Reliance's VCM plant in unplanned shutdown

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

Ineos Nova to shutter polystyrene plant

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

Mitsubishi Chemical to invest 1.6 bln yen in Thailand, India

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

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

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

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

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

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Siam Cement, Dow to build petrochemical plant

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

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

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Basell acquires PP compound maker Solvay Engineered Polymers

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

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BASF to raise plasticizer capacity at Ludwigshafen

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

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US REACH Conference to reflect response to EU Chemicals Legislation

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

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Surging naphtha prices affect bottom line of ethylene makers

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

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

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

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World Cumene/Phenol and Polycarbonate Analysis

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

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Global Styrene market in the midst of change

The imminent start up of the first of a series of new cost advantaged Middle Eastern styrene units is expected to change the status quo in the styrene market, as per a report by Chemical Market Associates, Inc. (CMAI).

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Columbia to set up integrated petrochemical and plastic cluster by 2010

Ten Colombian and overseas companies will be part of an integrated petrochemical and plastic cluster at an investment outlay of $150000 mln. The initial investment of US$150 mln will be spent on construction of infrastructure. By 2010, an additional US$50 mln investment will be needed for the plants of locators, which includes Sanford, Aditivos y Servicios Industriales, Surtiminas, Plasticos Rimax, Truher, Ciplas, Glormed Colombia and Polibarq.

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Gazprom's petrochem arm signs JV with Dow to set up JV

Gazprom's petrochemical division, Sibur Holding, has signed a memorandum of understanding (MOU) to set up a joint venture with Dow Chemicals. The deal will allow the Russian company access to new petrochemical facilities set up by Dow in Germany.

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ABS

Market for ABS remained lackluster and stagnated at US$1770/MT in Asia in the week of November 26, 2007 as buyers preferred to wait and watch. This stagnancy in the market was despite low levels of buying from China, and unrelenting supplier offers on the back of rising costs of feedstock butadiene and ACN. Buyers want to benefit from a cut in import tariffs from 1 January, 2008, hence they are deferring purchases until the New Year.

PS

Restrained demand from buyers pressured downward market movement in Asia, as prices dipped to US$1470/MT in Asia in the week of November 26, 2007. Buyers preferred to wait and watch in anticipation of downward adjustment of market prices despite rising upstream naphtha and SM values. Very few deals were concluded as the gap between suppliers' prices and buying intentions widened.

POLYMERS - PVC

PVC markets were lackluster and stagnated at US$955/MT in Asia in the week of November 26, 2007, on lack of movement in the market. Interestingly, buying interest from China this week was perceived better than the previous few weeks as buyers began restocking. Japanese suppliers continue to offer material at higher values than Taiwanese major despite low bids from China. Chinese buyers continue seeking a further down-adjustment in prices in line with Formosa's offers despite a downward revision of prices. PVC prices are anticipated to bottom out in November, after which they will head north, on expected revival of demand from China, as buyers build up their inventories from December prior to starting long Lunar new year holiday. Demand from non Asian countries also improved this month.

POLYMERS - Polypropylene

Polypropylene prices spiked to US$1420/MT in Asia in the week of November 26, 2007 on the back of limited availabilities in the region. Offers from Indian producers as well as South East Asian suppliers were heard upto US$1430/MT CFR China for yarn and injection grade and at US$1450/MT CFR China for IPP grade. Prices are anticipated to rise in the weeks of December 2007 as most sellers have held onto firm offers in anticipation of further hike in prices.

POLYMERS - LLDPE

LLDPE prices rose to US$1480/MT in Asia in the week of November 26, in line with optimistic HDPE market, as well as persistently tight supplies

POLYMERS - HDPE

Robust market demand has triggered a rise in HDPE prices to US$1490/MT in Asia in the week of November 26, 2007. Deals for film grade for December shipment were heard concluded between US$1480-1500/MT and deals for yarn grade were accomplished US$1470-1480/MT CFR China.

STYRENE MONOMER

Styrene Monomer prices dipped to US$1380/MT in Asia in the week of November 26, 2007, induced by bearish upstream benzene market. Some deals were heard concluded at US$1370/MT FOB Korea. Benzene prices dipped to US$1025/MT in Asia despite bullish crude oil and naphtha values, as buyers adopted a wait and watch policy.

FEEDSTOCK - PROPYLENE

Propylene prices sustained at last weeks' levels of US$1100/MT in Asia in the week of November 26, 2007. The markets remained lackluster as buyers and sellers refrained from activity due to bullish downstream PP prices. An unexpected shutdown of SamsungTotal's naphtha cracker had limited effect on Asian propylene prices; as Samsung Total also closed its downstream PP plant, restricting demand.

FEEDSTOCK - ETHYLENE

Ethylene prices stagnated at US$1190/MT in Asia in the week of November 26, 2007 despite a short supply situation caused by an unplanned outage declared at Samsung Total's naphtha cracker. An incessant influx of cargo from the Middle East, causing a supply glut, has been mainly responsible for the stagnancy in the market. SamsungTotal's 850,000 tpa naphtha-cracking unit is estimated to remain closed for over a week due to compressor problem. The outage has, however, has had limited influence over the ethylene market of Northeast Asia, as the company had already lowered the run rates at its cracker and reduced exports.

FEEDSTOCK - EDC

EDC prices in Asia dipped to US$410/MT in Asia in the week of November 26, 2007 on bearish market sentiments. The subdued EDC market sentiments were caused by an influx of cheap deep-sea cargoes as well as restrained demand from vinyl producers. Buying bids that have dipped even lower have caused Taiwan's Formosa to suspend December EDC offers.

FEEDSTOCK - VCM

Opposition from downstream Chinese buyers has caused VCM prices to slip further in Asia to US$750/MT in the week of November 26, 2007. VCM producers from Japan were forced to down-adjust November offers to US$740/MT CFR Japan indicating sluggish Chinese PVC market. In the tussle that ensued between buying interest and sellers' bids, the Chinese PVC makers finally accepted the price of US$750-760/MT CFR China.

NAPHTHA

Naphtha prices in Asia had a robust gain of almost thirty dollars, as they spiked to levels above US$860/MT CNF Japan in the week of November 26, 2007. This spurt in prices is in line with rising crude oil prices.

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

SUMMARY Crude oil prices have risen to near US$98 a barrel as the weather gets colder in the United States and Europe, and the US dollar continues to weaken. Naphtha prices spiked by thirty dollars- in line with robust crude prices. VCM prices dipped in line with diminishing downstream PVC demand, while EDC prices dipped on bearish market sentiments. Ethylene markets stagnated as an influx of cargo from the Middle East has led to a situation of abundant supply. Propylene prices stagnated as buyers and sellers refrained from activity due to bullish downstream PP markets. Styrene Monomer prices dipped on bearish upstream benzene markets.Propped by strong demand from China, HDPE prices continued to rise and LLDPE rose in line with optimistic HDPE market. LDPE and PP markets have gained strength on the back of limited availability. PVC prices stagnated on the lack of movement in the market. Restrained demand from GPPS buyers have pressured downward market movement in Asia while ABS markets stagnated as buyers preferred to wait and watch.
CRUDE OIL Crude oil prices have risen to near US$98 a barrel as the weather gets colder in the United States and Europe, and the US dollar continues to weaken. The dollar hit a new low against the Euro on Friday as speculation continued that the American credit crisis will lead to another cut in US interest rates. The onset of the Northern Hemisphere winter will boost fuel demand and continue to exert pressure on oil prices. Crude oil futures jumped up last week and closed at all time high of US$98.18 per barrel in the New York Mercantile Exchange, midmorning in Singapore.

Huntsman to invest in new line to produce specialist high performance TPU g...

To meet increasing customer demand especially in Asia, Eastern Europe and the Middle East; Huntsman Corporation plans to invest in expansion of capacity at its Osnabrück, Germany TPU facility with a new line to produce specialist high performance TPU grades.

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Mauritius based Chatterjee Petrochem approaches Supreme Court for HPL case

The Haldia Petrochemical case has taken a new direction - as Chatterjee Petrochem (Mauritius) Company has approached the Supreme Court with reference to the case. A bench headed by Justice Ashok Bhan while issuing notice to HPL, WBIDC, West Bengal government, IOC, Purnendu Chatterjee, IDBI, Chatterjee Petrochem, Winstar India Investment Company and India Trade (Mauritius) Ltd.

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Oil prices rise US$99 a barrel level as weather gets colder and the dollar ...

Oil prices have risen to near US$99 a barrel as weather gets colder in the United States and Europe, and the US dollar continues to weaker. The onset of the Northern Hemisphere winter will boost fuel demand and continue to exert pressure on oil prices. Light, sweet crude for January delivery rose to US$98.76 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore

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Iran's National Petrochemical Company buys PE plant in the Philippines

Iran's National Petrochemical Company is reported to have acquired a HDPE and LDPE polyethylene unit in the Philippines, with an annual production capacity of 220,000 tons. The unit, valued at over €300 mln, will export its products to Europe.

US$6 bln syndicated fund-raising by Saudi Kayan draws interest from major C...

A US$6 billion syndicated fund-raising by Saudi Kayan Petrochemicals Co. (35% owned by Saudi Basic Industries Corp.) to finance a petrochemicals complex has drawn strong interest from major Chinese banks, including Bank of China Ltd. and China Construction Bank Corp.

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Change on the cards for Indonesia's PTA industry

Indonesia has five major producers of purified terephthalic acid (PTA). Indonesia's PTA industry is poised for change.

State-owned Pertamina, having PTA capacity of 275,000 tpa, has temporarily suspended its PTA related activities and is expected to shut down all facilities very shortly.

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Gazprom plans petrochemical expansion

Russia's Gazprom plans to increase production of gas chemicals, plastics and fertilizers through its various subsidiaries. By 2015, Gazprom's units plan to increase ethylene capacity by 350% to 7.66 mln tpa, and plastics capacity to 1.7 mln tpa from 470,000 tpa.

Oil prices ricochet to US$97 after peaking near US$100

After peaking near US$100 a barrel, oil prices eased on concerns over weak crude supplies and the falling dollar. Investors took a cautious stance to protect their positions since US floor trading was shut on Thursday on account of the Thanksgiving holiday.

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ExxonMobil Chemical invests in its specialty elastomers portfolio in China

ExxonMobil Chemical has made several customer-focused investments for its specialty elastomers portfolio in the rapidly growing Asia Pacific region. Customers in mainland China can now buy the full portfolio of Santoprene™ thermoplastic vulcanizates from inventory stocked in China using local currency. Other ExxonMobil brands such as Vistamaxx™, Vistalon™ and Exact™ specialty elastomers are also available.

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Turkey will start handing over petrochemical firm Petkim

Turkey will start to hand over petrochemical firm Petkim to the winners of a sale tender, upon approval of the sale by the High Board of Privatisation. The Competition Board has already approved the sale of the 51% stake to the second highest bidder in a July tender - a consortium of Azeri energy firm Socar, Saudi-based Injaz Projects and Turkey's Turcas with a US$2.04 bln bid.

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Compostable plastic from nanoengineered PLA to meet demand of high-temperat...

Compostable plastic from nanoengineered polylactic acid (PLA) has been designed to meet the demands of high-temperature thermoforming packaging. This high-temperature resistant CP-TH-6000 is being marketed by Cereplast at a price lower than conventional styrenic thermoformed resin.

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World's lightest polyethylene terephthalate (PET) bottle

In a bid to counter sky rocketing oil prices that have catapulted prices of packaging sky high, an 8.8 gm 500 ml PET bottle has been introduced. With the introduction of this 8.8 gm 500 ml bottle, Krones has set new standards for the world's lightest PET container in the 0.5-l class.

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Marubeni divests stake in JG Summit

In line with Marubeni's select and concentrate policy for its petrochemical and chemical operations, Japan's Marubeni Corp. has divested its 17.72% stake in JG Summit Petrochemical to the latter's parent firm JG Summit Holdings. JG Summit Petrochemical is a Philippines based polyolefin manufacturer. Marubeni, a Japanese trading house, is also dissolving non-core businesses.

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Dow Europe increases price of PE and PP resins, PS products

With effect from December 1, 2007, or as contract terms allow, Dow will increase prices in Europe by 50 Euro per metric ton for all grades of its low-density polyethylene (LDPE) resins and high -density polyethylene (HDPE) resins, DOWLEX™ polyethylene resins, ATTANE™ ultra low density polyethylene (ULDPE) copolymers, ELITE™ enhanced polyethylene resins and ASPUN™ fiber grade resins.

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Russia plans strategic program for chemical, petrochemical sectors

The Russian government has approved of a strategy for the development of the chemical and petrochemical industries up to 2015. The government has approved the basic provision of the strategy, and the document should be officially endorsed before 2008. The Industry and Energy Ministry have been tasked with taking into account issues discussed at the government session, endorsing the strategy after that, and reporting to the government about the issues in Q1-08.

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Brazil's naphtha based crackers to shutdown for scheduled maintenance in 20...

Three of Brazil's naphtha based crackers plan to shutdown for scheduled maintenance in 2008 for maintenance and capacity expansion. The only producer that does not have a scheduled shutdown is Rio Polímeros, with gas based production.

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New LCP meets needs for ultra-low warpage in thinner electronic part design...

A new grade of LCP liquid crystal polymer has been introduced by DuPont™. Zenite® LCP liquid crystal polymer meets needs for ultra-low warpage in the thinner part designs used in ever smaller electronic devices.

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PetroChina Daqing uses UNIPOL ™ PE Process to become first Metallocene LLDP...

PetroChina Daqing Petrochemical Company has achieved the distinction of being the first polyethylene producer in China to manufacture XCAT(TM) Metallocene LLDPE using Univation's proprietary technology and catalyst. Univation's metallocene LLDPE products offer superior strength, puncture resistance and excellent sealing properties which make it particularly well-suited for advanced packaging applications. Daqing, the first plant in China to utilize Univation's UNIPOL PE technology, has been operating the facility successfully for nearly 20 years. With very minor modifications the plant produced state-of-the-art metallocene LLDPE products using Univation's XCAT HP-100 Catalyst.

Albemarle to expand polyolefin catalyst production at new unit

To meet rising demand for catalysts from the world's polyolefin manufacturers, Albemarle - global manufacturer and supplier of catalysts, will double manufacturing capacity for specialty polymer catalysts and components. Capacity will be increased primarily through the construction of a new catalyst manufacturing unit at Albemarle's Process Development Center in Baton Rouge.
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Chemplast Sanmar secures EDC supplies for PVC production

Chemplast Sanmar operated its 65,000 ton PVC plant below full capacity last year, producing 10,000 tons of PVC resin. This shortfall in production was caused by unavailability of ethylene di chloride (EDC), a key raw material. The company is currently adding 2,00,000 tons to its existing capacity, expected to go onstream in June 2008. This expansion makes it inevitable for the company to ensure availability of raw materials at all times, for which few plans are on the cards.

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Oil prices breach US$98 a barrel

World oil prices spiked past US$98 a barrel, touching record highs, amid supply concerns and weakening of the US dollar against other major currencies. New York's main oil futures contract, light sweet crude for January delivery, rose to US$98.03 per barrel. Brent North Sea crude for January delivery surged 3.21 dollars to settle at US$95.49 per barrel in London.

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Union Carbide to suspend PP production at Louisiana

The Dow Chemical Company (TDCC)'s wholly-owned subsidiary - Union Carbide Corporation (UCC), plans to suspend production at its polypropylene manufacturing facility at St. Charles Operations in Norco, Louisiana, in anticipation of an expected decision to shut down the facility by year end. The anticipated shutdown of the facility will impact approximately 60 employees. It is expected that a large majority of those employees will be redeployed to other roles at St. Charles Operations.

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December naphtha exports from India to dip below 1 mln tons

December naphtha exports from India will dip to levels below 1 mln tons due to a reduction by Indian Oil Corp (IOC). IOC plans a 30% reduction in naphtha exports in December from its usual monthly volume of 180,000 tons, as it plans to divert the fuel for domestic demand.

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SABIC Innovative Plastics' specialty compounds expansion to help electronic...

SABIC Innovative Plastics will expand its LNP* Faradex* family of specialty compounds to help electronics manufacturers achieve lighter-weight, thinner-wall housings with enhanced shielding capability. SABIC Innovative Plastics' new LNP Faradex compounds can deliver better electromagnetic interference/radio frequency interference (EMI/RFI) shielding performance without increasing their loading of stainless steel fibers, thereby keeping costs and part weight down.

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HPCL to invest US$4.5 bln by 2012 on exploration, gas marketing and petroch...

India's state-run refiner Hindustan Petroleum Corp Ltd. plans to invest about US$4.5 bln by 2012, including on exploration, gas marketing and petrochemicals. HPCL, which runs two refineries with a total capacity of 260,000 bpd, plans to invest about US$1 billion for exploration and production over the next five years.

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Hanwha (L&C) Corp acquisition plan of AZDEL to expand its offering of compo...

Hanwha Living & Creative (L&C) Corporation has finalized the acquisition of AZDEL Inc, thus expanding its offering of composite and advanced material solutions for transportation and industrial segments. AZDEL Inc., a 50/50 joint venture between SABIC Innovative Plastics (formerly GE Plastics) and PPG Industries, manufactures high performance thermoplastic composites designed for both interior and exterior applications across many different industries. Major segments served include automotive, heavy truck, recreational vehicles, industrial and other transportation applications.

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India likely to get FDI in petrochemical sector from Singapore

Several companies based in Singapore have expressed an interest in setting up petrochemicals plants in the planned petroleum hubs in India, especially on the east coast. India is likely to see huge foreign direct investment (FDI) in petrochemical sector from Singapore. Singapore's total investments in 2006 amounted to US$620 mln which comprises 5.6% of all FDI into India.

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INVISTA to commence nylon 6,6 intermediates and polymer production in Shang...

INVISTA Intermediates' Land Reservation Agreement with the Shanghai Chemical Industry Park Development Company will result in construction of a production plant at the Shanghai Chemical Industrial Park to meet the region's demand for nylon 6,6 intermediates and polymer. Preparation work for environmental impact assessment and report project application report has been initiated. Both these reports are important steps in the establishment of the new plant. The plant is expected to commence production in phases beginning 2010.

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POLYMERS - ABS

ABS prices in Asia rose to US$1770/MT in the week of November 19, 2007, caused by rising cost pressures. Offers for December are anticipated to see a rise despite lackluster buying interest from China on strengthening demand. This demand is expected to pick up as processors will replenish currently low levels of stocks before the Lunar New Year holidays.

POLYMERS - GPPS

GPPS prices stagnated at US$1480/MT in Asia in the week of November 19, 2007, on slow market movement as the Chinese buyers adopted a wait and watch policy. Buyers from China prefered to exercise caution as domestic demand is maintained at weaker levels. However, increasing gains in feedstock styrene monomer prices is anticipated to trigger a rise in supplier offers. Demand in China is anticipated to elevate in the month of December, just before the advent of the Lunar New Year holidays.

POLYMERS - PVC

PVC prices dipped to US$955/MT in Asia in the week of November 19, 2007, triggered mainly by a dip in offers from Taiwan's Formosa, on the back of weak demand from China. Interestingly, increasing cost pressures have cornered the Japanese players into hiking December PVC quotes to US$990/MT CFR China. Japanese PVC producers usually buy feedstock ethylene on a naphtha-based pricing formula hence surging naphtha values have set off cost pressures.

POLYMERS - Polypropylene

Polypropylene prices rose to US$1410/MT in Asia in the week of November 19, 2007, as most big suppliers hiked offers for December shipment. Offers from South Korea's Daelim were twenty dollars higher for yarn/injection grade. No offers were heard from Honam Petrochemicals, though a selling bid was indicated at US$1400 level CFR China for yarn/injection grade, coupled with tight supplies for IPP grade. A suspension of PP offers for December shipment was announced by the Indian players after conclusion of few deals at around US$1380/MT BWT China, in anticipation of a hike in for fresh offers.

POLYMERS - LLDPE

LLDPE markets remained strong at US$1470/MT on the back of tight availabilities in Asia in the week of November 19, 2007. A sharp hike of over twenty dollars was seen in offers by Taiwan's Formosa, as well as for Saudi Arabian cargo. Some Chinese traders sharply hiked LLDPE offers to US$1480-1510/MT at a bonded warehouse in Tianjin port. BWT offers for Canadian LLDPE lots were recently quoted at US$1480/MT

POLYMERS - LDPE

LDPE market has gained strength on the back of limited availability, pushing prices up to US$1620/MT in Asia in the week of November 19, 2007. Offers for December shipment from South Korea as well as Middle East have seen a rise. Anticipation of a further price hike has led suppliers to hold on, causing a scarcity of deals in the absence of supplier quotes.

POLYMERS - HDPE

Propped by strong demand from China, HDPE prices continued on their march northwards, rising to US$1480/MT in Asia in the week of November 19, 2007. Offers for late December shipment from Taiwan, Thailand and South Korea have hovered around the US$1500 mark. If the upstream ethylene market continues to gain in strength, HDPE prices will cross US$1,500/MT in December.

FEEDSTOCK - STYRENE MONOMER

Styrene Monomer prices firmed up to US$1390/MT in Asia in the week of November 19, 2007 on the back of emergent demand. Prices witnessed a dip by about ten dollars midweek, but was boosted on robust buying sentiments. Meanwhile, benzene prices in Asia dipped to US$1040/MT in line with dipping crude oil and naphtha prices.

FEEDSTOCK - PROPYLENE

As demand from downstream Polypropylene producers intensified in Asia, propylene prices rose to US$1105/MT in the week of November 19, 2007. Demand from downstream PP producers was seen firm last week and FOB Korea prices went up to above USD1090/MT FOB Korea level. Propylene supply across Asia remained tight due to short supplies despite the restart of Taiwan's Formosa 900,000 tpa no.2 naphtha cracker at Mailiao as demand from downstream PP producers was seen firm.

FEEDSTOCK - ETHYLENE

Ethylene prices in Asia stagnated at last week's US$1190/MT in the week of November 19, 2007, despite higher bids from Chinese buyers that rose concurrently with growing demand from China. Markets did not move much as buying sentiments from South Korea and Taiwan remained weaker at US$1200/MT CFR level. Buying sentiments in Taiwan were dampened by operation of Formosa's no.2 naphtha cracker at near full rate. Optimistic demand from domestic downstream producers has led to a cutback in exports by South Korean suppliers. Ethylene supply has also been affected by two shutdowns: The unplanned shutdown at PT Chandra Asri's PE plant due to which the Indonesian company has kept run rates at 75-80% capacity at its recently expanded 590,000 tpa naphtha cracker in AnyerJapan's Nippon Petrochemicals Co. Ltd. 404,000 tpa cracker at Kawasaki that is closed due to outage on Nov 9.

FEEDSTOCK - EDC

Arrival of deep sea cargoes form USA and Brazil have caused an EDC supply glut in Asia. This has pressured prices to stagnate at US$415/MT in Asia in the week of November 19, 2007 as buying interest from Chinese vinyl producers remained sluggish due to low domestic PVC prices.

FEEDSTOCK - VCM

Weak demand from downstream PVC markets of China have led VCM prices to dip to US$760/MT in Asia in the week of November 19, 2007. Strong price resistance from Chinese PVC makers has led to downward adjustment of VCM prices. Despite this, the gap widened between sellers offers and buying bids that continue to remain at US$700/MT levels.

NAPHTHA

Naphtha prices in Asia dipped in line with falling crude values to US$825/MT CNF Japan for the week of November 19, 2007. In fact, naphtha values dipped as low as US$815/MT earlier this week, before they settled at US$825/MT.

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

CRUDE OIL Crude oil prices dipped to mid US$95 levels this week from last week's US$96.32. An unexpected rise in US weekly stockpiles amid speculation of reduced demand has triggered a crude oil price dip to US$95.1 a barrel for December delivery on the New York Mercantile Exchange.

Naphtha production down by 10,000 tons on hydrocracker shutdown at MRPL

India's Mangalore Refinery and Petrochemicals Ltd (MRPL) has shut its 21,000 bpd hydrocracker for planned maintenance for a period of 32-35 days until mid December. The closure will increase exports of high sulphur diesel by 40,000 tons over the closure period, and lead to a similar sized fall in superior grade mid-distillate at MRPL's 194,000 bpd coastal refinery in the southern Karnataka state.

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European plastic and rubber machine industry output up by 6.4%

The European plastic and rubber machinery industry represented by EUROMAP generated a turnover of €15.7 bln in 2006. The industry's output, made up for the previous year's decline, with output that was up by 6.4% overall. Exports increased, attaining a growth of 9.2% and at the same time, the export ratio rose to 68.2%. Sales continued to improve in H1-07.

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Equate 2 to commence operation in September 2008

Kuwait's Equate Petrochemical Company plans to commence operation in September 2008 at its Equate 2 mega petrochem project, at an investment outlay of US$ 2.5 bln- funded by local, regional and international banks. The project is based on the production of basic nylon materials, polyethylene, polypropylene and glycol, which are used in making polyester and nylon.

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Depreciating dollar catapults oil prices to midUS$94

Concerns expressed by few OPEC members about the effect of the depreciating US dollar on their revenues, coupled by doubts over a possible output hike by OPEC to ease tight supplies, has caused an oil price hike. OPEC members are considering converting their cash reserves to the euro and away from the "worthless" U.S. dollar that has eroded the value of their reserves.

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Siam Cement Group to invest US$3.7 bln in petrochemical complex in Vietnam

Siam Cement Group (SCG-owned by Thailand's Royal family) plans to invest US$3.7 bln into the Petrochemical Complex Project in Long Son, in the southern coastal province of Ba Ria-Vung Tau- Vietnam.

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Turkmenistan to hold tender for new petrochemical plant

Sometime this year, Turkmenistan will hold a tender this year to build a petrochemical plant with a processing capacity of 3 mln tpa of oil and 3 bln mtrs of gas, extending the invitation to both domestic and foreign companies. The petrochemical complex is planned to be located in the east of the country.

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Qatar Petroleum plans MOU with CNPC to construct petrochem plant in China

In a bid to secure customers for its gas output, Qatar- the world's third-largest gas reserve holder, plans to sign a memorandum of understanding (MOU) with China National Petroleum Corporation (CNPC). This MOU is to be signed next year for the construction of a petrochemicals plant in China.

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Sterling Chemicals to exit styrene business

In a bid to pursue other strategic initiatives, Sterling Chemicals Inc. plans to exit its styrene business. The closure costs of the styrene facility are expected to be between US$10-15 mln, which include the payment of employee severance costs and decommissioning costs.

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Total commences 3 week revamp at toluene unit located at Texas refinery

Total Petrochemicals USA started a 3 week revamp of a toluene disproportionation (TDP) unit at its 232,000 bpd in Port Arthur, Texas. Benzene and paraxylene are made from toluene at a TDP unit. The unit is estimated to be shut until Dec. 9 for an overhaul that will include working on the concrete refractory lining the inside of the catalyst chamber.

Equipolymers Completes Re-vamping of Ottana PET Train

Equipolymers has completed the construction of a state-of-the-art polycondensation line for the production and manufacture of PET (polyethylene terephthalate) at its production centre in Ottana, Italy. The new production facility started production on 1st November 2007.
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OPEC meets frets over soaring oil prices

Oil futures, which have more than tripled in price in four years, closed at US$95.10 a barrel in New York on Friday. As oil prices hover around US$95 a barrel, without majorly affecting global demand, OPEC members are reaping record revenues, as the world economy seems capable of sustaining record high oil prices.
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Supreme Court dismisses petitions challenging acquisition of land for Chenn...

The Supreme Court has dismissed a batch of petitions challenging acquisition of land for the Rs.30,000-crore petrochemical park at Ennore near Chennai, observing that implementation of the project will be in public interest. It would provide direct employment to about 10,000 engineers and technically qualified persons and indirect job opportunity to over 25,000 people.

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BP and Japanese trading firms show interest in paraxylene from MRPL project

UK's BP, Swiss firm Kolmar Petrochemicals, Mitsubishi Corp, Marubeni Corp and Mitsui & Co have shown interest in buying paraxylene from a planned project by Mangalore Refinery and Petrochemicals Ltd (MRPL). Paraxylene is a raw material used to make polyester and plastics. MRPL will finalise the buyer in the next six months.

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PolyOne to acquire specialty thermoplastic elastomer compound maker GLS Cor...

PolyOne Corp. has signed a definitive agreement to acquire GLS Corp., a provider of specialty thermoplastic elastomer compounds. GLS is a privately-held company owned by the Dehmlow family, based in McHenry, Ill., and has manufacturing facilities in Illinois and Suzhou, China. The acquisition of GLS will give Polyone access to new customers in specialized, high-growth markets such as healthcare and electronics which are additional cross-selling opportunities.

ExxonMobil invests for specialty elastomer growth in China and Asia Pacific

ExxonMobil Chemical Company has recently made a number of customer-focused investments for its specialty elastomers portfolio in the rapidly growing Asia Pacific region. Customers in mainland China can now buy the full portfolio of Santoprene™ thermoplastic vulcanizates (TPVs) from inventory stocked in China using local currency. Other ExxonMobil brands such as Vistamaxx™, Vistalon™ and Exact™ specialty elastomers are also available.

Thai Vinythai abandons plan to acquire assets of rival Apex

Thailand's second largest polyvinyl chloride producer -Vinythai PCL has dropped plans to buy a factory and other assets of rival APEX Petrochemical Co. As per Vinythai, APEX did not fulfill some undisclosed conditions for the 3.25 billion baht deal announced in August. Vinythai is 50% owned by Belgium's Solvay SA. The purchase of a factory and machines from APEX would have raised Vinythai's PVC annual capacity to 330,000 tons from 210,000 tons.

PetroChina Lanzhou Petrochemical is China's first facility to utilize KBR's...

KBR has successfully met all contractual obligations related to the Lanzhou ethylene plant (owned and operated by the PetroChina Lanzhou Petrochemical Company with a total ethylene capacity of 600,000 tpa.) This milestone represents the first facility in China to utilize KBR's proprietary SCORE (Selective Cracking Optimum REcovery) technology for furnace cracking and recovery sections.
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Emerson selected main instrument provider for China's largest integrated re...

Emerson Process Management, a business unit of Emerson, has been selected as the main instrument provider for China's largest ever integrated refinery and petrochemical project - the Dushanzi Petrochemical Corp. oil refining and ethylene project. Emerson's Austin, Texas-based Process Management unit will supply the project with more than 25,000 Rosemount instruments, about 2,500 FIELDVUE DVC6000 HART smart positioners, 2,000 Fisher control valves, and more than 400 Micro Motion Coriolis meters.
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Dow Polyurethanes to acquire 100% stake in Thai venture

Dow Polyurethanes, a business group of The Dow Chemical Company (Dow), will acquire balance 51% stake of Pacific Plastics (Thailand) Limited (PPTL). PPTL is a joint venture between Dow, Siam Cement Group (SCG) and two other minority partners. PPTL represents ownership of the polyols and polyurethane systems facility located in Map Ta Phut, Thailand.
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Royal DSM to invest in 25% expansion of Dyneema UD production

Increasing demand from USA has led Royal DSM N.V., the Dutch company to plan to invest an unspecified amount to expand capacity of Dyneema UD (unidirectional bullet-resistant sheet material) by 25% at its Greenville manufacturing facility. The new line is expected to come online in mid-2008.
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DuPont to invest US$500 mln in multi-phase expansion

In a bid to meet growing global demand for Kevlar due to increased needs for safety and security, DuPont Advanced Fiber Systems plans to invest over US$500 mln in a multi-phase expansion project for its trademarked Kevlar-brand para-aramid fiber.

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BASF acquires stake in PBT joint venture in Europe

PBT joint venture- BASF GE Schwarzheide GmbH & Co. KG. The shares will be transferred on December 31, 2007, subject to approval by the relevant authorities. The transfer of the shares will not have any effects for the employees since those working in the joint venture are already personnel of BASF Schwarzheide GmbH, the joint venture's general partner.
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Basell and ConocoPhillips extend PP marketing contract

Basell and ConocoPhillips have signed a new long-term contract for Basell to exclusively market the polypropylene produced at ConocoPhillips' Linden, New Jersey plant. Basell has been the exclusive marketer of polypropylene produced at this facility since it first began operations in 2003.

Sterling Chemicals to close styrene plant at Texas

Sterling Chemicals Inc. has decided to shutter its Texas City styrene business and is pursuing other "strategic initiatives" that would allow it to retain many of the styrene plant's employees. The company's acetic acid and plasticizers businesses are not affected by the closure. Closure costs for the plant are estimated at between US$10-15 mln.

S Korean producers consider butane as alternative feedstock to naphtha

As naphtha prices touch record highs, petrochemical producers in South Korea are considering switching to butane as an alternative feedstock. The key open-spec naphtha contract for H2-December quoted at US$822.50/ton this week, while butane is being quoted at around US$755/ton. Asian petrochemical producers usually start to switch to butane when its prices reach 90-95% of naphtha values.

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US Treasury implements sanctions against Belarus' largest petrochemical con...

The US Treasury is to implement sanctions against Belarus's biggest petrochemical conglomerate, as it is controlled by the country's "oppressive" president. The US government has been critical of President Alexander Lukashenko's leadership of the ex-Soviet Republic for almost a decade.

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ExxonMobil to focus chemical investments in Middle East, Asia

Lower production costs and expanding economies have supported a decision by ExxonMobil Corp to focus its chemical investments in the Middle East and Asia. The developing economies of these regions are expanding over three times faster than the United States. As per an estimate by IMF, Asia's developing economies, excluding Japan, are expected to grow at 9.8% this year.

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Formosa resumes production at No.2 ethylene plant

Formosa Petrochemical Corp. has resumed production at its No. 2 ethylene plant in Mailiao shut since September 26. Formosa has restarted the facility on November 8. after 44 days of maintenance. Formosa Petrochemical cut naphtha purchases and supplies of ethylene from its 1.03 mln tpa unit because of the shutdown. After the restart, naphtha demand and ethylene supplies have returned to normal.

Talks on to expand US$10 bln PetroRabigh

Saudi Aramco and Sumitomo Chemicals are in talks to expand their US$10 billion joint venture Rabigh Refining and Petrochemical Co. (PetroRabigh), in a bid to add new product lines to the complex. PetroRabigh is estimated to start commercial operations in Q4-08, and is planning an IPO next year to sell a 25% stake open only to Saudi nationals. An early share sale would raise cash and help offset rising project costs.

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Marginal rise in oil prices after two days of losses

Oil prices recorded a marginal rise in prices, on Wednesday, springing back from two sessions of consecutive losses. Last two days saw prices dipping below record highs, on expectations that US inventory data will show a fall for a fourth straight week. US light crude for December delivery rose to US$91.42 a barrel by 0158 GMT, after dropping more than 3.5% on Tuesday.

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Mitsui subsidiary to set up PP compounded resin facility in India

Mitsui Prime Advanced Composites India - , a wholly owned subsidiary of the multinational Japanese company Mitsui Chemicals Inc, has announced a new manufacturing facility for polypropylene compounded resins, with support from Rajasthan State Industrial Development and Investment Corporation (RIICO).

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PEEK-OPTIMA® to be used for the development of an implantable port access s...

Fresenius Kabi, a leading german provider of infusion therapies and clinical nutrition, has specified PEEK-OPTIMA® polymer from Invibio for the development of an implantable port access system. Fresenius Kabi selected high performance PEEK-OPTIMA polymer for the housing and the supporter ring due to its unique combination of biocompatibility, mechanical properties and processing capabilities.

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New HDPE resins for automotive fuel tanks offer enhanced resistance to bio-...

Basell has developed new patented Lupolen high density polyethylene (HDPE) resins for use in automotive plastic fuel tanks with enhanced resistance to bio-diesels. Commercialisation of these grades is expected in Europe in early 2008. The company anticipates that these new grades can also offer customers good processability and an excellent balance of properties.

Thai PTTCH plans maintenance shutdowns in 2008

Thailand's largest olefins maker PTT Chemical PCL (PTTCH), plans the following shutdowns:* Propylene unit for 30 days in Q2-2008.* Mono ethylene glycol (MEG) plant for 35 days in Q3-08, for capacity expansion by 95,000 tons from 300,000 tons

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Second highest bidder awarded tender for privatization of Petkim

Turkey's Competition Board has approved the sale of state-run petrochemicals company Petkim to the second highest bidder in a July tender. A consortium of the Azerbaijani oil company Socar, Turkey's Turcas and Saudi-based Injaz Projects had made the second highest bid of US$2.04 bln (€1.39 bln) for a 51% stake in the company. The Competition Board's decision is subject to approval by the Privatization Board for the takeover to be finalized.

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Bemis to develop renewably resourced flexible films

Bemis Company, Inc. plans to develop and sell renewably resourced flexible films in the Americas using patented Plantic® technology along with Australian company Plantic Technologies Ltd. Targeted applications for the new films will include flexible packaging for personal care and dry goods. Plantic specializes in starch-based biopolymers developed using high-amylose corn starch for use as a component of or as a stand-alone structure in flexible packaging products.

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ABS

A spurt in feedstock costs has caused ABS prices to rise to US$1765/MT in Asia in the week of November 12, 2007. Upstream butadiene prices continue to rise, raising mainstream ABS offers for November shipment. Buyers however, are on their guard and prefer to exercise caution in buying fresh cargoes at the increased prices.

GPPS

GPPS prices in Asia stagnated at last weeks' levels of US$1480/MT in the week of November 12, 2007. Lackluster market sentiments abetted the subdued market movements and low key transactions, as many Chinese buyers preferred to keep on the sideline, in the face of subdued downstream demand. A slack in the global IT sector has resulted in subdued demand for final products, rendering processors to run their factories at reduced rates. Buying intentions are being pegged atleast twenty dollars lower than sellers' offers.

PVC

PVC markets were lackluster and lacked any movement as prices stagnated at US$965/MT in Asia in the week of November 12, 2007. The bearish market outlook seems unlikely to gain much momentum as demand from China continues on a quiet note. Demand from China remains restrained due to weak domestic prices. The stagnancy in the market is also supported by the suppliers who have not started to offer cargoes for December shipment, as few of them are considering a price hike in December to counter rising naphtha and feedstock values. PVC prices could, however, bottom out for December shipment, as Chinese buyers conventionally begin to replenish stocks before the advent of the lunar new year holidays.

Polypropylene

Polypropylene prices in Asia continued their march northwards as prices topped US$1400/MT in the week of November 12, 2007. PP markets were robust on the back of increasing demand from China. Expectation of a further price hike due to short supplies from US has led to stockpiling among the buyers, further supporting demand. In this tight supply scenario, sellers have already raised future offers by almost twenty dollars.

POLYMERS- LLDPE

Riding on the back of robust market sentiments, LLDPE markets spiked to US$1470/MT in Asia in the week of November 12, 2007. This price hike is concurrent with rising HDPE prices. Few deals were concluded at US$1460/MT CFR CMP, while a majority of offers from South Korean and Taiwanese suppliers were hiked above US$1490/MT CFR China.

POLYMERS - LDPE

LDPE markets gained in strength and rose to US$1610/MT in Asia in the week of November 12, 2007. Most LDPE suppliers, upon conclusion of November deals, have started to open December offers at a price increase of almost thirty dollars. An example is the sharp contrast in offers by LG Chem for December shipment at US$1600-1,630/MT CFR China in comparison to November deals at above US$1550/MT CFR China. The same holds true for offers from Malaysian as well as Middle Eastern suppliers.

POLYMERS - HDPE

Strong demand from China has pushed up HDPE prices in Asia in the week of November 12, 2007 to US$1470/MT. HDPE markets gained strength on flourishing demand from Chinese buyers as deals for most cargoes from South Korea, Taiwan as well as India were heard done at high values. HDPE prices are expected to gain further on the back of strong market demand.

STYRENE MONOMER

Emerging demand from buyers has led to a healthy spurt in Styrene Monomer prices in Asia in the week of November 12, 2007. Riding on robust demand, SM prices rose last week to US$1385/MT as feedstock benzene prices remained firm at around US$1,060/MT on the back of strong crude oil market.

PROPYLENE

Propylene prices firmed up to US$1090/MT in Asia in the week of November 12, 2007. Strong crude oil and robust naphtha prices led to firming up of propylene market sentiments.

ETHYLENE

Ethylene prices recorded a hundred dollar jump in Asia in the week of November 12, 2007. Riding on the positive wave of emerging demand from downstream Polyethylene and MEG producers, prices surged to US$1190/MT. Selling bids from South Korea were quoted higher than US$1,200/MT FOB Korea that the Chinese buyers seek. Buying bids in Taiwan were pegged lower, on news of return of output from Formosa's restarted 900,000 tpa no.2 naphtha cracker.

EDC

Markets for EDC remained quiet and stagnated at US$415/MT in Asia in the week of November 12, 2007. Dipping buyers bids continue to exert cost pressures on producers, who are reluctant to sell at such low rates. Offers from the Middle East region were quoted at around US$425/MT CFR Asia. 30,000 tons of US deep-sea cargoes with January arrival terms was heard offered about ten dollars lower at US$415/MT levels toward the contractual buyers in Asia. This anticipated dip in prices to an all time low has kept Formosa away from the markets as the Taiwanese major abstains from exports.

VCM

VCM markets of Asia were subdued and dipped to US$765/MT on diminishing downstream demand and worsening buying intentions in the week of November 12, 2007. Bearish sentiments prevalent in the markets were a direct impact of low bids from Chinese PVC producers. Despite falling prices, buying sentiments from China were pegged at least thirty dollars lower on weakening prices of downstream PVC. In fact, the continuing sluggish market sentiments could force Japanese VCM producers to consider a cut in production, in a bid to cope with increasing cost pressures, as upstream naphtha prices continue to rise.

NAPHTHA

Naphtha prices rose to US$830/MT in Asia in the week of November 12, 2007. This spike of almost twenty dollars this week is driven by rising oil prices.

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

Crude oil futures for November delivery spiked past US$96 a barrel on the New York Mercantile Exchange amid concerns about supplies due to OPEC's apparent reluctance to pump more crude into the market and a weak US dollar. Naphtha prices continue rising in line with robust crude prices. VCM prices dipped in line with diminishing downstream demand, while EDC prices stagnated as sellers resist lower bids from buyers. Ethylene prices spiked by a healthy hundred dollars on emerging downstream demand and propylene prices firmed up on strong crude oil and robust naphtha prices. Styrene Monomer prices rose on promising demand from buyers.Riding on the back of robust market sentiments and strong demand HDPE, LDPE, LLDPE and PP prices saw healthy rise. PVC and GPPS markets were lackluster and lacked any movement as prices stagnated. A spurt in feedstock costs has caused ABS prices to rise.CRUDE OIL Crude oil futures rose past US$96 in the week of November 12, 2007 despite a slowing US economy. This rise can be attributed to expectation of possible rise of options trading. Crude oil for December delivery rose to US$96.32 a barrel on the New York Mercantile Exchange, surging amid concerns about supplies due to OPEC's apparent reluctance to pump more crude into the market and a weak US dollar.

IOC plans paraxylene plant in Haldia

IndianOil has plans to build a petrochemical complex at Haldia, beginning 2012. IOC is considering setting up a paraxylene plant in the existing refinery complex. The cost and capacity estimates of the project are yet to be finalised. This will be IOC's third petrochemicals complex after the ones at Panipat and Paradip.

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DSM plans 50% increase in Engg Plastics Compounding capacity in China

In a move to meet rapidly growing demand from Asia, particularly from China, Royal DSM N.V. has plans of a 50% capacity expansion of its engineering plastics compounding capacity in China.

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Oil prices dip by over a dollar as OPEC is reported to mull output hike

Oil prices dipped by over one dollar in Asia, on reports that OPEC plans to discuss an increase in output at an upcoming meeting on Dec. 5 in Abu Dhabi, in a bid to cool record crude prices. Market players believe that the effect of any output increase on oil prices is likely to be limited as the recent rise in crude futures has had more to do with speculation than a real demand for Middle Eastern crude.

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SAPL to raise Rs 150 cr to fund units in Egypt and West Bengal

The Rs 1,000-crore South Asian Petrochem (SAPL) proposes to mop up Rs 150 crore through preferential issue and foreign currency convertible debentures to fund its upcoming unit in Egypt and a new downstream petrochemical facility in West Bengal. The board of SAPL was to meet on November 8 to approve the proposal. The board will also consider issue of foreign currency convertible debentures upto US$20 mln.

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Phase 1 of Iran's Jam Petrochemical Complex to go on stream

The first phase of the Jam Petrochemical Complex in southern Iran will go on stream by the end of current Iranian year (March 19, 2008). It will have the capacity to produce over 1.7 mln tons of ethylene, propylene and olefins. Related downstream industries will commence 1-3 months after the complex becomes operational.

Improvement in strained relations between Chatterjee and West Bengal Govern...

After a cordial meeting at the Bijaya festival, the strained relationship between the two major promoters of Haldia Petrochemicals - Purnendu Chatterjee of the TCG and the West Bengal Government seems to be taking a turn for the better. After Purnendu Chatterjee stepped into Writers' Buildings on Bijaya, the West Bengal chief minister has publicly acknowledged the pivotal role played by The Chatterjee Group chairman in setting up HPL.

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Smallest tunnel gate inserts -world's first

Possible the world's smallest tunnel gate inserts ever to have been manufactured will be making their début at Euromold, Frankfurt. Developed and manufactured by Germany's i-mold GmbH & Co. KG, these tunnel gate inserts are used for the virtually invisible gating of miniature parts typically weighing between 0.1 and 5 g. Such parts are required for a growing number of applications in the automotive industry, in the electrotechnical and electronics industries and in the medical devices industry.

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Plastics in Underground Pipes 2008 on May 22-23

AMI LLC is pleased to announce the launch of a new international conference, Plastics in Underground Pipes 2008, to be held at the Westin Galleria Hotel in Houston, Texas on May 22-23, 2008.

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Petro Rabigh to hold IPO on the Saudi Arabian stock exchange in Jan 2008

Sumitomo Chemical's 50-50 joint venture with the Saudi Arabian Oil Company (Saudi Aramco), is to hold its initial public offering (IPO) for the Rabigh Refining and Petrochemical Company (Petro Rabigh), on the Saudi Arabian stock exchange in early January 2008. Following the IPO, Sumitomo Chemical and Saudi Aramco will each maintain a 37.5% stake each in the company.

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Construction of IOC's proposed petrochem complex in Paradip to begin in Apr...

Construction work for Indian Oil Corporation proposed petrochemicals complex in Orissa's port town of Paradip is slated to begin in April 2008. Work on the petrochemicals project is estimated to be completed by 2011-12 with a total investment outlay of Rs 26,000 crore. The project, foundation stone of which was laid by the then Prime Minister in July 2000, has suffered long delays.The work of laying a pipeline between Haldia and Paradip and leveling of the ground at Paradip was in progress and formal construction would begin in April.

Nayachar could replace Nandigram as an alternative venue for Bengal PCPIR

The plans of West Bengal state for setting up a Petroleum, Chemicals & Petrochemical Investment Region (PCPIR) around Haldia, could materialize with the aid of Union Government intervention.

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First commercialized car with full PP body panels

Smart® fortwo has become the first commercialised car to have full body panels manufactured from polypropylene (PP). Borealis, a leading provider of innovative, value creating plastics solutions, has developed Daplen™ ED230HP, a thermoplastic polyolefin (TPO) compound, for this pioneering development to meet the cost-effective production targets and aesthetic, safety and environmental requirements of the latest Smart fortwo vehicle.

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ExxonMobil initiates construction of second petrochemical plant in Singapor...

At a ground breaking ceremony held on Jurong Island adjacent to the company´s existing petrochemical project, ExxonMobil has initiated construction of its second petrochemical plant in Singapore. The project is expected to come on-stream in early 2011. The new petrochemical project will produce 1 million tpa of ethylene, 450,000 tpa of polypropylene and 300,000 tpa of specialty elastomers.

Dow thrust on price increases and JVs as remedy to limp Q3 results

After a lackluster financial performance in Q3 (profits were down 23%), Dow Chemical has embarked on a plan to recoup its margins. The chemical giant has announced a series of price increases and plans to embark on possible joint ventures.

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QAPCO to increase LDPE production with new plant at Mesaieed

Qatar Petrochemical Company (Qapco) has recently commissioned and started up production at its ethylene expansion project (EP2). With this, the company has boosted annual ethylene output by 200,000 tons to 720,000 tpa.

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POLYMERS - ABS

ABS prices rose to US$1755/MT in Asia in the week of November 5, 2007, on the back of rising butadiene prices. Suppliers have hiked offers for the month under mounting cost pressures. ABS prices are not expected to dip in the coming few weeks of November.

POLYMERS - GPPS

GPPS prices saw a marginal upward movement as prices rose to US$1480/MT in Asia in the week of November 5, 2007, in line with strong crude and naphtha prices. Few transactions were concluded as sellers bids of raising prices by over ten dollars was met with lukewarm response from the buyers, who preferred to defer buying as they adopt a wait and watch policy.

PVC

Market for PVC remained lackluster as prices stagnated at US$965/MT in Asia in the week of November 5, 2007. Major suppliers have closed deals for November, leading to the subdued market conditions. Slack demand from China as well as non Asian countries, and the possible influx of deep-sea cargoes from USA have contributed to the bearish sentiments in Asian PVC markets. These downbeat market sentiments are estimated to prompt a further dip in prices in the coming months, notwithstanding rising oil and naphtha prices.

POLYMERS - Polypropylene

PP prices have risen to US$1370/MT in Asia in the week of November 5, 2007 on a ten dollar hike by major suppliers. Rising feedstock costs are exerting pressures on producers, leading to reduced supplies and rising prices. PP market sentiments have strengthened marginally on account of reduced supply from Asian producers as well as delay in arrival of deep sea cargoes till end of December. PP supplies are estimated to remain firm, leading to higher prices till the end of December.

POLYMERS - LLDPE

LLDPE prices rose to US$1405/MT in Asia in the week of November 5, 2007, on rising offers from major suppliers. A hike in November offers is expected to continue, as more offers are being heard at US$1,400/MT CFR China level.

POLYMERS - LDPE

HDPE markets were buoyant, causing prices to spike to US$1440/MT in Asia in the week of November 5, 2007. Promising demand from buyers in China has kept markets for yarn and film grades robust last week. Markets could witness further prices hikes if demand from China continues to gain in strength.

POLYMERS - HDPE

HDPE markets were buoyant, causing prices to spike to US$1440/MT in Asia in the week of November 5, 2007. Promising demand from buyers in China has kept markets for yarn and film grades robust last week. Markets could witness further prices hikes if demand from China continues to gain in strength.

FEEDSTOCK - PROPYLENE

Propylene markets were lackluster as prices stagnated at US$1080/MT in Asia in the week of November 5, 2007. Markets witnessed restricted activities as sellers were unwilling to sell at such low prices. Despite runaway crude and naphtha prices, buyers' bids continue to be pegged atleast ten dollars lower, on expectation of increased supplies.

FEEDSTOCK - ETHYLENE

Prices of ethylene have stagnated at US$1085/MT in Asia in the week of November 5, 2007. Reluctance on part of the sellers to sell at this low price due to gaining strength of downstream PE and MEG prices has sustained market activity at a very low level. Expectation of a dip in ethylene prices due to an expected increase in supplies from the Middle East has softened buying interest. Thus, despite rising crude oil and naphtha values, ethylene prices have stagnated at last weeks' levels.

FEEDSTOCK - EDC

EDC markets were lackluster on weak downstream demand, stagnating at US$415/MT in Asia in the week of November 5, 2007. Weaker prices and dull market sentiments in downstream VCM and PVC markets are reflected in the EDC price stagnancy. However, rising oil and naphtha prices have rendered unfeasible a downward price adjustment by EDC makers. This has led to a twenty dollar price difference between selling bids and buying intention.

FEEDSTOCK - VCM

VCM prices have stagnated at US$780/MT in Asia in the week of November 5, 2007, due to slow moving demand from China. Slow movement in downstream PVC markets has prompted lackluster VCM demand, despite early issue of November offer by Japan's Tosoh. Chinese processors were unwilling to negotiate prices as domestic PVC prices continue to be southbound. VCM prices are expected to dip further in the weeks of November, mirroring the bearish sentiments prevalent in the PVC market.

NAPHTHA

Naphtha prices spiked to US$810/MT in Asia in the week of November 5, 2007. Naphtha prices rose in line with rising crude oil prices that have peaked to an all time inflation adjusted high as well as in line with rising market demand.

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

SUMMARY Crude oil futures for November delivery spiked past US$95 a barrel on the New York Mercantile Exchange. Naphtha prices continue rising in line with robust crude prices. EDC and VCM prices stagnated due to sluggish downstream market movement. Ethylene and propylene prices have dipped as buying interest softens in anticipation of increased supplies from the Middle East. Styrene Monomer prices have dipped as major players remained absent from the markets.HDPE, LDPE, LLDPE prices rose on improved market conditions. GPPS, ABS rose in line with strong crude and naphtha prices. PVC prices stagnated due to persistent dull market outlook and weak demand from China.
CRUDE OIL Crude oil futures have spiked past US$95, to settle at a record US$95.93 a barrel on the New York Mercantile Exchange - reaching all time inflation adjusted highs. Several factors have affected the four dollar hike of this week: An unexpected drop in US inventory levels to a two-year low, a dipping dollar that has made OPEC members cautious of increasing output, speculation of an increase in fuel demand, after a government report showed US employers added almost twice as many jobs as forecast in October, a cut in operations at a 172,000 bpd Petroplus Holdings AG refinery in England for a month, reduced rates at Chevron Corp.'s 330,000 bpd refinery in Pascagoula, Mississippi until early next year due to an August fire.

BP mulls expansion of petrochemicals JV with Sinopec

Egged on by China's booming economy that constantly exerts an increase in demand for petrochemicals and transport fuels is prompting BP Plc to look for possible further investments in petrochemicals and refining, as well as opportunities in the coal-to-liquids sector,.

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MRPL to invest nearly Rs. 21,000 crore in olefin complex and major petroche...

Very healthy Q2 results have boosted future projections at Mangalore Refinery and Petrochemicals Limited (MRPL). MRPL has drawn up major expansion plans comprising of expansion of present capacity from 9.2 mln tons to 15 mln tons by 2010 and setting up of an olefin complex along with a major petrochemicals hub with an investment of nearly Rs. 21,000 crore during the XI Plan.

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Malaysia plans first plastics park

Malaysia has planned its first plastics park -Kertih Plastics Park (KPP), to be built under the East Coast Economic Region (ECER) master plan in Terengganu. The park will be home to plastics and plastics-related industries and is projected to attract investments to the tune of RM1.3 bln from the private sector.

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Sintex subsidiary acquires 100% stake in French plastics firm

Sintex Industries Ltd.'s downstream subsidiary; Sintex France SAS (a subsidiary of Sintex Holdings BV, Netherlands) has acquired 100% stake in Nief Plastics SA, France. Nief Plastics manufactures a wide range of exterior and interior plastic component systems and thermosets, that find application in the electrical, automotive and aerospace sectors and in household appliances, the building industry, sports/leisure as well as finished products.

This acquisition will enable the company to widen its global footprint, with access to new markets and technologies.

Solvay completes first phase of major sulfone expansion

As part of its multi-phase, comprehensive sulfone expansion plan, Solvay Advanced Polymers has completed two major expansion projects. This completion marks the start up of phase two projects, at an investment outlay exceeding US$100 mln.

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Carmel Olefins to acquire 49% of a petrochemicals company in Europe

Carmel Olefins has signed an MOU to acquire 49% stake in a European petrochemicals company for €20 million. The name of the company has not been disclosed. As per the terms of the MOU, Carmel Olefins might also pay up to an additional €1 million a year for five years beginning in 2013. Carmel Olefins is equally owned by Israel Petrochemical Enterprises Ltd. and Oil Refineries Ltd.

BankMuscat to fund Octal Petrochemicals with a US$166.5 mln loan

BankMuscat has agreed on a US$166.5 mln loan facility for Octal's APET sheet packaging plant. This completes the initial phase of financing for the venture in Salalah Free Zone, which aims to capture a 20% share of the global market for APET.

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Algeria plans US$10 bln investment in petrochemicals in 2008

Algeria plans to invest more than US$10 bln in 2008 towards development of its petrochemical industry.Last July, Algeria awarded a contract to France's Total SA to build and operate a 1.4 mln tpa of ethane steam cracking complex.

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Rising naphtha prices likely to affect margins at HPL

Affected by a US$30-40 hike, naphtha prices are currently hovering at US$795 a ton. India's Haldia Petrochemicals imports 70% of its naphtha requirement. Naphtha prices are linked to international prices, and the pricing formula is such that there is no difference between overseas and domestic prices.

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Crude oil within range of inflation adjusted highs

Crude oil futures have bounced above US$96 a barrel on Friday. Light, sweet crude for December delivery rose to a record high of US$95.93 a barrel on the New York Mercantile Exchange. At this level, crude prices are within the range of inflation-adjusted highs set in early 1980. Depending on the how the adjustment is calculated, US$38 a barrel then would be worth US$96-103 or more today.

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Chevron mulls acquisition of 21% stake in Reliance Petroleum for US$6 bln

US petroleum giant Chevron is poised to acquire 21% stake in Reliance Petroleum for over US$6 bln (Rs 24,000 crore). This translates to per share price over Rs 250, at roughly a 15% premium on the prevailing market price.

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Copper successfully covered with a conductive polymer to prevent corrosion

Copper is widely used for many applications and being a metal that oxidises relatively easily, its conservation represents a great economical benefit. Conventional methods to avoid or minimise corrosion of the material are in many cases short lived, very expensive and involve the use of toxic chemicals.

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MRPL to focus on developing petrochemicals hub in vicinity of existing refi...

Rising refinery capacity under construction in India has raised doubts about the feasibility of Mangalore Refinery and Petrochemicals Ltd.'s (MRPL) 15 mln tpa refinery in Mangalore. MRPL, which is 71.62% owned by Oil and Natural Gas Corporation, already operates a 9.69 mtpa refinery at Mangalore, capacity of which is being expanded to 15 mln tpa. The expansion work is likely to be completed by Q1-2011.

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Yemen mulls multi-billion dollar oil refining and petrochemical complex

Yemen- The Arabian Peninsula's poorest country, is contemplating plans for a multi-billion dollar oil refining and petrochemical complex. The country is eyeing schemes similar to a string of massive development plans being undertaken by its richer neighbours.

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South Korea and Algeria to seek petrochemical cooperation

South Korea and Algeria seek to expand economic cooperation in the areas of petrochemical plant construction and military hardware. Algeria, which has 123 million tons of oil reserves, may help South Korean companies gain an important base of operations in North Africa.After a successful summit between their leaders in March 2006, the two countries have moved toward a "strategic partnership" that aims to help Algiers industrialize its economy and attract foreign investment.

New 100% polypropylene composite

Milliken's Tegris™ composite is the material behind one of the lightest, toughest personal watercraft available on the kayak market. The use of Tegris to produce Legacy Paddlesports' Ultimate™ Kayak results from significant product and process developments for Milliken's 100% polypropylene (PP) composite.

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SABIC to expand Lexan Sheet Capacity

SABIC Innovative Plastics plans to invest in expansion of its Lexan polycarbonate multi-wall and solid sheet products for the construction and industrial markets across Europe, Middle East and Africa. The company will add production lines at 3 locations by Q3 2008 at Vienna, Milan, and Bergen op Zoom.

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Innovation in PP for robust transparent packaging film

Borealis, a leading provider of innovative, value creating plastics solutions, has developed the first polypropylene (PP) heterophasic copolymer packaging film grade that offers outstanding ductility together with excellent transparency. The grade is characterised by unique stiffness, heat and impact resistance combined with high gloss and low haze.

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Bayer to divest polyurethane processing machinery business

With the hive off of its subsidiary Hennecke Group to the Adcuram Group, The Bayer Group will thus divest its polyurethane processing machinery business. This business does not constitute one of the company's core competencies. The sale is scheduled to be completed by the end of the year.

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Total restarts cracker at Carling

Total Petrochemicals has restarted Line 1 of the Carling steam cracker on 30 October 2007. The line has restarted after an eight-week maintenance turnaround. Waste gas is currently being flared off, and output is expected to reach the customary quality standard by the beginning of next week.

Basell AF and Lyondell Chemical

The acquisition of Lyondell by Basell has been completed, and the new company name will be LyondellBasell Industries. Lyondell's shareholders will vote Nov. 20 on Basell's US$48 a share offer. Including the assumption of debt, the offer has an enterprise value of US$19 bln.

New greener additives for plastics

Chemtura Corporation, the world's largest plastics additives company, has introduced new "Greener is Better" additives.

These new or improved products all achieve Chemtura's goal: to provide customers with sustainable additive solutions. Each product has been screened to make sure that it offers a "greener" profile than the product it is intended to replace. The criteria are performance without compromise, proven cost effectiveness, plus a strong environmental and human health profile.

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Dow licenses olefin block copolymer technology to GLS

GLS Corp., a global leader in the development, manufacture, and supply of high-performance, custom-formulated thermoplastic elastomers (TPEs), through a licensed agreement with The Dow Chemical Company, has been granted rights to provide processors with TPEs incorporating the benefits of OBCs.

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Borealis and Borouge launch Water for the World

First global programme in plastics industry addressing water crisis
Leverages companies' leadership to provide sustainable solutions
Fosters local knowledge and partnerships throughout value chain to reach those in need

Borealis and Borouge, leading providers of innovative, value creating plastics solutions, have launched Water for the World™, the first global programme in the plastics industry that addresses the challenge of providing clean and safe water and sanitation to areas in need. More than 1 billion people around the world are without sustainable access to fresh water and over 2 billion lack basic sanitation.

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Bayer inaugurates first integrated systems house in Thailand for custom PU ...

Tailor-made polyurethane solutions will be available closer to customers in Southeast Asia, with the inauguration of Bayer MaterialScience's first integrated systems house in Thailand. BaySystems ASEAN, located in Samutprakarn province, caters to the region's growing demand for customized polyurethane systems in sectors such as appliance, construction, automotive, and the furniture sectors.

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Nanoparticles incorporated in Ultramid leads to improved flow properties an...

BASF is presenting its first Ultramid® High Speed products. For now, these are the three highly filled polyamide 66 grades Ultramid A3WG8 High Speed, Ultramid A3WG10 High Speed and the optimum-warpage Ultramid A3WGM53 High Speed.

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New UHMWPE grades aim to extend lifetime of orthopedic implants

With an aim to further extend the lifetime of orthopedic implants, Ticona has developed two new grades of ultrahigh molecular weight polyethylene (UHMWPE) containing vitamin E (alpha-tocopherol). The addition of this biocompatible antioxidant provides these new grades with effective oxidation stability.

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BASF Q4 earnings estimated to decline on scheduled plant turnarounds

BASF AG's scheduled plant turnarounds, particularly in its Petrochemicals division, are set to reduce earnings in the fourth quarter. BASF has revised its full-year outlook. The company expects sales of 58 bln eur in 2007 and EBIT before special items exceeding the previous year's record level. Previous forecasts had pegged sales to exceed last year's level of 52.61 bln eur and pre-exceptional EBIT would at least match the 2006 figure.

300000 tpa Total Samsung PP JV starts up in Korea

Total Petrochemicals and Samsung have started up a new 300,000 tpa PP production line at Daesan, South Korea, raising total PP capacity at the site to 554,000 tpa. Two other expansions that came online in June this year include:Ethylene capacity increased by 220,000 tpa to 820,000 tpa and Styrene monomer output increased by 220,000 tpa to 850,000 tpa.

Sibur considers US$1 bln IPO in mid 2008

Russian petrochemical firm Sibur plans to conduct an initial public offering (IPO) in 2008 to fund investment plans and buy new assets. The firm, previously owned by gas export monopoly Gazprom, is now controlled by Gazprom's pension fund, Gazfond. Sibur plans to invest US$4 bln over the next 4-5 years to develop its existing business and acquire new assets. Of this outlay, approximately one billion is estimated to be raised by the IPO

Braskem and Pequiven in US$2.5 bln JV

Brazil's largest petrochemical company Braskem plans to invest US$2.5 bln in a joint venture with Venezuela's state-run Pequiven in a polypropylene plant. The unit is projected to come on stream in 2009, and output will be sold in markets of Latin American, USA and Europe. Braskem and Pequiven also plan to jointly produce 1.3 mln tons of ethylene, using natural gas as feedstock. This unit is estimated to come onstream by 2011.

GAIL India eyes petrochemical plants in Russia and Qatar

As part of its plans to become US$10 bln company by next century, India's state gas utility GAIL India is eyeing petrochemical plants in Russia and Qatar. GAIL plans to build a plant in Qatar with a capacity to produce 1 mln tons of polymers for exports.

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Braskem to invest US$150 mln in unit to produce polyethylene from ethanol

Braskem - Brazil's largest petrochemicals firm plans to invest US$150 million in a 200,000 tpa plant to produce polyethylene from sugarcane-based ethanol. The plant is scheduled to commence operations in the second half of 2009.

Hinduja group interested in picking up majority stake Kakinada refinery

The Hinduja group plans to pick up a majority stake in the Kakinada refinery, being put up for sale by the public sector oil major ONGC and its subsidiary, Mangalore Refineries and Petrochemicals Ltd. Gulf Oil Ltd, part of the Hinduja group, will be the company that would possibly buy shares in the company.

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Five new grades of Hostaform® POM

Ticona is showcasing five innovative Hostaform grades at K 2007, each with a different specialized feature: integrated metallic look, very low emission values, electrical conductivity, improved glass-fiber-reinforcement and antimicrobial protection at the molecular level.

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