DuPont forms hybrid technology alliance for manufacturing lightweight therm...

DuPont is to team up with Morph Technologies Inc., Integran Technologies Inc. and PowerMetal Technologies to develop a nanocrystalline metal and polymer hybrid technology for manufacturing lightweight thermoplastic components.
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Unipetrol delays restart of ethylene unit

The restart of Czech refiner Unipetrol's ethylene unit its Litvinov refinery, has been delayed at by several weeks because of a fault with the heating exchange apparatus. After halting production as part of a scheduled maintenance outage which also included adding new capacity, Unipetrol had planned to restart the ethylene unit on October 25.

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ABS

Lackluster markets sustained ABS prices at US$1745/MT in Asia in the week of October 29, 2007. Higher crude oil and feedstock prices kept supplier offers high. But buying could not be sustained at this price level and few deals were heard done on limited buying interest from China.

POLYMERS - GPPS

GPPS markets remained dull and stabilized at last weeks level of US$1465/MT in Asia in the week of October 29, 2007. Seller offers remained unchanged at last weeks level amid subdued demand from China. Infact, further lowering of buying intention is expected from China as buyers keep in the sideline. However, a further dip in prices does not seem to be on the cards as sellers find it unfeasible to lower offers due to squeezed production margins.

PVC

PVC prices saw a dip to US$965/MT in the markets of Asia in the week of October 29, 2007, on strong price resistance from Chinese buyers. Downbeat market sentiments from buyers in China affected trading volumes and kept prices bearish. Prices are expected to dip further in the weeks of November 2007.

POLYMERS - Polypropylene

Dull market sentiments, particularly from China, have kept the PVC markets lackluster. Prices stagnated at US$1360/MT in Asia in the week of October 29, 2007. Deals were not transacted as a wide gap of almost twenty dollars existed between supplier quotation and buyers intentions. Buyers expect that the supply and demand would be balanced in November, causing no improvement in demand from China.

POLYMERS - LLDPE

LLDPE prices spiked to US$1400/MT in Asia in the week of October 29, 2007, as markets turned slightly optimistic on improved buyer sentiments.

POLYMERS - LDPE

LDPE prices rose to US$1590/MT in Asia in the week of October 29, 2007 on higher quotations issued by suppliers in the face of improving demand. Prices are expected to reign higher in the weeks of November.

POLYMERS - HDPE

HDPE prices have moved up to US$1420/MT in Asia in the week of October 29, 2007. A recovery in demand from China has improved market conditions, boosting prices for November shipment.

FEEDSTOCK - STYRENE MONOMER

Styrene Monomer prices stagnated in Asia at US$1375/MT in the week of October 29, 2007. Supply remains abundant, while downstream demand continues on a subdued note, widening the gap between supply and demand. This has caused a downward adjustment in prices despite robust international crude oil prices and healthy SM demand in certain pockets of Asia. Feedstock benzene prices dipped marginally to US$1050/MT despite bullish crude oil and naphtha market.

FEEDSTOCK - PROPYLENE

Propylene prices dipped to US$1080/MT in Asia in the week of October 29, 2007. Limited supplies did not boost prices on weak end user demand as buyers preferred to wait and watch. The hesitation on part of the buyers is in anticipation of a clearer picture of the market movement that will influence future pricing. Influx of propylene in the market upon restart of Taiwans' Mailiao and Formosa Plastics Corporation is expected to further push down November prices.

FEEDSTOCK - ETHYLENE

Ethylene prices in Asia dipped to US$1085/MT in the week of October 29, 2007. Ethylene markets in Asia mellowed down last week under the influence of a supply glut from the Middle East. Bearish market sentiments continue in anticipation of continued supply from the Middle East. Also adding to the supply glut woes will be the return of a few crackers in Asia back online after completion of maintenance turnarounds. Asian ethylene prices are expected to see a further downward correction as supply increases in December.

FEEDSTOCK - VCM

Restrained demand from downstream PVC makers has pushed VCM prices down to US$780/MT in Asia in the week of October 29, 2007. Bearish sentiments prevail in the VCM markets, on low buying activity in general along with renewed buying interest in the Far East region at lower levels.

FEEDSTOCK - EDC

EDC prices dipped to US$415/MT in Asia in the week of October 29, 2007, on downbeat demand from downstream VCM and PVC buyers. The dull market sentiments from end users have been coupled with bearish prices of upstream ethylene. A gap of almost twenty dollars exists between buying intention from Chinese vinyl producers and sellers offers at around US$420/MT.

NAPHTHA

Rising in line with runaway crude oil prices, naphtha prices have seen a sharp hike to US$795/MT in Asia in the week of October 29, 2007.

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

Crude oil futures for November delivery closed at a high of US$91 a barrel on the New York Mercantile Exchange. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices have dipped due to sluggish market movement on downbeat demand from downstream buyers. Ethylene prices dipped as increased supplies from the Middle East is expected to continue. Propylene prices dipped despite limited supplies, and prices did not rise on weak end user demand. Styrene Monomer prices stagnated as downstream demand continues on a subdued note.HDPE, LDPE, LLDPE prices rose on improved market conditions. PP, GPPS, ABS prices stagnated amid subdued demand from China. PVC prices dipped due to persistent dull market outlook and weak demand from China.
CRUDE OIL Crude oil futures leapt past US$91 a barrel in New York in the week of October 29, 2007. This spike in prices can be attributed to an unexpected drop in weekly inventory levels in USA, concerns about political tensions in the Middle East and the weakening U.S. dollar. Prices have also found support due to worries about inadequate supplies ahead of the Northern Hemisphere winter, when demand is expected to be stronger. The US has accused Iran's military of supporting terrorism and announced new sanctions on the country that holds the world's second-biggest oil reserves.

Bayer MaterialScience increases polycarbonate prices

With effect from 15 November 2007, Bayer MaterialScience plans to raise worldwide prices for its "Makrolon", "Bayblend" and "Makroblend" resins. In Europe, the Middle East and Africa, the hike will be EUR 0.15/kg. In Asia Pacific and North America, prices will go up by USD 0.20/kg.

Eastman, world's largets PET supplier plans to significantly shrink busines...

Eastman, the world's leading supplier of PET for packaging plans to significantly shrink the business. The move, that will turn PET from Eastman's largest business segment into the company's smallest segment by the end of 2008, will be achieved by divesting or shutting down much of its conventional PET processes and investing in a new technology to produce the product.

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S K Engineering awarded order for US$108 mln Thai plant

South Korea's SK Engineering & Construction has been awarded a US$108 mln order to build a plant for Thai Polypropylene Co, a unit of Siam Cement Group. The new plant, to be located in Map Ta Phut industrial complex, will produce an 400,000 tpa of polypropylene from 2010.

Shell estimates 800,000 ton China naphtha cracker to surpass its design ann...

Royal Dutch Shell's cracker in partnership with China National Offshore Oil Company, and in operation since late 2005 operated at 94% capacity in the first 9 months of this year, up from 85% last year. Shell expects its Chinese naphtha cracker, in southern Guangdong province, to meet and even surpass its design annual capacity of 800,000 tons this year and next.

Polyethylene is one of the fastest-growing synthetic resins in China

By virtue of its excellent performance, polyethylene is regarded as one of the fastest-growing synthetic resins of China as per a report by Research and Markets. Currently, China has become the largest polyethylene import country and the second largest consumption country in the world.

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Cost of building petrochemical plants in the Arabian Gulf region surging by...

Escalating prices charged by contractors is expected to hike construction costs by 14% as per an estimated by Industries Qatar, the largest company listed on the Doha Securities Market.

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Injaz Projects consortium awarded 51% stake in Turkey's Petkim Petrokymia

Turkish government has reversed its decision to sell Petkim Petrokymia- the state owned petrochemicals manufacturing company to the highest bidder. 7 international consortiums, including major operators and investment companies specializing in the field of petrochemicals were competing for the shares in the Petkim privatization deal.

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Indo Rama Petro plans power generation from renewable and non-renewable res...

Indo Rama Petrochemicals Ltd. plans to set up power generation project from renewable and non-renewable resources. A 125 MW coal-based power project near the coal fields of Makaradokra in Maharashtra, is being planned by the company at an investment of Rs 605 crore.

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Supply concerns push oil prices past US$92

Crude oil prices have spiked past US$92 a barrel at one point, on growing concerns of the conflict between Lebanon and Israel, as well as new US sanctions on Iran. Light, sweet crude for December delivery rose to US$91.93 a barrel in electronic trade on the New York Mercantile Exchange by midafternoon in Singapore, after briefly rising to a new trading record of US$92.22. The Nymex crude contract settled at US$90.46 a barrel on Thursday in the US, closing above US$90 a barrel for the first time.

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Formosa Plastics posts record high quarterly profit

World's number two PVC maker - Formosa Plastics Corp has posted a record quarterly profit on robust demand from China that has aided stronger prices. Net income surged 65% to NT$20.1 bln (US$619 mln) for Q3 ended Sept. 30, up from NT$12.2 bln a year earlier.

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ONGC Petro plans IPO

Oil and Natural Gas Corporation (ONGC), the country's leading public sector company, is planning an initial public offer (IPO) of ONGC Petro-additions Limited (OPaL), the special purpose vehicle formed for the Rs 13,500 crore petrochemical complex at Dahej in Gujarat. The IPO will be planned after the finalsation of the other equity partner or partners to the project - possibly by early next year.

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Basell's acquisition of Lyondell okayed by EU

Luxembourg's Basell AF SCA proposed US12.1 bln acquisition by of USA based Lyondell Chemical Company has been cleared by the European Commission. In its investigation, the commission found that the proposed transaction would not impede effective competition in the European Economic Area (EEA) or any substantial part of it.

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High feedstock and energy costs hit DOW Q3-07 profits

Dow Chemical Co. has recorded a 21.3% fall in Q3-07, posting net income after paying preferred dividends of US$403 mln, as against year ago profits of US$512 mln. This fall in profits is mainly because of changes in German tax laws, higher domestic tax rates and charges for research and development.

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A new mid-level oxygen-barrier film for packaging foods and liquids

Preventing oxygen permeation through plastic packaging reduces food oxidation. The oxidation of foods or liquids reduces shelf life, and affects the sensory properties, and is a major issue in the food industry.

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GAIL to partner Lukoil in Russian petrochem unit

Gas utility GAIL and Lukoil, the world's second largest private oil company by proven hydrocarbons reserves, have formed a panel of senior executives to explore the possibility of jointly setting up a petrochemicals plant in Russia and farming in the Indian state-owned company in the Russian firm's gas field in Saudi Arabia.

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SABIC creates Energy Center of Excellence at Netherlands

In line with its' accelerating investments in new application and market development, SABIC has announced the creation of a new Energy Center of Excellence at its European headquarters in Bergen op Zoom, The Netherlands.

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Adhesive tie-layer material that bonds acrylic layer onto a substrate of TP...

The new ADDHERE ™ tie layer is designed specifically to bond an acrylic layer onto a substrate of thermoplastic polyolefin (TPO) for use in thermoforming applications. ADDHERE ™ has been introduced by Solvay Engineered Polymers Inc., and is the company's first adhesive tie-layer material for use in the production of extruded sheet.

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Stretch and shrink film demand in US to grow 4.7% pa until 2011

Stretch and shrink film demand in USA is projected to increase 4.7% pa to US$4.7 bln in 2011, amounting to 3.2 bln pounds of resin.

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Fortron expands capacity to create world's largest Polyphenylene Sulfide pl...

Fortron Industries LLC, a joint venture between Ticona Engineering Polymers and Kureha Corporation, has expanded its Fortron® linear polyphenylene sulfide (PPS) plant in Wilmington. Capacity has been doubled to 15,000 metric tpa - a result of a three-year effort that has created the world's largest PPS plant.

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New Metallocene PE introduced by ExxonMobil

New Metallocene PE introduced by ExxonMobil, provides new opportunities to increase value through combining high throughput capability, outstanding optical properties and toughness. ExxonMobil Chemical Company will introduce the latest innovation in applying metallocene polyethylene (mPE) technology during K2007.

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SABIC profits up for fifth consecutive quarter

Saudi Basic Industries Corp (SABIC) beat forecasts with a fifth consecutive record profit, as Q3 profits surged 37% to 7.4 billion riyals on higher price realisation and increased output. Profits this quarter were mainly supported by Asian demand, which is also projected to support prices of its chemicals and steel products next year, despite slowing U.S growth.

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BPCL sells 30,000 ton November naphtha at premium to European trader

Bharat Petroleum Co Ltd (BPCL) has sold a 30,000-tonne November naphtha cargo at a premium compared to a discount in its previous sale, as per sources.

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NOVA Chemicals record strong performance by Olefins/Polyolefins sector

NOVA Chemicals Corporation (NOVA Chemicals) has reported net income of US$97 mln for Q3-07, on very robust Q3 market conditions for Olefins/Polyolefins business. This growth is expected to continue into the next quarter and beyond, mainly on strong domestic and export demand and improving margins due to price increases that exceed feedstock cost changes.

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Rising energy costs hit Q3 profits of Thailand's biggest firm - Siam Cement

Thailand's biggest conglomerate, Siam Cement has posted 33% dip in Q3 operating profit, attributed mainly to higher production costs that have eroded margins at its petrochemicals unit. The spread between high-density polyethylene (HDPE), SCC's main petrochemical product, and feedstock naphtha slipped US$39/ton to US$692/ton in the quarter from a year ago levels.

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Court acquits Prachai of siphoning off B956.8 mln from TPI

The Criminal Court has acquitted Prachai Leophairatana and his four younger siblings of siphoning off 956.8 million baht from Thai Petrochemical Industry Plc (TPI) when the company underwent rehabilitation.

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EU debating proposed regulation to govern recycled plastics used in food pa...

Talks are underway on working documents from European Commission, that will form the basis of harmonised EU rules governing plastic materials and articles in contact with food, making it easier for processors to trade under the same requirements across the EU. The Commission's draft deals with mechanical processes for recycling plastic food packaging for further use by processors.

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POLYMERS - ABS

Markets for ABS in Asia stood at last weeks' US$1745/MT in the week of October 22, 2007, because of a tussle between buyers and sellers. Backed by high oil and feedstock prices, supplier offers continued at levels higher than buying intentions. Upstream butadiene, ACN and SM prices continue to remain strong in Asia.

POLYMERS - GPPS

Downcast demand from the Chinese buyers has rendered a stagnancy in the polystyrene markets in Asia. Prices stagnated at US$1465/MT in the week of October 22, 2007, as the buyers did not step out of the sidelines and preferred to wait and watch. Buying intentions were pegged atleast twenty dollars lower than offers from producers in Korea and Taiwan. Rising upstream benzene and SM prices have rendered a price drop unfeasible for polystyrene manufacturers.

POLYMERS - PVC

PVC prices in Asia dipped to US$970/MT in the week of October 22, 2007, resulting from slow buyer demand. Lower offers were heard from Taiwanese producers, but their Japanese counterparts did not budge from above the US$1000/MT mark as they try to bear the backlash of sharply rising crude oil and naphtha values. Downcast demand from China will lead to further downward movement in prices for the next few weeks of October.

POLYMERS - Polypropylene

Polypropylene prices remained flat at US$1360/MT in Asia in the week of October 22, 2007. Stagnancy prevailed in the markets, despite last weeks' feedstock propylene price rebound, mainly because buyers from China, with price expectations at least twenty dollars lower than supplier quotes, adopted a wait and watch policy.

POLYMERS - LLDPE

LLDPE markets were lackluster and stagnated at US$1385/MT in Asia in the week of October 22, 2007. The markets were stable amid thin transaction due to lack of firm offers.

POLYMERS - LDPE

LDPE prices sustained at US$1580/MT in Asia in the week on October 22, 2007. The markets were faced with restricted supplies, which, however, did not result in price hikes, as major suppliers have closed October deals, leading to very few firm offers.

POLYMERS - HDPE

Listless HDPE markets stagnated at US$1410/MT in Asia in the week of October 22, 2007. The dullness was a result of a price gap between selling intentions and buyers' bids.

STYRENE MONOMER

Styrene Monomer prices rose to US$1380/MT in Asia in the week of October 22, 2007. This hike was affected mostly by strong gains of almost fifty dollars in upstream benzene values. Benzene prices rose in line with bullish crude oil prices.

FEEDSTOCK - PROPYLENE

Propylene markets lacked movement and stagnated at US$1090/MT in Asia in the week of October 22, 2007. Sellers expect to sell material at least twenty dollars higher than current market prices, resulting in no deals being transacted. Buyers and traders both retreated to the sidelines to wait for a clearer picture of market movement. South Korea's Hyosung Corporation plans to shut down its exchanger unit for a 25-day turnaround in H2- November; resulting in a possible reduction in supply in the region.

FEEDSTOCK - ETHYLENE

Ethylene prices in Asia plummeted to US$1095/MT in the week of October 22, 2007. Anticipation of escalating supplies from the Middle East and Far East region has been mainly responsible for this sharp drop. Current offers from sellers seem to be lowering in anticipation of a further price drop in November, when prices are expected to take a sharp turn southwards on increased supplies. On the supply side, Formosa plans to restart its 900,000 tpa no.2 cracker by second week of November, followed by the start up of Taiwan's CPC's 230,000 tpa no.3 cracker. South Korean producers are also expected to restart crackers shortly after completion of annual turnarounds. All these start ups will cause a supply glut.

Europe has had tighter ethylene supplies on account of planned turnaround outages at several cracking plants in November this year, leading to an influx of material from the Middle East. Iran, Qatar and Saudi Arabia are exporting almost half their output to Europe on account of better price realization.

FEEDSTOCK - EDC

Sluggish markets with bearish demand caused EDC prices to dip to US$425/MT in Asia in the week of October 22, 2007. EDC market has been influenced by slow sales of downstream VCM and PVC markets, and has no takers despite the current low price levels. Infact, dull demand from China is estimated to have a further influence on EDC prices, forcing them further southwards in the next month. This anticipation of low prices has made the EDC market a laggard as buyers prefer to adopt a wait-and-watch strategy at the moment.

FEEDSTOCK - VCM

VCM prices dipped to US$790/MT in Asia in the week of October 22, 2007 on slow market movements. Few transactions were heard as downstream PVC buyers resisted strong prices. PVC demand in China as well as other markets globally, remained weak. A 40-50 dollar difference was maintained between supplier offers and buying intentions, mainly on bearish demand from China. On the supply side, spiking crude oil prices continue to exert price pressures on the Japanese producers, rendering a price dip almost unfeasible.

NAPHTHA

Naphtha prices rose to US$770/MT in Asia, in line with rising crude oil prices in the week of October 22, 2007. Return of Formosa to the markets, after a three month break on account of maintenance shutdowns, has supplemented demand, bolstering the naphtha markets of Asia.

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

SUMMARY Crude oil futures for November delivery closed for the week at US$88.60 a barrel on the New York Mercantile Exchange, after rising above US$90 a barrel this week for the first time. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices have dipped due to sluggish market movement. Ethylene prices dipped on anticipation of escalating supplies from the Middle East and Far East region. Propylene prices have stagnated as buyers and traders both retreated to the sidelines to wait for a clearer picture of market movement. Styrene Monomer prices rose marginally on rising feedstock prices. Markets for all the polymers stagnated at last weeks' levels, generally because of price expectations lower than supplier quotes. PVC prices dipped due to persistent dull market outlook and weak demand from China.

CRUDE OIL
Crude oil futures for November delivery closed for the week at US$88.60 a barrel on the New York Mercantile Exchange. This dip has been affected by signs that inventories in USA were sufficient to meet demand - 7.8% higher than the 5 year average for the period. Earlier this week, prices rose above US$90 a barrel for the first time, mainly due to a falling dollar and concerns of a possible attack by Turkey on the Kurdish rebels in Iraq, which has the world's third-biggest oil reserves.

PTT plans investment in Philippines

PTT Philippines Corp., the local unit of PTT Public Co. Ltd. of Thailand, has expressed interest to invest US$300-400 million in the petrochemical industry in Philippines, mainly as a result of the bullish economic outlook in the Philippines.

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UOP Technology for Jurong Aromatics Plant in Singapore

UOP LLC, has been selected by Jurong Aromatics Corp. PTE Ltd (JAC) to supply technology, basic engineering services and equipment for a new aromatics plant to be installed in Jurong Island, Singapore.

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Thai PTT to acquire 15% stake in Egyptian-Israeli energy firm

Thai energy giant PTT is in advanced stages of negotiation for purchase of a 15% stake in the Egyptian-Israeli energy firm - EMG (Easter Mediterranean Gas), for US$350 mln.

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Kuwait's UIC plans to invest US$300 mln in PTA plant

Kuwait's United Industries Co (UIC) plans to build a purified terephthalic acid (PTA) plant at an investment outlay of US$300 mln in Kuwait. The plant will have a capacity to produce 400,000 tpa, and will be a joint venture with Industrial Bank of Kuwait (IBK). UIC is a unit of major holdings firm Kuwait Projects Co.Designing is estimated to commence within three months and construction to be completed by 2010. The PTA will be exported primarily to the Asian markets.

Another project by meets a roadblock in Bengal

Purnendu Chatterjee's group company- Asian Gateway (AGL), has meet with hurdles in Bengal state. AGL has been forced to delay its proposed IT SEZ on 500 acres in Siliguri because of an inability to complete land acquisition on time.

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Another project by meets a roadblock in Bengal

Purnendu Chatterjee's group company- Asian Gateway (AGL), has meet with hurdles in Bengal state. AGL has been forced to delay its proposed IT SEZ on 500 acres in Siliguri because of an inability to complete land acquisition on time.

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GAIL registers 22% growth in net sales for Q2-08

GAIL has registered a 22% growth in net sales at Rs 4,529 crore and a 28% growth in PAT at Rs 572.54 crore for Q2-08. Turnover rose mainly due to volume gains, and net profit was also boosted by higher operating margin.

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SABIC pauses talks on US$5.2 bln petrochemical project in Dalian

After three years of negotiations, SABIC has stalled talks with its Chinese counterparts for a US$5.2 bln petrochemical project in Dalian area. No advance shave been made by SABIC in its talks with private firm Shide to build a complex, comprising an oil refinery and an ethylene plant in northeastern Dalian.

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Sumitomo to expand liquid crystal polymer capacity

To meet the growing demand for lighter weight components and miniaturization, liquid crystal polymer (LCP) is increasingly replacing conventional plastics. To meet the growing demand fro LCPs, Sumitomo Chemical Co. Ltd. has planned capacity expansion.

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DuPont and Dow likely to face damp growth this quarter

Dow's Q3 growth estimate have been trimmed down, mainly due to higher feedstock and energy costs faced by the company, likely to impact profitability across the company's portfolio. DuPont, however, due to its exposure to agriculture and international markets (60% of the company's sales come from overseas) will feel limited impact.

Bioplastics market trends and US and EU outlook

Today, a world without plastics is incomprehensible. Bio-based and biodegradable plastics are a very promising innovation for both industry and the economy. Bioplastics are indeed plastics, but very special plastics. Compostability is the main material property, which differentiates bioplastics products from conventional plastic material. This enables the organic recycling of bioplastics products.

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Reliance to invest in Peru

In continuance of a cooperation pact signed earlier, Reliance Industries Ltd. is expected to sign contracts soon for stakes in two oil blocks in Peru. The pact involved cooperation in exploration and production and forming joint ventures for setting up petrochemicals plants.

Polypropylene Market Update, October 22, 2007

The Polypropylene market is strong; spot prices have advanced about $.03/lb so far this month, reflecting the successful implementation of the October price increases. Since Propylene monomer contracts were also up $.03/lb on average, resin producers will maintain their minimal, but acceptable, contract-to-contract production margins.

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Polyethylene Market Update, October 22, 2007

Spot Polyethylene prices added another penny this week, now up at least $.04/lb so far this month. Spot pricing now matches October contract price increases, which are becoming effective, and a bit more as producers begin working on the $.11/lb (yes, 11-cents!) of price increases nominated for November. There is a $.05/lb increase slated for Nov 1st implementation and a fresh $.06/lb increase targeted for mid-month.

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Polymer Market Update, October 22, 2007

The commodity resin markets were very strong this past week, supported by soaring energy and feedstock prices. Polyethylene producers have now essentially secured their October $.04/lb price increase and Polypropylene producers will achieved on average a $.03/lb price increase for October resin contracts.

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REACH to severely impact China's chemical industry

REACH (Registration, Evaluation, Authorization and Restriction of Chemicals)- the European Union (EU)'s new chemical regulation will severely impact the Chinese chemical industry. REACH was passed by the European Parliament and the Council of EU on December 18, 2006, and is aimed to "ensure a high level of protection of human health and the environment," and "enhance competitiveness and innovation".

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BP to end partnership in PTA JV with Taiwan's CPC Corp?

BP may pull out of its purified terephthalic acid (PTA) joint venture with Taiwan's CPC Corp. The Taiwanese joint venture, China American Petrochemical Co., has reported a net loss of NT$2.2 billion for 2006, its first loss since it was set up in 1976, because of high inventories and weak demand. BP owns 61.4% of the joint venture and CPC controls the balance. This move could be in line with its move earlier this month wherein BP withdrew from a similar venture in South Korea.

Formosa resumes buying in spot market after three months

Taiwans's Formosa Petrochemical Corp has returned to the spot market after a three-month absence due to maintenance shutdowns. Formosa's return is marked with the purchase of 75,000 tons of naphtha for H2-December, sourced from an undisclosed seller at a discount of around US$5 a ton to Japan spot quotes. At this price, Formosa's purchase is steeper than its last purchase of H1-August delivery parcel at minus $2.00-$2.50, on a cost and freight basis.

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Qapco's first ethylene cargo supply to India's Finolex

Qatar Petrochemical Co (Qapco) has commenced its first ethylene cargo to Finolex Industries of India from its Ethylene Expansion project (EP2). Supplies are to commence from now until December 31, 2009.

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Glencore, SK Energy join several players as partners in Singapore petchem p...

Swiss-based commodity trader Glencore, South Korean refiner SK Energy, Kuwaiti investment firm Noor Financial and Chinese polyester producer Jiangsu Sanfangxiang Industrial Group will team up to take a combined 40% stake in a US$2 bln petrochemical plant in Singapore.

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Ethylene pipe at Dow Chemical's Port Arthur facility explodes

An ethylene pipeline belonging to Dow Chemical, at its plant in Port Arthur, Texas, has ruptured and exploded. Currently, the pipe has been blocked by the fire crew as they await the fire to burn out.

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German propylene pipeline slated for start up in 2009

The long wait for the German propylene pipeline from Moers to Gelsenkirchen has ended with commencement of construction. The 60 km pipeline is scheduled for start-up in 2009. The pipeline initiates in Duisburg harbour and will link petrochemicals and plastics producers in the Ruhr area. The pipeline could, at a later date, be extended to the Cologne area.

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Mittal in five prong petrochem MoU with HPCL, GAIL, Oil India and Total

LN Mittal has extended his group's foray into oil exploration and refining with an entry into petrochemicals to widen his presence in the hydrocarbons value-chain. Luxembourg-based Mittal Investments Sarl, has signed an MoU for setting up an integrated refinery-cum-petrochemicals complex at Visakhapatnam, with Indian refiner-marketer Hindustan Petroleum, Indian gas utility major GAIL, Oil India Ltd and French major Total.

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Thermoset Nanocomposites for Engineering Applications

Thermoset nanocomposites are complex hybrid materials, which integrate nanoparticles with polymers to produce a novel nanostructure, with extraordinary properties. Organic/inorganic hybrids are some of the most challenging nanostructures investigated to date. What differentiates nanocomposite materials from classical composites is the degree of control of fabrication, processing and performance that can be achieved down to a very small scale.

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Consortium of foreign companies mull petrochemical plant in Peru

A consortium of foreign companies is mulling investment of US$1 bln to build a petrochemical plant in Peru as the government lures investment to the nascent sector. Australia's Orica Ltd., U.S. firms Terra Industries Inc and Omimex Resources, and Colombia's Abocol, have been in discussions with Peru's President to build a plant near Pisco, a city destroyed by a powerful earthquake in August.

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Reliance reports 28% increase in Q2-08 profit

Reliance Industries Ltd. has reported a 28% jump in Q2-08 profit, as gains in petrochemicals offset lower refining margins caused by a weaker dollar.

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Sinopec to sell HK$21.63 bln stake in Tianjin project to SABIC

China Petroleum & Chemical Corp, or Sinopec, Asia´s biggest refiner, is close to an agreement to sell a stake in a 21 billion yuan ethylene plant in the northern city of Tianjin to Saudi Basic Industries Corp.
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LANXESS bolsters business in Central and Eastern Europe

LANXESS (Leverkusen-based chemicals group) is strengthening its commitment in central and eastern Europe by setting up a sales company specifically for business in these growth markets. The new company LANXESS Central Eastern Europe s.r.o. has its headquarters in Bratislava in Slovakia and offices in Warsaw, Poland and Budapest, Hungary. The new company will officially start operations on January 1, 2008.

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GAIL plans US$4bln chemical projects to offset slowing growth due to price ...

GAIL (India) Ltd., that earns half of its revenue from gas, is planning projects worth US$4 bln to expand in chemicals and offset slowing profit growth because of government controls on gas prices.

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PetroVietnam allocates US$6 bln for second refinery and petrochemical compl...

The VietNam Oil and Gas Group (PetroVietnam) has allocated US$6 bln for the construction of a second refinery and petrochemical complex in Tinh Gia District of Thanh Hoa Province. PetroVietnam's contribution for the project will be approximately US$1.8 - 2 bln, viz 30% of the combined capital needed to build the complex.

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Rabigh refinery to shut for one month

Saudi Aramco is to shut down its 400,000 bpd Rabigh refinery from next week. This four week long shutdown will enable the plant to be linked up to Aramco's new US$10bn joint venture petrochemical complex. Routine maintenance will also be carried out.

Robust Q2-08 results estimated for RIL due to rising petrochemical margins

At Reliance Industries Ltd.'s second quarter results due on Thursday, analysts are optimistic about the company's performance. High petrochemical margins and the merger with Indian Petrochemicals Corporation (IPCL) are expected to lead to healthy profit for the company. IPCL, which was recently amalgamated with RIL, has among the highest operating margins among Indian petrochemical companies. Gross refining margins are ruling only marginally lower than the last quarter, because of the huge run-up in crude prices.

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Polyols for Polyurethanes based on renewable raw materials

The soaring prices of crude oil have sparked a debate about the benefits that increased use of renewable raw materials might bring to plastics production. Another aspect is the greater environmental compatibility attributed to products based on natural components. Industrial sugars and vegetable oils have been used for some time now in the production of polyols - one of the two basic components in polyurethanes alongside isocyanates. Bayer MaterialScience has developed polyols based up to 70% by weight on renewable raw materials to help cut down emissions.

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BCPL and ONGC sign Feedstock Supply Agreement for Assam Gas Cracker

Brahmaptura Cracker and Polymer Limited (BCPL) has signed the Feedstock Supply Agreement with Oil and Natural Gas Commission (ONGC) for the 2,80,000 tpa project being set up at Lepetkata, Assam.

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Scheduled plant maintenance in Asia

Following is a table of scheduled plant maintenance:
Facility
Location
Capacity
Timing

CPC Corp. LinyuanLinyuanKaohsiung 230,000
385,000
500,000
Oct.-Nov. 2007Nov.-Dec. 2007
Q2, 2008

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Oil prices hover above US$87 despite dropping

Oil prices continue to hover around the US$87 a barrel mark, despite dipping in Asian trading. The drop in price was attributed to a U.S. inventory report showing larger than expected fuel stocks pulled crude futures back from a new trading record.

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JG Summit acquires 17.7% stake of Marubeni Corp. in JG Summit Petrochemical...

JG Summit Holdings Inc., the holding firm of the Gokongwei group, has regained 100% ownership of its subsidiary JG Summit Petrochemical Corp. This has been possible with the acquisition of 17.7% stake held by Japanese conglomerate Marubeni Corp. in JG Summit Petrochemical Corp.

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Huntsman stockholders approve merger with Hexion

At a special meeting of Huntsman Corporation, the company's stockholders unanimously voted to approve the merger agreement with Hexion Specialty Chemicals, Inc. (Hexion).

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Turkey's Privatisation Administration yet to arrive at a decision on Petkim...

Turkey's Privatisation Administration (OIB) has made no decision on selling petrochemicals firm Petkim. The highest bidder was a Kazakhstan-based consortium, Transcentral Asia Petrochemical Holding.

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Andhra Petrochemicals Ltd plans oxo alcohols capacity expansion at Visakhap...

The Andhra Petrochemicals Ltd. has planned expansion of its existing oxo alcohols production facility in Visakhapatnam, India.

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Maintenance shut down at Thai PTT ethylene plant planned for 2008

Thailand's largest olefin manufacturer - PTT Chemical Pcl, has planned maintenance shutdowns at its ethylene plants in 2008. PTT plans to shut two of its three ethylene plants in Map Ta Phut, in Rayong province, for maintenance.

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Oil prices recoil to US$87 in Asia

Oil prices recoiled to mid 87 dollar levels in Asia from record highs amid expectations that todays' fuel report will show a rise US crude and gasoline inventories. Light, sweet crude for November delivery dropped 10 cents to $87.51 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore.

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Samsung Total completes PP expansion in S. Korea: adds 300,000 tpa polyprop...

Total has completed the expansion of its polypropylene plant at Daesan plant in South Korea. The new unit, with a capacity of 300,000 tpa, will bring the total polypropylene capacity of the plant to 554,000 tpa.

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Indian Oil seeks permission to merge with BRPL

Indian Oil has approached the Union Department of Company Affairs (DCA) to seek permission to take shareholders approval on its proposed merger with Bongaigaon Refinery and Petrochemicals (BRPL).

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Basell to stop PP production in 2008 at Varennes, Quebec

Unable to cope with the non-competitive operating costs of small plant, Basell has arrived at a decision to stop producing polypropylene at the Varennes, Quebec site in April 2008, after operating the plant for almost thirty years. The plant is expected to continue normal operations until the time it ceases production.

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Petrochemical complex planned at Cienfuegos

A petrochemical complex is being planned at Venezuelan city of Cienfuegos. Cienfuegos, known as the Pearl of the South, also has the country´s second most important port complex.

PQ Corporation agrees to combine with INEOS Silicas

The Carlyle Group has announced that PQ Corporation, the specialty chemical company it acquired in July of 2007, has agreed to combine with INEOS Silicas, a division of INEOS.

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Formosa plans maintenance turnaround at 1.2 mln tpa cracker

Taiwan's Formosa Petrochemical Corp has planned a 45 day maintenance turnaround at its new 1.2 mln tpa cracker in September/October 2008. Operations at the cracker commenced in May, raising total ethylene production at Formosa's Mailiao complex to 2.9 mln tpa.

Sasol mulls US$8 bln investment in coal-to-liquids plant in India

Sasol is considering construction of at least one coal-to-liquid (CTL) plant at an investment of US$6-8 bln, in India - the world's second-fastest growing economy after China. India has recently ammended its Coal Act, and the enabling fiscal framework and access to appropriate coal blocks may encourage further investment.

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POLYMERS - ABS

Rising prices of feedstock butadiene and ACN have sustained prices of ABS at US$1745/MT in Asia in the week of October 15, 2007. Suppliers from South Korea and Taiwan have raised offers by twenty dollars, but prices remained stagnant as buyers exerted caution while transacting, due to the relatively higher stockpiles they hold. News that the new 100,000 tpa ABS plant of Zhejiang Guoheng Chemical Co. Ltd. is scheduled to come onstream shortly seems to have also exerted some influence on buyer sentiments.

POLYMERS - GPPS

Low level of market activity has kept Polystyrene markets dull and lifeless at US$1465/MT in Asia in the week of October 15, 2007. The markets have witnessed firming offers by twenty dollars from sellers, but prices have stagnated on lower buying intentions, particularly from China. The Chinese buyers have refrained from buying on their return from the week long break in anticipation of a change in market trends.

POLYMERS-PVC

Poly Vinyl Chloride prices tumbled by almost forty dollars to US$980/MT in Asia in the week of October 15, 2007. Persistent dull market outlook and weak demand from China have kept prices down. Softer domestic prices continue to prevail even after the Chinese buyers have returned from the week long break. Buying interest from the Middle East region for Asian cargoes has been weaker due to the arrival of cheaper cargoes from USA.

POLYMERS - Polypropylene

Polypropylene prices stagnated at US$1360/MT in Asia in the week of October 15, 2007. Markets remained lackluster mainly due to lower level of buying activity in China. Demand has not yet picked up in China after the buyers have returned from the week long break. Sellers failed in their bid to raise price by 20-30 dollars on weak buying sentiments and lower offers from Middle East suppliers.

POLYMERS - LLDPE

LLDPE prices dipped to US$1385/MT in Asia in the week of October 15, 2007, mainly due to lack of buying interest from Chinese buyers.

POLYMERS - LDPE

LDPE prices stagnated at US$1580/MT in Asia in the week of October 15, 2007, as supplier offers remained intact amid low key buying intentions. Prices could move marginally up in the weeks of November 2007.

POLYMERS - HDPE

HDPE prices stagnated at US$1410/MT in Asia in the week of October 15, 2007, as major suppliers commenced offering October shipment. Markets remained lackluster mainly due to low bids from China.

Styrene Monomer

Styrene Monomer prices settled marginally higher as they rose to US$1370/MT in Asia in the week of October 15, 2007. Upstream benzene prices rose to US$1000/MT levels on the back of strong crude oil values.

PROPYLENE

Propylene prices rose by over twenty dollars to US$1090/MT in Asia in the week of October 15, 2007. Tight availabilities from South Korean producers have kept supplies taut. Prices are expected to rise further in the remaining weeks of October 2007.

ETHYLENE

Ethylene prices dipped to US$1175/MT in Asia in the week of October 15, 2007. Quiet market conditions prevailed despite strong crude oil and naphtha prices, on account of weak demand from end-users, particularly from China. Weak demand persists as players refrain from buying on estimation that ethylene supply will rise on completion of maintenance turnarounds. Downstream producers prefer to wait and watch as they await a price rectification in November.

EDC

EDC prices fell to US$445/MT in Asia in the week of October 15, 2007 mainly due to slackening market demand. The EDC markets had a gloomy outlook as market players refrained from buying despite lower offers from suppliers. Weak buying sentiments in Asia reflected the poor downstream VCM and PVC markets. Prices are expected to dip further as buyers' interest remains pegged at least 20 dollars lower than current prices.

FEEDSTOCK - VCM

VCM market in Asia was lackluster and stagnated at US$820/MT in the week of October 15, 2007, despite a dip in prices of upstream EDC and downstream PVC. Asian VCM markets remained quiet mainly as a result of uncompromising offers for November shipment by sellers, and reluctance on part of buyers to buy at these prices. Currently, a twenty dollar gap exists between supplier offers and buying intentions. Supplies were also limited on account of the shutdown of 260,000 tpa Tosoh's no.1 VCM plant.

NAPHTHA

Asian naphtha prices rose in line with rising crude oil prices to US$725/MT in the week of October 15, 2007

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

Crude oil futures spiked past US$83 per barrel in New York on release of data by the Department of Energy reporting a drop in inventories for the week. Naphtha prices have risen in line with robust crude prices. EDC prices have dipped due to slack demand from downstream buyers, and VCM prices stagnated despite a dip in upstream VCM prices. Ethylene prices dipped on weak demand from end-users and propylene prices spiked due to tight supplies. Styrene prices rose marginally on rising feedstock prices. HDPE, LDPE, PP, GPPS, ABS, prices stagnated on low level of market activity after the Chinese have returned from the week long break. LLDPE and PVC prices dipped due to persistent dull market outlook and weak demand from China have kept prices down

CRUDE OIL Crude oil futures spiked past US$83 per barrel in New York on release of data by the Department of Energy reporting a drop in inventories for the week. Oil prices also rose on anxieties over possible Turkish invasion of Northern Iraq. The market was teeming with concerns that Turkey may seek to quash Kurdish rebels by invading northern Iraq, reportedly at any diplomatic costs.

ONGC Mangalore Petrochemicals Ltd invites interested companies for aromatic...

ONGC Mangalore Petrochemicals Ltd (OMPL) has invited expression of interests (EoI) from companies for setting up downstream units of its proposed aromatics plant at Mangalore SEZ. The company is setting up an aromatics unit slated to produce 920,000 tpa of Paraxylene and 140,000 tpa of Benzene.

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Naphtha exports from India for November to be pegged above 900,000 tons

Naphtha markets in Asia will continue to be under pressure and prices will see a southward movement as heavy volumes of naphtha exports from Indian refiners will be maintained at a minimum of 900,000 tons in November.

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Taiwan's Formosa Plastics' refinery project in Ningbo ordered to be halted

Taiwan's Formosa Plastics Corp's refinery and ethylene project in China's Ningbo province, which involve an investment of US$10 bln, has run into problems.

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RIL plans to invest US$8-9 bln over the next four years in Jamnagar

Signalling future growth through consolidation of existing operations by raising them to world-class assets, Reliance Industries Ltd plans to invest US$8-9 bln over three-four years for creating the world's biggest petroleum and petrochemicals complex at Jamnagar in Gujarat.

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Haldia Petrochemicals plans diversification, drops plans for IPO

Haldia Petrochemicals Ltd (HPL) has confirmed plans to diversify its polymer business by adding new products and capacity. Proposals for the diversification are expected to be placed before the Board for approval by the end of this year. Upon approval, the project is estimated to be completed by 2010.

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Victrex commences production at new £32 mln plant to support future demand

To support future demand for Victrex Peek polymer and Victrex Peek -based products, such as Vicote® Coatings and APTIV™ Film; Victrex PLC, has opened a new polymer manufacturing plant. The plant is located at its main production facility in Thornton Cleveleys - Lancashire, UK. The expansion, which has the ability to produce1,450 tpa of Victrex Peek products, has been funded by an investment outlay of £32 mln, increasing Victrex's total production capacity for these products to 4,250 tpa.

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IPF announces new Office-bearers and Committee Members

The 48th AGM of the Federation was held at Palladian Lounge, Bengal Chamber of Commerce & Industry, 6 Netaji Subhas Road, Kolkata - 700 001. During the Inaugural Session Dr. S.K. Verma gave a presentation on the use of plastics in construction industry and also the use of waste plastics in road construction. Prof. Bikash Sinha gave a presentation on India's Nuclear Programme - Present and Future. Hon'ble Minister Shri Kshiti Goswami who could not attend the AGM due to sudden engagement sent his representative Shri S. K. Deb, Chief Engineer (Roads), PWD Department. Shri Deb also addressed the AGM gathering. During the Business Session, new office-bearers and Committee Members were elected. A list of the elected office-bearers and Committee Members is given below:

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RIL allots one equity share of RIL for every five shares of IPCL

Reliance Industries has allotted over 6.01 crore shares to the shareholders of erstwhile Indian Petrochemicals Corporation Ltd (IPCL).

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Supreme Court extends stay on the Calcutta High Court judgment in Haldia ca...

The Supreme Court has extended the stay on the Calcutta High Court judgment that set aside the Company Law Board's (CLB) order directing the Bengal government to sell all its shares in Haldia Petrochemicals to The Chatterjee Group.

Aker Kvaerner to construct 700000 tpa PTA plant in Portugal

Portuguese company Artenius has awarded a US$40.3 mln contract to Aker Kvaerner to construct a 700,000 tpa purified terephthalic acid (PTA) facility at Sines, Portugal. Contract scope includes engineering and procurement services and construction management. Project completion is slated for first quarter of 2010.

Three new PP grades that reduces weight of packaging

Competitive trends in the packaging industry are exerting pressures on processors to improve productivity and reduce weight as well as costs. This in turn mothballs into pressure on the raw material manufacturers and are driving the development of innovative PP resins.

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Solvay invests in PTFE plant in China

A new polytetrafluoroethylene (PTFE) Micronized Powder plant by Solvay Solexis is currently under construction in Changshu, China. The plant is scheduled for completion and due to come onstream in Q1-08.

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Oil prices drop, but end above US$83

An unexpected drop in U.S. crude oil inventories has led to a dip in crude oil futures. Light, sweet crude for November delivery dipped to US$83.04 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore.

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Kuokuang submits environmental impact report for Taishi plant

The Environmental Protection Administration has received an environmental impact assessment report for Kuokuang Petrochemical Technology Co's planned petrochemical complex at Taishi, Taiwan.

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Taiwan's Formosa Plastics Group plans TWD 782.8 bln investments in 5 yrs

Formosa Plastics group plans to invest 782.8 bln twd in the next five years; between 2007 and 2011. This will comprise an investment of 706.8 bln for domestic investments and 76.0 bln overseas.

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Showa Denko to upgrade Oita ethylene facility

Showa Denko plans to upgrade its ethylene facility at the Oita petrochemical complex to boost the plant's energy efficiency and cost competitiveness and lower carbon dioxide emissions.

BASF projects 10% growth in China region sales for 2007

German chemicals group BASF estimates sales in the greater China region to grow more than 10% in 2007, as it continues to expand in mainland China to benefit from a booming economy. Sales in greater China, which includes Hong Kong and Taiwan, totaled to 3.6 bln euros (US$5 bln) in 2006, comprising nearly 50% of its overall sales in Asia. BASF will invest 1 billion euros in Asia until 2009, with half of that going to the greater China area.

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Ineos Nova to shut down Montreal polystyrene plant

Bogged down by high costs and overcapacity in the system, Canada's only polystyrene production facility will close by year-end. Nova Chemical Corp. had partnered with global petrochemicals giant Ineos to create Ineos Nova.

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Demand for naphtha to drop as Thai PTT changes over from costly feedstock t...

Demand for naphtha is estimated to dip in Thailand as more petrochemical firms plan to switch from the costly feedstock naphtha to cheaper gas.

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BP to sell 47.4% stake in Samsung Petrochemical for US$70 mln

In line with BP's strategic intent to exit the Korean PTA market, the company is to hive off its stake in Samsung Petrochem. BP PLC has agreed to sell its 47.4% stake in South Korean Samsung Petrochemical Co for US$70 mln in cash to Samsung Corp. Samsung Corp already owns 47.4% of Samsung Petrochemical.

Polimeri Europa declares Force Majeure on LLDPE

Italy's Polimeri Europa has declared force majeure (FM) to customers of its 250,000 tpa LLDPE plant at Brindisi, Italy. The plant is off line due to technical problems, and is expected to restart in mid-October.

QP's selection of Spheripol PP Process enables Basell to cross 20 mln ton m...

Qatar Petroleum, a global leader in the energy sector, has selected Basell´s Spheripol technology for a new 700,000 tpa polypropylene plant that will be built in Mesaieed, Qatar, as part of the Qatar Petrochemical Complex project.

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SABIC allocates over SAR30 bln for current and planned investments

Domestic construction boom and a growing market for petrochemicals abroad has led to escalating petrochemical demand. This has provided the thrust for Saudi Basic Industries Corp (SABIC) to go full throttle into an expansion mode in order to cope with the escalating demands. SABIC has allocated over SAR30 billion for current and planned investments in various projects, and is also going ahead with plans for joint ventures and acquisitions. In the process, SABIC has acquired international stature as it scouts for markets overseas to leverage its strength amid stiff competition.

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DSM expands Dyneema® production in USA

Royal DSM N.V. plans to invest in expansion of Dyneema®UD (UniDirectional bullet resistant sheet) production by 25% in its Greenville, North Carolina (USA) manufacturing facility.

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Reliance Industries Ltd offers 80,000 ton naphtha cargo

Reliance Industries Ltd has offered an 80,000 ton naphtha cargo for Nov. 7-9 loading by spot tender, as per trading sources. The closing date and validity for the tender was not immediately available, but a limited number of companies have been invited, as per the traders.

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World's First Sustainable Polypropylene: Biopropylene ™

Cereplast, Inc. has launched a new family of resins, Cereplast Hybrid Resins™. The new resins will complement Cereplast's existing line of compostable resins, Cereplast Compostables™, expanding market applications for Cereplast resins.

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China becomes world's largest PP Importing Country

China has become the largest polypropylene net import country in the world as per a report by Research and Markets. Yet, due to the rapid growth in domestic output, the import dependence degree has been declining on the whole, from 49.2% in 1995 to 34.6% in 2006. Currently, an annual demand gap of 3 million tons of polypropylene still exists in China.

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QPI signs MOU with MOL to develop projects world wide

Qatar Petroleum's international arm Qatar Petroleum International (QPI), has signed an MoU with Hungarian oil and gas major MOL to jointly develop upstream and downstream hydrocarbon and petrochemical projects worldwide.

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ABS

ABS prices rose to US$1745/MT in Asia in the week of October 8, 2007. Despite lack of buying from China, sellers' offers were pegged higher, mainly due to rising costs of feedstock butadiene and ACN.

GPPS

GPPS prices rose marginally to US$1465/MT in Asia in the week of October 8, 2007. Polystyrene prices saw little movement in Asia as the Chinese took a week long break for the National day holiday.

PVC

PVC prices in Asia dipped to US$1020/MT in the week of October 8, 2007 due to quiet market conditions. November offers from PVC producers are expected to open concurrent with the return of the Chinese buyers after the week long National Day holiday. Interestingly, lower offers for November are expected on reduced demand from Chinese buyers for PVC imports on account of softer domestic prices, a drop in feedstock VCM values and weakening buying interest from the Middle East due to the influx of cheap U.S cargoes.

POLYMERS - Polypropylene

Price of polypropylene in Asia dipped to US$1360/MT in the week of October 8, 2007. Low demand due to absence of buying from China last week on account of a seven day holiday has put downward pressure on PP prices. This growing supply from major producers has created an urge in sellers to liquidate cargoes at reduced prices, despite subdued buying interest. Asian PP prices may continue to be under downward pressure on attempts to move deep-sea cargoes from USA toward Asian countries.

POLYMERS - LLDPE Film

LLDPE markets stagnated at last weeks' US$1400/MT in Asia in the week of October 8, 2007. This lull in the market prevailed mainly due to lack of firm offers for October shipment from major suppliers.

POLYMERS - LDPE Film

LDPE prices rose to US$1580/MT in Asia in the week of October 8, 2007, on raised offers from sellers. Tight availability led to stringent supplies, encouraging sellers to raise their offers.

POLYMERS - HDPE

HDPE prices rose to US$1410/MT in Asia in the week of October 8, 2007, amid firm offers quoted by sellers. This rise in prices was recorded due to strong demand from non Asian countries, despite lack of trading in China. Lower price expectations from buyers in China, even as they return after a week long holiday, could in fact, see a reduction in exports by Asian suppliers to China.

POLYMER FEEDSTOCK - STYRENE MONOMER

Styrene Monomer prices saw marginal upward movement to US$1365/MT despite a drop in feedstock benzene prices in Asia in the week of October 8, 2007. Firm demand from buyers helped strengthen SM prices, despite a ten dollar dip in benzene prices.

POLYMER FEEDSTOCK - PROPYLENE

Propylene prices remained intact at last weeks' US$1070/MT in Asia in the week of October 8, 2007. This stagnancy crept into the markets as very little activity was seen either from the sellers or buyers.

POLYMER FEEDSTOCK - ETHYLENE

Ethylene prices remained unchanged at US$1180/MT in Asia in the week of October 8, 2007 mainly due to lack of buying intentions. Ethylene markets in Asia remained subdued as buyers remained uncertain about the course that prices would take amid lack of clarity about end users intentions.

VCM

VCM prices dipped to US$820/MT in Asia in the week of October 8, 2007 on account of softening demand and lowering prices of downstream PVC. PVC markets were lackluster due to lack of demand from end users. Movement in VCM market was slow due to lack of firm offers from sellers and bids for October shipment. Buying intention has dipped almost 10-15 dollars lower than sellers' price. As the downstream PVC market continues to weaken, VCM prices are expected to fade and drop further in the next few weeks of October 2007.

EDC

EDC markets remained stagnant at US$460/MT in Asia in the week of October 8, 2007. A series of scheduled turnarounds for VCM plants across Asia has been mainly responsible for the declining demand. Declining demand from downstream VCM as well as PVC makers has kept EDC markets lackluster. A difference of 20-25 dollars lingers between the sellers offers and buyers bearish sentiments.

NAPHTHA

Naphtha prices have dropped to US$715/MT in Asia in the week of October 8, 2007. This price dip has been caused by weakening crude oil market and a supply glut in Asia mainly on expectation of increased exports from India into Asia. Traders expect India to continue exporting an average of 700,000-800,000 tons of naphtha a month into Asia, up from less than 500,000 tons a month between January and March

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

Crude oil prices dipped marginally to US$81 a barrel in New York in the week, due to a stock build up in USA that has eased concerns regarding inadequacy of supplies during peak demand season in winter. Naphtha prices have dipped in line with weakening crude prices and a supply glut into Asia from India. EDC stagnated as downstream VCM and PVC buyers refrained from buying and VCM prices softened on weak PVC demand. Ethylene and propylene prices stagnated due to lack of buying intentions. Styrene prices rose marginally on firming demand.HDPE prices rose on robust demand from non Asian countries, LDPE prices rose on tightening availability, ABS prices climbed along with rising feedstock prices. LLDPE markets stagnated. PVC and PP prices dipped on lack of transactions.

CRUDE OIL Crude oil prices slipped marginally to US$81.22 per barrel in New York in the week of Oct 8, 2007. An unexpected increase recorded in oil inventories in USA was responsible for the bearish market sentiments. A stock build up has eased concerns regarding inadequacy of supplies during peak demand season in winter.

Foster Wheeler awarded FEED and management contracts in Qatar

Foster Wheeler Ltd. subsidiaries have been awarded contracts by Qatar Intermediate Industries Holding Co. Ltd. (Qatar Holding), a fully owned subsidiary of Qatar Petroleum, to execute the front-end engineering design (FEED). They will also provide project management and construction management (PMCM) services for a new grassroots petrochemical complex to be located at Mesaieed in Qatar.

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Investment in petrochemical plants Nigerian Fed Government

Nigeria's Federal Government is to embark on massive investment in petrochemical plants, as well as development of enterprise centers and industrial clusters around the country.

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Hungary's MOL signs cooperation deal with Qatar

MOL, Hungary's oil and gas company, has signed a deal with Qatar Petroleum for cooperation in upstream oil and gas and in petrochemicals. The cooperation could cover new or existing natural gas and crude oil exploration, development and production, oil recovery projects, petrochemicals and greener technologies. MOL is resisting an approach from Austrian oil firm OMV .

ExxonMobil forms specialty compounds and composites business

ExxonMobil Chemical Company has formed a new specialty compounds and composites business to focus on the development, production and marketing of engineered polyolefin compounds. The new business is organized to provide customers with efficient delivery of innovative products that fully utilize ExxonMobil's polymer and process development capabilities and global reach.

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BASF inaugurates a polyamide 6 and superabsorbent polymers production plant

BASF has inaugurated two new manufacturing plants at its site in Freeport, Texas - a production line for polyamide 6 and a plant for superabsorbent polymers (SAP). The new facilities are fully integrated with BASF's Verbund structures at the site and further strengthen the company's U.S. manufacturing base.

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SK Corp to invest US$2 Bln in petrochemical sector in Peru

S K Corporation plans to invest US$2 billion in the petrochemical sector in Peru within the next few years. Two petrochemical plants are being proposed to be established by SK Corporation.

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Russia's OMZ and Czech Cheteng in strategic petrochem partnership

Russia's OMZ (Uralmash-Izhora Group) and Czech CHETENG s.r.o., have entered a strategic partnership aimed at joint implementation of LSTK projects in the chemical and petrochemicals sectors. Projects taken up by the partnership include:

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Japan's naphtha imports for Aug decline

Japan's naphtha cracking capacity has shown a decline as compared to last years values, mainly on account of a rise in regular maintenance shutdowns at ethylene plants vis-a-vis last year. Only one petrochemical plant was shut last year for regular maintenance shutdown, as against two shutdowns this year. This has led to a decline in imports of naphtha as feedstock for ethylene production by 7.5% to 1.23 mln metric tons in August.

Japan Aug Naphtha Imports For Ethylene Feedstock Down 7.5%

TOKYO -(Dow Jones)- Japan's naphtha imports as feedstock for ethylene production fell by 7.5% on year to 1.23 million metric tons in August, as the country's naphtha cracking capacity declined due to an increase in regular maintenance compared with last year, data from the Ministry of Economy Trade and Industry showed Monday.

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Technical problems at Sinopec Maoming's naphtha cracker

Sinopec Maoming's 380,000 tpa naphtha cracker has experienced technical problems at a downstream unit, due to which the cracker has been shut. Operations are expected to resume within two weeks.

Shell to invest in integration of Dutch Pernis-Moerdijk refinery and chemic...

Shell Nederland Chemie B.V. plans significant investment to strengthen the integration of the Pernis-Moerdijk refinery and chemicals complex in The Netherlands.

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Qatar Holding to develop world-scale petrochemical complex at Mesaieed

Qatar Holding, wholly-owned by Qatar Petroleum and South Korea's Honam Petrochemical Corporation, has inked a heads of agreement (HoA) to develop a multi-billion dollar world-scale petrochemical complex at Mesaieed, with a capacity to produce 1.7 mln tpa of propylene, polypropylene, styrene, polystyrene and aromatics (xylene).

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Polymer Market Update in North America, October 8, 2007

The spot resin markets were very busy this past week, which is quite a statement since it was just the first week of the 4th quarter and expected to start slowly. Transacted volumes of commodity grade resins were high - thanks mostly to renewed interest from overseas buyers.


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Victrex's second PEEK plant completed

Completion of construction has been achieved by Victrex for its' second PEEK polymer plant at Thornton Clevelys, near Blackpool. The 1,450 tpa plant is expected to be operational by the end of the year. Built at a cost of £32 million; the expansion is being supported by an uprating of the supply chain for key feedstock BDF under a £23 million project scheduled for completion in second half of 2008.

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New grade offers new options for LEDs and consumer electronics

Solvay Advanced Polymers, maker of more plastics with more performance, announced today the release of two new grades for its Amodel® polyphthalamide (PPA) family of high performance polymers. The first enhanced formulation is Amodel HFZ A-4133L, a high-flow grade that offers a cost-effective alternative for customers currently employing liquid crystal polymers (LCP) that may be over-specified in certain electronics applications.

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DuPont increases price of ethylene copolymer products

A drastic increase in feedstock and transportation costs over the past few months have triggered a prioce increase announcement by DuPont Packaging & Industrial Polymers. Price adjustments are needed to support the continuous reinvestment in product development and research.

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Middle East to be major player in Polyolefins Industry in next 5 years

Polyolefin producers in the Middle East are starting up a substantial wave of cost advantaged polyolefins production capacity. This new capacity will impact the industry on a global basis, reports Chemical Market Associates, Inc. (CMAI) in the recently completed 2008 World Polyolefins Analysis.

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INEOS gets EU nod to take over Lustran Polymers

INEOS Group has received clearance from the European Commission, enabling the company to successfully complete its agreement with LANXESS.

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Surplus naphtha supply in Asia to exert price pressures

Surplus naphtha supplies in Asia will exert downward pressure on prices. Producers are feeling the heat as they offer material for the month, as they face problems in renewing term contracts due to perceived high offers by buyers.

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Almajdouie-Sumitomo venture to provide logistics services for petrochem ind...

Almajdouie Trading Establishment has launched Rabigh Petrochemical Logistics - a joint venture with Japan's Sumitomo Warehouse Company, to provide logistics services for the petrochemical industry.

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Barito Pacific plans to acquire 70% stake in Chandra Asri

PT Barito Pacific plans to acquire 70% stake in Chandra Asri for which it plans to launch rights issue in November to raise Rp9.16 trillion (US$1 billion) in fresh fund.

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Nigeria's KRPC may resume production by February 2008, after a year long sh...

Nigeria's Kaduna Refinery and Petrochemical Company (KRPC), may resume production by February 2009, after being shut down since last year.

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Azelis Group acquires 49% shares in Indian distributor of polymers and chem...

In a move that will catapult it into the global arena, The Azelis Group's has acquired 49% of the shares of Marigold International Pvt. Ltd, an Indian distributor of polymers and chemicals based in Mumbai.

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Will RIL be part of 1 mln tpa petrochemical complex at Vishakhapatnam with ...

There is a possibility of Reliance Industries (RIL) coming together with GAIL India and Hindustan Petroleum Corporation (HPCL) to set up a mega 1 mln tpa petrochemical complex in Vishakhapatnam, Andhra Pradesh. HPCL has a 7.5 mtpa refinery in the area, which is expanded to 15 mtpa.

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Hyperion to supply Dynamic Simulator Projects to SEPC, Singapore

Hyperion Systems Engineering Ltd, will supply multipurpose dynamic simulators for Shell's new world-scale petrochemical complex, Shell Eastern Petrochemicals Complex* ("SEPC") in Singapore.

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Board of directors of SPL Polymers approves share swap ratio

At a meeting held on Oct. 4, 2007, the board of directors of SPL Polymers has approved the swap ratio of one share of Supreme Petrochem for every 6 shares held in the company.


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Shell plans feedstock swap at Moerdijk complex

Shell Chemicals plans to invest in a feedstock swap at its Pernis-Moerdijk, the Netherlands refining and petrochemicals complex. This will enable its Moerdijk ethylene plant to crack hydrowax produced (currently used to produce gasoline) at its Pernis refinery. ABB Lummus Global has been awarded the contract to carry out the work, scheduled for completion in 2009.

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Conference on Polyolefin Additives

AMI's Polyolefin Additives 2008 Conference is the place to network with top professionals from the polyolefin industry. There are technical experts from major companies such as Borealis, Carmel Olefins, BASF, Cytec, Ciba, Rika, Albemarle, Rio Tinto Minerals, Timcal, Norner Innovation, DuPont, Wells Plastics, Songwon and Chemtura. This event provides a forum to debate how to select the best mix of ingredients for the requirements of key polyolefin applications from packaging to automotive.

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Samsung receives US$618 mln order from Thai PTT

South Korea's Samsung Engineering & Construction Co has been awarded a US$618 mln order from Thailand's PTT Public Co Ltd to build a petrochemical plant. The plant will be located in PPT Public's Rayong industrial park. Completion of the construction is set for March 6, 2010 on a turnkey basis.

Mexichem mulls investment in VCM capacity expansion

Mexichem SAB, the owner of the world's largest fluorite mine, plans a joint venture with a foreign partner to produce fluorocarbons.

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GAIL mulls investment of US$2.3 bl petrochem plant in Iran

India's largest transporter and marketer of gas, government-owned GAIL India, plans to set up a US$2.3 bln petrochemical plant in Iran. Engineers India Ltd. has been appointed to conduct feasibility studies for the 3 mln tpa plant expected to be located in proximity to the gigantic South Pars gas field in Iran. The project could tap Reliance Industries Ltd (RIL) and an Iranian government-owned company as partners.

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Japan's Teijin to acquire 50% ownership of NatureWorks

Teijin is to acquire 50% ownership of NatureWorks LLC, manufacturer of NatureWorks® biopolymer, derived from 100% renewable resources. This acquisition is subject to regulatory approvals. The acquisition follows NatureWorks' plan of capacity expansion at its US based polylactic acid (PLA) plant.

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Land allotted to HPCL for mega petrochemical complex in Achutapuram SEZ

Hindustan Petroleum Corporation Limited has been allotted 1500 acres of land by The Andhra Pradesh Industrial Infrastructure Corporation to set up a mega petrochemical complex in the Special Economic Zone (SEZ) developed at Achutapuram.

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Floating storage facilities for oil, petrochemicals planned in Singapore

Scarcity of land on Jurong Island, Singapore's petrochemical and oil refining hub, has led the island state to plan floating storage facilities for oil and petrochemical products. Singapore currently has 4.6 mln cubic meters of storage capacity and almost 3.5 mln cubic meters of new storage capacity will be added in the next few years.

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30,000 ton naphtha cargo offered by MRPL at a discount

Mangalore Refinery and Petrochemicals Ltd (MRPL) has sold a 30,000 ton naphtha cargo for H2-October loading at a discount as against a premium commanded for its previous sale. Ample supplies from India and soft demand for H1-November delivery cargoes from Northeast Asian petrochemical producers could be the factors affecting this drop in cargo values.

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BP declares Force Majeure for ethylene from Gelsenkirchen

BP Refining and Petrochemicals has declared Force Majeure (FM) on ethylene supplies from Gelsenkirchen. This situation has been caused due to failure of start-up of the expanded cracker on 19 September 2007 due to significant problems in the pipeline network.

Polypropylene Market Update, October 1, 2007

The Polypropylene market started out strong on Monday and spot prices continued to firm through the week. Just as many resin contracts had finally settled $.02-.025/lb lower for September (in line with a PGP drop of $.025/lb), October RGP contracts were already being agreed $.02/lb higher, while Oct PGP contracts have been nominated as much as $.04/lb higher. Since resin contracts have been so well correlated to monomer, October Polypropylene contracts will likely also settle higher.

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Polyethylene Market Update, October 1, 2007

The spot Polyethylene market was active this past week. There were good volumes of Generic Prime railcars made available, and those that were priced aggressively sold in the latter part of the week. While export sales were again prominent, domestic buying activity improved, which provided for a better mix of spot demand. Producers seemed pleased to purge some inventory ahead of the quarter-end, which also helps them prepare for their third attempt to implement a $.04/lb increase.

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Polymer Market Update, October 1, 2007

The spot resin markets were busy this past week, which also marked the end of both September and the 3rd quarter. In the beginning of the week there was a strong flow of generic prime commodity grade offers, often coming in 3-5 railcar lots, as producers looked to prop up sales.

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Chevron Phillips and Saudi Industrial Investment Group plan to borrow US$1....

Chevron Phillips Chemical and Saudi Industrial Investment Group plan to borrow US$1.8 billion to help finance National Chevron - a US$5 billion petrochemical plant they will build at al-Jubail, eastern Saudi Arabia.

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Indo Rama Synthetics and Indo Rama Petrochemicals to amalgamate?

Amalgamation is being considered between Indo Rama Synthetics and Indo Rama Petrochemicals. A meeting of the equity shareholders of Indo Rama Synthetics India will be held on Oct. 25, 2007 for the purpose of considering and, if thought fit, approving the proposed scheme of amalgamation between the Indo Rama Petrochemicals (IRPL) and the company. As per the scheme, the board has approved the swap ratio of 10:16, so that the shareholders of IRPL for every 10 shares held in IRPL would receive 16 shares in the company.

Indonesia's PT Silakencana Tirtalestari to buy 50% stake in PT Tuban

Indonesia's PT Silakencana Tirtalestari (owned by Honggo Wendratno)is to acquire another 50% of PT Tuban Petrochemical Industries from state asset management company PT Perusahaan Pengelola Aset (PPA) for 3.2 trillion rupiah.

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National Policy on Petrochemicals released in India

As per India's Union Chemicals and Fertilisers Minister, the Centre has decided to set up four to five new "Petroleum, Chemical, Petrochemical Investment Regions" (PCPIRs) in various States, where the Union Government would be investing around Rs.10,000 crores.

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Dow introduces a new grade of Chlorinated Polyethylene (CM)

Dow has introduced TYRIN™ EXT 1000 Chlorinated Polyethylene (CM), a highly extendable material that helps to deliver a balance of cost savings and performance, making it a cost-effective alternative to other elastomer systems in a wide range of demanding applications.


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An image contrast grade of PEEK for Biomedical Applications

Invibio®, a leading provider of biomaterial solutions to the medical device market, has introduced an image contrast grade of its highly successful PEEK-OPTIMA® polymer.

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Onex to acquire Husky at a total equity value of approx US$960 mln Onex to acquire Husky at a total equity value of approx US$960 mln (1-10-2007)

Husky Injection Molding Systems Ltd. (Husky) and Onex Corporation (Onex) have entered into a support agreement whereby Onex will offer to acquire all of the issued and outstanding common shares of Husky at a price of US$8.18 cash per common share.

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Formosa shuts its No. 2 ethylene plant

Taiwan's Formosa Petrochemical Corp., has shut its No. 2 ethylene plant located in Mailiao on Sept. 26 for a 40-45 day maintenance turnaround.

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