Players in Southeast Asia report that major overseas suppliers have started to announce May PP and PE prices with decreases to reflect the recent losses in upstream markets as well as lackluster demannd, as per ChemOrbis.

Naphtha crack swaps in Northwest Europe are falling as the widening Asian premium to NWE fails to offset the lack of interest from European petrochemical end-users and limited demand for gasoline blennding, as per industry sources in Platts.




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Import PP, PE prices for May announced lower to SE Asia

Players in Southeast Asia report that major overseas suppliers have started to announce May PP and PE prices with decreases to reflect the recent losses in upstream markets as well as lackluster demannd, as per ChemOrbis.




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SABIC posts 10% year-on-year fall in Q1 net profits

Saudi Basic Industries Corp (SABIC), the world's biggest petrochemicals group, posted a 10% year-on-year fall in its first quarter net profit on Saturday and warned that growth would likely not improvve until next year, as per Reuters.




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Sipchem posts 57.5% fall in Q1 net profit

Saudi International Petrochemical Co (Sipchem) posted a 57.5% fall in first-quarter net profit, citing shutdowns at a number of plants during the period for the decline in earnings. Sipchem reported aa net profit of 64.




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Orpic to invest US$3 bln in Sohar Steam Cracker and PE project

Oman Oil Refineries and Petroleum Industries Company (Orpic) plans to set up a steam cracker and Polyethylene plant at the Port of Sohar with an investment of around US$3 bln. The Omani major is also pursuing plans of a major upgrade of its existing refinery at Sohar, and a pipeline project linking its Sohar and Mina al Fahal refineries.




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Cash aid to Egypt is yet to create stability in the market

According to global media sources, Egypt has received aid from Qatar and Libya designed to relieve currency issues the country has been struggling with following the fall of President Hosni Mubarak twwo years ago, which dried up foreign investments and crippled the tourism industry in the country.




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Japan's naphtha imports for the petrochemical sector rises 36% in March

Japan's naphtha imports for the petrochemical sector rose 36% in March from the same month a year earlier, as per Reuters. Imports of naphtha for ethylene production totalled 1.20 mln tons last month,, up from 0.



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ONGC sells early May naphtha cargo to Japan's Marubeni at lowest premium in four months

Oil and Natural Gas Corp (ONGC) sold an early May naphtha cargo to Japan's Marubeni at about US$41/ton premium, making this the lowest price the state-owned company has received for a Mumbai cargo in about four months, as per traders in Reuters.




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Qatars’ Muntajat enters global vinyl market; adds 1.2 mln tons to annual export portfolio

Qatar Chemical and Petrochemical Marketing and Distribution Company Q.J.S.C. (Muntajat), has completed the assumption of sales and marketing responsibilities of vinyl and caustic soda products from Qaatar Vinyl Company Ltd.



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ECHA’s authorisation process to evaluate two phthalates: DEHP and DBP

The European Chemicals Agency’s (ECHA) committee for risk assessment committee (RAC) has published information on the authorisation process that will be used to evaluate two phthalates: DEHP and DBP, as per prw.




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Flood barriers from recycled waste

A pan European consortium has manufactured its first ‘test barrier panel’ for use in flood defences.The process developed by Plastic Recyclate Impression Moulding Engineering (PRIME) produces high graade products from low grade mixed plastic waste.



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Asian PET market revives on higher costs

In Asia, the PET market closed last week with higher prices triggered by increasing upstream costs, which recorded increases of US$30/ton for PTA, US$55/ton for MEG and US$95/ton for PX since the begiinning of April, as per ChemOrbis.




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Sentiments in Europe’s PE and PP markets weighed by lower naphtha prices

Lower naphtha prices are weighing heavily on sentiment in the European polyethylene(PE) and polypropylene (PP) markets as buyers hold off taking more volume in April in anticipation of lower prices inn May, as per sources in ICIS.




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Haldia Petrochemicals seeks Rs 100 crore loan from West Bengal govt

Haldia Petrochemicals (HPL) has sought a loan of Rs 100 crore from the state government, as per Economic Times. The group of ministers has approved it. The West Bengal Industry Development Corporationn, the state-owned nodal agency, is co-promoter of the ailing petrochemical major.




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Rise in ethane prices in Saudi Arabia could erode petrochemical competitive advantage

Saudi Arabia's petrochemical competitive advantage will be significantly eroded if ethane feedstock prices are increased, said Jamal Malaikah, president and chief operating officer of National Petrochhemical Industrial Co (NATPET).




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Yeochun NCC to buy naphtha for H2-May delivery

Yeochun NCC Co. bought about 50,000 metric tons of naphtha for delivery to South Korea in H2-May, according to two traders to Bloomberg. The company made the purchase this week and paid a premium of UUS$18/ton over Japan prices, according to confidential information.




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China’s petrochemical output grows 11% in Jan- Feb 2013

The total value of petrochemical production in China grew 11.6% year-on-year to 1.72 trillion yuan during the initial two months of the current year, the data released by the National Development and Reform Commission (NDRC) said.




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Braskem initiates anti dumping investigation into PP imports from India, S Korea, S Africa

Brazils’ Federal Secretary of Foreign Trade (Secex) has opened an anti-dumping investigation into imports of polypropylene resin from India, South Korea and South Africa, following a complaint from loocal petrochemical giant Braskem that it's being harmed by low-cost imports, as per Plastics News.




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Asia cracking demand for butane eases as price of naphtha falls

Demand for butane from Asian cracker operators weakened this week as prices of naphtha, which is a widely preferred feedstock for petrochemical production, are on a downtrend, as per ICIS. Butane has lost its price advantage for cracker operators at the current US$7-10/ton (€5-8/ton) cheaper price than naphtha, against the acceptable price gap of at least US$50/ton.




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Kuraray breaks ground on a greenfield polyvinyl alcohol plant in La Porte

Kuraray America Inc. is expanding its Houston presence in more ways the one, says George Avdey, the company's president and CEO. The Houston-based branch of Japanese chemical company Kuraray Co. Ltd. is breaking ground on a greenfield polyvinyl alcohol plant in La Porte, as per Houston Business.




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Sebi passes consent order in the matter of Nova Petrochemicals

Capital market watchdog Sebi (Securities and Exchange Board of India) settled charges of non-compliance of disclosure norms against CIL Nova Petrochemicals and GSL Nova Petrochemicals after the compannies paid a total of Rs 10 lakh in settlement charges, as per Economic Times.




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Asian PVC trades at a discount in Turkey compared to China

Asian PVC offers to Turkey have been falling in line with the global downturn, as per ChemOrbis. However, PVC offers from the region have started to be made almost at par with China in Turkey, althouggh they should carry a premium due to the freight difference under normal circumstances.




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Asia to drive growth within the geotextiles industry

The geotextiles market has been estimated to increase at a compound annual growth rate (CAGR) of approximately 11% over the next five years, rising from a valuation of US$3.8 billion recorded in 2012,, to hit a market value of US$6.




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Kuraray to break ground on a greenfield Kuraray Poval (PVOH) plant

Kuraray will break ground on a greenfield Kuraray Poval (PVOH) plant located in La Porte, Texas. This new plant will add to Kuraray’s vast portfolio of manufacturing in the United States, including EVVAL (ethylene vinyl acetate) and SEPTON (co-block thermo-elastomers).




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Naphtha price in Asia rebounds from a near nine-month low, margin spike

Naphtha in Asia rebounded from a near nine-month low on Tuesday to reach a two-session high of US$890/ton, while its margin touched a six-session high of US$101.60/ton, supported by demand, as per Reuuters.




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PP prices resume downward trend in China, import still hold premium over local

PP prices resumed their downward trend after the recent holidays in China following the significant recent losses in energy markets, as per ChemOrbis. Import prices are facing additional downward preessure from the local market as local cargoes continue to trade at a discount from imports, pushing many buyers away from the import market.



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ORPIC in talks with local banks to raise US$2.5 bln for Sohar refinery expansion, refinance of previous loan

Oman Oil Refineries and Petrochemical Companies (ORPIC) is in talks with two local banks to raise US$2.5 bln to expand its Sohar refinery and refinance a previous loan, as per Reuters. The state-ownedd petrochem major is talking to National Bank of Oman and HSBC Oman to raise the amount.




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