An upturn in economic sentiments props oil prices above US$75

Propped by improving economic figures and China's display of support for Europe's recovery, oil prices have risen past US$75 a barrel on Friday. This has taken the week's rally, to over six dollars, mmaking it the strongest in over nine months.

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Will propylene costs stabilize in Asia?

After stability in the first two weeks of May, spot propylene costs in Asia have been nose-diving since H2-May. As per Chemorbis, ongoing concerns regarding the global economy and persistently weakeniing crude oil prices hit PP demand in the region, resulting in producers sourcing feedstock on need-basis in order to avoid building up stocks – adding to the decreases in Asian propylene prices.

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BCPL faces delay in implementation of Assam gas cracker project

Brahmaputra Cracker and Polymer Ltd faces delay in implementing the Assam gas cracker project at its site at Lepetkata. The CM was been unhappy in the delay in construction as only 16% work had been ccompleted within the first 38 months of the project.

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Lubrizol to spend US$40 mln to expand a specialty polymer plant in Calvert City

Lubrizol Corp. plans to spend US$40 mln to expand a specialty polymer plant in Calvert City, as per Plasticsnews. The investment will increase capacity for Lubrizol’s Carbopol-brand polymers, which arre rheology modifiers used as thickeners in shampoos and other personal care products.

For more details on Lubrizol to spend US$40 mln to expand a specialty polymer plant in Calvert City click here

Borouge to build compounded polypropylene plant in China

Abu Dhabi-based polymer manufacturer Borouge has inked an agreement to build a second production plant in China’s Guangzhou to produce 105,000 tpa of compounded polypropylene. Construction work on thee plant is expected be completed by the middle of 2012, while investment outlay has not been disclosed.

For more details on Borouge to build compounded polypropylene plant in China click here

Samsung Total Petrochemicals completes LPG tank with a storage capacity of 40,000 tonss

South Korea's Samsung Total Petrochemicals has completed a Won 50 billion (US$41.8 million) LPG tank with a storage capacity of 40,000 tons. Samsung Total will use the tank to import 1 million tpa off LPG from October.

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Naphtha prices at a three-session high, cracks fall to a 7-week low

Asia's naphtha price has reached a three-session high on Thursday, but cracks fell to a 7-week low on heavy supplies and weaker petrochemical import demand in China. Apart from the high Western importts, market is faced with concerns over Chinese buyers deferring shipments of plastics due to high stocks and volatile crude prices were also hurting sentiment.

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Showa Denko completes ethylene plant upgradation at Oita Complex

Showa Denko K.K. (SDK)’s Oita ethylene plant upgradation, in progress since May 2, has been completed. SDK has completed the work of improving energy efficiency of its ethylene plant with the installaation of large state-of-the-art cracking furnaces.

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Polyolefin import and production figures for January-April in China

Polyolefin import and production numbers for January to April from China have been reported in ICIS. The good news is that Chinese demand, measured in terms of imports and local production, has continnued to grow.

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Expansion of 1.5 mln tpa Borouge 3 ethane cracker underway

Borouge has inked a US$1.075 bln contract with The Linde Group formally for the construction of a 1.5 mln tpa ethane cracker at its’ existing production site in Ruwais, Abu Dhabi. The new cracker is tthe third of its kind to be built by The Linde Group for Borouge in a decade, and upon completion, will be the world’s largest ethane cracker complex.

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A new plastic that is biodegradable in about 60 days

A new plastic that is biodegradable in about 60 days has been developed by Tamarisk Technologies. Tests conducted by Tamarisk Technologies as well as Intertek Labs, an independent third party laboratoory, shows that this biodegradable and compostable eco-friendly plastic may replace conventional plastic.

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Asian PE sellers face stiff competition from Iran, Middle East

As demand recedes, Asia’s PE markets have witnessed significant declines over the past few weeks amid deteriorating economic conditions. As per Chemorbis, although major Asian producers have announcedd large price cuts on their June offers, sellers offering Iranian and Middle Eastern materials have been able to capture an increasing share of the scant buying interest by undercutting the general market level.

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Asian markets likely to be competitive with influx of material from new Middle Eastern capacity

The rapid rise in Middle Eastern petrochemical capacity in the next five years may not have a very large impact on Asian resin markets, as per plasticsnews. The sizeable increases in Middle Eastern caapacity with feedstock cost advantages are expected to flood Asian markets.

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Oil inventories on the decline in USA, prices rise

Light, sweet crude for July delivery rose by 4%, to US$71.51 a barrel on the Nymex, while Brent crude on the ICE futures exchange rose by 3.2% to US$71.74 a barrel. Signs that oil inventories at Cushiing may be on the decline have propped up crude oil prices amid optimistic investor outlook.

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Polymers in Solar Modules

The AMI international conference, Polymers in Photovoltaics 2010, held in April in Cologne had well over 200 registered delegates to discuss the use of polymer materials in solar module production.

BP Solar reviewed the current situation highlighting the opportunities to cut production costs of modules by using polymers.

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A new range of unique UV additive systems and solutions for plastics

A new range of unique and innovative UV additive solutions has been developed by Songwon, a leading additives supplier to the polymer industry. The new products named SONGLIGHT® 2790 GR and SONGLIGHT 2930 GR are 100% UV active systems consisting of synergistic blends of several additives.

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Orissa likely to get final approval from the Centre for setting up a PCPIR in Paradip

Orissa is likely to get final approval from the Centre at the next meeting with Cabinet Secretary, for setting up the much-awaited petroleum, chemicals and petrochemical investment region (PCPIR) in PParadip soon.

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Lightweight, high-impact, UV-resistant monolithic sheet chosen to create stadium roofing, façades, stairway

A lightweight, high-impact and UV-resistant monolithic sheet - Lexan Exell D* has been used to create the roofing, façades and stairway glazing for a new Soccer City Stadium in Johannesburg, where thiis year’s opening and closing FIFA matches will be played.

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Material cost increases hit processors

Plastics processors are hurting', said Alexandre Dangis, speaking about the mounting raw material cost increases sustained by Europe's plastics processors. The head of the industry's Brussels organisaation, European Plastics Converters Association, believes that this will slow down recovery in the industry, just at a point when flickers of hope were appearing in the marketplace.

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Steep cuts in PP, PE offers by domestic producers in China

A number of Chinese producers have announced large reductions on their offers for PP and PE at the beginning of the week, as per Chemorbis. Buyers are delaying their purchases until a degree of stabillization is reached in upstream markets, leading to poor demand.

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Cereplast in distribution agreement with Ashland Distribution to supply bioplastic resins

Cereplast, Inc., a leading manufacturer of proprietary bio-based, sustainable plastics has announced a distribution agreement with Ashland Distribution, a commercial unit of Ashland Inc. to supply biooplastic resins to their global distribution business.

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GCC members defer Free-Trade negotiations in progress since 1991 with EU

The six-member states of the Gulf Cooperation Council have put on hold, its free-trade negotiations with the European Union that has been going on for about two decades. Failure to overcome obstacles to an agreement as the European side has unchaged previous position, has caused the postponement.

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New Dyneema SB and HB concepts for protective gear

DSM has introduced new Dyneema SB (soft ballistic) and HB (hard ballistic) concepts for protective gear certified to German law enforcement requirements. Dyneema SB is used in a new concept for high-ccomfort, covert vests that protect against handgun ammunition, fragments and knives; and meet the German SK 1 standard for weight below 500 kilograms per square meter.

For more details on New Dyneema SB and HB concepts for protective gear click here

Borouge inaugurates Logistics Hub in Singapore

Borouge has inaugurated the CWT logistics complex in Singapore. The CWT logistics complex is the largest listed logistics company in South East Asia and will handle up to 330,000 tpa of value-added poolyolefins.

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100% colored implantable UHMWPE fiber for medical-grade applications

Dyneema Purity® Blue, the first 100% colored implantable ultra high molecular weight polyethylene (UHMWPE) fiber for medical-grade applications has been introduced by DSM Dyneema. The fiber, which feaatures the original Dyneema Purity®'s strength, softness and abrasion-resistance properties, offers improved contrast for implantation through arthroscopic surgeries and differentiation among multiple sutures on multiple anchors.

For more details on 100% colored implantable UHMWPE fiber for medical-grade applications click here

Stock markets recovery, fresh data indicating sustained economic recovery in US, lift oil prices

New York's main contract, light sweet crude for delivery in July, has lept by over 2 dollars to US$71.6, while London's Brent North Sea rose to US$71.7. After falling by over 20% in 3 weeks, oil ralliied 4%, the best one-day percentage gain since September 30.

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Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 24, 2010

CRUDE OIL
In the week of May 24, 2010, crude oil prices have strained to keep above the US$70 mark amid high oil inventories and persistent concerns oveer Europe's debt problems.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 24, 2010 click here

PP markets in Asia, Turkey respond to falling costs

Despite large drops seen in crude oil prices since the start of the month, PP prices in China dropped at a relatively slow pace, losing US$20-30/ton in the second week of the month, US$20-50/ton decreeases in the third week and finally larger decreases in recent days, as per Chemorbis.

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Arkema licenses PVC production technology to Qinghai Salt Lake Industry Group Co., Ltd

Arkema has licensed its PVC production technology to the Chinese company Qinghai Salt Lake Industry Group Co., Ltd for a 230,000 ton PVC Suspension production plant, a 35,000 ton PVC Emulsion plant, and a 6,000 ton Chlorinated PVC plant.

For more details on Arkema licenses PVC production technology to Qinghai Salt Lake Industry Group Co., Ltd click here

Vermont becomes sixth US state to pass strict ban on BPA

Vermont has become the sixth state to pass a ban on the use of bisphenol A (BPA) in baby bottles and ‘sippy’ cups used by young children, as per Plasticsnews. Vermont bans the use of BPA in baby bottlles, spill-proof cups and reusable food and beverage containers such as sports bottles and thermos, effective July 1, 2012.

For more details on Vermont becomes sixth US state to pass strict ban on BPA click here

Naphtha cracks in Asia plunge to 6 week lows

Naphtha prices in Asia fell to their lowest in over seven months. Naphtha cracks plunged to 6 week lows, weighed down by high supplies.
South Korea's Honam bought two 25,000 ton full-range naphtha cargoes for H1-July arrival at Daesan and Yosu at premiums of US$2/ton to Japan spot quotes on a cost-and-freight (C&F) basis.

For more details on Naphtha cracks in Asia plunge to 6 week lows click here

Oil prices hover below US$69

Light, sweet crude futures for delivery in July traded at US$68.60 on the Nymex in Asia while July Brent crude on London's ICE Futures exchange dipped to US$69.6. Further strengthening of the US dolllar as regional equity markets failed to hold recent gains have sent oil futures plummeting by US$1.

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New double-width, super energy-efficient sheet for cladding & façade installation

New 1000 mm-width Lexan* Thermoclick* polycarbonate (PC) 50 mm sheet system facilitates installation ease, provides customers with superior high-performance, energy efficiency and excellent high-end aaesthetics.

For more details on New double-width, super energy-efficient sheet for cladding & façade installation click here

Propylene prices in Asia net weekly losses of US$122/mt

Propylene prices have fallen in Asia, plunging by US$122/mt in the week, as per Platts. Prices have fallen to US$1140/mt FOB Korea for 1,500 mt cargoes to be loaded in the next 20-40 days. The steep ddecrease follows a US$75/mt plunge in polypropylene values in the same week to US$1285/mt CFR China.

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Asian ethylene, propylene spot prices could slide further after dropping to multi-month lows

Ethylene and propylene spot prices in Asia have dropped to a level not seen since January 2010. Spot prices are expected to slide further amid lacklustre sentiments in key derivatives market and nose--diving feedstock naphtha values, as per ICIS.

For more details on Asian ethylene, propylene spot prices could slide further after dropping to multi-month lows click here

Italy’s PP market posts price increases for sixth consecutive month

For the sixth month in a row, Italy’s PP market has posted price increases. As per Chemorbis, though the May propylene contract showed a small increase of €20/ton, much larger price hikes have materiaalized in the PP market.

For more details on Italy’s PP market posts price increases for sixth consecutive month click here

Indonesia's SMI advances maintenance turnaround at styrene monomer plant in Merak

Weighed down by persistent anxiety over Europe’s debt crisis and doubts over the recovery of the US economy, styrene monomer FOB Korea prices were assessed at US$1069/MT falling by 13.2% in just a weeek.

For more details on Indonesia's SMI advances maintenance turnaround at styrene monomer plant in Merak click here

Crude oil prices bob above US$70

Crude oil prices have risen, straining to keep above the US$70 mark. Despite high oil inventories and persistent concerns over Europe's debt problems that could curb growth, crude rose 40 cents to US$$70.

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Dow and Saudi Aramco to relocate JV to Al Jubail, call off refinery expansion in Ras Tanura

Rising costs have prompted Dow Chemical and Saudi Aramco to relocate their planned joint venture (JV) petrochemical project from Ras Tanura to Al-Jubail. Existing infrastructure at Al Jubail adjacent to a refinery under construction by Saudi Aramco Total Refining and Petrochemical (Satorp), will help control the escalating costs of construction.

For more details on Dow and Saudi Aramco to relocate JV to Al Jubail, call off refinery expansion in Ras Tanura click here

Propylene contract prices likely to settle lower in June in USA

US propylene contract prices are likely to settle lower in June as per ICIS, though the amount of the decrease remains unclear. Majority of downstream market sentiment is looking for a US$176-220/ton decline for June monomer contract pricing, however, producers are mulling about half the reduction.

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Another force majeure on PP in Europe: PP prices could rise amid supply crunch

LyondellBasell has declared force majeure on polypropylene (PP) from its Polish JV. The joint venture Basell Orlen Polyolefins (BOP) has capacity to produce 400,000 tpa of PP and is located in Plock, Poland.

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GAIL plans investment outlay of Rs 35,000 cr? for capacity expansion

Gas Authority of India Limited (GAIL) has reported a 45% rise in its net profit to Rs 911 crore for Q4 ended March 2010. GAIL plans to invest nearly Rs 35,000 crore in the next 3-4 years in several piipeline projects, petrochem plant upgradation and in renewable sources of energy like wind and solar power.

For more details on GAIL plans investment outlay of Rs 35,000 cr? for capacity expansion click here

Styrene prices in Asia and Europe drop in line with falling crude oil prices

Oil prices have retreated by US$18.01 per barrel since the beginning of May falling below US$70 to US$68.01 as of May 21, as per Chemorbis. Sharp decreases in oil prices have finally taken a toll on sstyrene prices in Asia and Europe, after two weeks.

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Ethylene force majeure by Ineos at Chocolate Bayou

Ineos was unconfirmed to have declared an ethylene force majeure and put its ethylene buyers on 80% allocation due to delays in restarting its Chocolate Bayou, cracker, as per Platts. Caused of the deelay is unclear.

For more details on Ethylene force majeure by Ineos at Chocolate Bayou click here

SK Energy building world’s first naphtha-cracker using ACO technology

SK Energy is building the world’s first naphtha-cracker using advanced catalytic olefin (ACO) technology. The factory is expected to start operating in October. The conventional pyrolysing process connsumes a lot of energy as it needs high heat, up to 1,000 degrees Celsius (1,800 degrees Fahrenheit).

For more details on SK Energy building world’s first naphtha-cracker using ACO technology click here

SK Energy building world’s first naphtha-cracker using ACO technology

SK Energy is building the world’s first naphtha-cracker using advanced catalytic olefin (ACO) technology. The factory is expected to start operating in October. The conventional pyrolysing process connsumes a lot of energy as it needs high heat, up to 1,000 degrees Celsius (1,800 degrees Fahrenheit).

For more details on SK Energy building world’s first naphtha-cracker using ACO technology click here

BP declares force majeure on propylene from German and Dutch refineries

BP Refining and Petrochemicals (BPRP) has declared force majeure on propylene (C3) supplies from its PCK Schwedt, Germany, and Nerefco Rotterdam, Netherlands refineries as per ICIS. A gas leak and ressulting fire on 15 May had forced it to declare force majeure for the rest of May 2010 to its customers supplied from its PCK Schwedt fluid catalytic cracker (FCC).

For more details on BP declares force majeure on propylene from German and Dutch refineries click here

Repair shutdown planned by BP at German ethylene plant

BP Plc plans to shut a 1.05 mln tpa ethylene plant for maintenance at its Gelsenkirchen chemicals site, as per Bloomberg. Unconfirmed reports state that one of two cracking units will be halted for thhe work in September and October.

For more details on Repair shutdown planned by BP at German ethylene plant click here

Petrochemicals plunge in Asia, declines likely to continue on destocking amid lacklustre markets

Amid falling crude oil prices, Asian petrochemical prices have plunged partly due to destocking activities. The declines are likely to continue due to high inventory levels amid lacklustre market senttiments, as per ICIS.

For more details on Petrochemicals plunge in Asia, declines likely to continue on destocking amid lacklustre markets click here

Non-Halogenated flexible resin for sustainable, high-end, FR insulation tubing

Through co-development efforts with SABIC Innovative Plastics, Japan’s Nissei Eco Company Ltd. has created a unique solution to significantly reduce the environmental impact of wire harness insulationn.

For more details on Non-Halogenated flexible resin for sustainable, high-end, FR insulation tubing click here

PE sell ideas revealed to Southeast Asia

By the middle of the previous week, sellers began to reveal their sell ideas for PE products to Southeast Asia. As per Chemorbis, decreases were reported across the board for June business, in line wiith expectations.

For more details on PE sell ideas revealed to Southeast Asia click here

Euro at 4 year lows: global polymer markets impacted

Europe’s sovereign debt problems have pulled down the euro to a four-year low at 1.2144 vs the US dollar as analysts are concerned over a sustained fall in the coming months given the economic turmoill that hit the region, as per Chemorbis.

For more details on Euro at 4 year lows: global polymer markets impacted click here

Oil prices end the week at levels near US$70

Oil prices have ended the previous week at levels near US$70 per barrel in Asia. Growing concerns that the financial crisis in Europe could weaken global economic recovery and demand for crude oil hass tanked crude oil by about 20% this month after peaking to an 18-month high of US$87.

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Crude distillation unit at LyondellBasell refinery in Houston catches fire

The crude distillation unit at LyondellBasell’s refinery in Houston caught on fire. Firefighters subdued the fire within an hour and no injuries were reported from the incident, although the company hhas not yet submitted a statement.

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PP Prices hold steady

Oil has plunged over $15/barrel since start of the month. Naptha prices have also lost over $76/ton during this period. However as per Chem Orbis spot propylene has lost only $35/ton in Asia because oof tight
supplies.

For more details on PP Prices hold steady click here

SPE Installs Ken J. Braney as President and Russell C. Broome as President-Elect; Announces 2010-11 Executive Committee

ORLANDO, FL, U.S.A., May 16, 2010—Following longstanding practice, ANTEC® 2010 marks the beginning of one-year terms for new officers of the Society of Plastics Engineers (SPE), it was announced todayy by Susan Oderwald, SPE executive director.

For more details on SPE Installs Ken J. Braney as President and Russell C. Broome as President-Elect; Announces 2010-11 Executive Committee click here

Polystyrene prices fall in Asia

Polystyrene prices are showing a downward trend in Asia on the back of reduced demand from China and fall in oil prices. As per ChemOrbis, Asian GPPS and HIPS prices recorded $10-30/ton decreases in CChina compared to the first week of the month.

For more details on Polystyrene prices fall in Asia click here

Euro pulls oil prices below US$70

At US$69.82, oil prices have dipped below US$70 - their lowest in over three months as concerns mount about Europe's debts, the weakening euro vs the US dollar and growing US oil inventories. London BBrent crude dropped to US$77 a barrel.

For more details on Euro pulls oil prices below US$70 click here

Al-Waha Petrochemical Co’s PP unit was taken offline

Saudi Arabia-based Al-Waha Petrochemical Co’s 450,000 tpa polypropylene (PP) unit was taken offline this week owing to a technical issue at the Al Jubail site, as per ICIS. The facility had only recenntly come back on stream following scheduled maintenance.

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China in a US$23 bln MOU with Nigeria

Nigerian National Petroleum Corporation (NNPC) and China’s State Construction Engineering Corporation (CSCEC) have signed a US$23 billion agreement for the construction of three refineries and a fuel complex in Nigeria.

For more details on China in a US$23 bln MOU with Nigeria click here

Sliding Euro could dampen demand for petrochemicals: exports from Middle east to be impacted

Despite announcement of a US$1 trillion (Dh3.67tn) aid package to contain a sovereign debt crisis, the euro is at its lowest level since September 2008. The crisis in Europe is leading to the euro’s sslide against the US dollar and is likely to impact Gulf industrial exports to the EU, particularly for metals and petrochemicals.

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20% of European polyolefin demand to shift to the Middle East by 2015

Almost 20% of European polyolefin demand currently satisfied by domestic suppliers will shift to the Middle East by 2015 as per ICIS. By 2015, the global industry will have an over-capacity of 15%, leeading to plant closures in matured economies like Europe and Japan.

For more details on 20% of European polyolefin demand to shift to the Middle East by 2015 click here

Crude oil prices sink to three month lows

Crude oil prices plunged to three month lows on the Nymex, settling at US$71.6. US crude has fallen 18% since peaking to a 19 month high of US$87.1 on May 3, amid a notable weakening of the euro vs tthe US dollar.

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European economic crisis to affect Gulf companies

After a strong start to the year, Saudi petrochemicals companies led to a decline in Saudi Arabia’s Tadawul All Share Index. The heavyweight petrochemicals Tadawul All Share Petro Index has fallen 5% over the past two days as reported by Tamsin Carlisle.

For more details on European economic crisis to affect Gulf companies click here

Petrochemical prices touch six month highs in April, finish lower

The price uptrend in the US$2.8 trillion global petrochemicals business continued into early April establishing fresh six-month highs, before giving way to an overall price decline for the month, accoording to the Platts Global Petrochemical Index (PGPI) data just released.

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Sellers seek increases for Polystyrene in Europe

In Europe, May styrene contract fell by €5/ton (US$6/ton) to €1145/ton (US$1443/ton) amid lower spot styrene prices, which lost US$50/ton since the beginning of May falling to US$1355/ton FOB NWE basiis late last week.

For more details on Sellers seek increases for Polystyrene in Europe click here

Polystyrene prices recede in Asia amid falling upstream costs and lackluster demand

Polystyrene offers in Asia have receded in line with falling crude oil and styrene amid lackluster demand from China. As per Chemorbis, crude oil prices lost ground by over eleven dollars since the beeginning of May, closing at US$74.

For more details on Polystyrene prices recede in Asia amid falling upstream costs and lackluster demand click here

Pollution penalties on Formosa Petrochemical plant in Kaohsiung unchanged

After finding two wells that contained levels of a carcinogenic pollutant above the legal limit, the Environmental Protection Administration (EPA) has upheld fines of NT$38-150 mln. EPA has stated thhat penalties leveled against the Formosa Petrochemical plant in Kaohsiung County’s Renwu Township are to remain unchanged.

For more details on Pollution penalties on Formosa Petrochemical plant in Kaohsiung unchanged click here

Indorama Ventures seeks to acquire more polyester plants in BRIC

Indorama Ventures, the world's second largest PET producer, saw a 20% growth in net profits this year following its acquisitions in Europe. The company is keen to acquire more polyester plants in Russsia, India, China and Brazil with the expectation of a adding to profits.

For more details on Indorama Ventures seeks to acquire more polyester plants in BRIC click here

France bans manufacture, import, export, sales of baby bottles made of BPA-based products

A ban on manufacturing, importing, exporting and selling "baby bottles made of BPA-based products" has been approved in France by a majority of deputies this week. The government bill named "Grenelle 2" (which details the "national commitment for the environment").

For more details on France bans manufacture, import, export, sales of baby bottles made of BPA-based products click here

Wide gap between local and imported PE prices in China

Falling crude oil prices have lead to demand slowdown in China making the Chinese market prone to price decreases this week. As per Chemorbis, buyers’ hesitation led to a reduction in sellers’ offers,, which in turn triggered hesitation on part of buyers as they preferred to defer purchases while prices were coming down.

For more details on Wide gap between local and imported PE prices in China click here

PP buyers in Europe face price increases for sixth consecutive month

Polypropylene buyers in Europe face hikes for the sixth consecutive month in June on restricted supplies due to production and feedstock issues, as per ICIS. In the meantime, May is still under discusssion for many accounts.

For more details on PP buyers in Europe face price increases for sixth consecutive month click here

Growth in petrochemicals in South Africa and Nigeria dependent on refinery capacity

The petrochemicals market is the foundation of many chemicals industries, as it provides the building blocks for most chemical products used in end-user markets such as paints, plastics, explosives annd fertilizers.

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Singapore to build floating oil / petrochemicals storage at Pulau Sebarok

Singapore plans to proceed with construction of floating oil / petrochemicals storage at Pulau Sebarok to help boost supply of the much needed oil/ petrochemicals storage in Singapore's oil refining/ttrading hub.

For more details on Singapore to build floating oil / petrochemicals storage at Pulau Sebarok click here

Lackluster US demand pulls down crude oil to around US$75

Benchmark crude for June delivery dipped to US$75.4 on the Nymex on signs of unenthusiastic crude demand from USA amid growing consumption in developing economies of China and India that is expected tto bolster oil prices.

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Ample supplies, low demand restrain momentum in European PVC

After relatively stable prices in April, the spot PVC market in Italy has risen only slightly in May. According to ChemOrbis Price Index, this week’s spot range indicates increases ranging from €10-300/ton when compared to the average April prices.

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China’s mould & die industry grows at an average rate of 15% pa

Since 2000, China’s mould & die industry has grown at an average rate of 15% pa, with its total output value ranking as world number three. The 2009 economic meltdown exerted a negative influence on CChina’s mould industry: the annual output was no more than 9.

For more details on China’s mould & die industry grows at an average rate of 15% pa click here

Indian Oil Corp’s total spot naphtha exports for June stand at 65,000 tons

Indian Oil Corp (IOC) has reissued a tender to include an additional cargo for this month. On May 10, IOC offered 30,000 tons naphtha for June 10-12 loading from Kandla, but changed the tender in two days to include another 35,000 tons for June 7-10 loading from Chennai.

For more details on Indian Oil Corp’s total spot naphtha exports for June stand at 65,000 tons click here

Rising oil inventories deck oil prices

US crude for delivery in June settled at US$75.7 on data showing a rise in oil inventories in USA that overshadowed the market cheer triggered by an austerity plan unveiled by Spain. US Energy Informaation Administration report showed that oil inventories rose to a record 37 million barrels in the week to May 7 -more than expected.

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Growing demand drives global commercialization for DuPont Renewable Products

DuPont is executing a rapid commercialization strategy in its Applied BioSciences business for a diverse portfolio of high-performance, renewable products that address the needs of large markets. Thee company has set goals for the Applied BioSciences business of US$1 billion in revenue and US$250 million in pretax earnings by 2015.

For more details on Growing demand drives global commercialization for DuPont Renewable Products click here

Naphtha cracks dip as strong demand from North Asia starts to ease

Naphtha cracks, the premiums/losses obtained from refining Brent crude into naphtha, stood at US$128/ton in the middle of last week, falling by almost 14 dollars in a single day, as strong demand fromm North Asia starts to ease.

For more details on Naphtha cracks dip as strong demand from North Asia starts to ease click here

Shell’s Singapore ethylene unit runs at 70%

Royal Dutch Shell's 800,000 tpa ethylene cracker in Singapore is operating at around 70% capacity with capacity expected to be ramped up to 80% very shortly. Currently, the plant has a minimum monthlyy requirement of 30,000 tons of naphtha as feedstock.

For more details on Shell’s Singapore ethylene unit runs at 70% click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 10, 2010

CRUDE OIL
Crude oil prices lost over eleven dollar in the week of May 10, 2010, settling at US$75.1 last Friday before showing a slight rebound on Mondaay after the EU and the IMF pledged nearly US$1 trillion to help defend the burdened euro.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended May 10, 2010 click here

Petrochemical hub in Malaysia’s ECER to attract investors from the Middle East

A world-class petrochemical hub in the East Coast Economic Region (ECER) that currently houses two operational integrated petrochemical complexes, is set to attract investors from the Middle East. Of the two complexes, Kertih Integrated Petrochemical Complex in Terengganu, located within the Petronas Petroleum Industry Complex (PPIC), focuses on ethylene-based products; while Gebeng Integrated Petrochemical Complex in Pahang focuses on propylene-based products.

For more details on Petrochemical hub in Malaysia’s ECER to attract investors from the Middle East click here

Protest in Changhua County to halt construction of petrochem complex by Kuo Kuang

Protests have demanded the government to halt the construction of a petrochemical complex by Kuo Kuang Petrochemical Technology Corp in Changhua County. Residents and environmentalists staged a protesst in front of the Ministry of the Interior's Construction and Planning Agency to this effect.

For more details on Protest in Changhua County to halt construction of petrochem complex by Kuo Kuang click here

Sentiment in Asia’s PP market lackluster as oil prices plunge

Crude oil prices lost over eleven dollar in the previous week to settle at US$75.11/barrel last Friday before showing a slight rebound at the start of this week. As per Chemorbis, the drop in crude fuutures was triggered by debt troubles in Europe and renewed efforts to tighten monetary policy by China’s Central Bank.

For more details on Sentiment in Asia’s PP market lackluster as oil prices plunge click here

Despite positive outlook, competitive intensity and margins in BOPP film industry will remain under pressure

BOPP film industry will se continuing strong demand growth as it recovers from the effects of the economic downturn, as per AMI Consulting. Although demand growth slowed down noticeably in 2008 – it ddid grow at 2% to reach a market demand of 5.

For more details on Despite positive outlook, competitive intensity and margins in BOPP film industry will remain under pressure click here

Commercial production begins at SABIC-Sinopec 50:50 JV in Tianjin, China

Commercial production has commenced at Saudi Basic Industries Corp (SABIC) and Sinopec Corp's 50:50 joint venture petrochemical complex in Tianjin, China. Built at an estimated investment outlay of USS$2.

For more details on Commercial production begins at SABIC-Sinopec 50:50 JV in Tianjin, China click here

NPC petrochemical division to get privatized, majority stake could be hived off to international investors

Iran is restarting the privatisation process of National Petrochemical Company (NPC). NPC’s production assets are planned to be placed into a single entity, to be sold in part or as a whole to domestiic as well as international markets.

For more details on NPC petrochemical division to get privatized, majority stake could be hived off to international investors click here

JG Summit folds in non core units

In a move that will enhance operating efficiencies and economies, allow productive use of resources and increase financial strength, and present better financing and credit facilities, Philippines bassed J G Summit has decided to fold in three of its subsidiaries.

For more details on JG Summit folds in non core units click here

Over-capacity in bi-oriented nylon film (BOPA) industry nearly over

The serious over-capacity that has faced the bi-oriented nylon film (BOPA) industry in recent years appears to be nearly over, concludes a recent study from PCI Films Consulting.
Since 2004, the worrld BOPA film industry has doubled in size and rapidly outpaced demand growth.

For more details on Over-capacity in bi-oriented nylon film (BOPA) industry nearly over click here

PP prices continue rising in Europe on restricted supplies due to production issues

Polypropylene (PP) buyers in Europe have been faced with additional price increases in May as production issues continue to affect availability, as per ICIS. The buyers have to cope with higher pricess by atleast €30-40 vs April levels, amid huge shortages of PP.

For more details on PP prices continue rising in Europe on restricted supplies due to production issues click here

American material expected to return to global market soon

Globally, market players are watching feedstock movements in the US. Recent developments in monomer costs have lead to expectations that American materials can return to a competitive position on the global markets as per Chemorbis.

For more details on American material expected to return to global market soon click here

Europe’s injection moulding sector set for recovery in 2010

The impact of the recession on Europe’s injection moulding sector has been documented by AMI Consulting. AMI calculated that the value of the European plastics injection moulding industry in 2008 was just over €55 bln, slumping to €42.

For more details on Europe’s injection moulding sector set for recovery in 2010 click here

Oil recovers, rising past US$77 as EU and IMF pledge US$1 trillion

Benchmark crude on the Nymex for June delivery that fell by two dollars over the weekend, rose by US$2.40 to US$77.5, while in London, Brent crude rose by over two dollars to US$80.43 on the ICE futurres exchange.

For more details on Oil recovers, rising past US$77 as EU and IMF pledge US$1 trillion click here

Kolkata Chapter of Indian Plastics Institute hosts Silver Jubilee celebrations

The Kolkata Chapter of Indian Plastics Institute (IPI) had its Silver Jubilee celebrations on April 30, 2010 at the Bengal Club, which was well attended by all the members and guests, including dignittaries from IPI HQ, Mumbai.

For more details on Kolkata Chapter of Indian Plastics Institute hosts Silver Jubilee celebrations click here

The petrochemical sector of Azerbaijan interests Koreans

The Koream ambassador met Friday with leadership of Azerkimya (within SOCAR). He has expressed an interest by Korean companies in different economic spheres of Azerbaijan, particularly investments in petrochemical industry.

For more details on The petrochemical sector of Azerbaijan interests Koreans click here

ADNOC offers term naphtha to Asia

Abu Dhabi National Oil Co. (ADNOC) has offered to sell naphtha to Asian buyers for July 2010 to June 2011. Splitter-grade naphtha was offered at a premium of US$22.50/ton to the company’s benchmark foormula, low-sulfur naphtha was offered at a premium of US$23.

For more details on ADNOC offers term naphtha to Asia click here

200,000 tons of Western naphtha to arrive Asia in June

As per current status, Asia is expected to receive 200,000 tons of Western naphtha. This is less by 100,000 tons from May levels, and seems insufficient to meet healthy demand at a time when India is expected to lower its June exports.

For more details on 200,000 tons of Western naphtha to arrive Asia in June click here

Artificial material that mimics muscles to aid muscle regeneration

Scientists have created an artificial material that mimics the tough, stretchy properties of muscle – a potential application as a "scaffold" to aid muscle regeneration. A US-Canadian team of researchhers engineered a polymer to reproduce the properties of titin - a protein which largely determines the elastic properties of muscle.

For more details on Artificial material that mimics muscles to aid muscle regeneration click here

Unplanned cracker & derivative concerns drive C2 and C3 in opposite directions in Europe

A series of unplanned cracker and derivative issues in Europe are driving ethylene (C2) and propylene (C3) markets in opposite directions, as per ICIS. Currently, cracker reductions are reported at Prriolo, Italy; Tarragona, Spain; Carling, France; Cologne, Germany; and Grangemouth, UK.

For more details on Unplanned cracker & derivative concerns drive C2 and C3 in opposite directions in Europe click here

Celanese’s Advanced Engineered Materials business to acquire two product lines from DuPont Performance Polymers

Celanese Corporation’s Advanced Engineered Materials business has completed a transaction to acquire two product lines, DuPont Zenite liquid crystal polymer (LCP) and Thermx polycyclohexylene-dimethyllene terephthalate (PCT), from DuPont Performance Polymers.

For more details on Celanese’s Advanced Engineered Materials business to acquire two product lines from DuPont Performance Polymers click here

Crude oil drops below US$80 on renewed economic concerns

Over the past 3 days, crude oil futures on the Nymex have lost more than six dollars a barrel, dropping below US$80/barrel for the first time since mid-March. As per Chemorbis, crude oil prices have ppushed lower as confidence in the global market has been shaken by debt troubles in Europe and renewed efforts to tighten monetary policy on the part of China’s Central Bank.

For more details on Crude oil drops below US$80 on renewed economic concerns click here

Growth in the global LDPE market to return in 2011

Driven by stronger demand in the Asia Pacific region, growth in the global LDPE market will return in 2011 according to Ceresana Research. The primary markets for LDPE (low density polyethylene) incluude films, carrying bags, and sacks, accounting for roughly 67% of global LDPE demand.

For more details on Growth in the global LDPE market to return in 2011 click here

Protective polycarbonate (PC) sheet panels for Hurricane Katrina victims

After five years, many Gulf Coast residents are still struggling to get back on their feet following the devastation of Hurricane Katrina. To help, SABIC Innovative Plastics – working with Habitat forr Humanity and the Hancock Housing Resource Center – is donating a thousand protective panels made from Lexan* Clear Storm Panel polycarbonate (PC) sheet to 120 low-income families in Bay St.

For more details on Protective polycarbonate (PC) sheet panels for Hurricane Katrina victims click here

Products for construction industry to account for 66% of EPS demand in 2016

The construction industry is the largest market for expanded polystyrene (EPS), with a worldwide share pegged just less than 60%. This sector‘s importance will continue increasing, to 66% of EPS demannd in 2016 as per Ceresana Research.

For more details on Products for construction industry to account for 66% of EPS demand in 2016 click here

All units at Rabigh Refining and Petrochemical to shut for 45 days in Q2-2011

Saudi Aramco and Sumitomo Chemicals JV- Rabigh Refining and Petrochemical Co plans to shut all units at its complex for 45 days during Q2-2011, for regular test and inspection. This is in line with coompany policy to shut the plant every five years for test and inspection.

For more details on All units at Rabigh Refining and Petrochemical to shut for 45 days in Q2-2011 click here

Tasweeq to increase monthly exports of light naphtha from Ras Laffan by upto 70,000 tons

From H2-2010, Qatar International Petroleum Marketing Co (Tasweeq) will increase by 70,000 tons, the monthly exports of plant condensate (light naphtha), from Ras Laffan to 220,000 tons, as its No 7 ttrain comes onstream.

For more details on Tasweeq to increase monthly exports of light naphtha from Ras Laffan by upto 70,000 tons click here

DuPont and Tate & Lyle JV to increase production of Bio-PDO

DuPont Tate & Lyle Bio Products, LLC, a joint venture between DuPont and Tate & Lyle, plan expansion at their Loudon, facility to increase production of bio-based 1,3 propanediol (Bio-PDO) by 35%. Connstruction is scheduled to start in June, and the expansion is expected to be complete by second quarter 2011.

For more details on DuPont and Tate & Lyle JV to increase production of Bio-PDO click here

Arkema, Toyobo in JV to develop high-temperature polyamides from renewable resources

Arkema and Toyobo are to enter a JV to develop high-temperature polyamides made from renewable resources. Under this collaboration, Arkema and Toyobo will promote a new generation of high-temperature polyamides, with improved technical properties and lower environmental footprint.

For more details on Arkema, Toyobo in JV to develop high-temperature polyamides from renewable resources click here

New grades of halogen-free flame-retardant (HFFR) TPEs

Two new grades of halogen-free flame-retardant (HFFR) TPEs have been introduced by PolyOne GLS Thermoplastic Elastomers, to meet their goals of providing halogen-free materials for computers and consuumer electronics and cable manufacturers.

For more details on New grades of halogen-free flame-retardant (HFFR) TPEs click here

New ethylene capacities come onstream in April-May

In first few days of May, the market has seen two major crackers coming onstream in Asia and the Middle East - Shell Chemicals’ 800,000 tpa ethylene cracker in Singapore followed by Ras Laffan Olefinn Cracker in Qatar with a production capacity of 1.

For more details on New ethylene capacities come onstream in April-May click here

Stronger dollar pulls oil prices down sharply after 4 days of gains

Crude oil for June delivery plunged by US$3.45 to US$82.74 a barrel, breaking a four-day rally. Prices dropped sharply as a stronger dollar, propped by renewed concerns over European sovereign debt annd signals of lower demand that reduced the appeal of buying crude.

For more details on Stronger dollar pulls oil prices down sharply after 4 days of gains click here

Sharp drop in ethylene spot prices in US, pull down ethylene contracts for April

Pressured by a sharp fall in US spot ethylene prices, April ethylene contracts slipped down by US$66/ton in USA amid largely steady production costs in April, as per ICIS. The settlement, which puts tthe monomer at 52.

For more details on Sharp drop in ethylene spot prices in US, pull down ethylene contracts for April click here

Acrylic makers expect drop in feedstock ACN spot prices

ACN prices have spiked to US2500/ton CFR Asia, rising by US$300-$400/ton over the past three months on a supply crunch triggered by maintenance shutdowns in the region, rising propylene costs and robuust demand from downstream Acrylic Fibre sector.

For more details on Acrylic makers expect drop in feedstock ACN spot prices click here

Sinopec-SABIC JV to use Dow process for EO/EG plant in Tianjin, China

Sinopec, SABIC JV in China; Sinopec-SABIC (Tianjin) Petrochemical Co., Ltd (SSTPC) is using METEOR process technology from Dow Chemical Co. to produce ethylene oxide (EO) / ethylene glycol (EG) at itss recently started Sinopec Tianjin complex – the largest single EO reactor in China.

For more details on Sinopec-SABIC JV to use Dow process for EO/EG plant in Tianjin, China click here

A 37% cut expected in Indian Oil Corp’s naphtha exports

State owned Indian Oil Corp. is expected to reduce naphtha exports by about 37% on increased captive consumption with the start up of its US$3.2 bln petrochemicals facility at Panipat. The facility wiill use more than 2 mln tons of naphtha produced at Panipat, Mathura and Gujarat refineries; when it operates at its full capacity.

For more details on A 37% cut expected in Indian Oil Corp’s naphtha exports click here

Unique reinforcement solutions combining glass fibre with CNT-based sizing

3B-Fibreglass has signed a Joint Development Agreement (JDA) together with Nanocyl to develop unique reinforcement solutions combining glass fibre with CNT-based sizing, enabling a breakthrough in thee performance of thermoplastic and thermoset composite applications.

For more details on Unique reinforcement solutions combining glass fibre with CNT-based sizing click here

Inauguration of RLOC 1.3 mln tpa ethylene cracker

Ras Laffan Olefins Company Limited (RLOC) has officially inaugurated a state-of-the-art 1.3 mln tpa ethylene cracker facility, built at an investment outlay of US$800 mln. By using the latest Chevron Phillips proprietary loop slurry technology, the plant has capacity to produce 36,000 tpa Sulphur, 500,000 tpa Ethylene, 453,000 tpa high density Polyethylenes (HDPE) and 47,000 tpa 1-Hexene.

For more details on Inauguration of RLOC 1.3 mln tpa ethylene cracker click here

Kuwait Petroleum Corp plans stake in Indian Oil’s Paradip petrochemical complex

Kuwait Petroleum Corp (KPC) is to pick up a minority stake in the Indian Oil’s planned Paradip petrochemical complex, as specified in an in-principle agreement that was reached during IOC chairman’s oongoing visit to Kuwait.

For more details on Kuwait Petroleum Corp plans stake in Indian Oil’s Paradip petrochemical complex click here

China's imports of major commodity polymer, engineering polymer soared in March

Post Chinese New Year national holidays, China's imports soared in March, with the volume of nearly every major commodity polymer, engineering polymer and organic chemical rising from February. Althouugh China's imports generally pick up each March, the magnitude of the increases this year indicates continued strong demand for many products as per Jean Sudol of International Trader Publications Inc as reported by ICIS.

For more details on China's imports of major commodity polymer, engineering polymer soared in March click here

Advanced shrinkable plastic material using nanotechnology

Shrink Nanotechnologies, Inc. has announced launch of its proprietary advanced shrinkable plastic material which is being branded under the name NanoShrink.
Shrink exclusively owns the licensing righhts to numerous patent-pending technologies which are based on its proprietary manufacturing process which includes the integration of various critical features that function at the "nano" scale.

For more details on Advanced shrinkable plastic material using nanotechnology click here

IndianOil commences commercial despatch of polymers

With the wave of a flag, Mr. B.M.Bansal, Chairman, IndianOil, signalled what could well emerge as a major game changer in the Indian domestic petrochemical business. The despatch of the first truck caarrying a consignment of a Poly Propylene grade from the gates of IndianOil’s state-of-the-art Petrochemicals Complex at Panipat, will be followed by the roll out of a countrywide marketing blitz that is expected to ride on the company’s formidable distribution channels spread across India.

For more details on IndianOil commences commercial despatch of polymers click here

Sasol to construct ethylene purification unit at its polymer plant in Sasolburg

South African petrochemicals supremo Sasol has approved the construction of ethylene purification unit at its Sasol Polymers plant in Sasolburg. To be built at an investment outlay of R1.9 bln, the pllant is expected to go on stream in H2-2013.

For more details on Sasol to construct ethylene purification unit at its polymer plant in Sasolburg click here

CDR cell allows 3 year moratorium on Haldia’s loan repayment re Project Supermax

Haldia Petrochemicals Ltd. (HPL) had taken a Rs 1,000 crore loan from banks and financial institutions for implementing its capacity expansion project, Project Supermax. A corporate debt-restructuringg (CDR) cell, led by IDBI has reviewed the company’s financial performance.

For more details on CDR cell allows 3 year moratorium on Haldia’s loan repayment re Project Supermax click here

Egypt to partner Chinese to build, operate US$2 bln refinery

Construction is to commence on Egypt’s largest refinery. The North African country’s Government has signed an agreement with China’s Rongsheng Holding Group and

China National Chemical Engineeringg Co.

For more details on Egypt to partner Chinese to build, operate US$2 bln refinery click here

IOC plans capacity expansion at Panipat by October to meet growing demand

Indian Oil Corp (IOC) plans to augment capacity at Panipat by 25% to meet growing fuel demand. Capacity will be raised to 300,000 bpd by October at an investment of US$226 mln. A 120,000 bpd crude disstillation unit, a hydrocracker unit, and a delayed coker unit will be shut for 45 days for the requisite alterations.

For more details on IOC plans capacity expansion at Panipat by October to meet growing demand click herev

Taiwan’s CPC Corp to set up methanol and MTBE joint venture in Qatar

In a move to extend presence overseas, Taiwan’s CPC Corp has expedited oil-exploration projects in Chad, Kenya and Libya and has decided to increase investments of US$500 mln to augment methanol and MMTBE (methyl tertiary butyl ether) capacity at Qatar Fuel Additives Co.

For more details on Taiwan’s CPC Corp to set up methanol and MTBE joint venture in Qatar click here

Braskem and Pequiven to assess new model for Venezuelan petrochemical projects

Braskem and Pequiven had planned an investment outlay of US$1 bln, for petrochemical projects in Venezuela. In a bid to adjust project facets to the new global market scenario, the two companies plan to assess a new model for Venezuelan petrochemical projects through the joint ventures Propilsur and Polimerica.

For more details on Braskem and Pequiven to assess new model for Venezuelan petrochemical projects click here

Intensive shutdowns to lend support to propylene costs

Asian spot propylene prices have risen by US$45/ton when compared to the beginning of April. As per Chemorbis, current spot propylene prices stand at around US$1290/ton FOB Korea. Dwindling supply leevels and maintenance shutdowns at 21 plants in Asia over the next few months are expected to give support to propylene costs over the near term.

For more details on Intensive shutdowns to lend support to propylene costs click here

Borouge breaks ground for a new Innovation Centre in Abu Dhabi.

Borouge, a leading provider of innovative, value creating plastics solutions, has broken ground for its new Innovation Centre in Abu Dhabi, UAE, on April 27, 2010. With a total investment in excess off US$70 million in equipment and facilities, Borouge’s Innovation Centre in Abu Dhabi will work together with the European innovation centres of Borealis as well as with local and international educational institutions such as the Petroleum Institute of Abu Dhabi, to further develop the competence of polymer science in the United Arab Emirates.

For more details on Borouge breaks ground for a new Innovation Centre in Abu Dhabi. click here

Azerkimya incorporated into SOCAR

According to a decree signed by the Azerbaijani President, Azerkimya PU was incorporated into the SOCAR structure. Azerkimya has joined the State Oil Company of the Azerbaijan Republic (SOCAR) as a prroduction unit.

For more details on Azerkimya incorporated into SOCAR click here

Azerkimya incorporated into SOCAR

According to a decree signed by the Azerbaijani President, Azerkimya PU was incorporated into the SOCAR structure. Azerkimya has joined the State Oil Company of the Azerbaijan Republic (SOCAR) as a prroduction unit.

For more details on Azerkimya incorporated into SOCAR click here

6 week regular maintenance at Exxon Mobil’s Singapore complexes

Exxon Mobil Corp has plans to shut several units at its refinery cum petrochemical complexes in Jurong Island, Singapore for a 6 week regular maintenance. The shutdown could encompass two refineries wwith a total capacity of 605,000 bpd along with a 900,000 tpa ethylene cracker.

For more details on 6 week regular maintenance at Exxon Mobil’s Singapore complexes click here

Unemployment claims fall in USA: oil prices rise on strengthened hopes of economic recovery

Crude oil prices rose to two week highs past US$85 as weekly unemployment claims fell in USA and raised hopes that the strengthening economic recovery will haul up petroleum demand. Rising by over 2%,, light, sweet crude oil for June delivery was at US$85.

For more details on Unemployment claims fall in USA: oil prices rise on strengthened hopes of economic recovery click here

Net profit at BASF rises to €1.03 bln on demand for petrochemicals, plastics and ingredients for cosmetics

Driven by recovering demand for petrochemicals, plastics and ingredients for cosmetics, BASF SE reported profits and sales that beat analyst estimates in Q1-10. Net profit increased to €1.03 bln (US$11.

For more details on Net profit at BASF rises to €1.03 bln on demand for petrochemicals, plastics and ingredients for cosmetics click here

Asian PE producers unlikely to achieve price hike targets for May

Finding support from higher ethylene feedstock costs, Asian regional producers have announced significant increases on May PE offers to both China and Southeast Asia, as per Chemorbis. However, these new offers have met buyer’s resistance, who anticipate the impact of new capacities very shortly, pushing prices lower by the beginning of the summer.

For more details on Asian PE producers unlikely to achieve price hike targets for May click here

Plummeting ethylene spot prices in USA opening up arbitrage to Asia

Increasing supply in USA caused by cracker restarts as well as weak derivative polyethylene (PE) demand have tanked ethylene prices in the country. The recent plunge in US ethylene spot prices is openning up arbitrage opportunities from the Americas to Asia as reported by ICIS.

For more details on Plummeting ethylene spot prices in USA opening up arbitrage to Asia click here

Global polyolefins demand estimated to have decline in 2009 by 0.14% compared to 2008

Global polyolefins demand is estimated at 111 mln tons in 2009, a decline of 0.14% compared to 2008 as per Chemsystems. However, this compares favorably against the corresponding fall of 2.1% in globaal GDP as an increase in demand from China and other emerging economies offset the reduction in demand from Western Europe, North America and Japan.

For more details on Global polyolefins demand estimated to have decline in 2009 by 0.14% compared to 2008 click here

Future Developments in PVC Formulation

PVC recipes are currently evolving to take into account legislation against the use of heavy metal stabilisers worldwide, trends in flame retardants and the controversies over the use of some phthalatte plasticisers.

For more details on Future Developments in PVC Formulation click here

Top-End automotive materials for electric and hybrid vehicles into high gear

SABIC Innovative Plastics has introduced a portfolio of advanced Noryl and Valox automotive resins designed to help customers create alternative power train solutions by displacing weight and increasiing performance for hybrid, plug-in hybrid (PHEV), and battery electric vehicles (BEV).

For more details on Top-End automotive materials for electric and hybrid vehicles into high gear click here

Mega petrochemical projects in the Middle East to boost production

Mega projects in the UAE, Saudi Arabia and other Arab countries will sharply boost the region's petrochemical production in the next few years. Saudi Arabia, the world's oil basin, could become the laargest global petrochemical producer when its output surges to nearly 110 mln tons in 2015, as per a report by the Organisation of Arab Petroleum Exporting Countries (Oapec) as reported in business24-7.

For more details on Mega petrochemical projects in the Middle East to boost production click here

Braskem and Pequiven to assess new model for Venezuelan petrochemical projects

Braskem and Pequiven had planned an investment outlay of US$1 bln, for petrochemical projects in Venezuela. In a bid to adjust project facets to the new global market scenario, the two companies plan to assess a new model for Venezuelan petrochemical projects through the joint ventures Propilsur and Polimerica.

For more details on Braskem and Pequiven to assess new model for Venezuelan petrochemical projects click here

Intensive shutdowns to lend support to propylene costs

Asian spot propylene prices have risen by US$45/ton when compared to the beginning of April. As per Chemorbis, current spot propylene prices stand at around US$1290/ton FOB Korea. Dwindling supply leevels and maintenance shutdowns at 21 plants in Asia over the next few months are expected to give support to propylene costs over the near term.

For more details on Intensive shutdowns to lend support to propylene costs click here

Borouge breaks ground for a new Innovation Centre in Abu Dhabi.

Borouge, a leading provider of innovative, value creating plastics solutions, has broken ground for its new Innovation Centre in Abu Dhabi, UAE, on April 27, 2010. With a total investment in excess off US$70 million in equipment and facilities, Borouge’s Innovation Centre in Abu Dhabi will work together with the European innovation centres of Borealis as well as with local and international educational institutions such as the Petroleum Institute of Abu Dhabi, to further develop the competence of polymer science in the United Arab Emirates.

For more details on Borouge breaks ground for a new Innovation Centre in Abu Dhabi. click here

Azerkimya incorporated into SOCAR

According to a decree signed by the Azerbaijani President, Azerkimya PU was incorporated into the SOCAR structure. Azerkimya has joined the State Oil Company of the Azerbaijan Republic (SOCAR) as a prroduction unit.

For more details on Azerkimya incorporated into SOCAR click here

6 week regular maintenance at Exxon Mobil’s Singapore complexes

Exxon Mobil Corp has plans to shut several units at its refinery cum petrochemical complexes in Jurong Island, Singapore for a 6 week regular maintenance. The shutdown could encompass two refineries wwith a total capacity of 605,000 bpd along with a 900,000 tpa ethylene cracker.

For more details on 6 week regular maintenance at Exxon Mobil’s Singapore complexes click here

Unemployment claims fall in USA: oil prices rise on strengthened hopes of economic recovery

Crude oil prices rose to two week highs past US$85 as weekly unemployment claims fell in USA and raised hopes that the strengthening economic recovery will haul up petroleum demand. Rising by over 2%,, light, sweet crude oil for June delivery was at US$85.

For more details on Unemployment claims fall in USA: oil prices rise on strengthened hopes of economic recovery click here

Net profit at BASF rises to €1.03 bln on demand for petrochemicals, plastics and ingredients for cosmetics

Driven by recovering demand for petrochemicals, plastics and ingredients for cosmetics, BASF SE reported profits and sales that beat analyst estimates in Q1-10. Net profit increased to €1.03 bln (US$11.

For more details on Net profit at BASF rises to €1.03 bln on demand for petrochemicals, plastics and ingredients for cosmetics click here

Asian PE producers unlikely to achieve price hike targets for May

Finding support from higher ethylene feedstock costs, Asian regional producers have announced significant increases on May PE offers to both China and Southeast Asia, as per Chemorbis. However, these new offers have met buyer’s resistance, who anticipate the impact of new capacities very shortly, pushing prices lower by the beginning of the summer.

For more details on Asian PE producers unlikely to achieve price hike targets for May click here

Plummeting ethylene spot prices in USA opening up arbitrage to Asia

Increasing supply in USA caused by cracker restarts as well as weak derivative polyethylene (PE) demand have tanked ethylene prices in the country. The recent plunge in US ethylene spot prices is openning up arbitrage opportunities from the Americas to Asia as reported by ICIS.

For more details on Plummeting ethylene spot prices in USA opening up arbitrage to Asia click here