POLYMERS - Polypropylene

Polypropylene market sentiments in Asia have dampened in the week of January 28, 2008 as its major consumer China, moves towards it Lunar New Year holiday season next month. PP markets remained lackluster as prices stagnated at US$1480/MT. However, burdened by rising feedstock propylene prices, major producers from South Korea and Taiwan intend to hike February offers for yarn/injection grade at US$1510/MT CFR China, notwithstanding buying intention from China currently lingering in the range of US$1470/MT CFR CMP.

POLYMERS - LLDPE

LLDPE markets in Asia saw little movement as prices remained at last week's US$1630/MT in the week of January 28, 2008. As the supply situation tightened, offers from suppliers for February were heard in the range of US$1630-1650/MT CFR China.

POLYMERS - LDPE

LDPE prices rose to US$1715/MT in Asia in the week of January 28, 2008, mainly on account of dual forces of limited supplies and bullish upstream ethylene market. As offers from Middle East as well as Malayasia continue to range between 1730-1745/MT CFR China, prices are estimated to continue rising .

POLYMERS - HDPE

Buoyant ethylene markets in Asia have bolstered HDPE offers in the week of January 28, 2008. HDPE prices moved up to US$1655/MT in Asia propped by bullish feedstock ethylene prices. Many deals for February shipment were heard at the level of US$1660-1670/MT CFR China from Thai as well as Japanese suppliers.

STYRENE MONOMER

Styrene Monomer prices in Asia stagnated at last weeks' level of US$1325/MT in the week of January 28, 2008. Interestingly, the deals for March shipment were done between US$1300-1335/MT FOB Korea level, while market prices for February shipment were assessed lower at less than US$1325/MT FOB Korea. Feedstock benzene market in Asia saw stable prices this week.

PROPYLENE - EDC

Subdued trading in Asia led to a stable EDC price structure at US$435/MT in the week of January 28, 2008. Sellers are unwilling to move from their prices in a bid to recover higher costs of feedstock ethylene, but buying interest from China remains lower, leading to a deadlock in the market, a situation where quotes are not being heard from sellers.

FEEDSTOCK - VCM

VCM prices continued to be firm in Asia in the week of January 28, 2008 at US$790/MT in a bid by sellers to recover higher input costs. Japanese suppliers managed to conclude deals with Chinese buyers at US$780/MT CFR China, almost thirty five dollars more than December price. VCM from South Korea commanded a price of US$790/MT CFR CMP for January delivery. February will see a hike of almost thirty dollars on dual forces of good downstream PVC as well as high feedstock ethylene prices.

FEEDSTOCK - PROPYLENE

As supplies remained restricted due to plant problems, propylene markets maintained an uptrend. Propylene prices spiked to US$1320/MT in Asia in the week of January 28, 2008. Scarce inventories causing a short supply situation, has led to inactivity in the market; while most buyers are hesitant to buy at levels above US$1250/MT FOB Korea as downstream PP prices have not moved beyond US$1450-1470/MT CFR China. Buying sentiments from China has not caused much movement in the markets, as they continue to be supplied well by local producers.

FEEDSTOCK - ETHYLENE

Ethylene prices in Asia stabilized at last weeks' US$1450/MT in the week of January 28, 2008, as general buying sentiments remained lower than selling offers. A gap of over fifty dollars existed in the ethylene market between selling intentions from S.Korean suppliers and general buying intent in SE Asia region at around US$1350/MT CFR SE Asia. However, subdued buying sentiments in this region did not succeed in dampening the market, as evident from a deal for Iranian cargo was heard done at US$1400/MT CFR SE Asia.

NAPHTHA

Naphtha prices moved up in tandem with optimistic crude prices.

Naphtha prices in Asia rose to US$845/MT in the week of January 28, 2008 on the trail of optimistic crude oil market. Open-spec naphtha values for H1-March delivery rose by around 10% this week.

Price trends of oil, polymer feedstock and commodity polymers in Asia for t...

Bolstered by an improvement in the US economic sentiments, crude oil prices moved up marginally

CRUDE OIL Improvement in US economic sentiments has kept crude oil futures about 1% higher than last week's prices. Crude oil futures inched up to US$90.7 in New York, as optimistic economic outlook toned down fears of diminishing demand from USA. Announcement of an economic stimulus package mid week has raised hopes that USA may avoid recession, eventually leading to a gradual recovery in prices.

DuPont commences operations at new fluoropolymer plant in China

DuPont has commenced operations at a new fluoropolymer production plant in Changshu, China. The plant, which produces polytetrafluoroethylene (PTFE) fine-powder and dispersion for global customers, with focus on Asia Pacific, marks a significant milestone in the company's strategic plan to establish a broader fluoroproducts manufacturing base in China. PTFE products are generally supplied to automobile, apparel, construction, aviation, chemical manufacturing, and consumer and industrial cookware industries.

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Global demand for flame retardants to grow at 4.7% through 2011

Freedonia Group has forecast 4.7% annual growth in global demand for flame retardants in the five years to 2011, up from a rate of 4.1% in the 2001-2006 period. This will lift demand from 1.75 bln tons in 2006 to 2.21 bln tons in 2011, when the market value is expected to be US$4.8bn (€3.2bn).

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Dow Chemicals' Q4 earning dip

Marred by weak US housing and auto markets, spiraling energy and raw material costs and one-time restructuring charges, Dow Chemical Co.'s Q4 earnings have dipped. Dow, USA's largest chemical maker has reported net income of US$472 mln, down from US$975 million reported a year ago.Dow is focused on improving earnings growth and consistency, mainly through joint ventures. Last month, it announced a large joint-venture agreement with a unit of Kuwait Petroleum Corp.

Antimicrobial additive for personal care and pharmaceutical product manufac...

A newly introduced antimicrobial additive will aid personal care and pharmaceutical product manufacturers to help stop the spread of infection. It is ideal for a wide range of products, from antibacterial products such as hand soaps and sanitizers to bath care, skin care and hair care products. The antimicrobial action of the resulting packaging will kill the majority of bacteria that land on its surface, therefore helping to stop the spread of infection from individual to individual.

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China charged with dumping PE, PP woven sacks in USA

USA has charged China with dumping of woven sacks made from polyethylene and polypropylene, used for retail packaging of pet food and bird seed.Chinese producers have sold the sacks in USA at 63.89-108.09% below fair value. US customs have been instructed to collect a cash deposit or bond on imports from China, based on the preliminary dumping margins.

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Battenfeld China wins lawsuit against Cosmos Group companies

A court in Dongguan, PR China announced an important decision to prevent increasing technology thefts and illegal production and sales of machineries. Donghua Machinery Ltd., Dongguan Cosmos Machinery Co. Ltd. and Dongguan Welltec Machinery Ltd., have been found guilty of unlawfully using confidential internal documents concerning the manufacture of PE pipe extrusion lines that are the property of Battenfeld China.

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ExxonMobil introduces new grades of Santoprene™ TPVs

ExxonMobil Chemical has introduced new grades of Santoprene™ thermoplastic vulcanizates (TPVs) that bond with nylon in cold insert over-molding applications. The new B500 grade family, which is colorable or black, has been developed for applications that require a very strong bond with nylon and high temperature resistance, such as power tools, kitchen tools, automotive applications, furniture and sporting goods. Exhibiting high bond retention values, the new grades enable the design and manufacture of nylon parts coupled with the quality performance properties of a TPV.

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Tecnimont SpA awarded contract for petrochemical plant in Venezuela

Maire Tecnimont SpA has been awarded an important petrochemical project in Venezuela through its operating company Tecnimont SpA. The contracts have been signed with Polinter (belonging to PEQUIVEN), initially foresee the provision of basic engineering design services and the procurement of long lead items.

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Petrobras' Argentine subsidiary hives off 40% stake in Argentina

Petrobras' Argentine subsidiary Petrobras Energia, has sold 40% of its stake in Argentina Petroquimica Cuyo to Admire Trading Company (Buenos Aires, Argentina) and Grupo Inversor Petroquimico (Petrochemical Investment Group for US$32 mln. Admire Trading Company currently holds 50.5% shares in the plant.

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Japan's ethylene output touches an all time high in 2007

Propped by growing demand in Asia, Japan's ethylene output has reached an all-time high level in 2007. Output rose by 2.8% this year to 7739,200 tons, exceeding the previous record of 7,686,900 tons in 1999.

Unipetrol broaden investments in petrochemical products

Unipetrol has approved two investment projects at an investment outlay to the tune of CZK hundreds of million. The investments will expand the petrochemical product portfolio of Unipetrol RPA with more types of monomers and will enable better utilization of ethylene unit's products.

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Malaysian Plastics Forum on use of polystyrene materials

The Malaysian Plastics Forum - comprising the Malaysian Petrochemicals Association, the Malaysian Plastics Manufacturers Association and the Plastics Resins Producers Group, have commented on articles about banning the use of polystyrene materials.

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BP inks deal to supply US$10 bln feedstock to Jurong Aromatics from 2011

Europe's second-biggest oil company - BP Plc has signed a US$10 bln contract to supply feedstock to Jurong Aromatics Corp. in Singapore. Jurong Aromatics' is a US$2 bln petrochemical plant located in Singapore, and is scheduled for completion in 2011.

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IRP to become leading global polyester manufacturer with acquisition of Tun...

Indorama Thailand (IRP) is anticipated to attain a global market leadership position in the polyester business with the acquisition of Tuntex, Thailand's largest polyester manufacturer. Acquisition of Tuntex will increase IRP's production capacity giving it control of 40% of the local polyester market.

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Petro Rabigh shares escalate 150% above IPO price on first day of trading

Shares of Rabigh Refining and Petrochemical Co. (Petro Rabigh) escalated by almost 150% above their initial public offering price on their first day of trading, closing at SR52. Petro Rabigh priced its IPO at SR21 per share. Saudi Aramco and Japan's Sumitomo Chemicals own 37.5% each of Petro Rabigh. Balance 25% was sold this month to Saudi investors through the IPO in a SR4.6 bln (US$1.2 bln) IPO. This is the first time Aramco has offered shares in one of its affiliates to the public.

Engineering plastics market in South East Asia to be driven by growth in Th...

Engineering Plastics in South East Asia is a report that provides a complete analysis of the key market drivers, restraints, market trends, and key industry challenges that affect the whole engineering plastics industry, as well as major participants analysis.

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US plastic sheet market to reach 3.5 mln tons in 2011

Demand for plastic sheet in the US is projected to grow annually by almost 3%, reaching 3.5 mln tons in 2011 with a resin value of US$7.2 bln, as per a report by Freedonia. Resins will account for 39% of the final product costs of US$18.5 bln, while sheet prices are projected to remain stable up to 2011. Growth will be driven by the food packaging and pharmaceutical sectors with polystyrene the leading resin and gains expected for polypropylene and polyester.

EU sets deadline for enquiry into Ineos' proposed acquisition of BP's units

The European Commission has set February 26 as the deadline for its inquiry into Ineos' proposed acquisition of BP's Vinyl Acetate Monomer (VAM) and Ethyle Acetate (EtAc) units. The deal comprises 500,000 tpa of production capacity at the Saltend manufacturing site near Hull, UK, along with the Teesside to Saltend Ethylene Pipeline (SEP).

Polyplex to commence production on 8.7 mtr line - world's most powerful BOP...

Polyplex Corporation Ltd. is taking its first step in the field of BOPP film production with Brückner Maschinenbau GmbH & Co. KG. Polyplex's recently ordered 8.7 mtr line will be the world's most powerful BOPP line to date, with a net output of 6,300 kg/hr, while running at line speeds of more than 500 m/min. The line will be equipped with a high performance twin-screw main extrusion system from KraussMaffei Berstorff, a world leader in extrusion technology.

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Oil prices dip in Asian trading

In a reaction to volatile equity markets yo-yoing due to prolonged uncertainity of US economy, Monday saw world oil prices dip in trading in Asia, on lingering uncertainly over the US economy. New York's main contract, light sweet crude for delivery in March, dipped to US$90.16 per barrel. Brent North Sea crude for March slipped to US$90.40 a barrel. This downward correction can be attributed to the weak close of Wall Street last week and lowe Asian markets.

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Consolidation and innovation needed for packaging industry in Europe

A report by ING Wholesale Banking and consultancy group Edge predicts that the flexible packaging industry in Europe needs to consolidate and innovate over the next ten years. In the consumer packaging sector, plastics demand is expected to grow by 5.9% pa up to 2009, while paper and board growth is expected to be 5.3%. Opportunities are growing for converters as retail channels diversify, pack lifecycles shorten and retailers seek differentiation.

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Eastman plans strategic investmens for healthy growth

Eastman Chemical Company expects its recent strategic initiatives to result in a doubling of earnings per share to US$10 by 2012. Eastman expects its previously announced industrial gasification projects in Texas and Louisiana to contribute approximately $2 per share by 2012. Eastman's milestones for these projects include:

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Oil prices rise in Asia after a two dollar dip in the previous session

Oil prices witnessed a rise in Asian trading, after dipping by more than two dollars in the previous session. This two dollar dip was caused on growing concerns of growing crude inventories in USA, despite a cooling of the economy and fuel demand. Light, sweet crude for March delivery rose to US$87.60 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. The contract fell by US$2.22 on Wednesday.

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Thai PTTCH plans 13 day plant shutdown

Thailand's largest olefins maker, PTT Chemical PCL PTTC.BK, plans to shut down its I4-1 olefins plant for maintenance for 13 days until 12 February. The shutdown will result in a reduction in production by 29,000 tons. This amounts to about 1.7% of the company's annual capacity of 1.713 mln tons. PTTCH uses natural gas for about 75% of its feedstock and naphtha for the balance 25% to produce ethylene and propylene.

Barauni may be made petrochemical hub

The Ministry of Chemicals and Fertilisers has discussed the possibility of setting up a petrochemical hub at Barauni, Bihar, with various stakeholders including Indian Oil Corporation Ltd (IOC), GAIL and Engineers India Ltd.

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Dow awards US$6.4 mln for methane research grant to Cardiff and Northwester...

The Dow Chemical Company has announced that Cardiff University and Northwestern University have been awarded research grants which together total over US$6.4 mln as part of the 2007 Dow Methane Challenge. The challenge was initiated by Dow in March 2007 to identify collaborators and approaches in the area of methane conversion to chemicals.

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Petrochemicals encompassed in a package of proposals to achieve 20% cut in ...

Proposals unveiled earlier this week on 23 January for reform of the EU emissions trading system (ETS), will impact the chemicals sector by extending the system to hitherto exempted activities and to nitrous oxide (N2O) emissions. The changes are part of a package of proposals aimed at achieving a 20% cut in EU greenhouse gas emissions by 2020.

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Equate shuts 400,000 tpa MEG plant for 10 day maintenance

Equate Petrochemical Co has shut its 400000 tpa monoethylene glycol (MEG) plant in Kuwait for a ten day maintenance turnaround. Contract supplies from the plant, that shut earlier this week, will not be affected due to availability of sufficient inventories. Equate's MEG line is integrated with an 800,000 tpa cracker and it also produces 600,000 tpa of PE at the same site at its petrochemical base of Shuaiba.

Projections for China's petrochemical industry in 2008

China's petroleum and chemical industry is projected to will grow steadily and rapidly in 2008, as per CPCIA (China Petroleum and Chemical Industry Association). The main economic indexes will continue their double digit growth, a a marginally lower rate than witnessed in 2007.

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Oil Refineries Subsidiary Carmel Olefins acquires 49% of Netherland-Based D...

Israel's largest oil refiner - Oil Refineries Ltd. (ORL)'s wholly owned foreign subsidiary Carmel Olefins Ltd. has agreed to acquire 49% of the outstanding share capital of Domo Polypropylene BV. Carmel Olefins is a private company in which ORL holds 50% stake. Completion of the transaction is subject to the approval of the relevant anti-trust authorities as well as the receipt of an environmental report with respect to the condition of the ground on which the Domo plant is situated.

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Sibur to build an EPS plant in Russia

Russia's petrochemicals producer Sibur Holding Joint-Stock Company is set to build a €44.5mln expandable polystyrene (EPS) plant at its Sibur-Khimprom CJSC site in Perm, Russia. The site is planned with an initial capacity of 50,000 tpa, projected to double at a later stage. The facility is expected to be operational by H2-2010.

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Arab investor to finance US$4.5bln refining complex in Chelyabinsk region

Arab investor Quality Energy Petro International Ltd. and the government of Chelyabinsk region (in Russia) have signed a protocol of intent for the construction of a US$4.5 billion oil refining and petrochemical complex in the region.

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SEZ at Kakinada could see investment flow of Rs 50,000 crore

The special economic zone (SEZ) at Kakinada is being planned to be anchored by a 15 mln tpa refinery and petrochemical plant, a fertiliser plant, captive ports, shipbuilding and rig-servicing yards. Total investments in Kakinada, on the Coromandel Coast in Andhra Pradesh, could exceed Rs 50,000 crore. Oil and Natural Gas Corporation (ONGC) is planning to invest close to Rs 26,000 crore to set up a refinery and petrochemical complex in the Kakinada SEZ.

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National Lab of petrochemical refining technology inaugurated at Vietnam

The Viet Nam Institute of Industrial Chemistry (VIIC), under the Ministry of Industry and Trade, has inaugurated a national laboratory of the petrochemical refining technology in Hanoi on January 22.

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Chinese government plans to impose limits on plastic bag use

With effect from June 1, the Chinese government will impose limits on the use of plastic bags, as part of its dual campaign to protect the environment and save energy.

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Siam Cement reports 24% rise in profits for the quarter on higher petrochem...

Thailand's biggest industrial conglomerate - Siam Cement PCL has reported 24% hike in profits for the quarter. This better than expected hike can be attributed to higher petrochemical sales that outweighed rising feedstock costs.

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SABIC IPs' Centre for Manufacturing Innovation to promote plastics research

SABIC Innovative Plastics has inaugurated its Centre for Manufacturing Innovation (CMI), a state-of-the-art research laboratory, at its local manufacturing facility. The CMI, which was funded with US$700,000 matching funds from the Province of Ontario's Rural Economic Development Program, will work collaboratively with area universities and colleges to expand plastics manufacturing knowledge and expertise. The knowledge network development initiative was supported in cooperation with the Northumberland Community Futures Development Corporation.

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Evonik and Headwaters increase hydrogen peroxide capacity at Ulsan

Headwaters Inc. and Evonik Industries AG (formerly Degussa AG) have increased production capacity at its hydrogen peroxide facility operated by their joint venture in Ulsan, Korea. Using proprietary technology from Evonik, the JV has more than doubled capacity from the original level of 34,000 metric tpa within a year.

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PetroRabigh shares to list on Saudi bourse on January 27

Shares in Saudi Arabia-based Rabigh Refining and Petrochemical Co (PetroRabigh) will list on the kingdom's bourse on Jan. 27. No limit would be set for the stock price movement on the debut day, as per the Capital Market Authority (CMA). In the normal course, the CMA sets a 10% limit for listed shares' price movement. 25% stake in PetroRabigh will be offered to Saudi nationals, amounting to 219 mln shares at 21 riyals each. This values PetroRabigh at US$4.9 bln, a steep discount to the US$10 bln investment for the project.

Kazakhstan's first integrated petrochem complex

Work on Kazakhstan's first integrated petrochem complex is underway in Atyrau. Capacity will include 1200,000 tpa polyethylene and polypropylene at the plant to be built adjacent to Agip KPO gas plant in Karbatan.

Pertamina awards EPC contract for 179,000 ton propylene plant to consortium

Indonesia's state owned oil and gas company PT Pertamina has nominated a consortium to build a 179,000 ton propylene unit. The consortium of PT Rekayasa Industri (Rekin) and Toyo Engineering Corp is the chosen one to build the propylene processing unit worth US$283 mln. The engineering, procurement, construction and commissioning (EPCC) contract between Pertamina and the consortium has been signed. The project is expected to commence operation in October 2010. Pertamina currently produces 42,500 tpa of polypropelene.

Investments in Indian petrochemical industry to total to 100000 crore over ...

The Indian petrochemical industry is expecting funding to the tune of almost Rs 1,00,000 crore, while the downstream sector will get about Rs 50,000 crore in the next three to four years. Players like ONGC, RIL, IOC, and Essar have currently invested in this segment.

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Flaring at ExxonMobil's Beaumont facility

ExxonMobil's Beaumont facility has had flaring of some hydrocarbon, which sent twin columns of flame shooting into the sky. A temporary loss of feedstock supplying process equipment at the ExxonMobil Corp. Beaumont chemical plant resulted in flaring.

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Formosa to switch to LPG, kerosene to counter high naphtha costs

Prices of naphtha in Asia rose 56% in the year 2007, mainly propped by rising crude oil values and robust demand in the region. Despite capacity hikes by several regional players including South Korea's Samsung Total Petrochemicals Co., robust demand led to total imports in Asia at about 32 mln metric tons. Naphtha prices have been steadily rising through the year, ending the year at highs of almost US$880/MT.

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ABS

ABS prices rose to US$1755/MT in Asia in the week of January 21, 2008, mainly rising in line with increased feedstock butadiene costs. After successful conclusion of deals for cargoes from South Korea for January shipment at US$1755/MT CFR China, offers from South Korea as well as Taiwan are being up adjusted. However, buyers are not willing to relent at these high prices, so faced with surging feedstock costs, producers from both the countries are working their plants at reduced operating rates.

GPPS

Polystyrene prices moved up to US$1430/MT in Asia in the week of January 21, 2008, as feedstock costs mount.

PVC

PVC market remained firm in Asia in the week of January 21, 2008, mainly on account of robust demand and a rise in feedstock ethylene and VCM cost. Typical February shipment offers were sustained at the level of US$1030-1050/MT CFR China. Major offers from Japan were sustained at around US$1050/MT CFR China for February shipment against buying intentions pegged almost twenty five dollars lower. Prices in the next few weeks are not anticipated to drop, as the recent supply crunch has led to increased feedstock costs, making a price hike essential for producers who desire to recover costs against pressurized margins.

POLYPROPYLENE

Polypropylene prices in Asia have moved up to US$1480/MT in the week of January 21, 2008. Prices in Asia have not moved up in proportion to rising feedstock prices and limited supplies, mainly due to quiet market conditions. Most sellers had concluded deals for Jan shipment at last weeks' US$1460 level. Offers from Indian producers have been heard at the current high values, while February offers from South Korean suppliers are awaited. Rising propylene values will eventually catch up with downstream prices, ending in at least thirty dollar hike from current polypropylene values.

POLYMERS - LLDPE

Propped by robust feedstock ethylene prices and a positive market outlook, LLDPE prices in Asia spiked to US$1630/MT in the week of January 21, 2008. Quotes from Taiwanese suppliers have been heard in the range of US$1650/MT CFR Asia.

POLYMERS - LDPE

Awaiting supplier offers, LDPE markets in Asia have seen limited movement. However, LDPE prices in Asia moved up to US$1695/MT in the week of January 21, 2008, mainly on the back of restricted supplies and higher feedstock prices. Prices for the next month are estimated to increase on continued tight supplies accompanied by high feedstock prices.

POLYMERS - HDPE

Last weeks' sudden spurt in feedstock ethylene prices has sent HDPE prices rising past US$1645/MT in Asia in the week of January 21, 2008. HDPE prices have been persistently on the rise on sharp hike in supplier offers. Offers from sellers in Taiwan, India and Thailand have been raised to levels of US$1650/MT CFR China. Awaiting quotes from producers, South Korean traders have sold cargoes of HDPE film grade up to US$1640/MT CFR China with end of January shipment terms.

EDC

Supported by robust ethylene prices, EDC prices rose to US$435/MT in Asia in the week of January 21, 2008. Buying intention from China remain pegged at US$425/MT levels, while deep-sea cargoes ex-Brazil have bee heard at US$440/MT mt CFR Asia, and from Asia at US$465/MT CFR Asia. Despite current low buying intentions, sellers are less inclined to dispose cargoes at these low prices, and prefer to wait for better price realization on improved demand anticipated next month.

VCM

Despite surging ethylene prices, VCM prices saw a marginal hike to US$785/MT in Asia in the week of January 21, 2008. The quieter market was a result of a gap between buying intentions at US$770/MT levels and selling intentions pegged higher by atleast forty dollars. As supplies tighten and rising feedstock ethylene price catch up with VCM values, deals for January shipment are estimated to finally settle at US$790/MT CFR China.

STYRENE MONOMER

Styrene Monomer prices rose to US$1325 in Asia in the week of January 21, 2008, mainly on account of rising crude prices. Prices are estimated to be pegged higher at US$1330/MT levels for March delivery. Feedstock benzene prices have risen by almost ten dollars.

PROPYLENE

Propylene prices in Asia have risen to US$1270/MT in the week of January 21, 2008, mainly propped by limited availability due to a series of unplanned cracker outages across the region. Mitsubishi Chemicals Kashima cracker and Chandra Asri's Anyer, Indonesia cracker are in the midst of plant outages, affecting supplies.

ETHYLENE

Ethylene prices in Asia spiked to US$1450/MT in the week of January 21, 2008, as unplanned plant shutdowns continued in the region on one hand and robust demand persisted in the region, on the other hand. Adding to the supply woes have been the ongoing shutdown at Mitsubishi Chemicals' Kashima cracker, the unplanned outage at Chandra Asri's 590,000 tpa cracker (Indonesia) caused by power failure, along with reduced operating rates at PTT Chemical's 505,000 tpa cracker at Map Ta Phut, Thailand due to mechanical problems. Ethylene cargoes from Japan are currently being diverted to Mitsubishi Chemical, predictably until June, hence a supply crunch is expected to continue in the region.

NAPHTHA

Naphtha prices have dipped in line with falling crude prices

Naphtha prices in Asia plummeted in tandem with dipping oil prices to US$840/MT in the week of January 21, 2008. Open-spec naphtha values for H2 February delivery ended the week at US$840/MT CNF Japan.

Price trends of oil, polymer feedstock and commodity polymers in Asia for t...

Crude oil prices have dipped to US$90.5 per barrel - a drop of almost two dollars in the week on mounting concerns of a global economic slowdown, indicated by a larger than anticipated rise in US crude oil inventories by a Department of Energy report.

CRUDE OIL Last week saw crude oil prices drop by almost two dollars to end at US$90.5 per barrel in New York. Brent crude for March settlement ended for the week at US$89.23 a barrel on the ICE Futures Europe exchange in London. Oil prices have seen a slightly positive outlook towards the end of the week on speculation that the US economy may avert a recession, pushed up by President George W. Bush's almost completed proposal to boost the economy, sustaining energy demand. Oil prices have dipped from almost hundred dollars recorded two weeks ago, on mounting concerns of a global economic slowdown, indicated by a larger than anticipated rise in US crude oil inventories by a Department of Energy report.

Petrochina gets first license granted by newly formed LyondellBasell

PetroChina Daqing Refining & Chemical Company has selected LyondellBasell Industries´ Spherizone process technology for a new 300,000 tpa polypropylene plant to be built at Daqing, in the People´s Republic of China. Start up is planned for 2010. This is PetroChina´s ninth polyolefin license from LyondellBasell in this decade.

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Shaw to provide Technology, Engineering and Procurement for 2 ABS plants in...

The Shaw Group Inc. has been awarded a contract to provide proprietary technology, engineering and procurement services for two 200,000 metric tpa acrylonitrile butadiene styrene (ABS) plants for Tianjin Dagu Chemical Industry Co., Ltd.

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Formosa Plastics group to invest TWD120 bln in expansion

Formosa Plastics group plans to invest TWD 120 bln in an expansion project. Most of the investment outlay will be towards the expansion plan at Formosa Petrochemical's petrochemical complex in Yunlin, central Taiwan.

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GCC countries expected to invest US$120 bln over next five years in chemica...

GCC countries are expected to invest US$120 billion in chemicals and petrochemicals during the next five years, as per a recent report by the Gulf Organization for Industrial Consulting (GOIC). The development in petrochemicals will lead to the growth of energy-intensive and export-oriented industries such as complementary industries and processing industries.In 2006, GCC investments in the sector were pegged at approximately US$70 bln.

Iran attracts foreign investments to the tune of US$11bln in 10 months

Newly introduced incentives and new laws for protection of investments has boosted foreign investments in Iran. Since March 2007, US$11 billion has been invested in Iran in telecommunications, steel, petrochemicals, agriculture, and small-scale industries by foreign financiers. These financers are from Turkey, the United Arab Emirates, India, China, Germany, France, and Italy.

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HPCL mulls acquisition of stake in Andhra Petrochemicals

To reduce its dependence on the refining and fuel retailing business, India's leading petroleum products retailer Hindustan Petroleum Corp. Ltd (HPCL) plans to enter the petrochemicals business.

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Polymer Group announces global price increases

Polymer Group, Inc. has announced an increase in prices for its products globally due to persistent hikes in raw material costs. Polymer Group, Inc., one of the world's leading producers of nonwovens, is a global, technology-driven developer, producer and marketer of engineered materials.

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Water for the World

Over 1 billion people around the world are without sustainable access to fresh water and over 2 billion lack basic sanitation. Water for the World leverages the expertise that Borouge and Borealis have built in the Middle East, Asia and in Europe, and fosters local knowledge and partnerships throughout the value chain to deliver sustainable solutions for the availability of safe water and sanitation.

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Borouge on course to triple polyolefins output to 2 mln tons by 2010

Borouge - a joint venture between Denmark-based petrochemical group Borealis and state-run Abu Dhabi National Oil Co (ADNOC), is well on track to triple its polyolefins output to 2 mln tons by 2010. To meet this, Borouge has commenced construction for expansion of its Ruwais plant in Abu Dhabi - Borouge 2.The project includes :

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SABIC Q4 earnings marred amid US mortgage crisis

Saudi Basic Industries Corp. (SABIC) has failed to meet the projected Q4 earnings forecasts, amid the U.S. mortgage crisis that has upset demand for chemicals from automotive and construction sectors, higher feedstock costs due to swelling oil prices, as well as the cost of financing its US$11.6 billion acquisition of GE Plastics.

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ExxonMobil to shutter naphtha unit at French refinery

Production is to be restricted at Exxon Mobil Corp.'s naphtha processing unit in France in October. The steam cracker in Gravenchon, Normandy, will be idled for 4-5 weeks of routine maintenance. Another shutdown has been planned at the 233,000 bpd refinery in February and March of 2009, when the fluid catalytic cracker, an alkylation plant and a gofiner unit will be shuttered for repairs.

Plastics in Underground Pipeline

The cost of underground pipe systems relates to the installation and repair as well as the manufacturing costs of pipes and lining systems. Digging up a city street can add extensive time delays and complications to any construction project. Plastics pipe offers advantages in trenchless technology due to its flexibility, and polymers offer chemical resistance to many substances that would corrode traditional iron piping.

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GAIL to invest in Chinese natural gas sector

GAIL India is all set to mark its foray into the Chinese market with several investments in the natural gas sector, including :

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A dearth of expertise and mounting construction costs jeopardize Gulf petro...

A dearth of petroleum technicians and engineers with expertise and mounting construction costs are creating obstacles in the booming petrochemicals industry in the Gulf. He was talking about petroleum technicians and engineers. This is likely to result in delays and possible cancellation of petrochemical projects. Despite these fears, investments in the Gulf's petrochemicals sector are poised to almost double to US$120 bln by 2020.

JGC awarded EPC contract for Saudi Polymers Co

JGC and its JGC Arabia (Al-Khobar, Saudi Arabia) subsidiary have been awarded an engineering, procurement, and construction contract to build a previously announced olefins plant for Saudi Polymers Co. (SPC) at Al Jubail, Saudi Arabia. The complex will have capacity to produce 1.2 mln tpa of ethylene, 200,000 tpa of propylene, and 100,000 tpa of hexene-1. It is due onstream in early 2011.

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Aux Sable Canada Ltd. to sell ethane and ethylene to Dow Chemical Canada In...

Aux Sable Canada Ltd. has inked a deal to sell upto 8000 bpd ethane and ethylene from its Heartland off-gas plant to Dow Chemical Canada Inc. The Heartland off-gas plant is under construction and is located north of Dow Chemical's complex in Fort Saskatchewan, northeast of Edmonton. Feedstock supply to the plant will come from BA Energy's Heartland upgrader.

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India's naphtha exports to be hit as ONGC to halt further naphtha cargoes f...

A shutdown of ONGC's key unit at its biggest gas field has led to diminished supplies of naphtha. This supply crunch is likely to push ONGC in a situation where it will not offer any further cargoes of naphtha for Jan/Feb loading, as the platform will be shut until Jan 25. Work to upgrade a processing platform at its South Bassein gas field, off the west coast, has cut gas supplies by 26%.

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Chem Polymer US to close Fort Myers compounding plant

Chem Polymer U.S., manufacturer of engineering thermoplastics has decided to shutter its Fort Myers compounding plant by the end of March. Production will be relocated to a plant in Brownsville, Tenn., operated by parent company Teknor Apex Company. The move is part of a modernization program that included the startup of the new compounding line at the Brownsville site, that is more strategically located for serving automotive manufacturers. Teknor Apex purchased Chem Polymer in 2004.

Short course Polyurethanes Made Simple

Smithers Rapra, a subsidiary of the US-based independent testing, consulting and contract research organisation, The Smithers Group announces a new short course 'Polyurethanes Made Simple' to be held this year.

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Reliances' petrochem business lags as profits surge

Reliance Industries' petrochemicals business was an underperformer in the quarter ended December 2007, even as profits surged on strong performance by oil refining business in the quarter. Performance of petrochem sector has been hit on both on volumes as well realizations.

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Braskem produces certified HDPE made from 100% renewable feedstock

Braskem has produced the first internationally certified polyethylene made from sugar cane ethanol. Brazil based Braskem claims that this is the first of its kind certified polyethylene. The polymer was certified by US based Beta Analytic laboratory as containing 100% renewable raw materials.

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ExxonMobil commences production at high-performance polymer compound facili...

ExxonMobil Chemical has completed start-up of a new 40,000 tons compounding facility located at its integrated Baton Rouge complex. The facility, built at an investment outlay of US$20 mln was designed for flexible and efficient production of high quality high-performance polymers to the automotive, appliance and specialty consumer products industries.

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Oil prices hover around US$91 a barrel

Light, sweet crude for February delivery moved up to US$90.96 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. In London, March Brent crude futures rose to US$89.60 a barrel on the ICE Futures exchange.

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Global TPE demand to increase 6.3% pa through 2011

Gobal demand for thermoplastic elastomers (TPEs) is forecast to increase 6.3% pa through 2011 to 3.7 million tons, as per a recent report from The Freedonia Group.On the supply side, China will expand its share of the world TPE supply market from less than 30% in 2006 to more than 33% in 2011, although the U.S. will remain the world's largest manufacturer of some products such as olefin-based TPEs. TPEs will continue to find the majority of their use as replacements for natural and synthetic rubber, as well as for rigid thermoplastics and metals.

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Shaw Group awarded engineering contract for two ABS plants in Tiajin

Shaw Group Inc. has been awarded a contract to provide proprietary technology, engineering and procurement services for two 200,000 tpa acrylonitrile butadiene styrene (ABS) plants for Tianjin Dagu Chemical Industry Co., Ltd. The value of the contract has not been disclosed.

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North Asia could see landing of rare naphtha shipment from USA

As markets of Asia, particularly the northern region, firm up on account of dwindling supplies of the benchmark grade because of recent ethylene plant outages in Northeast Asia, shipments from other continents are ready to land on the shores of North Asia.
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BP mulls expansion of Chongqing plant with China Petrochemical

BP Plc and China Petrochemical Corp. are in discussion to mull expansion of a 350,000 metric tpa acetic acid plant in Chongqing, southwestern China to meet growing demand. A ``framework accord'' may be signed by Jan. 18 during Prime Minister Gordon Brown's visit to China later this week.

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Total combines PE and PP business units wef January 1, 2008

In a move that will facilitate greater flexibility in meeting the market needs, Total Petrochemicals USA, Incorporated (TPI) has combined its Polyethylene and Polypropylene business units into a new Polyolefins Business Unit, with effect from January 1, 2008.

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SABIC signs MOU with OSOS Petrochemicals

Saudi Basic Industries Corporation (SABIC) has inked a Memorandum of Understanding (MOU) with OSOS Petrochemicals (currently under formation), to partner OSOS Petrochemicals project at Yanbu industrial city. SABIC will hold 35% stake in the joint venture valued at US$1 billion. As per the MOU, SABIC will complete in no more than 2 months, the exploration and review all works, studies and agreements prior to updating the respective economic feasibility study. A final agreement will then be signed, should the two parties agree on the study.

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Ticona to build a 15000 ton compounding unit at its integrated China comple...

Ticona plans to build a 15,000 metric ton compounding unit at its integrated complex in Nanjing, China. The unit will be located at the recently dedicated Celanese complex and is scheduled to be operational in Q1-09. Production will include the following compounds in the Ticona portfolio - Vectra® liquid crystal polymer (LCP), Hostaform® polyoxymethylene copolymer (POM), Celanex® thermoplastic polyester (PBT), Riteflex® thermoplastic polyester elastomer (TPC-ET), Vandar® thermoplastic polyester alloys (PBT) and Fortron® polyphenylene sulphide (PPS).

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Sumitomo Heavy Industries Ltd. in talks to acquire Demag Plastics Group

Sumitomo Heavy Industries Ltd. is in talks to acquire Demag Plastics Group. However, the plans have not yet reached a stage of finalisation.

La Seda de Barcelona's acquisition of Interquisa marks its foray into North...

Spanish PET group La Seda de Barcelona (LSB)'s recent acquisition of Intercontinental Quimica (Interquisa), has provided the group a breakthrough into the North American market. Interquisa's plant near Montreal in Canada has an annual production capacity of 600,000 tons of PTA. The PTA factory is jointly owned by Interquisa and the Société Général de Financement (SGF), Quebec government's industrial investment vehicle, with 51% and 49% shares respectively.

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Taiwan's FPC restarts cracker at Mailiao

Taiwan's Formosa Plastics Corporation (FPC) is reported to have restarted the Mailiao 1.2 mln tpa cracker. This cracker had to be unexpected shutdown earlier last week due to leakage in the pipes, affecting ethylene supplies in the Asian region, where prices sky rocketed last week.However, supply in Asia is not expected to return to normal levels as the shutdown at Mitsubishi Chemical Corporation (MCC)'s 450,000 tpa No.2 cracker continues.

INEOS to acquire VAM and Ethyl Acetate businesses from BP

INEOS has reached an agreement with BP to acquire the Vinyl Acetate Monomer (VAM) and Ethyl Acetate (EtAc) businesses from the company. The acquisition is being is conditional to approval from the EU competition authorities.

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PetroChina to enhance ethylene output to 1.2 mln tons at Daqing

PetroChina Co.- China's largest oil producer and second largest refiner, has embarked upon expansion of an ethylene plant in northeastern China's Daqing city. The total investment outlay is estimated at RMB 14 bln (US$1.9 bln), and will be utilized towards doubling of current output to 1.2 mln tons. Five supporting facilities will be also added in line with the expansion approval received from the Chinese government in June last year.

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DuPont to invest US$500 mln in Kevlar plant

DuPont plans to build a new US$500 million Kevlar facility in Berkeley County. Kevlar is a fiber so strong it can be used to strengthen bridges, build airplanes and stop a bullet. The company plans to break ground this month on the new plant adjacent to its existing site near Cypress Gardens on the Cooper River and start production in 2010.

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Butadiene demand growth rate forecast at under 3.5% pa until 2012

Chemical Market Associates, Inc. (CMAI) has completed its 2008 World Butadiene Analysis, an annual market study that provides clients with an outlook for the butadiene and derivatives industries for the period 2002-2012. CMAI experts forecast the 2008 through 2012 period will experience a butadiene demand growth rate of just under 3.5% pa, slightly higher than the 3.2% annual rate experienced over the past five years. Global demand for butadiene consumed into ABS resin production is estimated to grow at a high annual rate of around 5%, due to heavy use of thermoplastics in the manufacture of computer equipment and other appliances, mainly in China

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DSM introduces PA4T - a breakthrough polymer

DSM Engineering Plastics has announced the development of PA4T, a new polymer which extends the portfolio for high performance engineering thermoplastics.

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RIL to mark its foray into synthetic fuels through a US$6-8 bln CTL project

Reliance Industries Ltd (RIL) plans to mark its foray into synthetic fuels through a US$6-8 bln project that will turn coal into oil (CTL). RIL aims to produce about 80,000 pd of oil through the process. The Rs 30,000 crore project will consume about 30 mln tpa of coal. India has 248 bln tons of coal reserves of which 93 bln tons are proven reserves.

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Total plans research centre at the Qatar Science and Technology Park

The French firm Total plans to open a research centre at the Qatar Science and Technology Park shortly. This announcement was concurrent with the formal opening of the Qatar Petrochemical Company's (QPCO) Ethylene Expansion Project (EP2).

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Supreme Petrochem net profit for the quarter jumps

Supreme Petrochem, India's largest manufacturer of polystyrene, has announced a 45.43% jump in net profit for the quarter ended December 2007. During the quarter, profits rose to Rs 71.64 mln as against Rs 49.26 mln in the quarter ended December 2006. Net sales for the quarter declined 4.13% to Rs 3,599.20 mln, while total income declined 4.29% to Rs 3,612.81 mln for the quarter ended December 2007.

DuPont profits rise to four year high

Profits at DuPont Co. rose to their highest levels in four years. Last years' higher than anticipated gains can be attributed to rising agriculture demand and sales outside USA. DuPont generates 60% of its sales outside the U.S.

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SABIC mulls deal with Saudi Aramco

Saudi Basic Industries Corp. (SABIC) is considering a deal with state-oil company Saudi Aramco to upgrade a Red Sea Coast refinery and a build a petrochemicals complex.

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Nova plans PE expansion at Mooretown and Corunna

Nova Chemicals Corp has planned an investment outlay of US$80 mln in upgrades and expansion of polyethylene operations at Mooretown and Corunna. The expansion projects at Mooretown and Corunna that will as 250 million pounds of capacity, will take about 2 years to complete and have about a two-year payback. The project includes expansion and improving reliability of the low-density polyethylene (LDPE) unit at Mooretown and optimizing the high-density unit and increasing output from the high-density and linear low-density units at Corunna.

Taiwans' largest ethylene plant shut due to pipe leakage

Formosa Petrochemical Corp., has shut Taiwan's largest ethylene plant, in Mailiao on Taiwan's west coast, on account of a pipe leakage,. The No. 3 plant, shut for an estimated one week, has the capacity to produce 1.2 mln tpa of ethylene, using naphtha as feedstock. However, supply is unlikely to be affected as Formosa plans to fall back on stockpiled ethylene to meet delivery commitments during the shutdown. However, naphtha purchases are likely to see a dip because of the closure. Formosa Petrochemical operates three naphtha processing plants with a combined ethylene capacity of 2.94 million tpa.

Nova plans US$80 mln polyethylene expansion

Nova Chemicals plans to spend US$80mln for modernization and expansion of its polyethylene plants in Canada. The projects will add upto 250 mln pounds pa new polyethylene capacity in stages over the next two years.

Saudi Arabia's PetroRabigh IPO oversubscribed

Saudi Arabia's Rabigh Refining and Petrochemical Company (PetroRabigh)'s SR4.6 bln riyals ($1.23 bln) IPO has been 21% oversubscribed midway through the offer period. Over 2.86 mln Saudi investors had offered at least 5.6 bln riyals by Tuesday's close, PetroRabigh. The sale will end on Jan. 12. PetroRabigh, a $10 billion joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, is selling 219 mln shares, representing a 25% stake, to Saudi nationals at 21 riyals each.

JGC to design and build petrochemical plants in Saudi Arabia

Japan's JGC Corp plans to set up a wholly owned unit to design and build petrochemical plants in Saudi Arabia. JGC will be the first major plant engineering company in the world to totally undertake plant construction projects, including designing, in the Middle East. The company expects to attract strong demand for petrochemical plant construction in the region on the back of soaring crude oil prices.

Dubai plastics future to offer hedging tool and greater price transparency

Rising oil and feedstock prices at their current highly volatile levels, have prepared the ground well for an exchange-traded pricing mechanism in the Gulf, which has half of the world's petrochemical projects. Plastics traders and consumers are hoping the launch of a new plastics futures contract in Dubai will offer a useful hedging tool and greater price transparency, ensuring success where London's LME has so far failed.

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Antimicrobial Acetals for application in environments where heat, moisture ...

The growing concern over bacterial contamination in many settings has led Ticona, the engineering polymers business of Celanese Corporation, to introduce Anti-Crobe™ Antimicrobial Polymers, a family of antimicrobial acetal copolymers (POM) that includes two injection molding grades and an extrusion grade.

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New method for developing mechanically-reinforced polymer nanocomposites

Scientists have developed a new method for developing mechanically-reinforced polymer nanocomposites at Case Western Reserve University. In this new approach, the team used a process in which the reinforced nanoparticles are first assembled into a three-dimensional network through gelation of nanoparticle dispersion, essentially forming a template.

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Teknor Apex to cease production of lead stabilized PVC wire and cable compo...

In the first initiative of its kind in the wire and cable industry, Teknor Apex Company has advised customers that it will supply only non-lead stabilized (NLS) PVC compounds after July 31 of this year. In the case of NLS compounds that have already been fully developed and established as compliant with requisite codes and standards, the company will cease producing lead-stabilized versions effective immediately.

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ABS

ABS prices slipped down to US$1745/MT in Asia in the week of January 7, 2008, on lack of buying interest. Sellers did attempt to maintain prices at last weeks' levels, but a ten dollar drop was witnessed despite a rise in feedstock butadiene prices. Sellers' offers remained under pressure as buyers refrained from buying due a break in seasonal demand and unwillingness on part of Chinese buyers to stockpile despite the approaching Chinese Lunar New Year Holiday.

GPPS

Restrained buyer demand has kept GPPS prices at a lower level of US$1410/MT in Asia in the week of January 7, 2008. The market lacked movement as most players continued to be away on account of the New Year. Buying intentions were almost thirty dollars lower than current sellers' offers. GPPS prices are expected to have an unoptimistic/pessimistic outlook on uncertainty of improving demand from China on the eve of the Chinese Lunar New Year Holiday.

PVC

Absence of definitive offers has led to low level of activity in the Asian PVC market, keeping prices stagnant at US$1000/MT. Deals in the region from Asian producers were heard concluded last weeks levels. Robust market conditions for feedstock ethylene and VCM will keep PVC prices on the rise for the next few weeks of January 2008.

Polypropylene

Lackluster demand from China has kept polypropylene prices in Asia flat at US$1460/MT in the week of January 7, 2008. Limited supplies in the region have led some sellers to defer offers upon conclusion of deals at US$1460/MT levels for January shipment. The market for polypropylene is expected to pick up in the next few weeks, and prices are estimated to remain on the higher side on account of restricted supplies on one hand and on the other hand due to optimistic upstream propylene prices projected for the next few weeks.

LLDPE

LLDPE prices rose to US$1580/MT in Asia in the week of January 7, 2008, on strong Chinese demand. Majority of offers from producers from South Korea, Taiwan and Middle East were quoted at higher levels.

LDPE

Low level of activities in LDPE market led to fewer deals being transacted, leading to flat prices in Asia in the week of January 7, 2008. LDPE prices stagnated at US$1665/MT as evident from offers for January shipment quoted by SE Asian suppliers. South Korean producers have refrained from quoting firm offers. A shutdown at Malaysian LDPE plant for the past few weeks due to mechanical problems has affected the market activity.

POLYMERS - HDPE

Healthy stable Chinese market conditions have pushed up HDPE prices in Asia to US$1610/MT in the week of January 7, 2008. Steady demand from China helped offers rise by ten dollars CFR China for quotes from South Korea, Taiwan, Saudi Arabian producers for January shipment for film as well as yarn grade.

STYRENE MONOMER

Styrene Monomer prices have spiked to US$1330/MT in line with rising crude oil and benzene prices. Upstream benzene in Asia for February witnessed a price spurt to US$1025/MT FOB Korea. In fact, styrene prices for March delivery were heard past US$1330. An outage Sinopec Group Maoming Petrochemical's SM plant, along with restricted supplies on account of plant trouble at China National Offshore Oil Co and Shell Petrochemicals Company Limited (CSPC) plant have pressured prices.

PROPYLENE

Propylene prices have risen to US$1220/MT in Asia in the week of January 7, 2008, mainly driven by restricted availability due to the outage at Mitsubishi Chemical's No. 2 naphtha cracker with 260,000 tpa propylene capacity. This will keep prices on the rise until February. FOB Korea offers have risen to US$1230/MT levels on tight supply situation. In the SE Asian region, CFR prices spiked on strong demand from end-users. Prices will continue to be north bound in the next few weeks of January, probably until February.

POLYMER FEEDSTOCKS - ETHYLENE

Ethylene prices in Asia peaked to new highs, settling at US$1310/MT in the week of January 7, 2008. Spot prices have seen robust gains, rising on a combination of strong crude values on one hand and consistently firm demand on the other. South Korean suppliers have sustained selling offers above US$1,300/MT FOB Korea levels, as supply situation remains tight on account of an unplanned outage at Mitsubishi Chemical's 450,000 tpa No.2 cracker. On account of the supply paucity caused by this outage, ethylene cargoes from South Korea for January arrival, have been diverted to Japan. Similar volumes for Japan for February are expected to yield a pressure on prices. Interestingly, buying intentions from Taiwan remained bearish in anticipation of an ethylene supply glut from Iran's recently started 1 mln tpa Olefin-9 in Assaluyeh, currently running at 50% capacity.

POLYMER FEEDSTOCKS - VCM

Despite robust downstream sentiments, VCM prices stagnated at US$760/MT in Asia in the week of January 7, 2008. However, VCM prices are expected to strengthen by about twenty five dollars in the next few weeks of January on account of an optimistic outlook propped by strong oil and feedstock ethylene and EDC prices, as well as robust downstream PVC prices.

POLYMER FEEDSTOCKS - EDC

EDC prices moved up to US$410/MT in Asia in the week of January 7, 2008 on robust downstream demand. Sellers continue to have an optimistic outlook, driven by robust downstream VCM and PVC markets coupled with rising feedstock ethylene costs. Buying intentions have been sensed at least twenty dollars higher than current sellers offers.

NAPHTHA

Naphtha prices rose in line with rising crude values.
Naphtha prices in Asia have spiked to US$885/MT levels, in line with rising crude values in the week of January 7, 2008. Open-spec naphtha values for H1-Feb delivery spiked by more than 15 dollars from last weeks level to US$885/MT CNF Japan.

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

Crude oil prices continue to move up, spiking to hundred dollars mid week.

CRUDE OIL Crude oil future spiked to US$100 per barrel mid week, before slipping to US$97.9 per barrel for February delivery on the New York Mercantile Exchange. Crude oil continues to rise on supply concerns in the first week of January 2008. The US$100 mark was breached midweek mainly as a result of violence in OPEC countries Nigeria and Algeria, a weak dollar, a sudden bout of cold weather.

Qatar's petrochem output estimated to reach 18 mln tons in 2012

EP2 which would increase Qatar Petrochemical Company (Qapco)'s annual ethylene production capacity to 720,000 tons from existing 525,000 tons expansion plan has been inaugurated in Qatar. With this additional output, Qatar is set to become one of the world's largest producers of petrochemicals in the world.

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Pemex's Phoenix petrochemical project called off

Petroleos Mexicanos (Pemex)'s proposed Phoenix petrochemical and plastics project has been called off after a decision by the Mexican government not to provide financial support to the venture. The Phoenix project, to comprise a US$1.9 bln olefins and polyolefins complex based on ethane, and a US$1.2 bln cracker and aromatics complex was scheduled for completion by 2011.

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Idemitsu restarts naphtha cracker after a week long outage

Japan's Idemitsu Kosan Co. Ltd., has restarted its naphtha cracker which was shut on December 28. Idemitsu shut one of its two naphtha crackers at its Chiba plant, with a capacity to produce 374,000 tpa of ethylene, due to problems with a boiler system. This shutdown has not affected its shipments to customers.

Naphtha exports from India estimated to dip on increased domestic use

Naphtha exports from India will see a 50% cut in the first part of 2008, as the naphtha will get diverted to being used as a substitute for natural gas supplies affceted by an output problem. Oil and Natural Gas Corp and top refiner Indian Oil Corp will possibly halt naphtha exports for Jan/Feb loading, after ONGC shut a platform at its No.1 gas field for an upgrade. The shutdown has reduced output by around 26% until the unit reopens on January 25.

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Start of one LLDPE line by Sharq delayed in Saudi Arabia

Saudi Arabia's Eastern Petrochemical's (Sharq) has delayed the start-up of one of its linear low density polyethylene (LLDPE) plant with a 750,000 tpa capacity. Supply to Middle East and Asia will be affected, causing a paucity in the region.

Court order blocks Bayer from using carbon monoxide pipeline

A court order has blocked Bayer Material Science from moving carbon monoxide (CO) between Bayer's own German chemical sites at Dormagen and Krefeld-Uerdingen. The order seems to have been initiated by private individuals countering that the project is against public interest.

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BCPL seeks technology licensor for Assam gas Cracker polypropylene unit

Brahmaputra Cracker and Polymer Ltd. (BCPL) seeks a technology licensor for the Assam project (Assam Gas Cracker Complex) to construct a polypropylene (PP) unit. Engineers India Limited (EIL) has been shortlisted for the ECPM (Engineering, Procurement and Construction Management) of the 60,000 tpa polymer-grade propylene for production of homopolymer PP.

BASF-YPC to go ahead with US$1.3 bln refinancing plan for ethylene expansio...

BASF-YPC Company Ltd. - a JV between Germany's BASF and China's Sinopec, based in Jiangsu Province, plans to go ahead with a US$1.3 bln refinancing plan to facilitate construction expansion plans at its existing site.

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Trinidad and Tobago sign MOU with Basell for integrated polypropylene compl...

Basell has signed a MOU with the National Gas Company of Trinidad and Tobago, Ltd. (NGC), and the National Energy Corporation of Trinidad and Tobago, Ltd. (NEC), confirming its intention to construct and operate a fully integrated polypropylene complex.

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Plastic sheet market in USA projected to grow to US$7.2 bln by 2011

Demand for plastic sheet in the U.S. is projected to grow nearly 3% pa to 7.7 billion pounds in 2011 to a value of US $7.2 billion, as per a study by The Freedonia Group.The study concluded that food packaging markets will present the best opportunities and increase to 3.8 billion pounds in 2011, accounting for nearly half of all sheet applications; and that polystyrene sheet will account for nearly half of all applications in 2011.

UAE firms sign US$2 bln deal for upgrade of refinery in Libya

Two UAE based companies- The Star Consortium of TransAsia Gas International and Star Petro Energy, have signed a 50-50 joint venture agreement with NOC in Tripoli, Libya, covering a two-stage improvement of the 220,000 bpd Ras Lanuf export refinery. The site at Ras Lanuf includes a refining plant that produces naphtha, kerosene, light gas oil and heavy gas oil, and other units producing ethylene and polyethylene.

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Thai-led alliance to develop oil refinery and petrochemical complex in Viet...

Companies from Thailand, China, Australia, Malaysia and the United Kingdom plan to develop a multi-billion dollar crude oil refining and petrochemical complex with annual capacity of 7-8.4 million tons of crude oil in Vietnam 's central Thanh Hoa province.

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HPL to expand PTA unit to improve bottom line in next petrochemical down-cy..

Haldia Petrochemical Ltd (HPL) plans to expand capacity in a bid to emphasize on a new product mix that will not increase the consumption of naphtha, but will help improve proceeds of the next petrochemical down-cycle. Extraction of high margin products like Butene-1 from the existing by-products of Naphtha Cracker and associated units, is on the cards. Production is slated to commence in December 2008 and that the new plant will be located in Haldia itself.

Shell sued for creating pollution above desired levels from Texas Refinery

Shell Oil Co. along with several of its affiliates, has been sued by environmental groups on claims that oil giant has released pollutants from its suburban Houston refinery that are well above state and federal limits for several years.

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Japan Energy Group commissions new petrochemical complex at Kashima

Japan Energy Group’s subsidiary, refiner Kashima Oil has commenced operations at its JPY70 bln petrochemical complex at the Kashima refinery. Facilities at the complex include a 60,000 bpd condensate splitter, a 420,000 tpa paraxylene unit, a 20,000 bpd catalytic reformer, a 190,000 tpa aromatic solvent extraction unit and a 15,000 bpd trans-alkylation unit.

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Formosa Plastics Group's core companies generate record turnover in 50 year...

Formosa Plastics Group's (FPG) four core companies : Formosa Plastics Corp., Nan Ya Plastics Corp., Formosa Chemicals and Fiber Corp., and Formosa Petrochemical Corp. have together generated a turnover of NT$1.35 trillion (US$41.49 bln) in 2007. This is the highest turnover recorded in the group's 50-year history, representing 29.69% growth as against last year. The major factors contributing to this growth are high utilization rate of Formosa Petrochemical's naphtha crackers and increasing prices of the groups’ end products in line with by rising global crude oil prices.

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Over 1.4 mln Saudis subscribe to Petro Rabigh’s IPO, as subscription surpas...

Over 1.4 mln Saudi nationals have subscribed to the Petrorabigh IPO in first two days. As the subscription surpasses SAR 2.4 bln, the overwhelming response is an indication of high level of investor confidence in the project. The offering consists of 219 mln shares, representing 25% of the company’s share capital after the IPO. The SAR 4.599 billion IPO, which opened for subscription on Saturday, January 5, 2008, will close on Saturday, January 12, 2008.

UNIPOL PE Process selected by Petrochina for 3 new facilities

PetroChina has selected Univation Technologies' UNIPOL PE Process to manufacture over 1 million tpa of polyethylene at three new facilities to be constructed at Daqing (Heilongjiang Province), Fushun (Liaoning Province), and Pengzhou (Sichuan Province).

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PKN Orlen to shut down propylene and ethylene unit for repair

Poland's largest oil company, PKN Orlen plans to shut the propylene and ethylene installation at its main Plock refinery for repairs this year. The units will be shut for one month, in either the second quarter or third quarter of this year. Financial implications of this shutdown have not been disclosed. Extensive maintenance works at refineries in the Czech Republic and Lithuania have affected PKN's operations in the third quarter and may depress company results for the last three months of 2007.

IOC set to start preliminary feasibility study for PCPIR at Nayachar

Indian Oil Corporation is geared up to start a preliminary feasibility study for the petroleum, chemicals and petrochemicals investment region (PCPIR) at Nayachar. IOC plans are to connect its existing project in Haldia with its Nayachar project to create an integrated petroleum complex.

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Central Government unwilling to consider a PCPIR in Haldia smaller than 25,...

India's Union chemicals & fertilisers minister has stated that the Centre could consider Haldia in West Bengal state for a petroleum chemicals and petrochemicals investment region (PCPIR) only if the state government succeeds in arranging the requisite 25,000. This new development is contrary to an earlier statement that the West Bengal could start developing the PCPIR on a smaller area, and gradually take it up to the required level of 25,000 hectares as only 40% of the total area would be used as processing zone.

Speculations rife about Dow's possible takeover of Linde

The market is rife with speculations of takeover by Dow Chemicals of German chemicals company Linde. Linde's shares touched record highs on Friday on a grapevine that Dow was planning a takeover offer that could top US$25 billion - as against Linde's current market capitalization of over US$22 billion.

PetroRabigh launches SR4.6 bln IPO

An initial public offering (IPO) to raise SR4.6 bln (US$1.23 bln). This is the first time that state-owned Aramco, the world's largest oil producing firm, has offered shares in one of its affiliates to the public. Sumitomo Chemicals and Aramco will each retain a 37.5% after the IPO. PetroRabigh- a US$10 bln joint venture between Saudi Aramco and Japan's Sumitomo Chemicals, will sell 219 million shares, representing 25% of its capital, to Saudi nationals at SR 21 each.

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ExxonMobil upgrades OPP film production

The Films Business of ExxonMobil Chemical has successfully started production at its upgraded specialty oriented polypropylene (OPP) film production line in LaGrange, Georgia.

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Oil prices decline on concerns over US economy

Oil prices dipped on reports of growing unemployment in the United States. As per the U.S. Labor Department, unemployment rate jumped from 4.7% in November to 5% in December -- its highest level in more than two years.

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Brazil's Petrobras hives off stake in Argentine company

Brazil's state-owned oil and gas company Petrobras has sold its 40% share in Argentina-based petrochemical Cuyo for US$32 mln to Admire Trading Company. Admire holds 50.5% stake, while 9.5% stake is held by Inversor Petroquimica.

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European Commission suspects merger rule violations by Kerling/Ineos Vinyls

The European Commisson has strong doubts about allowing Ineos to take over the former Hydro Polymers. In a bid to find some clues that counter the rule banning pre-merger exchange of information as required by the European Commission, the authorities have carried out unannounced raids on PVC production sites in the UK belonging to Kerling and Ineos Vinyls. It has repeatedly postponed a decision on the proposed transaction and now is not due to complete its review until 18 February 2008.

Continuous fibre reinforced thermoplastics

In response to the increasing demand for materials that are both light weight and able to withstand high levels of stress, Ticona has added continuous fibre reinforced thermoplastic composites to its Celstran product portfolio. Celstran thermoplastic composites comprise a range of continuous fibre-reinforced thermoplastics whose processing and properties can be adapted to special customer requirements.

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PetroChina to delay start-up of 100,000 bpd refinery in China's northwest t...

PetroChina plans to put off the start-up of a new 100,000 bpd refinery in China's remote northwest by almost a year. Building problems in the Gobi Desert due to hostile weather conditions and extreme terrains, will defer the start up to Q4-2008. The company also plans to defer start up of a 1 million tpa ethylene project to 2009 from an earlier plan of 2008.

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Kuraray's American arm consolidates assets

Kuraray America Inc. has consolidated its North American assets, which include two Houston-area companies, and moved the corporate entity to Houston from New York. As a result of the consolidation, Eval and Septon have adopted the Kuraray America Inc. name.

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Dow Polyurethanes to acquire 51% stake to gain total ownership of Thai comp...

In line with Dow's strategy of investing in its downstream Performance businesses, Dow Polyurethanes has acquired the remaining 51% stake of Pacific Plastics (Thailand) Limited (PPTL), a polyols and polyurethane systems facility located in Map Ta Phut, Thailand. PPTL is a joint venture between Dow, Siam Cement Group (SCG) and two other minority partners. Upon completion of the transaction, the polyols and polyurethane systems facility will be wholly owned by Dow.

Plastic pipe fittings and joining technology

Pipe joints require a high level of guaranteed performance and as a consequence the industry uses advanced technology in both fitting manufacture and joint sealing. AMI has reviewed the state of the European pipe industry - around 3.5 million tonnes of plastics are used per annum.

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Middle East ethylene production to double to 20% of global capacity

The petrochemicals industry represents one of the fundamental pillars of the GCC economy, witnessing an unrivalled phase of sustained growth. This growth seen for the last two decades is expected to continue unabated for the future.

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Oil prices ease marginally in Asia after touching US$100 per barrel

Light, sweet crude for February delivery dipped to US$99.24 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. Oil prices dipped from US$100 a barrel in anticipation of a drop in inventories in the weekly U.S. petroleum supply snapshot. Price volatility can be attribute to growing violence in Africa's leading oil producing nation, a weaker U.S. dollar and a stance that global demand for oil will outstrip supplies.

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Sinopec Corp and subsidiary to acquire equity interests from parent

China Petroleum and Chemical Corporation (Sinopec Corp) plans to acquire equity interests in three oil refineries and 63 gas stations from its parent company, Sinopec Group Company. Sinopec Yangzi Petrochemical, a subsidiary wholly owned by Sinopec Corp, will also acquire equity interests of two oil refineries from Sinopec Group.
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The year closed at investment by 2,055 foreign-funded petrochemical compani...

The year closed at investment by 2,055 foreign-funded petrochemical companies in China. Foreign titans like Exxon Mobil, Shell, BP, Total, BASF, DuPont, Bayer, and Dow Chemical Company all have projects in China's industries including oil products marketing, exploitation of natural gas, petrochemical, fine chemical, special chemical, processing of synthetic material, petrochemical storage and logistics, and products with high added-value. Most of them have long-term goals in China. 8 joint petroleum retailers have been set up by September 2007. More than 1,500 foreign-funded gas stations have come into service. The foreign companies are expected to bring in new products and technologies to China.

Deadline set for inquiry into Basell Polyethylene’s proposed acquisition of...

The European Commission has set a deadline date of Feb 4 for its inquiry into Basell Polyethylene SAS' proposed acquisition for sole control over French petrochemical group Compagnie de Distribution des Hydrocarbures SAS.

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RIL and GAIL shortlist countries to set up proposed 2 mln tons petrochemica...

Reliance Industries Limted (RIL) and State-run Gas Authority of India Limited (GAIL) are in the process of a massive lookout for jointly setting up a proposed multi-billion-dollar petrochemical plant. Qatar, Abu Dhabi, Bahrain, Vietnam, Australia, South Africa, Angola, Mexico, Russia and CIS (Commonwealth of Independent States) are among the dozen odd venues shortlisted by the partners, who have recently signed a memorandum of understanding (MoU) to jointly set up the project.

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PolyOne Corp completes previously announced acquisition of GLS Corp.

PolyOne Corporation has completed the previously announced acquisition of GLS Corporation, the leading North American provider of specialty thermoplastic elastomer compounds (TPEs) for consumer and medical applications.

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Government to review proposed customs duty cut on petrochemicals from Singa...

Objections from the department of chemicals and petrochemicals (DoCP) have driven the Indian government to review its decision to reduce Customs duty on chemicals and petrochemicals from Singapore to zero in the next three years.

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Centre receives applications for PCPIR from three states in India

Three states of South India have submitted applications for setting up of petroleum, chemicals and petrochemicals investment regions (PCPIR) to the Centre- listing Oil and Natural Gas Corporation as the key investment partner. Keen interest has been evinced by states of Orissa and in developing a PCPIR.

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Cereplast to expand Bio-Plastic production with new facility at Indiana

Cereplast, Inc.'s new half a billion pounds a year facility is to be located at Indiana, when the site is fully developed by early 2010. Operations will start at the site in January of 2008. Within weeks, a logistics processing center will begin operations, allowing the company to better serve clients in the Midwest and the East Coast.

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Oil prices spike above US$96 on expectations of crude inventory decline in ...

Oil prices moved up to US$96 on expectations of a decline in US crude stockpiles for the seventh straight week. The report is expected to show U.S. crude stocks dip by 1.8 mln barrels. Light, sweet crude for February delivery gained rose to US$96.37 a barrel in Asian electronic trading on the New York Mercantile Exchange by late morning in Singapore.

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ENGC and QAPCO sign contract for ethylene transportation in Qatar

Qatar Petrochemical Co. (QAPCO) has signed a contract of Affreightment (COA) with the gas shipping company "Eitzen Norgas Gas Carriers (ENGC). As per the COA contract, ENGC will ship QAPCO's Ethylene expansion Plant's (EP2) products of Ethylene, and ENGC to meet QAPCO's full transportation solution for its ethylene export until end of 2008. Destinations for QAPCO's ethylene exports will cover India, SE Asia and West Europe.

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LN Mittal-HPCL JV mulls location of US$6 bln greenfield refinery cum petroc...

The consortium led by the LN Mittal-HPCL combine is considering locating its US$6 bln greenfield refinery-cum-petrochemical project in a special economic zone (SEZ). This venue for the complex is being favoured instead of the original location at the proposed petroleum, chemicals and petro-chemicals region (PCPIR) in Vizag. French oil major Total, GAIL and Oil India are other partners in the consortium.

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Bayer MaterialScience hives off part of unsaturated polyester resins busine...

Bayer MaterialScience has sold a part of its unsaturated polyester resins business-grouped together under the name Roskydal®, to the Italian company Veneziani S.p.A., thus divesting some selected product grades that no longer fit in with its overall long-term portfolio. Financial details of the transaction were not disclosed.

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