Friday, May 30, 2008

All approvals for proposed PCPIR at Nayachar, West Bengal, expected within one month

Despite its debacle at the Panchayat elections on the land acquisition issue, the West Bengal is proceeding with plans for a chemical hub. The Government has sent its proposals regarding the new locattion to the Union chemicals & petrochemicals ministry, and is hopeful of getting all approvals for the proposed Petroleum, Chemicials & Petrochemical Investment Region (PCPIR) at Nayachar within a month.

For more details on All approvals for proposed PCPIR at Nayachar, West Bengal, expected within one month click here

Oil prices drop to US$126 a barrel

Despite a larger than expected drop in US crude oil stocks- contrary to a gain of 750,000 barrels, oil prices have dropped to US$126 a barrel on Friday in Asia, extending a decline of over four dollarrs in the previous session.

For more details on Oil prices drop to US$126 a barrel click here

Multilayer film to result in cost reduction of plastic solar panels

Italy's Bandera Spa has created a multilayer (up to 12) film that will allow a reduction in costs of plastic solar panels. This will create an alternative to classical glass-silicon approach and reducce the eco impact.

For more details on Multilayer film to result in cost reduction of plastic solar panels click here

Petrobras plans high output refinery

Brazilian oil company Petrobras has confirmed plans to build a fourth new refinery in addition to two refineries and a petrochemical complex already in the pipeline. Petrobas is conducting studies to build the oil processing plant with a capacity above the average of its existing 11 plants- a 600,000 bpd premium refinery.

For more details on Petrobras plans high output refinery click here

Turcas and Socar make part payment made for Petkim

Turkish energy company Turcas and its Azeri partner Socar have paid made a 50% payment for acquisition of 51% stake in petrochemical company Petkim. The two partners had bid a total amount of US$2.04 bln for the 51% stake in Petkim.

For more details on Turcas and Socar make part payment made for Petkim click here

Central government clears Mangalore PCPIR

The Central government has cleared the Mangalore Petroleum, Chemical and Petrochemical Investment Region (PCPIR), planned with an in investment of 30,000 crores. Total investment that the PCPIR might attract was to the tune of Rs.

For more details on Central government clears Mangalore PCPIR click here

Oman and Dow Chemicals' delayed new petrochemical plant to start 3-4 years behind initial plans

2012 will be the earliest commencement date of a new petrochemical plant to be built by Oman and Dow Chemicals. This indicates that the plant start up is three-four years behind initial planned date, resulting in project cost increases.

For more details on Oman and Dow Chemicals' delayed new petrochemical plant to start 3-4 years behind initial plans click here

Thursday, May 29, 2008

Gruber&Co Group and Cincinnati Extrusion form strategic alliance

Gruber&Co Group GmbH, Pettenbach and Cincinnati Extrusion GmbH, Vienna have agreed to form a strategic alliance for the distribution of window profile manufacturing lines in project markets, acting ass joint suppliers.

For more details on Gruber&Co Group and Cincinnati Extrusion form strategic alliance click here

IOC defers plans to build Paradeep petrochemical complex

Doubling of the projected costs has coerced Indian Oil Corporation (IOC) to rethink plans for a petrochemicals project in Paradeep, Orissa. Rising cost of equipment, land development, raw material, laabour and other factors of production have propelled costs.

For more details on IOC defers plans to build Paradeep petrochemical complex click here

Cabot plans carbon black masterbatch manufacturing plant at Dubai

In a bid to better meet the increasing demand of its customers in the Middle East, Europe and Asia Pacific regions, Cabot Corporation plans to build a carbon black masterbatch manufacturing facility iin the Jebel Ali Free Zone, Dubai.

For more details on Cabot plans carbon black masterbatch manufacturing plant at Dubai click here

BASF's expansion of Nanjing petrochemical complex on schedule

World's biggest chemical group by sales BASF's expansion at the Nanjing petrochemical complex in China is on course. As part of the US$900 mln expansion, ethylene capacity is planned to be increased ffrom 600,000 tpa by 140,000 tpa.

For more details on BASF's expansion of Nanjing petrochemical complex on schedule click here

Shell considers investments in Asia Pacific -its dominant petrochemical growth region

Driven by rapid economic growth driving up demand for petrochemicals in densely populated China and India, making Asia Pacific is the most exciting region for petrochemical growth for Shell. The regioon is the company's focus for new capacity investments.

For more details on Shell considers investments in Asia Pacific -its dominant petrochemical growth region click here

Proposal for PCPIR in Gujarat with Rs 50k crore investment commitment nears clearance

Chemicals and fertilizers minister has confirmed that a proposal for PCPIR in Gujarat with a Rs 50,000 crore investment commitment from private investors as well as central and state governments is onn the verge of getting be cleared by a panel headed by Cabinet secretary.

For more details on Proposal for PCPIR in Gujarat with Rs 50k crore investment commitment nears clearance click here

Proposal for PCPIR in Gujarat with Rs 50k crore investment commitment nears clearance

Chemicals and fertilizers minister has confirmed that a proposal for PCPIR in Gujarat with a Rs 50,000 crore investment commitment from private investors as well as central and state governments is onn the verge of getting be cleared by a panel headed by Cabinet secretary.

For more details on Proposal for PCPIR in Gujarat with Rs 50k crore investment commitment nears clearance click here

Autodesk to Acquire Moldflow for $22 per share, or approximately $297 million,

Autodesk signed a definitive agreement to acquire Moldflow Corporation for US$22 per share, or approx. US$297 mln, subject to customary closing conditions including regulatory approvals. The transactiion will be structured as a cash tender offer for all the outstanding shares of Moldflow common stock and is expected to close in the Q2-2008.

For more details on Autodesk to Acquire Moldflow for $22 per share, or approximately $297 million, click here

Environmental body to re-evaluate PetroChina's Sichuan refinery

PetroChina's under construction refining and ethylene project in earthquake affected Pengzhou City, Sichuan Province is being re-evaluated by China's Ministry of Environmental Protection (MEP). The Peengzhou project, planned to be the largest of its kind in southwestern China, was to have a crude processing capacity of 10 mln tons and ethylene production capacity of 800,000 tpa.

For more details on Environmental body to re-evaluate PetroChina's Sichuan refinery click here

Wednesday, May 28, 2008

180 CITU led security guards organise an agitation at HPL alleging non payment of dues

Centre of Indian Trade Unions (CITU), the CPM party's labour wing, is leading an agitation of 180 security guards, under the banner of Maintenance Workers Association alleging non payment of dues by tthe company.

For more details on 180 CITU led security guards organise an agitation at HPL alleging non payment of dues click here

SK Energy agrees to acquire 35% stake in naphtha JV with Sinopec

South Korea's largest refiner SK Energy has agreed to acquire a 35% stake in a petrochem joint venture with Sinopec Corp, making it one of the few foreign firms to invest in China's huge petrochemicall industry.

For more details on SK Energy agrees to acquire 35% stake in naphtha JV with Sinopec click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 26, 2008

CRUDE OIL
An almost 5% rise in crude oil prices in the week of May 26, 2008 can be attributed to a surprise fall in US inventory levels accompanied by a forecast by leading analyst of a continuing price rise due to supply constraints and demand growth.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 26, 2008 click here

Oil prices hover around US$133 a barrel

Concerns about global petroleum supplies and outlook for the US dollar and economy, have kept oil prices in Asia hovering around US$133 a barrel. Oil prices have also been supported by news of an attaack by militants on an oil pipeline in Nigeria.

For more details on Oil prices hover around US$133 a barrel click here

Fresh demand issued by CITU to HPL

Barely one month after the local CITU unit threatened a strike at Haldia Petrochemical Ltd. (HPL), unless 183 casual workers were granted employment, HPL is once again under attack from the labour uniion.

For more details on Fresh demand issued by CITU to HPL click here

Exemption from consumption tax to make naphtha used as feedtock cheaper in China

China's State Administration of Taxation has issued a regulation to exempt naphtha used as feedstock to produce ethylene and aromatic hydrocarbons, from a consumption tax. Domestic producers and imporrters will be exempt from the CNY0.

For more details on Exemption from consumption tax to make naphtha used as feedtock cheaper in China click here

HPCL-Mittal Energy Ltd JV expected to launch by 2011

Guru Gobind Singh Refineries Ltd (GGSRL), the 9 mln tpa refinery being commissioned at Bathinda by a HPCL-Mittal Energy Ltd. JV is expected to launch by 2011. The Rs 18900 crore project, which will maake Bathinda one of the major petrochemical hubs in Asia, is expected to be operational by 2011.

For more details on HPCL-Mittal Energy Ltd JV expected to launch by 2011 click here

Carmel Olefins halts production at monomer unit

Carmel Olefins, a subsidiary of Israel's largest oil refiner- Oil Refineries, has been halted production at a monomer unit. Carmel Olefins was ordered by the country's Ministry of Environmental Protecctions to cease production at its monomer unit following a smoke emission on 9 April 2008.

For more details on Carmel Olefins halts production at monomer unit click here

Formosa Petrochemical signs naphtha supply deal with Saudi Aramco

Asia's largest ethylene producer - Taiwan's Formosa Petrochemical Corp (FPC), has signed a contract with Saudi Arabian Oil Co (Saudi Aramco) for naphtha supply in the second half of this year. As per the terms of the contract, Saudi Aramco, the world's No.

For more details on Formosa Petrochemical signs naphtha supply deal with Saudi Aramco click here

Andhra Pradesh government constitutes special development authority for PCPIR

In a bid to ensure planned growth at the proposed petroleum, chemical and petrochemical investment region (PCPIR) spread over 600 sq km between the coast of Kakinada and Visakhapatnam, the Andhra Praddesh government has constituted the PCPIR Special Development Authority.

For more details on Andhra Pradesh government constitutes special development authority for PCPIR click here

Supply concerns, estimates of US data and a weaker dollar support oil prices above US$132

Supply concerns, estimates of US data and a weaker dollar support oil prices above US$132. Light, sweet crude for July delivery rose in Singapore past US$132 a barrel in electronic trade on the New Yoork Mercantile Exchange.

For more details on Supply concerns, estimates of US data and a weaker dollar support oil prices above US$132 click here

Monday, May 26, 2008

JG Summit reattempts entry into petrochemical sector with an investment of P35 bln

Making a fresh attempt to make a foray in the petrochemical industry, JG Summit Holdings, the holding firm of the Gokongwei group has formed JG Summit Olefins Corp. The company proposes to invest P35 bln towards the construction of a naphtha cracker facility in Batangas.

For more details on JG Summit reattempts entry into petrochemical sector with an investment of P35 bln click here

Iran's petrochem exports to Europe to rise by 20%

Iran's petrochemical exports to Europe will increase by 20% in the current Iranian year, starting March 20, 2008).
The IPCC has five subsidiaries in England, Germany, China, the U.A.E., and Singaporee as well as four agencies in Turkey, India, China, and South Korea.

For more details on Iran's petrochem exports to Europe to rise by 20% click here

Sinopec and SK Energy propose JV for a petrochem complex in China

Sinopec Corp and South Korea's largest refiner, SK Energy are planning to jointly set up a petrochemical complex in central China. SK could acquire 25-35% stake in the 800,000 tpa naphtha cracker in WWuhan.

For more details on Sinopec and SK Energy propose JV for a petrochem complex in China click here

Braskem plans to invest in PE plant in Peru scheduled to start up in 2014

In a bid to place itself on the global petrochem scenario, Peru plans to tap its natural resources. With this is mind, PetroperĂș has signed a memorandum of understanding with Brazil's Petrobras and chhemical giant Braskem to study the feasibility of building a new multi-billion-dollar complex based on domestically sourced ethane.

For more details on Braskem plans to invest in PE plant in Peru scheduled to start up in 2014 click here

Saudi Aramco eyes $129 bln investment in next 5 yrs

In a bid to maintain its unsurpassed role in the global petroleum scenario, Saudi Aramco has embarked on a massive investment program and corporate developments. The company plans to spend over US$1299 bln on projects and infrastructure over the next 4 years.

For more details on Saudi Aramco eyes $129 bln investment in next 5 yrs click here

Saturday, May 24, 2008

Judgement finds Armor USA infringed DSM patent & trademark

The United States District Court for the Northern District of Texas has concluded a judgment for patent and trademark infringement and related claims against Armor USA, on April 22, 2008. The judgmentt finds DSM's patent valid and infringed.

For more details on Judgement finds Armor USA infringed DSM patent & trademark click here

King to inaugurate launch 29 industrial and development projects worth SR68 bln projects in Jubail

King Abdullah will launch 29 industrial and development projects worth more than SR68 bln in Jubail.
The King will lay the foundation for 4 Royal Commission projects involving a total investment of SR7.

For more details on King to inaugurate launch 29 industrial and development projects worth SR68 bln projects in Jubail click here

Labour laws will not slacken in SEZs, petrochemical hubs

India's ruling party, the United Progressive Alliance government, has made it clear to the various states that it will not permit any relaxation in labour laws in special economic zones, petrochemicall hubs and industrial parks, including labour laws such as easing norms for hiring and firing, employment of women and restricting union activity.

For more details on Labour laws will not slacken in SEZs, petrochemical hubs click here

Iran seeks overseas investment in petrochemical industry

Iran's petrochemical industry needs an investment of US$30 bln under the country's 20-year vision plan for economic, social and cultural development. Iran is seeking overseas participation in upstreamm and downstream projects of the petrochemical industry, either as independent or joint investments with Iranian counterparts.

For more details on Iran seeks overseas investment in petrochemical industry click here

SK Energy mulls ethylene joint venture with Sinopec Corp.

SK Energy, South Korea's largest refiner is in talks with Chinese oil firm Sinopec Corp. to invest around US$965 mln in an ethylene joint venture. SK Energy is considering investing in 35% stake in thhe venture, to be set up in central China.

For more details on SK Energy mulls ethylene joint venture with Sinopec Corp. click here

Naphtha breaches all time highs

In line with runaway crude prices, naphtha prices have peaked to all time highs past US$1070/MT.US July crude futures have breached US$135 a barrel in Asian trade.
Runaway crude prices can be attribbuted to high inflation rates being witnessed globally, start of summer driving season in USA exerting pressures on gasoline demand coupled with an unexpected drop in US inventory levels this week.

For more details on Naphtha breaches all time highs click here

Ashmore Group to enter Petron Corp. board by August

By August 2008, Ashmore Group is expected to join the board of Petron Corp., Philippine's largest oil refiner. Currently, both PNOC and Aramco each have four nominee directors on Petron's board. Upon completion of the transaction, Aramco's nominees will step down and be replaced by Ashmore nominees.

For more details on Ashmore Group to enter Petron Corp. board by August click here

Technical failure at Geleen PP plant : Sabic halts production

World number four polyolefin maker Saudi Basic Industries Corporation (Sabic), has experienced technical failure at one of its' two lines at the Geleen plant located in the Netherlands. This has forceed the company to halt polypropylene (PP) production at its Geleen plant.

For more details on Technical failure at Geleen PP plant : Sabic halts production click here

Friday, May 23, 2008

Oil prices at record highs as they soar past US$130 a barrel

As supply concerns intensified and the dollar weakened further, oil prices have peaked to new highs, rising above US$130 a barrel on the New York Mercantile Exchange. July Brent crude settled at US$1228.

For more details on Oil prices at record highs as they soar past US$130 a barrel click here

Restructuring process of Southern Petrochemical Industries Corporation gets a boost

Asset Reconstruction Company of India (Arci) currently controls over 60% of Southern Petrochemical Industries Corporation's debt through the debt aggregation process. This is an important milestone foor restructuring the operations of debt-ridden fertiliser company Spic.

For more details on Restructuring process of Southern Petrochemical Industries Corporation gets a boost click here

Petrobras and Unipar examine possibility of IPO for Brazilian petrochemical plant

Brazilian energy giant Petroleo Brasileiro (Petrobras) and partner Uniao das Industrias Petroquimicas (Unipar) are studying the possibility of an initial public offering (IPO) for a new southeast Brazzil petrochemicals plant.

For more details on Petrobras and Unipar examine possibility of IPO for Brazilian petrochemical plant click here

Ultra thin plastic bags banned in China wef 1 June 2008

With effect from 1 June 2008, China will ban use of ultrathin plastic bags and the free giveaway of carrier bags in stores. The government has banned the use of bags with a thickness less than 0.025 mmm.

For more details on Ultra thin plastic bags banned in China wef 1 June 2008 click here

Nizhnekamskneftekhim to unveil 230,000 tons PE plant in final quarter

Nizhnekamskneftekhim plans to commence operations at a 230,000 tpa polyethylene line in Q4-2008. Start up was originally planned for Q3. The polymerization tanks have been installed, construction and assembly work on the line is near completion, and the core production equipment has been assembled.

For more details on Nizhnekamskneftekhim to unveil 230,000 tons PE plant in final quarter click here

South Asian Petro reports an increase in net profits

South Asian Petrochem Ltd (SAPL) which runs a PET plant in Haldia, West Bengal, has posted a 24.44% increase in net profit, despite a decline in net sales. Net profit for the year stood at Rs 55.5 croore as against Rs 44.

For more details on South Asian Petro reports an increase in net profits click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 19, 2008

CRUDE OIL
Crude oil prices continued to rise, hovering around US$126 per barrel in New York in the week of May 19, 2008. Prices gained by less than one doollar this week on forecast of growing global demand.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 19, 2008 click here

Haldia's Employee Union plans to intensify movement for permanent employment to casual workers

Backed by Citu, leaders of Haldia Petrochemicals Limited Employees' Union are planning to build up their movement regarding permanent employment to 183 casual workers after the declaration of the pancchayat poll results.

For more details on Haldia's Employee Union plans to intensify movement for permanent employment to casual workers click here

IOC mulls 15 mln ton grassroots refinery in Turkey at an estimated US$6 bln

India's energy major Indian Oil Corporation Limited (IOCL) is likely to convey its interest in Turkey's hydrocarbon sector at a planned meeting. The plan includes the construction of a 15 mln ton grasssroots refinery at Ceyhan in southern Turkey at an estimated investment of US$6 bln in a JV with Calik Energy of Turkey.

For more details on IOC mulls 15 mln ton grassroots refinery in Turkey at an estimated US$6 bln click here

IRPC plans to invest upto US$1.3 bln in expansion as company turns around after restructuring

Thailand's IRPC plans to invest upto US$1.3 bln over the next 3-5 years to expand petrochemical and refining operations. The capacity expansion will include increase in HDPE production capacity to 1500,000 tpa from 115,000 and ABS capacity increase to 117,000 tons from 97,000 tons.

For more details on IRPC plans to invest upto US$1.3 bln in expansion as company turns around after restructuring click here

Thursday, May 22, 2008

Cuba plans 14,000 plastic homes pa to ease national housing shortage

Cuba needs about half a million homes to provide sufficient housing for its people. Cuba plans to build 14,000 plastic homes a year to help ease a national housing shortage. The program is planned to commence in September, and will use polyvinyl chloride (PVC) from a petrochemical facility to be built with Venezuelan aid at a refinery in Cienfuegos.

For more details on Cuba plans 14,000 plastic homes pa to ease national housing shortage click here

Oil prices hover at new record highs around US$130 per barrel

As buying gains momentum on mounting supply concerns, oil prices have spiked to a new record high of around US$130. June contract for light, sweet crude settled two dollars higher than the previous daay at US$129.

For more details on Oil prices hover at new record highs around US$130 per barrel click here

As naphtha approaches US$1000/ton mark, European crackers brace themselves for diminishing margins

Propped by record high oil prices, as naphtha approaches the US$1000/ton mark, European cracker operators have braced themselves for a dent in margins. In a bid to recover from diminishing margins, thhey plan to cut back operating rate and increase Q3 prices.

For more details on As naphtha approaches US$1000/ton mark, European crackers brace themselves for diminishing margins click here

Oil prices move up as they touch US$127 per barrel

Crude oil prices have touched new highs closing at a record US$127 a barrel, despites news of higher output from Saudi Arabia. Crude futures are being supported by supply disruptions in oil-producing nations, particularly Nigeria, robust demand from China ahead of the Summer Olympics and a weak US dollar which makes dollar-priced oil relatively cheaper for buyers using other currencies.

For more details on Oil prices move up as they touch US$127 per barrel click here

Oil prices move up as they touch US$127 per barrel

Crude oil prices have touched new highs closing at a record US$127 a barrel, despites news of higher output from Saudi Arabia. Crude futures are being supported by supply disruptions in oil-producing nations, particularly Nigeria, robust demand from China ahead of the Summer Olympics and a weak US dollar which makes dollar-priced oil relatively cheaper for buyers using other currencies.

For more details on Oil prices move up as they touch US$127 per barrel click here

Time Technoplast plans 500,000 ton packaging material and auto componenty unit in Kolkata

Time Technoplast plans to set up a 500,000 ton plant for packaging material for plastic drums and automotive components in Kolkata. A total investment outlay of Rs 22 crores will be provided by joint venture partner Mauser.

For more details on Time Technoplast plans 500,000 ton packaging material and auto componenty unit in Kolkata click here

Qatar Petroleum to develop complex with four integrated plants with production capacity of 2.8 mln tpa

Qatar Petroleum (QP) has plans for a new multi-billion mega petrochemical complex with four integrated plants with a combined production capacity of 2.8 mln tpa of petrochemical products. The complexx is being developed in Mesaieed, along with intermediate and other industrial projects, individually or jointly with other partners.

For more details on Qatar Petroleum to develop complex with four integrated plants with production capacity of 2.8 mln tpa click here

EU clears Solvay and SolVin's proposed JV with Sibur

The European Commission has cleared Solvay SA. and BASF AG.'s SolVin's proposed joint venture with Russian gas giant Gazprom's petrochemical unit Sibur. The JV, named RusVinyl will oversee the construuction of a Euro 650 mln PVC complex in Russia's Nizhny Novgorod region.

For more details on EU clears Solvay and SolVin's proposed JV with Sibur click here

Brazil's Petrobas and Braskem mull US$2.5 bln investment in projects in Peru

Brazilian firms Petrobras and Braskem are considering investments up to US$2.5 bln in petrochemical projects in natural gas-rich Peru. Agreements have been signed by the partners from the two countriees including commitments by the Brazilian firms to study the feasibility of building new plants that would tap into Peru´s growing gas sector.

For more details on Brazil's Petrobas and Braskem mull US$2.5 bln investment in projects in Peru click here

New process using epoxy resin to enable damaged aircraft to self-mend

A new technique that copies nature's healing processes could enable damaged aircrafts to mend themselves, even during a flight. The technique works on small-scale damage that's not obvious to the nakeed eye but which might lead to serious failures in structural integrity if it escapes attention.

For more details on New process using epoxy resin to enable damaged aircraft to self-mend click here

HPCL-Mittal-Total consortium to invest Rs 32,000 crore in plant in PCPIR in Andhra Pradesh

A panel has cleared the first mega oil, chemical and petrochemical investment hub in Andhra Pradesh state expected to attract an investment of Rs 3,43,000 crore. The consortium of Mittal Energy Investtments, Total SA of France and Hindustan Petroleum Corp (HPCL) will invest Rs 32,000 crore in the proposed PCPIR in the Vishakhapatnam-East Godavari region.

For more details on HPCL-Mittal-Total consortium to invest Rs 32,000 crore in plant in PCPIR in Andhra Pradesh click here

CNPC subsidiary commences construction on aromatics plant

Urumqi Petrochemical, a subsidiary of China National Petroleum Corporation (CNPC, has commenced construction of an integrated large-scale petrochemical plant at Urumqi. CNPC is investing almost EUR 3350 mln in the project, set for completion in September 2009.

For more details on CNPC subsidiary commences construction on aromatics plant click here

Lummus awarded contract for propane dehydrogenation plant in USA

Lummus Technology has been awarded a contract from PL Propylene LLC (a PetroLogistics company) for the license and basic engineering of the proprietary CATOFIN ® technology. The 544 mln tpa capacity ppropane dehydrogenation plant, designed to produce both chemical grade and polymer grade propylene, will be located near the Houston Ship Channel.

For more details on Lummus awarded contract for propane dehydrogenation plant in USA click here

Sinopec and Petrochina mull ethylene project in the Middle East

China Petrochemical Corp (Sinopec) and China National Petroleum Corp (Petrochina) are in talks with companies in the Middle East to set up a joint venture ethylene facility. A partnership is being connsidered with a state-owned oil firm such as Kuwait Petroleum, Saudi Basic Industries or Saudi Arabian Oil The facility will be located in the region at an estimated investment outlay of US$5 bln.

For more details on Sinopec and Petrochina mull ethylene project in the Middle East click here

BASF subsidiary to partner JV to boost business with PU customers in the Gulf

In a bid to meed demand from the strongly growing market of polyurethane applications in the Arabian Peninsula, BASF plans to boost its business with polyurethane (PU) customers in the Gulf region, wiith the formation of a JV.

For more details on BASF subsidiary to partner JV to boost business with PU customers in the Gulf click here

DGCX's proposed plastics futures contracts to offer efficient hedge against escalating prices

Initiating a new reference point for polymer pricing in the Middle East, Dubai Gold and Commodities Exchange (DGCX) said its proposed plastics futures contracts will offer an efficient hedge against eescalating prices, which have increased by 15-20% over the past six months.

For more details on DGCX's proposed plastics futures contracts to offer efficient hedge against escalating prices click here

Thursday, May 15, 2008

PVC plants in quake affected regions shut in China

The earthquake in central China near Chengdu that has claimed almost 15000 lives is likely to cause economic damage to Sichuan Province and the nearby Chongqing municipality. Some key resin companies in the region have stopped production, include PVC makers Yibin Tianyuan Group, Sichuan Jinlu Resin and Sichuan Yongxiong.

For more details on PVC plants in quake affected regions shut in China click here

GAIL dispels anxiety over Assam Gas Cracker Project delay

GAIL has dispelled apprehensions over Assam Gas Cracker Project, assuring that it would be completed within the scheduled time. The project is on track and is expected to be completed within the stipuulated time.

For more details on GAIL dispels anxiety over Assam Gas Cracker Project delay click here

PetroChina to review plans to build refinery and petrochemical plant in quake affected Chengdu

PetroChina Co., has decided to review a plan to build a refinery and petrochemical plant outside the city of Chengdu, an area struck this week by China's largest earthquake in 58 years. PetroChina mayy cancel the project if studies show that the site is prone to natural disasters.

For more details on PetroChina to review plans to build refinery and petrochemical plant in quake affected Chengdu click here

Formosa plans maintenance shutdown at No. 2 unit in November

Formosa Petrochemical Corp. plans to shut its No. 2 crude distillation unit for 40-50 days in November for maintenance. Formosa also plans to shut an 80000 bpd vacuum distillation unit and a 36000 bpdd delayed coker.

For more details on Formosa plans maintenance shutdown at No. 2 unit in November click here

Total, Saudi Aramco announce plans for 400,000 bpd refinery project

French oil group Total and the Saudi Arabian Oil Company (Saudi Aramco) have announced plans for a 400,000 bpd refinery in the city of Jubail on the Gulf coast. The facility would process Arabian Heavvy crude oil, with operations expected to begin at the end of 2012.

For more details on Total, Saudi Aramco announce plans for 400,000 bpd refinery project click here

Phthalate free, plasticizer free packaging formulations

GLS Corporation, which was recently acquired by PolyOne Corporation is a global leader in the manufacture of high-performance, custom-formulated thermoplastic elastomers (TPEs). The company has introdduced a new phthalate-free TPE in its growing specialty VERSAFLEXTM TPE product line.

For more details on Phthalate free, plasticizer free packaging formulations click here

Wednesday, May 14, 2008

Solvay Advanced Polymers signs distribution partnership with B. Bigler AG

Solvay Advanced Polymers has signed a non-exclusive distribution partnership with leading Swiss material supplier, B. Bigler AG of Zug, Switzerland, to supply its customers in Switzerland, Austria andd Germany with KetaSpire polyetheretherketone (PEEK) and AvaSpire modified PEEK polymers.

For more details on Solvay Advanced Polymers signs distribution partnership with B. Bigler AG click here

Mitsui to expand PP compounding capacity to 88000 tons within next two years

Mitsui Chemicals Inc, (MCI) and Prime Polymer Co Ltd plan to expand annual polypropylene compound production capacity to a combined annual total of 73,000 tons. This move will entail a capacity hike iin North America, Thailand and China by 24%, to ensure MCI can respond to growing demand from the automotive sector.

For more details on Mitsui to expand PP compounding capacity to 88000 tons within next two years click here

Carmel Olefins completes acquisition of 49% stake in Domo Polypropylene

Israel's largest oil refiner Oil Refineries Ltd. (ORL) has announced that Carmel Olefins Ltd. (COL) has completed on May 6, 2008, the closing on the transaction to acquire 49% of the outstanding sharee capital of Domo Polypropylene BV.

For more details on Carmel Olefins completes acquisition of 49% stake in Domo Polypropylene click here

Yeochun NCC pauses operations at its largest naphtha cracker

Yeochun NCC Co. had restarted its No. 1 unit after the unit was shut down for six days following a power failure. However, the naphtha cracker experienced a technical fault on Monday, forcing South Koorea's largest ethylene producer to halt operations at its largest naphtha cracker for about two days.

For more details on Yeochun NCC pauses operations at its largest naphtha cracker click here

Yeochun NCC pauses operations at its largest naphtha cracker

Yeochun NCC Co. had restarted its No. 1 unit after the unit was shut down for six days following a power failure. However, the naphtha cracker experienced a technical fault on Monday, forcing South Koorea's largest ethylene producer to halt operations at its largest naphtha cracker for about two days.

For more details on Yeochun NCC pauses operations at its largest naphtha cracker click here

Sinopec completes construction of 100000 ton butadiene facility

Sinopec has announced completion of construction at its new 100000 tpa butadiene factory, wherein it has commenced trial run. The facility, built at an investment outlay of US$35.3 mln, is a part of YYangtze Petrochemical Company at Nanjing City, a subsidiary of Sinopec.

For more details on Sinopec completes construction of 100000 ton butadiene facility click here

Ineos to shut 175000 tpa PP plant at Norway

Ineos plans to close its 175000 tpa polypropylene (PP) plant at Bamble, Norway acquired from Borealis by the end of 2008. Several reasons were responsible for this decision for shutting the loss-makinng plant : the need to rely on imported PP, poor feedstock integration, limited technical capability, "fourth quartile" cost structure and exposure to grades and markets unable to provide sufficient returns.

For more details on Ineos to shut 175000 tpa PP plant at Norway click here

No change in business strategy by Petron with new share ownership structure

Petron Corp. does not intend to change its business strategy with the new share ownership structure. Philippine National Oil Co. (PNOC) has decided not to exercise its right of first offer for the Araamco shareholding, allowing Aramco and Ashmore to proceed with the transaction.

For more details on No change in business strategy by Petron with new share ownership structure click here

Gail India to invest Rs 187 crore in petrochemicals of a total of Rs 3,413 cr in FY09

State-run Gail (India) GAIL has announced a 9% jump in its net profit at Rs 2,601 crore and a turnover of Rs 18,008 for the year 2007-08. Profit before tax in FY08 increased 35% to Rs 3,855 crore fromm Rs 2,860 crore in 2006-07.

For more details on Gail India to invest Rs 187 crore in petrochemicals of a total of Rs 3,413 cr in FY09 click here

Plantic Technologies mulls polymer plant in Eastern Europe

Halfway through the year, Plantic Technologies will decide on building a biopolymer plant in Eastern Europe. Europe is currently the key target in the US$1 bln (£507 mln) market for bioplastics.
The capacity in Europe is desired as it would eliminate sea freight, which accounts for 12% of sales costs in Europe.

For more details on Plantic Technologies mulls polymer plant in Eastern Europe click here

Death toll rises to 10,000 as earthquake rocks southwestern China

A 7.8-magnitude earthquake that rocked southwestern China and was felt all across the country and beyond, has killed over 10,000 people by early this morning. Wenchuan County is the epicenter of the qquake.

For more details on Death toll rises to 10,000 as earthquake rocks southwestern China click here

Lotte Daesan defers buying H2 June spot cargo as it delays naphtha unit restart

South Korea's Lotte Daesan Petrochemical has delayed the restart of its 650,000 tpa naphtha cracker scheduled to come onstream on May 9, due to undisclosed reasons. The company has deferred plans to bbuy H2 June spot cargo as it is planning to expand the unit's capacity to 1 million tpa after maintenance from April 1 to May 9.

For more details on Lotte Daesan defers buying H2 June spot cargo as it delays naphtha unit restart click here

Oil prices dip by over a dollar to settle at US$124

After rising by almost ten dollars last week, light crude dipped by US$1.70 in a day to settle at US$124.23 a barrel on the New York Mercantile Exchange. HSBC Holdings, the global banking company baseed in London, has reported that its Q1 profit was up from a year ago although it took a US$3.

For more details on Oil prices dip by over a dollar to settle at US$124 click here

Mitsubishi Chem to carry out planned maintenance at two ethylene plants

Japan's top petrochemical producer Mitsubishi Chemical Corp., plans to perform planned maintenance at two ethylene plants - the No.1 unit of its Kashima ethylene plant for 50 days and the Mizushima pllant for 21 days.

For more details on Mitsubishi Chem to carry out planned maintenance at two ethylene plants click here

Tuesday, May 13, 2008

Dow Chemicals fails to gain support from Union law ministry in India

Dow Chemicals has not found support from the Union law ministry for its stand that it is not liable to clean up the toxic dirt left by its Indian subsidiary Union Carbide at Bhopal in 1984. An internaal note says that the Ministry of Law believes that 'irrespective of the manner in which Union Carbide has merged or has been acquired by Dow, if there is any legal liability it would have to be borne by Dow Chemicals.

For more details on Dow Chemicals fails to gain support from Union law ministry in India click here

Govt decides against matching Ashmore Group's offer to buy Saudi Aramco's 40% stake in Petron Corp.

The government's Philippine National Oil Co. (PNOC) decided against exercising its right to match Ashmore Group's offer to buy Saudi Aramco's 40% stake in oil refiner and retailer Petron Corp. PNOC owwns another 40% stake in Petron.

For more details on Govt decides against matching Ashmore Group's offer to buy Saudi Aramco's 40% stake in Petron Corp. click here

Reliance Industries receives PE 100 certification

Reliance has received the PE 100 certification from Bodycote, Sweden, for its PE pipe grade Relene 46GP003, manufactured at Gandahar. With this certification, Reliance joins the select group of 11 mannufacturers to have received the PE 100 certification amongst 440 PE manufacturers present globally.

For more details on Reliance Industries receives PE 100 certification click here

Monday, May 12, 2008

Iran's petrochemical exports to China to rise to US$1 bln this year

Managing Director of National Petrochemical Company has said that Iran's petrochemical exports to China are expected to reach US$ 1 bln during the current year. Petrochemical exports to China were at US$90 mln in 1998 which increased to US$700 mln in 2007, expected to reach US$1bln this year.

For more details on Iran's petrochemical exports to China to rise to US$1 bln this year click here

Rising naphtha costs affect profits of five major Japanese players

Japan's five major chemical companies have suffered recurring profit declines in the year ending March, due to the rising naphtha values. Though the companies managed to achieve sales growth as they rraised polymer prices to reflect the higher cost of naphtha, the speedy increases in naphtha price amid growing global demand limited their ability to pass rising costs on to buyers in a timely manner.

For more details on Rising naphtha costs affect profits of five major Japanese players click here

China regarded as important market for Saudi Arabia's growing petrochemical industry

China is increasingly becoming an important market for Saudi Arabia's growing petrochemical industry, according to CEO of Saudi Basic Industries Corporation (Sabic). Saudi Arabia's large hydrocarbon rresources make the Kingdom a "natural strategic trading partner" for China's dynamic industrial and economic growth.

For more details on China regarded as important market for Saudi Arabia's growing petrochemical industry click here

Idemitsu forecasts sixfold profit increase on higher margins for oil products and petrochemicals

Idemitsu Kosan Co. has forecast a profit increase by more than sixfold on higher margins for oil products and petrochemicals. The refiner forecast net income of 31 bln yen (US$295 mln) for the year ennding March 31.

For more details on Idemitsu forecasts sixfold profit increase on higher margins for oil products and petrochemicals click here

PM launches project to build Vietnam's second petrochemical and refinery complex

Vietnam's Prime Minister has launched a project to build Vietnam's second petrochemical refinery complex. The Nghi Son Petrochemical Refinery Complex is to be located in northern Thanh Hoa province annd is projected to reach a capacity of 10 mln tpa of crude oil once it commences operations in 2013.

For more details on PM launches project to build Vietnam's second petrochemical and refinery complex click here

Govt officials quieten dissent over Chengdu petrochemical plant

Government officials are intensifying a campaign to quieten the dissent of the local people over construction of a petrochemical plant on the outskirts of Chengdu, Western China. Last Sunday, hundredss of residents marched through downtown Chengdu to express concern about the plant's environmental impact.

For more details on Govt officials quieten dissent over Chengdu petrochemical plant click here

New production process for natural oil polyols for rigid polyurethane foams

Developers are currently working on a growing number of natural oil polyols (NOPs) that contain vegetable oils as well as these other raw materials. Natural materials such as sugar, glycerin and sorbiitol have been used for many years in the production of polyols - one of the two basic components in polyurethanes, beside isocyanates.

For more details on New production process for natural oil polyols for rigid polyurethane foams click here

PetroLogistics's 1.2 bln pound propylene project in Houston Ship Channel

PL Propylene LLC, a PetroLogistics company, has announced commencement of a project to construct a 1.2 billion pound capacity propane dehydrogenation plant to produce propylene. The facility will be llocated in the vicinity of the Houston Ship Channel at the site of the former Houston Olefins Plant recently acquired by PL Propylene from ExxonMobil Oil Corporation (ExxonMobil).

For more details on PetroLogistics's 1.2 bln pound propylene project in Houston Ship Channel click here

Transformer explodes at Formosa Plastics Corp., USA

A transformer exploded in the electrical station just outside Gate 3 at Formosa Plastics Corp. USA, shutting down power to most of the plant. Oil inside the transformer caught fire, sending flames outt the flare towers and thick black smoke into the northwesterly winds.

For more details on Transformer explodes at Formosa Plastics Corp., USA click here

LyondellBasell to close PP plant at Morris after thirty years of production

LyondellBasell has decided to close its polypropylene plant at Morris by the end of 2008, bringing to an end, 30 years of production. The small size of the polypropylene plant makes it uneconomical too operate.

For more details on LyondellBasell to close PP plant at Morris after thirty years of production click here

Philippine Govt keeps options open on sale of balance 40% stake in Petron

The Philippine government is keeping its options open on the possible sale of balance 40% stake in Petron Corp, and plans to consider all offers to acquire the 3.75 bln shares held by state-run Philipppine National Oil Co.

For more details on Philippine Govt keeps options open on sale of balance 40% stake in Petron click here

Formosa resumes production at 700,000 tpa cracker: issues spot tender for 75,000 tons naphtha

After a month of reduced output, Taiwan's Formosa Petrochemical Corp. has resumed 100% operations at its 700,000 tpa cracker. The No.1 cracker was idled in early April for about five days, but damage to its furnace tube during the outage prevented the cracker from operating at more than 80% capacity.

For more details on Formosa resumes production at 700,000 tpa cracker: issues spot tender for 75,000 tons naphtha click here

BASF to build new engineering plastics compounding plant at existing site in India

With a view to expand its offerings and investments in plants and technology for the Indian automotive, electrical and electronics industries, BASF plans to build a new engineering plastics compoundinng plant at its existing site in Thane.

For more details on BASF to build new engineering plastics compounding plant at existing site in India click here

Chinaplas 2008 highly appreciated by local and overseas delegations

Chinaplas 2008: The 4-day event attracted many overseas delegations to visit Chinaplas, including Egyptian Plastics Exporters & Manufacturers Associations, Malaysia Plastics Manufacturers Association,, Philippines Plastics Industry Association, Thai Tool and Die Industry Association (TDIA), The British Plastics Federation (BPF), Vietnam Plastics Association, All Indian Plastic Manufacturers Association (AIPMA), etc.

For more details on Chinaplas 2008 highly appreciated by local and overseas delegations click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 5, 2008

CRUDE OIL
Crude oil prices dipped by about two dollars in the week of May 5, 2008 to US$116 per barrel. This dip in prices can be attributed to rising llevels of US weekly inventories and a recovery in US dollar values.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 5, 2008 click here

Chinaplas 2008 continues to be Asia's No. 1 Plastics and Rubber Trade Fair

The 22nd International Exhibition on Plastics and Rubber Industries (Chinaplas 2008) was staged from April 17-20 with resounding success at Shanghai New International Expo Centre, PR China. The 4-day event attracted 72,161 trade visitors from 118 countries and regions.

For more details on Chinaplas 2008 continues to be Asia's No. 1 Plastics and Rubber Trade Fair click here

Investments in green plastics projected to rise to US$1.3 bln in Brazil

Investments by Solvay, Dow, Petrobras and Braskem to produce resins in Brazil with renewable feedstock are being forecast to rise to US$1.3 bln.

The states of Bahia and Rio Grande await investmentts in the form of a Braskem project, to manufacture polyethylene using sugar cane ethane.

For more details on Investments in green plastics projected to rise to US$1.3 bln in Brazil click here

Saturday, May 10, 2008

Q1 profit at Braskem dip by 35% as feedstock naphtha costs continue to surge

Q1 profits at Braskem SA, Latin America's largest petrochemical company dipped by 35% from year ago levels on rising production and feedstock costs. Overall production costs rose 10% to 3.76 billion rreais.

For more details on Q1 profit at Braskem dip by 35% as feedstock naphtha costs continue to surge click here

Friday, May 09, 2008

Supplies from Middle East unlikely to majorly impact BASF group earnings

4 new petrochemical plants in Saudi Arabia and one in Kuwait are projected to augment annual global ethylene capacity by 4.5 mln tons by the end of 2008, with similar volumes coming onstream in the Miiddle East from 2009 and 2010.

For more details on Supplies from Middle East unlikely to majorly impact BASF group earnings click here

Supplies from Middle East unlikely to majorly impact BASF group earnings

4 new petrochemical plants in Saudi Arabia and one in Kuwait are projected to augment annual global ethylene capacity by 4.5 mln tons by the end of 2008, with similar volumes coming onstream in the Miiddle East from 2009 and 2010.

For more details on Supplies from Middle East unlikely to majorly impact BASF group earnings click here

JG Summit offers higher bid for Philippine government's 40% stake

Philippine conglomerate JG Summit Holdings Inc. has offered to buy the Philippine government's 40% stake in oil refiner Petron Corp. at a higher price than the earlier offer made by London-listed Ashmmore Group for Saudi Aramco's 40% stake in Petron.

For more details on JG Summit offers higher bid for Philippine government's 40% stake click here

Oil prices stabilize at fresh highs of US$124

Oil prices have stabilized at fresh highs of US$124 a barrel on continued buying, as investors enthralled by the market's upward momentum, are paying no heed to an increase in U.S. crude and gasoline supplies.

For more details on Oil prices stabilize at fresh highs of US$124 click here

RIL and Essar Oil evince interest in ONGC proposed Rs 26500 crore refinery at Kakinada

After UK based Hinduja group, Reliance Industries (RIL) and Essar Oil have evinced interest in Oil and Natural Gas Corporation's (ONGC) proposed Rs 26,500-crore refinery at Kakinada, Andhra Pradesh. RRIL and Essar are evaluating stake purchase in the Kakinada refinery.

For more details on RIL and Essar Oil evince interest in ONGC proposed Rs 26500 crore refinery at Kakinada click here

DuPont invests US$150 mln in specialty ethylene copolymer expansion

DuPont plans to invest US$150 mln to expand and upgrade manufacturing facilities in Europe, the United States and Asia to meet strong demand for its specialty ethylene copolymers in photovoltaics, pacckaging and automotive markets, as well as for new infrastructure in emerging economies.

For more details on DuPont invests US$150 mln in specialty ethylene copolymer expansion click here

JG Summit offers higher bid for Philippine government's 40% stake

Philippine conglomerate JG Summit Holdings Inc. has offered to buy the Philippine government's 40% stake in oil refiner Petron Corp. at a higher price than the earlier offer made by London-listed Ashmmore Group for Saudi Aramco's 40% stake in Petron.

For more details on JG Summit offers higher bid for Philippine government's 40% stake click here

Oil prices stabilize at fresh highs of US$124

Oil prices have stabilized at fresh highs of US$124 a barrel on continued buying, as investors enthralled by the market's upward momentum, are paying no heed to an increase in U.S. crude and gasoline supplies.

For more details on Oil prices stabilize at fresh highs of US$124 click here

Thursday, May 08, 2008

RIL and Essar Oil evince interest in ONGC proposed Rs 26500 crore refinery at Kakinada

After UK based Hinduja group, Reliance Industries (RIL) and Essar Oil have evinced interest in Oil and Natural Gas Corporation's (ONGC) proposed Rs 26,500-crore refinery at Kakinada, Andhra Pradesh. RRIL and Essar are evaluating stake purchase in the Kakinada refinery.

For more details on RIL and Essar Oil evince interest in ONGC proposed Rs 26500 crore refinery at Kakinada click here

DuPont invests US$150 mln in specialty ethylene copolymer expansion

DuPont plans to invest US$150 mln to expand and upgrade manufacturing facilities in Europe, the United States and Asia to meet strong demand for its specialty ethylene copolymers in photovoltaics, pacckaging and automotive markets, as well as for new infrastructure in emerging economies.

For more details on DuPont invests US$150 mln in specialty ethylene copolymer expansion click here

Milk Packaging in the UK

Around 130,000 tons of plastics is used in milk packaging in the UK. In the UK 53% of milk is bought from supermarkets, 24% though other retail outlets, 7% via doorstep delivery and 16% through Horecaa.

For more details on Milk Packaging in the UK click here

New Separator films speed progress of Hybrid and Electric Vehicles

ExxonMobil Chemical and its Japanese affiliate, Tonen Chemical, have developed two new separator grades with co-extrusion technology to meet more demanding battery requirements. The new co-extruded grrades offer enhanced permeability, improved strength, reduced heat shrinkage and higher rupture temperature to improve battery safety and performance.

For more details on New Separator films speed progress of Hybrid and Electric Vehicles click here

Another blackout strikes Yeosu National Industrial Complex in South Korea

After a major power failure that occurred on Saturday, another blackout struck Yeosu National Industrial Complex in South Korea.
It is suspected that the accident occurred at the Yeochun NCC 3 factoory due to a malfunctioning transformer.

For more details on Another blackout strikes Yeosu National Industrial Complex in South Korea click here

YNCC's No.1 naphtha cracker running at 50% capacity

South Korea's Yeochun Naphtha Cracking Centre (YNCC) has restarted its No.1 naphtha cracker at 50% capacity. The petrochemical unit is operational after it was hit by a power outage over the weekend. YNCC has three naphtha cracking units: No.

For more details on YNCC's No.1 naphtha cracker running at 50% capacity click here

Saudi Kayan Petrochemical Co awards 888 bln won order to Daelim

Saudi Kayan Petrochemical Co has awarded to South Korean builder Daelim Industrial, a 886.3 billion won order to build a petrochemical plant. The plant will be built by April 2010 in Al-Jubail Industrrial City in Saudi Arabia.

For more details on Saudi Kayan Petrochemical Co awards 888 bln won order to Daelim click here

Foster Wheeler receives contract from Samsung for PTT's Gas Plant in Thailand

Foster Wheeler Energy Limited, part of its Global Engineering and Construction Group, has been awarded an engineering and materials supply contract by Samsung Engineering Co. Ltd. for two gas turbine exhaust waste heat recovery units for PTT Public Co.

For more details on Foster Wheeler receives contract from Samsung for PTT's Gas Plant in Thailand click here

HPL acquires L&T's 51% stake in HPL Cogeneration Ltd for Rs 180 crore

Haldia Petrochemicals Ltd (HPL) has acquired for Rs 180 crores, L&T's 51% stake in HPL Cogeneration Ltd. (HPLCL), which supplies power and steam exclusively to HPL. HPL now owns 100% stake in the capttive power unit, having management control over the company.

For more details on HPL acquires L&T's 51% stake in HPL Cogeneration Ltd for Rs 180 crore click here

Eastman completes specialty copolyester expansion

Eastman Chemical Company has completed expansion of specialty copolyester capacity at its manufacturing site in Columbia, S.C. The additional copolyester production is expected to come on-line June 20008.

For more details on Eastman completes specialty copolyester expansion click here

Oil prices spike past US$120 on renewed supply concerns and weaker dollar

Renewed supply threats and a weaker dollar have spiked oil prices beyond US$120 per barrel. Light, sweet crude for June delivery touched a new trading record of US$120.36 a barrel on the New York Merccantile Exchange before retreating to US$119.

For more details on Oil prices spike past US$120 on renewed supply concerns and weaker dollar click here

Global HDPE consumption projected at 83.8 bln pounds in 2012

Widespread use of HDPE in liquid food packaging, sterile packaging, automobiles, acceptance of recycled high-density polyethylene, innovative packaging designs and technological advancements are expeccted to spur growth in HDPE market.

For more details on Global HDPE consumption projected at 83.8 bln pounds in 2012 click here

Iran signs E400 mln agreement with India for constructing a petrochemical complex

Iran has signed a Euro 400 million agreement with India for constructing a petrochemical complex in Iran's South Pars gas field. The complex is projected to produce 2,200 tons of ammonia and 3,800 tonns of urea per day.

For more details on Iran signs E400 mln agreement with India for constructing a petrochemical complex click here

US$6 bln invested in Iran's Bakhtar Petrochemical Complex

Bakhtar Petrochemical Complex in Iran has announced investments to the tune of US$5.9 bln in 12 affiliated plants, scheduled to become operational within the next three years.
The West Ethylene Pipelline, also scheduled to become operational within the next three years, begins in Asalouyeh, Bushehr province and is linked to the petrochemical plants and provinces in western Iran.

For more details on US$6 bln invested in Iran's Bakhtar Petrochemical Complex click here

Reliance Industries asked to pay Rs 500 mln to BPCL by Supreme Court

The Supreme Court has asked Reliance Industries to pay Rs 500 mln within two weeks to BPCL against BPCL's demand of Rs 1.1 bln. This amount has to be paid by RIL as the price difference in naptha suppplied by BPCL to RIL plant at Patalganga.

For more details on Reliance Industries asked to pay Rs 500 mln to BPCL by Supreme Court click here

LyondellBasell to discontinue polypropylene production at Illinois plant

In a move that strengthens its strategy to rationalize and concentrate production in Spheripol and Spherizone process facilities, LyondellBasell Industries has plans to discontinue polypropylene (PP) production in Q4-08, at its Morris, Ill.

For more details on LyondellBasell to discontinue polypropylene production at Illinois plant click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended April 28, 2008

CRUDE OIL
Crude oil prices have risen to US$118 per barrel in New York for the week of April 28, 2008. Prices moved up by around two dollars on news of pproduction cut in Nigeria and reports that US military personnel aboard a cargo ship traveling into the Persian Gulf fired nearly a dozen warning shots at Iranian speed-boats.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended April 28, 2008 click here

YNCC delays resumption of naphtha operation

South Korea's Yeochun Naphtha Cracking Centre (YNCC) has delayed the resumption of its naphtha operation 3 to 5 days from its shutdown due to a power outage at the weekend. The power outage forced YNCCC to shut down two of its three naphtha crackers: No.

For more details on YNCC delays resumption of naphtha operation click here

Tuesday, May 06, 2008

Haldia Petrochemicals projects possible loss of Rs 140 crore in current fiscal

Haldia Petrochemicals Ltd (HPL) has projected a possible loss of Rs 140 crore in the current fiscal. A 5% import duty was proposed to be levied in India's Union Budget this year. HPL is India's only ppetrochemicals company that will be directly affected by the imposition of the levy.

For more details on Haldia Petrochemicals projects possible loss of Rs 140 crore in current fiscal click here

Monday, May 05, 2008

Nova signs letter of intent with Reliance to construct energy efficient buildings

Nova Chemicals Corp. has signed a letter of intent with Reliance Industries Ltd. to construct energy efficient, green buildings in India. Nova plans to develop facilities that will use Nova's expandabble polystyrene in building components including roof, deck and wall panels, at a joint investment of less than US$20 mln.

For more details on Nova signs letter of intent with Reliance to construct energy efficient buildings click here

ONGC Mangalore Petrochemicals selects UOP Technology for new aromatics complex

ONGC Mangalore and Petrochemicals Ltd. has selected UOP to supply technology, basic engineering services and equipment for a new aromatics complex to be installed in Mangalore, India. A range of UOP ttechnologies will be used for the production of high purity aromatics including the UOP CCR Platforming(TM) Process, the UOP Isomar(TM) Process, the UOP Parex(TM) Process, the UOP Tatoray(TM) Process and the Shell Sulfolane(TM) Process.

For more details on ONGC Mangalore Petrochemicals selects UOP Technology for new aromatics complex click here

Sabic plans to invest in Asian countries in its second round of investments

Sabic, the Saudi petrochemicals group that spent over US$20 bln in the past five years, plans to invest in Asian countries, particularly India for its next cycle of investments. Asia has become an inccreasingly important market for the petrochemicals industry, accounting for 60% of Sabic's business.

For more details on Sabic plans to invest in Asian countries in its second round of investments click here

Beijing's new regulation of over 257 chemicals could result in closure of several petrochemical makers

With effect from 1 May through 17 October, Beijing's Municipal Public Security Bureau has imposed a blanket rule on the production and sale of over 257 chemicals in regions falling within a 500km radiius.

For more details on Beijing's new regulation of over 257 chemicals could result in closure of several petrochemical makers click here

Essar Oil plans petrochem facility at Vadinar for gainful use of 2-3 mln ton of naphtha

Essar Oil is considering a proposal for gainful use of 2-3 mln tons of naphtha to be produced at the Vadinar refinery, post-expansion of capacity upto 34 mt in 2010. The oil major is considering a pettrochemicals facility only at Vadinar.

For more details on Essar Oil plans petrochem facility at Vadinar for gainful use of 2-3 mln ton of naphtha click here

Qatar plans world's largest aromatics JV within two years

Qatar plans to have the world's largest aromatics complex as a joint venture between QP subsidiary, Qatar Holding Intermediate Industries Company and Honam Petrochemical Corporation of South Korea. Beesides aromatic compounds, the project will also produce propylene, polypropylene, styrene and polystyrene.

For more details on Qatar plans world's largest aromatics JV within two years click here

Essel Propack acquires Catheter and Disposables TechnologEssel Technology

Essel Propack Limited (EPL) has announced an acquisition of Minneapolis based company “Catheter & Disposables Technology” (CDT), a supplier of specialized disposable Medical Devices. EPL has acquired 100% equity of CDT in an all cash deal through its US Subsidiary - Tacpro Inc.

For more details on Essel Propack acquires Catheter and Disposables TechnologEssel Technology click here