABS, manufacturer of acrylonitrile butadiene styrene (ABS) and styrene acrylonitrile (SAN) in India, plans to invest Rs 800 crore to set up a greenfield chemical facility. The company has acquired 40 acres of land near Jhagadia, to set up the ion exchange resin plant, which is to come up in the Gujarat Industrial Development Corporation (GIDC) estate.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11313&P=P

India to see an investment of Rs 36,000 crore in next five years for petroc...

Reliance Industries and state-run oil companies plan to invest over Rs 36,000 crore in next five years to expand petrochemical capacity in the country.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11312&P=P

IOC to partner Egyptian General Petroleum Corp

India's top state-run refiner, Indian Oil Corp (IOC) and Egyptian General Petroleum Corp. are to partner in a joint venture to build a US$9 bln refinery and petrochemical complex in Egypt. The size of the refinery, its cost or the location – these details have not yet been finalised. One of the possible locations of the complex could be near Gamasa or Port Said at an estimated investment of US$9 billion.

KPC explores large-scale refinery and petrochemicals projects with Indian m...

Talks are on between Kuwait Petroleum Corp.(KPC) and Indian majors - Reliance Industries Ltd. and Indian Oil Corp. Ltd., to build large-scale refinery and petrochemicals projects in India. KPC is not looking to buy stakes in existing refineries and is mulling greenfield or joint acquisition.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11310&P=P

Consortium headed by Hyundai signs EPC contract for Dung Quat plant deal

The Viet Nam Oil and Gas Corp (PetroVietnam) and a consortium headed by a the Korean construction company Hyundai Engineering Co Ltd last week signed an engineering, procurement and construction contract to build a US$232 mln polypropylene manufacturing plant in Dung Quat Economic Zone.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11308&P=P

Total to invest US$1.5 bln petrochemical deal in Algeria

Total plans an investment outlay of US$1.5 bln in a petrochemical project in Arzew, Algeria, after it agreed to develop the US$3 bln project with Algeria's oil and gas group Sonatrach.The agreement is for the development of a 1.4 mln tpa cracking unit that will be fuelled with Algerian gas. The ethane cracker will produce 1.1 mln tpa of ethylene that will be processed in 800,000 ton of polyethylene and 550,000 tons of monoethylene glycol.

Lanxess to invest Rs 800cr in Gujarat

Lanxess, Germany is to invest Rs 800 crores and acquire 40 acres of land for a greenfield chemical facility in Jhagadia, Gujarat. An ion exchange resin plant is slated to come up on the 40 acres of land acquired in the Gujarat Industrial Development Corporation (GIDC) estate.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11306&P=P

Ethylene production capacity in Middle East to more than double over next 5...

The Middle East is set to become the epicenter of global petrochemicals manufacturing, producing essential materials for packaging, healthcare, pipes, electronics goods, personal care, construction, and many other industrial or consumer requirements, according to a forecast by the Gulf Petrochemicals and Chemicals Association (GPCA).

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11305&P=P

Brazilian PP capacity to increase by 4,90,000 tons in 2008

Two projects will increase current Polypropylene (PP) capacity in Brazil of 1,415,000 tpa by 490,000 tpa by 2008. Two capacity expansions at Suzano Petroquímica and a new project by Braskem will be implemented, altering the supply-demand balance of PP in Brazil, increasing the surplus for export and reducing the volumes imported.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11304&P=P

Eastman completes sale of PET polymers business

Eastman Chemical Company has completed the sale of its PET polymers business related to its manufacturing sites in Cosoleacaque, Mexico and Zarate, Argentina, to ALFA, S.A.B. de C.V., a Mexican industrial company. Terms of the sale were not disclosed. This transaction is part of Eastman's strategy to improve the overall financial performance of its PET polymers business.

Sinopec and Kuwait Petroleum Corp get government nod for South China projec...

China Petroleum & Chemical Corp. (Sinopec) and Kuwait Petroleum Corp. have received government approval to start initial work on an oil refinery and chemical project in southern China.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11302&P=P

Reliance and GAIL sign deal to set up overseas petrochem plants

Reliance Industries and India's state owned gas transporter GAIL (India) Ltd. have signed an initial deal to jointly set up petrochemicals plants overseas, to be executed through a special purpose vehicle.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11301&P=P

POLYMERS - Polypropylene

Polypropylene prices in Asia rose to US$1430/MT in the week of December 3, 2007, supported by very tight supply across the region. Tight supplies can be attributed to limited availability of deep-sea cargoes. The latest offers from South Korean suppliers were heard at US$1420/MT CFR China for yarn/injection grade and at US$1450/MT CFR China for block copolymers. However, currently most Korean suppliers have suspended fresh offers.

POLYMERS - LLDPE

Restricted availability have led to firm market sentiments, triggering LLDPE prices to rise to US$1490/MT in Asia in the week of December 3, 2007. Strong support from HDPE market has also kept LLDPE prices rising. Few transactions were concluded as limited offers were heard in the market.

POLYMERS - LDPE

LDPE prices rose to US$1650/MT in Asia in the week of December 3, 2007. Persistent robust market sentiments on the back of restricted avails have caused this price rise. Sellers' offers for LDPE have now gone above US$1650/MT, but few firm offers were heard as several suppliers continue with official offers.

POLYMERS - HDPE

HDPE prices in Asia maintained the northward march, as prices rose to US$1510/MT in the week of December 3, 2007. Prices rose this week as market demand maintained its strength. Offers from South Koreans were heard suspended after offers for December shipment were heard as high as US$1540-1550/MT CFR levels. This follows the recent deals done at between US$1500-1510/MT CFR China.

FEEDSTOCK - Styrene Monomer

Styrene Monomer prices slipped to US$1360/MT in Asia in the week of December 3, 2007, corresponding to falling upstream benzene values. Buying intentions for January shipment were pegged even lower at US$1340/MT FOB Korea. Upstream benzene prices in Asia fell to US$1010/MT in line with a sharp drop of crude oil values and also relatively weak demand from buyers.

FEEDSTOCK - PROPYLENE

Propylene prices in Asia spiked to US$1130/MT, on robust demand from downstream Polypropylene producers. Limited availability in the region also supported the price hike. End users were on the lookout for cargoes to replenish low inventories.

FEEDSTOCK - ETHYLENE

Ethylene prices have seen a robust hike of almost twenty dollars, touching levels of US$1210/MT in Asia in the week of December 3, 2007. Limited availability of spot cargoes has kept ethylene prices firm, coupled supply interruptions due to a shutdown at the naphtha-cracking unit of South Korea's Samsung Total Petrochemicals Company Ltd. Interestingly, the bullish downstream PE market has failed to support upstream ethylene demand. Ethylene demand from China has weakened as SM producers seem to be well stocked and due to stockpiles with most end users

FEEDSTOCK - EDC

Compelled by lingering bearish market sentiments from end users, EDC price in Asia maintained its downtrend in the week of December 3, 2007 - dipping to US$400/MT. Few deals were done at US$400/MT CFR levels, as sellers tried to maintain offers at these levels, against the flow of buying intention pegged lower by over ten dollars. Buying intention continues to drop further for end of December shipment.

FEEDSTOCK - EDC

Compelled by lingering bearish market sentiments from end users, EDC price in Asia maintained its downtrend in the week of December 3, 2007 - dipping to US$400/MT. Few deals were done at US$400/MT CFR levels, as sellers tried to maintain offers at these levels, against the flow of buying intention pegged lower by over ten dollars. Buying intention continues to drop further for end of December shipment.

FEEDSTOCK - VCM

VCM prices remained at last weeks' level of US$740/MT in Asia in the week of December 3, 2007. A lack of market movement was witnessed after Japanese suppliers closed deals for November shipment at US$740/MT levels - at levels where VCM prices are perceived to have bottomed out. A recovery in downstream PVC market sentiments will lead to an improvement in VCM markets over the next few weeks, from rock bottom prices of November and December prices. India's Reliance Industries had to shut down its 200,000 tpa VCM plant mid week, at Gandahar due to a fire- resulting in partial influence on downstream PVC production.

NAPHTHA

Naphtha prices in Asia dipped to US$845/MT in the week of December 3, 2007 - recording a 10% drop from last weeks' levels. This dip in naphtha prices is in line with the drop in crude oil values.

Price trends of oil, polymer feedstock & commodity polymers in Asia for the...

Crude oil prices have dipped by almost 10% this week, on report that supplies have recorded a less than expected decline. Naphtha prices have dipped in line with robust crude prices. VCM has stagnated at levels where prices are perceived to have bottomed out due to diminishing downstream PVC demand, while EDC prices have dipped on continuing bearish market sentiments. Ethylene prices have risen due to limited availability of spot prices. Propylene prices have risen on robust demand from downstream PP makers. Styrene Monomer prices dipped on bearish upstream benzene markets.Propped by strong demand, HDPE prices continued to rise and LLDPE rose in line with optimistic HDPE market. LDPE and PP markets have gained strength on the back of limited availability. PVC prices stagnated on the lack of movement in the market. GPPS and ABS prices have dipped in line with falling Styrene Monomer prices.
CRUDE OIL Crude oil prices that touched an all time high of near hundred dollars last week, plummeted halfway through the week of December 3, 2007. Mid-week, a US government report showed that supplies have recorded a less than expected decline. Oil prices have dropped, but continue to linger below US$90 per barrel in anticipation of a decision by OPEC to raise output at a meeting this week.

Total inaugurates polypropylene plant in South Korea

Total has inaugurated a new polypropylene (PP) production line at the facility in Daewan in South Korea, increasing the PP production capacity at Daewan by 300,000 tpa to 554,000 tpa. The plant is operated as a 50:50 joint venture with Samsung.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11299&P=P

GE to supply to ethylene cracker plant in Al-Jubail

GE Oil and Gas is to supply three compression trains for a new, large-scale ethylene cracker plant in Al-Jubail, Saudi Arabia, which will have a capacity of 1.165 mln tpa. The compressor trains for the Saudi Chevron Phillips project, are being manufactured by GE oil and gas at its facilities in Florence and Massa, Italy.

For more details please click on the following link
http://www.plastemart.com/plasticnews_desc.asp?news_id=11298&P=P

Global ethylene demand to grow an average of just below 5% pa

A report by CMAI has forecast that global ethylene demand will grow at an average of just below 5% pa, with polyethylene and ethylene oxide being they dominant drivers for growth during the outlook period. Global ethylene demand has grown historically by 4-5%pa, with a growth level at about 4.6% in 2007.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11293&P=P

Global ethylene demand to grow an average of just below 5% pa

A report by CMAI has forecast that global ethylene demand will grow at an average of just below 5% pa, with polyethylene and ethylene oxide being they dominant drivers for growth during the outlook period. Global ethylene demand has grown historically by 4-5%pa, with a growth level at about 4.6% in 2007.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11293&P=P

Oil prices linger below US$90/barrel

Oil prices in Asia rose, but continued to linger below US$90 per barrel in anticipation of a decision by OPEC to raise output at a meeting this week. New York's main contract, light sweet crude for January delivery rose to $US89.55 a barrel, Brent North Sea crude for January delivery rose to $US89.04 a barrel.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11292&P=P

PetroVietnam awards EPC contract to Hyundai Engineering consortium

The Viet Nam Oil and Gas Group (PetroVietnam) signed an engineering, procurement and construction (EPC) contract with a consortium led by Hyundai Engineering Co. Ltd. to build a polypropylene factory in the central province of Quang Ngai.

The 16-ha factory will be built at the Dung Quat Economic Zone with an investment of US$232 mln. It will have an annual capacity of 150,000 tons of polypropylene.

Formosa Petrochemical shuts down faulty gasoline production unit

Taiwan's second largest fuel supplier - Formosa Petrochemical Corp., has shut a gasoline-producing unit at Mailiao due to a mechanical fault. This will result in stoppage at the 84,000 bpd residue fluid catalytic cracker, for approximately two weeks. The unit converts heavier streams of refined products such as residual fuel into higher-valued products including gasoline.

Rhodia announces price increase for Polyamide 6 and 6.6 Technyl® Compounds

Rhodia Polyamide has announced a €150-200/MT price increase for its Polyamide 6 and 6.6 Technyl® compounds in Europe, Middle East and Africa, effective January 1st, 2008, or as contracts allow; to help offset rising raw material, transport and energy costs.

Braskem consolidates assets and strengthens position as a global player

Braskem has initiated steps to consolidate Brazil's petrochemical sector, thereby positioning itself as a major player in the global petrochemical industry, and provides the company with strong cash flow generation that will enable it to accelerate expansion and internationalization projects.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11288&P=P

Iran's share in Middle East petrochemical production rises

Petrochemicals production from Iran currently constitutes over 12% of total Middle Eastern petrochem production. Saudi Arabia accounts for 50% of the region's output, whereas they other states account for 37% of the total production.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11287&P=P

Reliance's VCM plant in unplanned shutdown

It is reported that Reliance Industries' 200,000 tpa VCM plant at Gandhar has been shutdown earlier this week due to a fire. This will result in partial slowdown in downstream PVC production. The VCM plant is estimsted to restart over the weekend.

Ineos Nova to shutter polystyrene plant

In a move that is intended to remove high-cost capacity, Ineos Nova has decided to shutdown its polystyrene facility located at Belpre, Ohio by early next year; and take a US$65-million charge. The shutdown, set for before January 31, 2008, will reduce the company's North American polystyrene production capacity by 12%. Ineos Nova is controlled by Canada's Nova Chemicals Corp and Britain's Ineos.

Mitsubishi Chemical to invest 1.6 bln yen in Thailand, India

Japan Polychem Corp., a subsidiary of Mitsubishi Chemical Corp., plans to invest a total of 1.6 billion yen, on one plant each in Thailand and India to make polypropylene-based resin.The Thai plant, to be constructed in Chonburi Province, will have the capacity to produce 10,000 tpa and will commence in October 2008.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11285&P=P

Oil prices retreat after spiking by over four dollars as Canada-U.S. pipeli...

Oil prices jumped over four dollars on Thursday after pipeline carrying crude oil from Canada to the U.S. Midwest caught fire. Two workers who were fixing the underground pipeline were killed when fumes apparently escaped and ignited the blaze in Clearbrook, Minnesota. The pipeline has the capacity to supply 17% of domestic crude imports.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11284&P=P

IOC trying to squeeze in expansion of Haldia refinery despite land crunch

Indian Oil Corp. Ltd. has managed to secure only 82 acres of the extra 210 acres that it had sought to acquire. IOC had been eyeing the adjacent land leased to Hindustan Fertiliser Corp. But a government decision to revive the closed plants of HFC and Fertiliser Corp of India, has forced IOC to be content with just 82 acres that HFC has surrendered to the Kolkata Port Trust.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11282&P=P

Siam Cement, Dow to build petrochemical plant

Siam Cement-Thailand's largest industrial conglomerate and Dow Chemical have agreed to build a petrochemical plant in Thailand at an investment outlay of US$315 mln. The plant, a 50:50 venture between the two partners, will have a capacity to produce 350,000 tpa of linear low density polyethylene (LLDPE). Commercial production is estimated in H1-2010.
dnerferf

Mismanagement charges made by Haldia's own board members

Haldia Petrochemicals Ltd's (HPL) reputation is being ripped apart on charges of mismanagement made by its own board members.HPL's vice chairman Purnendu Chatterjee, in a 'privileged and confidential' letter, has revealed mismanagement that may result in a Rs 1,273 crore loss to the company.

For more details please clik on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11280&P=P

Basell acquires PP compound maker Solvay Engineered Polymers

Solvay has signed a stock purchase agreement with Basell to sell its subsidiary Solvay Engineered Polymers (SEP), a leading supplier of polypropylene compounds. This transaction will be subject to relevant regulatory approval, and is estimated to be completed early in 2008.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11279&P=P

BASF to raise plasticizer capacity at Ludwigshafen

Strong customer demand from all over Europe has prompted BASF to plan an increase in production capacity of oxo alcohols and plasticizers at Ludwigshafen. Plasticizer capacity will be hiked by 40,000 to 300,000 tpa, by Q2-08. Capacity of oxo alcohols will be increased by 80,000 tons to rise to 390,000 tpa to be built up stepwise through to the end of Q1-09.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11278&P=P

US REACH Conference to reflect response to EU Chemicals Legislation

Smithers Rapra Technology (SRT) Ltd., a subsidiary of U.S.-based independent testing, research and consulting organization, The Smithers Group, will host its second international conference on REACH April 15-17, 2008, in Boston in association with sister company, Springborn Smithers Laboratories.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11277&P=P

Surging naphtha prices affect bottom line of ethylene makers

Surging naphtha prices have affected the bottom line of ethylene makers. Producer margins, that have entered negative territory, have affected cracking rates at plants across Asia. Very high prices of liquefied petroleum gas (LPG) - the alternative feedstock in ethylene cracking, have rendered substitution difficult.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11276&P=P

High Performance Polymers Industry grows from US$1 bln to over US$7 bln

Over the past 20 years the high performance polymer (HPP) industry has grown from $1 billion to over $7 billion. As overall global demand is increasing, the HPP space is filling out with new products and participants, leading to increasing competition. Shifting markets, new applications, globalization, changing alignment of key players in the space and new technologies all combine to make the HPP industry highly dynamic.

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11275&P=P

World Cumene/Phenol and Polycarbonate Analysis

Chemical Market Associates, Inc. (CMAI) has completed a study on world Cumene/Phenol & Polycarbonate Analysis. The analysis comprises eleven years of study: five years of history, the current year, and five years of forecast. Some key issues examined in this analysis include

For more details please click on the following link
http://plastemart.com/plasticnews_desc.asp?news_id=11274&P=P