Oil prices steady near new record levels

A sharp decline in the US dollar following a weak report on US economic growth, has taken oil prices to a new high. New York's main contract, light sweet crude for delivery in April yo-yoed at US$102.60 per barrel. The fresh record prices coincide with the flow of investor money into commodities.
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Proposed Goldboro petrochemical plant could get stalled

Keltic Petrochemicals' proposed Goldboro petrochemical plant to be located at Nova Scotia's eastern shore could be foiled. Regulators are pondering the potential negative impact of the US$4 billion energy project on the roseate tern, a bird about the size of a robin.

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Qapco estimates to gain from higher production and prices from rising deman...

Qatar Petrochemicals Co (Qapco)'s chemicals unit expects to benefit this year from higher production and higher prices for its products, drawing on rising demand in Asia.

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Shaw Group awarded contract work for deep catalytic cracking unit in India

The Shaw Group Inc. has awarded a contract by Guru Gobind Singh Refineries Ltd. to provide technology, engineering and procurement services for a deep catalytic cracking unit at the grassroots Punjab Refinery project in Punjab, India, for an undisclosed amount.

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Marks & Spencer to levy additional charge for food carrier bags across UK

In a bid to reduce the number of bags used by food buyers, UK's major retailer Marks & Spencer has announced a 5 pence charge. This levy will be charged for food carrier bags in all its stores across UK, with effect from the beginning of May.

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Polymer Sourcing Conference

AMI's Polymer Sourcing Conference is a forum specifically designed for all companies involved in the European polymer supply chain, and will be held from 15-17 April at the Fira Palace Hotel in Barcelona, Spain.The conference will highlight the effect of worldwide changes in polymer production on polymer trading and distribution in Europe.

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Stretch Film Opportunities Explored

The stretch and shrink film industry is among the fastest growing and most dynamic flexible packaging segments in Europe.AMI's Stretch & Shrink Film conference has established a position as the forum where the industry meets to discuss key trends and developments influencing business developments and profitability.

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Fire at BASF's Ludwigshafen facility under control

A fire at BASF's Ludwigshafen plant was caused by a malfunction in the steam cracker's internal steam system. An operational malfunction at its Ludwigshafen plant triggered safety procedures that include burning off crude gas, creating a firey glow over the plant that is visible from a distance, as well as a loud hissing sound. All safety systems are functioning as expected, and the affected part of the plant, the steam cracker, will likely start operating without further trouble during the day.

Firestone Building Products opens thermoplastic polyolefin plant and distri...

Firestone Building Products Co.(FBPS) has inaugurated its state-of-the-art thermoplastic polyolefin manufacturing plant and distribution center in North Las Vegas. The new facility brings the company's number of production lines to five, making FSBP the largest TPO manufacturer in the commercial roofing industry.

Braskem concludes acquisition of Ipiranga Group Petrochemical Assets

Braskem has announced that 60% of the petrochemical assets of the Ipiranga Group, consisting of the 60% interest in Ipiranga Quimica, were effectively transferred to the Company. As a result of the transaction, Braskem now holds a direct interest of 60% in Ipiranga Quimica, an indirect interest of 60% in Ipiranga Petroquimica, and a direct and indirect interest of 62.7% in Copesul. The remaining 40% of Ipiranga Quimica were delivered to Petrobras.
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Polyone opens third color development center in China

PolyOne Corporation has opened its third color development center in China in the city of Tianjin. PolyOne's exiting state-of-the- art color development centers in China are located in Shanghai and Shenzhen. The Tianjin color development center will be used to develop new color and additive solutions that meet customer-specific needs, in addition to facilitating faster, more efficient new product introductions in North China and Korea.

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China to charge full rate of consumption tax for naphtha and fuel oil

The Chinese finance ministry and taxation bureau has begun charging the full rate of consumption tax for naphtha and fuel oil. The levy on naphtha has risen to CNY 0.2 per litre (around EUR 25/t) and to CNY 0.1 per litre on diesel. The tax was introduced in April 2006 but the government immediately allowed a 70% tax cut, saying it would charge the full rate at the "appropriate time." The adjustment is part of China's recent efforts to curb resource-intensive sectors and promote energy efficiency.

Clear optical grade safety shielding with impact resistance 250 times that ...

Clear optical grade safety shielding with impact resistance 250 times that of glass of equivalent thickness has been introduced by thermoplastics engineering specialist Dotmar EPP as a high-performance alternative to metal shielding.

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Saudi Aramco's 400000 bpd Ras Tanura refinery scheduled for completion in D...

Saudi Aramco's 400,000 bpd Ras Tanura refinery is scheduled for completion in December 2012, at an estimated investment outlay of US$8 bln. Output from the refinery will add to output from the existing 550,000 bpd plant at Ras Tanura. Output from the refinery will be used as feedstock to other petrochemical plants and fuel oil.

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Ineos Polyolefins to invest in expansion of PP and PE

Ineos Polyolefins is considering investing in random co-polymer technology on its liquid pool polypropylene (PP) unit at Grangemouth, Scotland. By linking ethylene supply from its crackers to the PP unit, random co-polymer grades with a wide range of melt flow rates will be produced commencing Q3 2008 for the blow moulding, packaging and medical sectors.

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SABIC IP to produce long glass fiber reinforced thermoplastic composites in...

SABIC Innovative Plastics has commenced production of long glass fiber reinforced thermoplastic composites in Chung-Ju, Korea, to provide enhanced service and support for customers in Korea and Asia. The new line will produce LNP Verton long glass fiber-reinforced thermoplastic composites, which are widely used across the burgeoning automotive, telecommunications, and appliance industries in Asia.

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EU clears Ineos acquisition of BP acetate businesses

The European Commission has cleared Ineos' proposed acquisition of BP's Vinyl Acetate Monomer (VAM) and Ethyle Acetate (EtAc) units. The deal comprises 500,000 tpa production capacity at the Saltend manufacturing site near Hull, UK, along with the Teesside to Saltend Ethylene Pipeline (SEP). The transaction was reviewed under the EU's simplified merger review procedure, for cases the commission believes do not pose competition concerns.

Lanxess strengthens distribution network in East Europe

In a bid to meet the growing demands for high tech plastics and rubber chemicals in East Europe, Lanxess has inaugurated a new distribution HQ in Bratislava, Slovakia- named LANXESS Central Eastern Europe s.r.o. All of its business activities in Poland, Slovakia, the Czech Republic and Hungary are being controlled by LANXESS Central Eastern Europe s.r.o., based in the Slovakian capital.

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Work on US$93 mln propylene unit commences in Japan

Construction work has been initiated at a Yen 19 bln (US$93 mln) high-efficiency propylene unit in Ichihara, Chiba prefecture, Japan. The unit is a joint venture between Japanese refining company Idemitsu Kosan and chemical makers Mitsui Chemicals and Sumitomo Chemical. The unit will handle the conversion of butadiene into 150,000 tpa of propylene and clean fuel. The plant is scheduled to start up in Q3-2009.

Traditional chemicals and plastics businesses under review at Dow

With plans to shift focus to higher-growth operations, Dow Chemical Co. is reviewing several of its traditional chemicals and plastics businesses. Dow is shifting several of its businesses into a new business group - Dow Portfolio Optimization, where they will be evaluated as candidates for joint ventures with other companies or for outright sale.

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New polycarbonate sheet that complies with hurricane standards

Ultra weatherable, high impact polycarbonate sheet, meeting USA's toughest building standard for hurricane zones, has been launched by Spartech. It's Sungard Ultra Weatherable Polycarbonate sheet has received a notice of acceptance (NOA) from the Miami-Dade County Florida Building Code Office.

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ABS

A rise in March offers by most suppliers has kept ABS prices higher at US$1770/MT in Asia in the week of February 25, 2008. Buying intention continues to be pegged twenty dollars lower. Demand for ABS is estimated to grow in the next few weeks as downstream plants begin to ramp up operation rates.

GPPS

Robust crude oil, naphtha and feedstock Styrene Monomer values have exerted pressures on the price of polystyrene. GPPS prices rose to US$1440/MT in Asia in the week of February 25, 2008. As the market awaits March offers from some producers from the Far East who have indicated a hike, mainstream offers from South Korea and Taiwan are already being quoted at US$1470/MT levels. However, buying interest from China seems to be pegged at lower values.

PVC

Poly Vinyl Chloride prices stagnated at US$1045/MT in Asia in the week of February 25, 2008, on lackluster market conditions. PVC markets were quieter as they awaited March offers by major suppliers. PVC exports from Japan are estimated to be further reduced rate in the month of March as Taiyo Vinyl plans to shut down its 310,000 tpa PVC plant for a 6 week maintenance turnaround. This will lead to further restricted supply in the region. Producers from Japan are considering a price hike for next month mainly due to higher feedstock costs coupled with restricted supply in the region.

Polypropylene

Notwithstanding falling feedstock propylene prices, polypropylene prices continued at last weeks’ US$1490/MT in Asia in the week of February 25, 2008. Weaker propylene prices have not yet impacted supplier offers persisting at US$1520/MT CFR China for March shipment. Meanwhile, Chinese buyers expressed an interest in buying at lower prices, directing conclusion of deals at US$1490/MT CFR China.

POLYMERS - LLDPE

A quiet prevailed in the LLDPE markets of Asia, stagnating prices at US$1630/MT in the week of February 25, 2008. However, Taiwan's Formosa has increased offers for H2 March shipment to US$1680/MT CFR China, even as Korean cargoes were heard being offered at above US$1630/MT CFR CMP. The onset of the agricultural season in China is expected to prop up demand for agricultural films and subsequently for LLDPE in the next few months.

POLYMERS - LDPE

LDPE markets moved up marginally to US$1780/MT in Asia in the week of February 25, 2008. Inactivity prevailed in the sluggish markets as buyers awaited March offers from most major suppliers. Deals for Middle East February cargoes concluded at around US$1750/MT CFR China, even as small sized cargo from South Korea inched past US$1750/MT. Strong demand from markets of South East Asia has helped conclude deals for material from South Korea at levels of 1780/MT CFR SE Asia. This coupled with restrained supply has resulted in suppliers targeting a price hike for March offers up by at least twenty dollars.

POLYMERS - HDPE

Lackluster markets kept HDPE prices in Asia stagnant at US$1660/MT in the week of February 25, 2008. Restrained demand from China kept market activities very lean in Asia, keeping HDPE prices at sluggish levels. Awaiting firm offers from key suppliers for March, some traders have proposed H1-March shipment at US$1670/MT levels. However, most buyers preferred to wait and watch as buying interest hovered around lows of US$1640/MT CFR CMP with usance terms. Prices are estimated to dip in the next few weeks as deep sea cargoes from USA for H1-April delivery were being offered at US$1600/MT CFR China.

EDC

EDC prices in Asia slipped to US$425/MT in Asia in the week of February 25, 2008 on growing supplies from producers. Key producers in Asia continue to run EDC plants at full capacity. However, high price of caustic soda has kept demand from China weak. This is estimated to lead to a scenario of a further increase in increased supplies, compelling producers to lower their EDC offers in near future. Interestingly, majority offers were still unchanged at US$450/MT CFR China, even as buying intentions persist at lower levels.

VCM

In sharp contrast to other feedstocks, VCM markets stagnated at US$820/MT in Asia in the week of February 25, 2008. Even as prices in South East Asia continued to be stable, prices in China witnessed a tussle between buying and selling intentions. Due to resistance by endusers from China to higher prices, a downward revision of twenty dollars was seen as the Japanese suppliers modified February offers. This price revision however, did not meet with favourable response from the Chinese buyers, with buying intentions pegged as low as US$800/MT CFR CMP level. CFR China deals for February are estimated to be concluded at US$820/MT levels.

Styrene Monomer

Corresponding with higher feedstock benzene prices, Styrene Monomer prices persisted in their northward march, rising to US$1410/MT in Asia in the week of February 25, 2008. Upstream benzene prices saw another rise to US$1100/MT as crude oil values spiked to record highs. For April shipment, sellers of SM have offered prices higher at US$1400/MT FOB Korea.

FEEDSTOCK - PROPYLENE

Like ethylene, propylene markets of Asia have also dipped, under pressure from a supply glut from Japan. Propylene prices fell to US$1180/MT in Asia in the week of February 25, 2008. Propylene prices have also been affected by the delayed reopening of Taiwanese Formosa’s PP plant in Ningbo, China. This delay has caused an abundant supply of propylene from the company.

FEEDSTOCK - ETHYLENE

A supply glut from Japan has caused ethylene prices to plummet to US$1300/MT in Asia in the week of February 25, 2008. Oversupply in the domestic market of Japan is a result of excess buying by Mitsubishi Chemical Corporation. Supply in South Korea has overtaken demand as the country’s major markets of China and Taiwan are currently teeming with plentiful stocks. As a result, surplus stocks are finding their way into the Japanese market. This has led to a wide gap of almost fifty dollars between buying intention and sellers’ offers at US$1250/MT CFR SEA.

NAPHTHA

Robust crude oil prices propped up naphtha prices in Asia in the week of February 25, 2008. Open-spec naphtha values for H1-April shipment closed at about US$885/MT CNF Japan level after fleeting past US$900/MT mid-week.

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

After spiking to record highs of US$101.3 during the week, crude oil prices dropped to US$98 a barrel halfway through the week on reports of a rise in crude inventories in USA, indicating a slowdown in the US economy.
CRUDE OIL After spiking to record highs of US$101.3 during the week on speculation that OPEC will cut production when it meets next month, crude oil prices have dipped. Crude oil prices dropped to US$98 a barrel halfway through the week as a report showed that domestic crude inventories rose last week indicating a slowdown in the economy. US crude oil inventories are reported to have risen by 4.2 million barrels in the week ended Feb. 15, more than the expected 2.9 million barrel increase. Towards the end of the week, oil prices continued to rise above US$98 a barrel amid worries about supplies as Turkish troops pursued separatist Kurdish rebels into northern Iraq, raising concerns of a broader conflict with the US-backed Iraqi Kurds.

Daelim awarded US$515 mln order by JG Summit

South Korea's Daelim has been awarded a US$513 mln order from JG Summit Petrochemical Corp to build a petrochemical plant. The order is for a project to build an ethylene and propylene plant in Philippines.

Huntsman to expand MDI capacity with new world scale plant at Rozenburg

Huntsman Corporation plans to increase global methylene diphenyl diisocyanate (MDI) capacity through investment in a new, world scale MDI plant at its site in Rozenburg, the Netherlands. Huntsman has commenced design and feasibility studies, including preliminary engineering for the new unit.
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ONGC drops plans of HDPE unit at proposed project at Dahej

Oil and Natural Gas Corporation (ONGC) has reduced the projected cost of proposed mega-petrochemical plant at Dahej, Gujarat, by Rs 1100 crore. The project was initially configured with a styrene butadiene rubber (SBR) and a dedicated HDPE (high-density polyethylene) unit that have now been removed in view of current market demand-supply dynamics.

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Team of experts visit site for proposed PCPIR at Nayachar Island to conduct...

A six-member team of experts has visited the site for the proposed Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) at Nayachar Island in East Midnapore district. The team went across the 12,000-13,000 acres of land and interacted with local people, mostly fishermen.
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Oil prices stabilize at US$99 a barrel

New York's main contract, light sweet crude for delivery in April stood at US$99.2 per barrel. World oil prices have stabilized at US$99 a barrel in Asian trade. The higher price level has been supported by supply worries on Turkey's offensive in Iraq and fears of OPEC announcing an output cut.
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Lanxess to earmark investment outlay of €1 bln for global expansion

German chemicals group Lanxess AG plans to invest €1 bln over the next three years on global expansion through new plants and capacity expansions. Price volatility in the petrochem feedstock market will persist, and prices will remain high. Lanxess' policy to pass on higher raw material prices into the market in a timely manner has speeled success for the company.

US$210 mln to be invested in Oman's first PET project

Plans are firming up for development of Oman's first-ever PET project at an investment of around US$210 mln. Promoters have secured land for the venture within the Port of Sohar and could potentially source feedstock requirements for the 140,000 tons PET project from Aromatics Oman's world-scale plant presently under construction within the industrial port.

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Indonesia petchem firm TPPI declares force majeure

Indonesia's Trans Pacific Petrochemical Indotama (TPPI) has declared force majeure on its products due to a problem with port facilities, rendering them unsafe for navigation. Duration of the force majeure, declared on Monday evening, is undisclosed.

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DSM Elastomers' new line to produce range of functionalized EPDM materials ...

DSM Elastomers' new reactive extruder line in Triunfo, Brazil has become operational. The first samples have been shipped to customers, with commercial production slated to begin soon. The facility will produce a range of innovative functionalized EPDM materials for applications like plastics modification and adhesives. The plant uses state of the art technologies for reactive extrusion.
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Saudi Aramco shuts hydrocracker facility at Ras Tanura refinery

An outage has caused Saudi Aramco to shut its hydrocracker facility at Ras Tanura refinery for about two weeks. An outage at the problem-ridden unit has shut down an operation of 44,000 bpd for the refinery. The refinery processes residues to yield higher-value products such as naphtha and gas oil.

Dow's UNIPOL polypropylene process technology selected for project in China

Petrochemical Co. has selected Dow's UNIPOL polypropylene process technology to be used in the new facility. The plant will be built in Fushun, Liaoning Province, and is scheduled for completion in 2010.

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Bottle for milk and yoghurt beverages using impact resistant Polystyrene

BASF has cooperated with ALPLA, one of the world's largest manufacturer of plastic beverage bottles, to introduce a bottle for milk and yoghurt beverages using impact resistant Polystyrene (PS-I). BASF's Polystyrene type BX 3580, specially optimized for this application, can be processed by injection blow molding and injection stretch blow molding on the same machines used for PET.
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Mangalore SEZ fate to be decided this week

The Rs 35,000 crore SEZ in Mangalore is being set up by Oil and Natural Gas Corporation (ONGC) as anchor co-promoter using a special purpose vehicle owned by its subsidiary Mangalore Refinery and Petrochemicals Limited (MRPL), which will hold a 46% stake.

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Launch function of Plastindia 2009 held at Kolkatta

The launch function of Plastindia 2009, the international plastics exhibition and conference scheduled for February next year at Pragati Maidan in New Delhi, has been held at Kolkatta. Held every three years, the exhibition is considered the second largest in the world. At the launch function, an official of Haldia Petrochemicals Limited (HPL) has said halving of excise duty to 8% for plastic industry in the forthcoming budget will boost the industry.

Algeria plans investment outlay of US$28 bln in petrochemical sector

Algeria has decided to earmark an investment outlay of US$28 billion in petrochemical projects over the next five years. The investment is part of a plan to develop hydrocarbon-derived products, including refineries in the cities of Skikda and Arzew, located in the eastern and western parts of the country respectively.

Haldia Petrochem's Supermax expansion plan behind schedule

Haldia Petrochemicals' (HPL) Rs 840 crore Supermax expansion project, is running behind schedule and date of completion has been moved ahead by atleast two quarters. Slated for commissioning by April, completion has been rescheduled for Q3 of 2008-09 for the project that is being plagued by the shortfall of designers, fabrication space and other materials required for the project.
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Petromont to indefinitely suspend production at Quebec

With effect from 30 Apr 2008, Petromont and Co. will indefinitely suspend production of polyethylene (PE) and ethylene at its site in Quebec, Canada. The facilities comprise a 655 mln lb/y ethylene unit in Varennes and 615 mln lb/y high density PE unit in Montreal East.

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AIPMA organizes One Day Intl Seminar On "Six Sigma in Plastics"

AIPMA has organized a one day international seminar on " Six Sigma in Plastics" on Thursday, 28 February 2008, 9 am to 5 pm at Sahara Star, Mumbai and Wednesday, 5 March 2008, 9 am to 5 pm at Indian Habitat Centre, New Delhi

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AIPMA organizes One Day Intl Seminar On "Six Sigma in Plastics

AIPMA has organized a one day international seminar on " Six Sigma in Plastics" on Thursday, 28 February 2008, 9 am to 5 pm at Sahara Star, Mumbai and Wednesday, 5 March 2008, 9 am to 5 pm at Indian Habitat Centre, New Delhi

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Polyolefins rise in Europe

The hike in price of most polyolefins was restricted this month, after the high mark-ups seen in January. Producers' plan to pass on balance of the monomer increases in early February 2008 was forced to be aborted due to slow ordering by buyers. EVA and LLDPE rose up to € 35/ton, PVC posted a small rise of € 10/ton, polystyrene rose by €30/ton, whereas EPS lifted notations by up to € 50/ton.

Dow and Aramco invite companies to submit proposals Ras Tanura technology

Work on the US$20 bln plus Ras Tanura integrated refinery upgrade and petrochemical complex is on full throttle. The joint venture of Dow Chemical Company and Saudi Aramco has invited companies to submit proposals for the technology packages on the scheme.

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Bayer MaterialScience acquires TPU related intellectual property rights fro..

Bayer MaterialScience has recently purchased the thermoplastic polyurethanes (TPU) related intellectual property rights from Collins & Aikman (C&A). thus extending its portfolio for TPU molded skins used in instrument panels in the vehicle interior.
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Nanocomposites Market in the US to double by 2011

Although the hype surrounding polymer nanocomposites has been in full-throttle for over a decade, so far the market for these new materials has been relatively slow to develop. However, as commercial interest has moved beyond pilot programs and niche applications, it appears that nanocomposites are finally ready for a breakthrough in markets such as motor vehicles and packaging.

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Samsung Engg awarded US$341 mln contract for PP plant at Al-Jubail

Samsung Engineering has been awarded an additional procurement and construction contracts by Saudi Kayan Petrochemical. The contract, worth US$341 mln is to build a polypropylene (PP) plant as part of a new petrochemicals complex at Al-Jubail.

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BASF posts 5.6% drop in Q4 operating profit as against last year

BASF has posted a 5.6% drop in Q4 operating profit as against the same quarter last year. Operating profit has been calculated excluding special items due to maintenance shutdowns at its petrochemicals plants. The company posted earnings before interest and tax (EBIT) and special items of €1.76 bln (US$2.58 bln).
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Explosion at propylene splitter unit in Texas oil refinery

A massive explosion at ALON USA oil refinery in Big Spring, Texas, injured four workers and shook buildings miles away. The cause of the explosion that occurred in the area around the propylene splitter unit is to be determined. Fire caused by the blast was under control but still burning on Monday afternoon, causing a time lag in investigation of the cause of the explosion.

Abu Dhabi Polymers Co. starts tendering process for planned melamine plant

Abu Dhabi Polymers Co. (Borouge) has started the tendering process for its planned melamine plant at Ruwais by inviting companies to prequalify for the contract to upgrade the existing front-end engineering and design (FEED). Melamine is primarily used to create melamine resin, which is then used to produce houseware products such as plates, fabrics and flame retardants.

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New PET multilayer food jar

The first of its kind, clear PET (polyethylene terephthalate) multilayer plastic jar with a wide-mouth finish and barrier properties suitable for hot-packed food products such as pasta sauces, salsas, fruits, and other popular hot-fill products has been developed by Graham Packaging Company, L.P.
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Demolition of Dow Chemical's Sarnia site will to begin this year

Dow Chemicals has been in Sarnia for 65 years, and will cease local production in April 2009. Demolition of units, buildings and services connected with polystyrene, low-density polyethylene, product development, epoxy resins, latex and biox treatment is to begin this spring or summer. Office buildings, a maintenance shop, warehouse and fire hall will be taken down in 2010, with all closing activity to be completed by spring 2011. After the property has been cleared, it will be maintained at least until it's sold.

After rising past US$101, oil prices hold near US$100

Light, sweet crude for April delivery held at US$99.78 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. After rising to a record levels above US$101 a barrel, oil prices have stabilised at around US$100 a barrel, on additional cash inflow from investors into crude and other commodities as a hedge against inflation.

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Libyan government plans investments in petrochemical sector

The Libyan government has planned modernization and expansion of petrochemical plants and refineries in the country, at an estimated figure of US$10 bln. However, in view of the recent increase in project costs globally, the investment amount may prove to be too low. Libyan Government has sought cooperation from overseas players.

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Dow Polyurethanes to conduct studies to expand TDI capacity in Brazil

Dow Polyurethanes, are in the process of conducting a feasibility study to expand toluene diisocyanate (TDI) production at its manufacturing facility in Camaçari, Brazil. if approved, the new TDI capacity would come online in 2011. The proposed expansion involves a new process technology designed to upgrade Camaçari into a leading world-class production facility. Output from the expansion will help support growing demand for end-use polyurethanes products in Latin America.

KraussMaffei and Toshiba Machine sign agreement to develop plastics process...

KraussMaffei and Toshiba Machine Co., Ltd. have signed a cooperation agreement to develop leading edge machinery for plastics processing. Toshiba Machine and KraussMaffei will jointly develop innovative machinery meeting the requirements of customers in the 21st century. With both companies initiating joint projects, first results of the cooperation are expected this year.

Mitsubishi's fire-hit ethylene plant to become operational soon

Subject to approval from local fire authorities, Mitsubishi Chemical Corp's fire-hit ethylene plant is estimated to become operational in about a month. A fire occurred on the premises of the No. 2 unit in late December, claiming lives of four workers.

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ABS

ABS markets in Asia moved up to US$1750/MT in the week of February 18, 2008, even as dullness prevailed due to absence of Chinese buyers after the Lunar new Year break. Most major suppliers from South Korea and Taiwan propose to hike prices by about twenty to thirty dollars to recover yet another increase in feedstock values. In a bid to counter squeezed production margins, major producers plan to further hike offers to US$1780/MT CFR China.

POLYMERS - GPPS

GPPS prices moved up to US$1420/MT in Asia in the week of February 18, 2008 in line with increased values of feedstock Styrene Monomer. However, gains were limited as the market remained dull due to absence of Chinese buyers after the Lunar New Year break. In fact, a steep hike in feedstock SM prices will necessitate a further hike in GPPS prices of atleast twenty dollars.

POLYMERS - PVC

Tight supplies have kept PVC prices higher at US$1045/MT in Asia in the week of February 18, 2008. Prices have moved up, notwithstanding dull activity from buyers this week. Corresponding with higher feedstock VCM prices, most suppliers plan to hike March offers by about ten dollars. Better price realization from non-Asian countries by over twenty dollars has deviated South Korean cargoes from China, hence producers propose to reduce exports to the Chinese market. Chinese producers have reduced plant operating rates due to power supply shortage- this supply crunch in China has caused domestic prices to remain firm.

POLYMERS - Polypropylene

Absence of demand did not deter the suppliers, as they continued to maintain Polypropylene offers at US$1490/MT levels in Asia in the week of February 18, 2008. In fact, suppliers from South Korea kept offers above US$1500/MT CFR China despite dull demand from China.

POLYMERS - LLDPE

LLDPE markets were lackluster as prices stagnated at US$1630/MT in Asia in the week of February 18, 2008. Absence of firm supplier offers for March has resulted in a quieter market scenario. A price hike is anticipated in March as compared to the lower quotes offered prior to the Chinese Lunar New Year holidays.

POLYMERS - LDPE

Lack of firm offers from suppliers has maintained a calm in LDPE markets of Asia. Prices moved up marginally to US$1775/MT in Asia in the week of February 18, 2008. Deals for the month were concluded at these levels, but a twenty dollar hike in supplier offers is anticipated next month in expectation of restrained supply.

POLYMERS - HDPE

Dull market conditions prevailed, causing HDPE prices to stagnate in Asia at US$1660/MT in the week of February 18, 2008. Buying activity in China remained lackluster on delayed return to the market by buyers. After the New Year holiday break, buyers from China have not yet returned to normal buying levels. Despite marginally lower offers from sellers from South Korea and India, activity continued to be restrained.

STYRENE MONOMER

Riding on the back of strong feedstock values, Styrene Monomer prices have spiked to US$1380/MT in Asia in the week of February 18, 2008. Feedstock benzene prices spiked by almost fifty dollars last week, with market prices assessed at US$1080-1090/MT FOB Korea for April shipment and at USD1075/MT levels for March shipment.

EDC

EDC prices in Asia stagnated at US$435/MT in the week of February 18, 2008, mainly in the absence of market activities as both buyers and sellers from China have not yet resumed normal trading levels. Speculative supplier offers for March cargoes were pegged at least thirty dollars higher, whereas estimated bids from buyers were lower by at least fifty dollars. As production margins continue to be inadequate, Asian producers are mulling an output cut.

VCM

VCM markets have moved up to US$820/MT in the week of February 18, 2008 even as price negotiations have come to a standstill due to suspension of activities between sellers and buyers since the Chinese New Year holidays. Sellers kept their offers pegged at the level of US$850/MT CFR China level for February shipment. Most large players anticipate a hike in February prices at US$800/MT CFR CMP level.

PROPYLENE

Propylene prices were under pressure in Asia on restrained demand from downstream markets in the week of February 18, 2008. Prices dropped to US$1230/MT in Asia. Demand from Taiwans's Formosa was absent due to a delay in start up of its new PP plant in Ningbo. Dull market conditions due to low levels of activity from buyers in Far East Asia contributed to a weakening propylene market. Buyers prefer to defer buying in anticipation of improved supply next month from producers in the Far East region. A gap of twenty dollars existed between sellers offers and buying interest at around US$1200/MT. On the sellers side, producers from South Korea refrained from quoting firm offers for March shipment, and traders restrained from active participation in anticipation of price corrections.

ETHYLENE

Ethylene prices dipped by almost twenty dollars to US$1400/MT on depressed demand from end users in the week of February 18, 2008. Ethylene prices were under pressure in Asia on restrained demand from downstream markets coupled with an influx of deep-sea cargoes into SE Asia from Iran. It is speculated that cargo from Iran with February loading terms could have been sold for US$1300/MT CFR SE Asia level. No offers were heard from producers in South Korea, while bids from end-users were heard at lows of US$1200/MT CFR Indonesia level.

NAPHTHA

Naphtha prices in Asia regained strength on the back of upbeat crude oil prices in the week of February 18, 2008, rising by almost thirty dollars. Open-spec naphtha values for H2-March delivery spiked to US$880/MT.

CRUDE OIL

CRUDE OIL New York's main oil futures contract, light sweet crude for delivery in March closed above US$95 per barrel. Oil prices rose after an unexpectedly weak rise in US crude stockpiles amid concerns of a looming US recession. Prices also continued to gain strength from supply concerns after Venezuela cut off supplies to US energy giant ExxonMobil, and also on unrest in Africa's biggest crude exporter Nigeria. Instability and violence have resulted in a drastic cut in Nigeria's oil output by a quarter in 2007.

Sibur mulls polyethylene complex

Siburs plans to invest 236 mln rubles to perform front and engineering design for construction of a 450-500,000 tpa polyethylene complex. Feedstock for the project will be sourced from Astrakhangazprom LLC. A detailed assessment of commercial and technological aspects of the project will be held in cooperation with Astrakhangazprom LLC. Upon approval, startup of the project is estimated for 2012.

Excise, customs duty cut on petro-products expected in Indian Budget 2008

India government could be contemplating a proposal to cut duties on crude oil and petroleum products to counter the high global oil prices. The proposal includes a reduction in customs duty on crude oil (from 5% to 2.5%); petrol and diesel (from 7.5% to 5%); aviation turbine fuel (from 10% to 7.5%); and naphtha, natural gas and non-domestic LPG (from 5% to 2.5%). The duty changes, if accepted, will be announced in the Union Budget.

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Oil prices spike past US$98 as tensions seethe in key producing nations

World oil prices spiked past US$98 per barrel as the market seethed under the strain of tensions in key producing nations. Speculative gains were driven by geopolitical concerns that have cropped up due to tensions in Venezuela and Nigeria, and also on speculation surrounding OPEC's next move when they meet in March. Prices have risen despite worries about a possible slowdown in demand from key consumer USA.

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Public Investment Fund to provide loans worth SR11.75 bln for 4 projects

At a meeting of the fund's board of directors, Saudi Arabia's state-owned Public Investment Fund (PIF), decided to provide loans worth SR11.75 bln to four strategic projects including petrochemical plants. Saudi Kayan Petrochemical Company will receive a loan of SR4 bln to establish a petrochemical complex in Jubail.

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Mexico's President plans relaunch of petrochemical industry

In a bid to relaunch the nation's petrochemical industry, Mexico's President Felipe Calderon plans to revise the way state oil company Petroleos Mexicanos (Pemex) sells petrochemical feedstock. The plan is to create a mechanism which, via a licensing process, will bring closer a market price or one that is really determines long term supply prices.

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Samsung Engineering awarded US$254 mln order by Saudi Kayan

South Korea's Samsung Engineering has been awarded a 239.2 bln won order by Saudi Kayan Petrochemical Co to build a chemical factory to be completed by the end of August, 2009. Other details are awaited.

Biodegradable PE plant planned in Russia

Russia's Evrobalt plans to start production of biodegradable PE in 2008 at an investment outlay of €200,000. The plant will be located in Saint-Petersburg.With the help of special additives, the plant will produce PE that self-decomposes in about 1-5 years as against the normal decomposition time of 100 years.

Strong growth forecast for China's pharmaceutical packaging sector

A study undertaken by the U.S. Flexible Packaging Association indicated that worldwide demand for primary pharmaceutical packaging increased 4.2%to US$11.2 bln in 2003. Pharmaceutical packaging applications are expected to become the second largest driver for the development of the flexible packaging sector in the next five years.

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Construction of Octal's PET plant at Salalah Free Zone as per plans

The construction work on the initial set-up of the heavy equipment for Oman's Octal Petrochemicals' new PET (polyethylene terephthalate) plant is on schedule. Structural work for the main plant, which will cover 135,000 square metres, has also started.

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Chinese projects worth €20 bln on offer to European Investment Partners

Currently China is tendering more than 300 projects valued in excess of €20 bln and is looking to European companies to bring their technical expertise and commitment as partners to aid project realization. China, already acknowledged as the fastest growing trading nation in the world, continues to look outward for project partners to aid its further economic expansion and share in its rewards.

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Plastics in China's home appliance industry

China has become one of the world's major producers of home appliances after development over a decade.With an anticipated growth in domestic consumption as well as in exports of television sets, air conditioners and small appliances, China's home appliance industry will exert a greater demand on plastics.

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Petrochina selects Aker Kvaerner for PP project in China

PetroChina Fushun Petrochemical Company has selected Dow´s UNIPOL™ Polypropylene Process Technology for its new 300000 tpa polypropylene facility. The plant will be built in Fushun, Liaoning Province, PRC, and is scheduled for completion in 2010.

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Solvay reports record operating results of €1.2 bln for 2007

Solvay has reported record operating results of €1.2 bln for 2007 across all its sectors - chemicals, plastics and pharmaceuticals. This marks an improvement of 9% over results of 2006.

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Petrochemical exports from Singapore rise in January

Petrochemical exports from Singapore increased in January leading to an unexpected rise in exports for the first time in three months as shipments of petrochemicals helped offset declining orders for electronics and pharmaceuticals.
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Improved plastics compounder with unique price-performance ratio

A more powerful drive and a programmable controller with touchscreen user interface are the important innovations featured by the STS advanced, an improved version of the Standard-Twin-Screw (STS)-Compounder from China based Coperion Keya Machinery Co. Ltd. The detailed improvements include increased rigidity of the machine frame and the completely new, ergonomically improved design of the machine as a whole. Coperion will be presenting this improved compounder, which is further distinguished by its unique price-performance ratio, for the first time at Chinaplas.
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World oil prices rise in volatile Asian trade

After closing at US$95.50 on Friday, New York's main oil futures contract, light sweet crude for delivery in March stood at US$95.59 per barrel. World oil prices rose in volatile Asian trade on Monday morning as concerns of a looming US recession weighs heavily on market sentiment. Brent North Sea crude for April delivery stood at US$94.70 a barrel.
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Centre awaits project report on PCPIR in Nayachar from West Bengal Governme...

West Bengal state government is yet to submit the detailed project report (DPR) for its Petroleum, Chemicals and Petrochemical Investment Region (PCPIR) at Nayachar. After the DPR is received, a high-powered committee will look into the viability of the project and how Nayachar islands will be connected. The committee will then forward the proposal to the Cabinet for approval.
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Gulf Petroleum to invest in oil and petrochemical refinery complex in Malay...

A memorandum of understanding (MOU) has been signed between Gulf Petroleum (M) Sdn Bhd and the Perak government. Gulf Petroleum Ltd. plans to invest RM15.8 bln to build an oil and petrochemical refinery complex in Malaysia. The refinery, to be located on a 400-hectare site in Manjung, Perak, Malaysia is being planned as a major hub for the Asia Pacific region. The complex would source its crude oil supplies from Gulf countries and re-export 60% of the output.

Iran's first oil products, petrochemicals bourse inaugurated

In a bid to become a major player in the global downstream industry, Iran, OPEC's number two crude oil producer has inaugurated its first exchange for oil products and petrochemicals. The opening ceremony was held in Tehran via a video conference to the southern island of Kish where the new bourse is based.
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Sinopec Corp. commences construction on 800000 tpa ethylene cracker

China Petroleum & Chemical Corporation (Sinopec Corp.) has started construction work on a 800 000 tpa ethylene project in Wuhan, Hubei province. An investment outlay of RMB14.67 bln has been earmarked for the project to be completed in H1-2011.

SEPC to start operations at 1 mln tpa cracker in H2-2008

Saudi Ethylene and Polyethylene Co (SEPC) plans to start operations at a 400,000 tpa high density polyethylene (HDPE) facility and a 1 mln tpa cracker by the end of August 2008. To be located in Al Jubail, Saudi Arabia, the company will start up a 400,000 tpa low density polyethylene (LDPE) facility a month later. SPEC will also manufacture 280,000 tpa propylene, which will serve as feedstock to an expansion of a 450,000 tpa polypropylene (PP) unit, operated by Saudi Polyolefins Co.

Abu Dhabi's IPIC Kazakh project to cost $5 bln

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) plans to develop a petrochemical complex in Kazakhstan. The feasibility study is underway for the project to be built at an investment outlay of US$5 bln.
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Sinopec Corp. commences construction on 800000 tpa ethylene cracker

China Petroleum & Chemical Corporation (Sinopec Corp.) has started construction work on a 800 000 tpa ethylene project in Wuhan, Hubei province. An investment outlay of RMB14.67 bln has been earmarked for the project to be completed in H1-2011.

SEPC to start operations at 1 mln tpa cracker in H2-2008

Saudi Ethylene and Polyethylene Co (SEPC) plans to start operations at a 400,000 tpa high density polyethylene (HDPE) facility and a 1 mln tpa cracker by the end of August 2008. To be located in Al Jubail, Saudi Arabia, the company will start up a 400,000 tpa low density polyethylene (LDPE) facility a month later. SPEC will also manufacture 280,000 tpa propylene, which will serve as feedstock to an expansion of a 450,000 tpa polypropylene (PP) unit, operated by Saudi Polyolefins Co.

Abu Dhabi's IPIC Kazakh project to cost $5 bln

Abu Dhabi government-owned International Petroleum Investment Company (IPIC) plans to develop a petrochemical complex in Kazakhstan. The feasibility study is underway for the project to be built at an investment outlay of US$5 bln.
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Sinopec Anqing commences construction of 100000 tpa ethyl benzene-styrene p...

Sinopec Anqing Petrochemical Co. Ltd. has commenced construction of a 100,000 tpa ethyl benzene-styrene project in Anqing Anhui province. Total investment outlay for the project is pegged at RMB550 mln. The plant is estimated to come onstream in H1-2009.

HPL mulls acquisition of Larsen & Toubro's 51% stake in HPL Cogeneration

Haldia Petrochemicals (HPL) is seems poised to acquire Larsen & Toubro's 51% stake in HPL Cogeneration. HPL Cogeneration is a 51:49 JV between L&T and HPL and it runs a 160 mw power station in Haldia. The West Bengal government with a 51.67% stake in HPL, has given the HPL board the nod of approval for the acquisition. For more details please click on the following link
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Oil prices jolt past US$95 on release of optimistic economic data from USA ...

New York's main contract, light sweet crude for delivery in March spiked by over two dollars to US$95.46 a barrel. Oil prices spiked above US$95 as economic data from the US and Japan was marginally above expectations. A smaller-than-expected rise in American energy stockpiles also contributed to the outlook.
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Viva Methanol to license methanol-to-olefins technology from UOP

Viva Methanol plans to license UOP's methanol-to-olefin (MTO) technology and olefin cracking method for its planned petrochemical complex to be constructed in Lekki, Nigeria. The plant is being planned with a capacity to produce 1.3 mln tpa of ethylene and propylene as well as methanol, and is scheduled to start up in 2012. With a capacity to producee 10,000 tpa of methanol, the plant is slated to become the world's biggest methanol production plant.
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Viva Methanol to license methanol-to-olefins technology from UOP

Viva Methanol plans to license UOP's methanol-to-olefin (MTO) technology and olefin cracking method for its planned petrochemical complex to be constructed in Lekki, Nigeria. The plant is being planned with a capacity to produce 1.3 mln tpa of ethylene and propylene as well as methanol, and is scheduled to start up in 2012. With a capacity to producee 10,000 tpa of methanol, the plant is slated to become the world's biggest methanol production plant.
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Honam JV in Qatar seeks proposals from 5 ethylene suppliers

A 70:30 JV between Qatar Intermediate Holdings Co and Honam Petrochemical is seeking a contractor for a proposed ethylene plant. Proposals have been sought from five ethylene process suppliers namely KBR, Linde, Lummus Technology, Stone and Webster and Technip. The proposed ethylene plant will become part of an olefins complex in Mesaieed, Qatar. The Mesaieed complex will have an ethane and naphtha fed cracker with a capacity to produce 800,000-900,000 tpa of ethylene, and an olefins conversion unit for making propylene. The cracker and olefins conversion plant will have propylene capacity of 900,000 tpa.

PIC's 120,000 tpa PP unit resumes 100% production

A few days after it was restarted earlier this week, Petrochemical Industries Co (PIC) has resumed 100% production at its 120,000 tpa polypropylene (PP) plant in Shuaiba, Kuwait. The plant was shut in the third week of December for a 49 day maintenance turnaround, in line with the turnaround of its propylene feedstock supplier's refinery. Added output from the plant will alleviate the tight PP supply situation in the Middle East.

Dow plans to shut down flare to conduct repair work at St Charles

A chemical production unit flare at Dow's St. Charles operations has been emitting benzene and butadiene. The unit is expected to shut down for repair of a malfunctioning flare stack that led to evacuation of nonessential workers from the plant early on Saturday morning.

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BASF mulls interest in acquiring US chemicals group Albemarle

Germany's BASF may be interested in buying US chemicals group Albemarle's lucrative refinery business for US$4.9 bln. Albemarle, which also focuses on polymer additives and fine chemicals, posted net profit of US$230 mln on net sales of US$2.3 bln last year. BASF has sold weak performing assets and trimmed highly cyclical businesses. It spent about €7 bln in 2006 to buy US catalyst maker Engelhard, the construction chemicals business of Degussa and US resin maker Johnson Polymer.

SP Chemicals negotiating to jointly build Vietnam's first mega cracker comp...

SP Chemicals is in talks to jointly build Vietnam's first mega cracker complex. Negotiations are on with at least three companies based in Asia and the Middle East. SP's next step will be to submit a feasibility study to the government to get its investment licence by the end of this year.

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Two state run groups in Vietnam invest US$125 mln in Polyester Production

Vietnam Textile and Garment Group (Vinatex) and the Vietnam National Oil and Gas Group (PetroVietnam) - two large state-run groups have jointly invested more than VND2 trillion (US$125 mln) for the development of polyester fibre facilities at the Hai Phong-based Dinh Vu Industrial Park.

GAIL and Itera sign MOU to jointly build petrochemical plants

India's Gas Authority of India Limited (GAIL) and Russian oil and gas firm Itera have signed a Memorandum of Understanding (MoU) to jointly build petrochemical plants and city gas projects in Russia. This pact envisages cooperation in setting up CNG projects in Russia, exploring possibilities for setting up a gas-based petrochemical plant in Russia and jointly investing in oil and gas exploration and production in Russia and CIS countries.

PetroChina to use Dow's Unipol PP process technology for new 300,000 tpa fa...

PetroChina Petrochemical Company has selected Dow's Unipol polypropylene process technology for its new 300,000 tpa polypropylene facility. This will be the fourth PP plant in China over the past 24 months to use the Unipol process technology from Dow Technology Licensing. Aker Kvaerner will provide the extended process design package and technical advisory services for the facility. To be built in Fushun in cHina, the plant is scheduled for completion in 2010. Including the PetroChina Fushun project, the Unipol technology will be used to produce over 10 mln tpa of polypropylene, totaling to more than 16% of the total global capacity.

FDA approves use of oxygen scavenger technology in PET containers

The Food and Drug Administration (FDA) has approved expanded use of DiamondClear™ oxygen scavenging technology. Developed by Constar International, the proprietary material is blended into polyethylene terephthalate (PET) to give it exceptional glass-like clarity, gloss and extended barrier protection. Using this technology, PET bottles and containers can be used to package a range of shelf-stable products, including tomato ketchup, salsas, pasta sauces, barbecue and similar steak and table hot sauces, jams, jellies, and juices.

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Solvay to Sell Engineered Polymers Business to Basell

Belgium based Solvay SA has signed a stock purchase agreement to sell its subsidiary Solvay Engineered Polymers Inc. (SEP) to Basell Holdings BV (The Netherlands). The transaction is expected to be completed in first half of 2008.
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China ends five year import ban on PET from ROK

China has ended a five year ban on material from Republic Of Korea. Chine has lifted five years of anti-dumping measures on polyethylene terephthalate (PET) and polyester staple fiber imports from the Republic of Korea (ROK) since February 3. The anti-dumping measures have expired naturally after five years as no appeal was filed in the last 60 days before the deadline. In a bid to ease domestic industry concerns, China had launched 5 year punitive anti-dumping tariffs ranging from 2-48%, in 2003, on the two materials imported from ROK.

Mainland China's EDC imports decrease by 20% since 2006

Imports of EDC for 2007 from Mainland China under the HS code 39031500 totalled to 351,100 metric tons. This marks a 20% decrease from import figures of 439,100 tons registered for 2006.The top five countries for EDC imports were USA, Taiwan, South Korea, Saudi Arabia and Japan. Largest import in terms of tonnage was 120,300 tons from USA- almost 34% of the total imports. 25% came from Taiwan, whereas imports from South Korea were pegged at 74,000 tons, amounting to 21%. With 13,100 tons, imports from Japan were barely 4% of total EDC imports.

ABS

ABS market stagnated at US$1745/MT on lifeless market conditions in China in the week of February 11, 2008. Driven by higher feedstock costs, producers are on the lookout to secure margins through a price increase. Selling intentions from Taiwan and South Korea remain pegged almost thirty dollars higher, in sharp contrast to sluggish buying sentiments. LG Chem has announced a US$200/MT hike in domestic prices for February delivery. Before the week long holiday, buying was reduced in China as the transport and delivery system was thrown out of gear by unusually heavy snowfall- this could continue if bad weather persists.

GPPS

GPPS prices in Asia stagnated at US$1410/MT in the week of February 11, 2008 due to lackluster demand from China on account of the Lunar New Year holidays. Buying continues to be limited, as traders await restocking of very low levels of inventory caused by obstacles in the transport and delivery system on account of unusually heavy snowfall last week. Restricted supplies due to persistent bad weather in some parts may not affect prices unless current subdued demand picks up dramatically.

PVC

PVC prices stagnated at US$1035/MT in Asia in the week February 11, 2008. Markets saw limited movement due to suspension of trading in China on account of the Lunar New Year holidays.

Polypropylene

Polypropylene markets were very quiet in China, leading to price stagnancy at US$1490/MT in Asia in the week February 11, 2008. Almost all traders and plants were on holiday. PP prices are estimated to remain dull on subdued demand from North China.

LLDPE

LLDPE prices stagnated at US$1630/MT in Asia in the week February 11, 2008 as unenthusiastic sentiments persisted on restricted buying in China. Weaker buying sentiments had led to price stagnancy before Chinese buyers went on a week long holiday. Markets saw limited movement due to suspension of trading in China on account of the Lunar New Year holidays. Almost all the PE markets of China remained closed till February 11 as the domestic PE makers suspended sales

POLYMERS - LDPE

LDPE prices have spiked past US$1770/MT in Asia in the week February 11, 2008, mainly due to limited availabilities. Despite limited demand in the Chinese markets, prices were mainly driven by demand from South East Asia. Prices in the Far East region stagnated under US$1740/MT due to inactivity -a low price level at which producers from South Korea were unwilling to sell.

POLYMERS - HDPE

HDPE prices stagnated at US$1665/MT in Asia in the week February 11, 2008. Markets saw limited movement due to suspension of trading in China on account of the Lunar New Year holidays. Almost all the PE markets of China remained closed till February 11 as the domestic PE makers suspended sales from their branch offices. Before China went on its week long holiday, heavy snowfall in various regions had created an obstacle for scheduled delivery. These two factors have led to accumulation of inventory with producers. If transportation does not smoothen, prices could see an upward movement in those areas in China with short supply and a downtrend in the abundantly supplied regions.

STYRENE MONOMER

Styrene Monomer prices rose past US$1350/MT in Asia in the week of February 11, 2008 on the back of rising feedstock benzene prices in Asia that have witnessed a sharp rise in demand from USA and Europe. These regions are currently short supplied because of an unplanned outage of Valero's 210,000 bpd refinery in Delaware City, USA, caused by a power loss. A sudden outage at Singapore Ellba's 550,000 tpa SM plant due mechanical trouble has also caused concerns about SM supplies in Asia for the next seven days till the repair work is completed.

EDC

EDC prices stagnated at US$435/MT in Asia in the week of February 11, 2008, on weaker downstream demand as China abstained from buying.

VCM

VCM prices saw marginal movement, as prices climbed up to US$810/MT in Asia in the week of February 11, 2008.

PROPYLENE

Along with ethylene, propylene prices declined to US$1260/MT in the week of February 11, 2008. Weak demand from China due to the Lunar New Year Holidays was one of the major reasons for decline in prices.

ETHYLENE

Demand for ethylene was slack on account of almost no activity in China due to the Lunar New Year holidays. Reduced demand from downstream markets exerted pressure on price of ethylene, compelling a reduction to US$1420/MT in the week of February 11, 2008.

NAPHTHA

Naphtha prices steadied at US$855/MT levels in Asia in the week of February 11, 2008. Not much movement was witnessed in the market as the Chinese abstained from buying for almost a week until February 11.

CRUDE OIL

CRUDE OIL
Oil prices rose to US$92 a barrel in the week of February 11, 2008. Venezuelan President Hugo Chavez's threats to cut off oil sales to the United States as a retaliatory measure against legal moves by Exxon Mobil Corp. to seize some Venezuelan assets, has sent oil prices up. ExxonMobil has sought the assets of Venezuelan state oil company Petroleos de Venezuela SA in American, British and Dutch courts, challenging the nationalization of a multibillion dollar oil project by Chavez's government. A British court has issued an injunction, freezing as much as US$12 bln in assets. Crude oil has also been moving up on news that oil exports from Nigeria, Africa's biggest oil producer and a major US supplier, could fall by as much as 1 million bpd due to the nation's deteriorating security situation and planned maintenance. Light, sweet crude for March delivery rose to US$92 a barrel in Asian electronic trading on the New York Mercantile Exchange. In London, Brent crude rose to US$92.19 a barrel on the ICE Futures exchange.

Saudi Aramco finalises shortlist for Ras Tanura financing

Financial advisers on the Ras Tanura chemicals and plastics complex in Saudi Arabia (the world's largest project financing deal) are expected to be appointed soon, upon drawing up of shortlists for international and local banks. The project will require a total of US$25 bln to develop. Upon selection, the advisers will be asked to raise US$10 bln in financing for the project. The appointments are expected to be made in April by the project's sponsors, Saudi Aramco and Dow Chemical Company, after banks have submitted proposals for the fundraising.
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Ineos lifts Force Majeure at Grangemouth

Ineos Polyolefins has lifted force majeure (FM) on ethylene and propylene from its 320,000 tpa G4 cracker at Grangemouth, Scotland in the first week of February 2008, upon completion of unscheduled maintenance.
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PKN Orlen announces five-year growth plan

PKN Orlen has announced a five-year growth plan. Orlen has set aside Polish Zloty 5.8 bln (US$2.4 bln) for capital investment in petrochemicals during 2008-2012. The company plans to spend a further Polish Zloty 1.7 bln in its chemicals segment over that period.

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Pétromont to suspend operation for an undetermined period

Petrochemical manufacturer Petromont & Co, a joint venture of Dow Chemical Co and an arm of the Quebec provincial government, plans to suspend operations on April 30. The shutdown of its operations could be for an undetermined period. The strength of the Canadian dollar, which has risen to parity with its U.S.
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Indonesian Government plans to control naphtha exports to safeguard petroch...

The Indonesian Government plans to tighten control over the country's naphtha exports as well as exports of condensate to protect the country's upstream petrochemical industry. Naphtha is used as feedstock for ethylene and propylene production, and condensate is used as feedstock to produce aromatic petrochemicals like benzene and paraxylene.

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Anti-ballistic glazing with bullet resistance for critical military and sec...

AeroLite Armor NIJ Level III rated anti-ballistic glazing with heightened bullet resistance for critical military and security applications has been introduced by Llamas Plastics, Inc. The glazing delivers superior protection in military, industrial and commercial applications where the threat of terror or bullet penetration is a concern.
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Biodegradable cap for beverage bottles

The first biodegradable closures for beverage bottles have been made from a compostable thermoplastic - Mater-Bi produced by Novamont. Tests have shown that these new closures, namely BioCap®, exhibit oxygen permeation rates comparable to those of conventional high-density polyethylene caps. They are compliant with the European Union environmental directive 2002/95/EC on the Restriction of the use of certain Hazardous Substances (RoHS).
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Saudi Kayan and Shell Global in deal to ensure smooth start-up of new compl...

Saudi Kayan Petrochemical Company has awarded a contract to Shell Global Solutions to prepare its industrial complex for a smooth start-up. The Saudi Kayan industrial complex, located at Jubail Industrial City, will be one of the latest greenfield petrochemical projects to be started in the Middle East.

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Dow plans membrane-cell Chlor Alkali plant in Texas

Dow plans to build a new chlor alkali plant in Freeport, Texas using a membrane cell. The membrane-cell technology, replacing the diaphragm-cell production process, is expected to greatly decrease the production cost through efficient energy use.

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Tecnimont signs JV with Egyptian Petrochemicals Holding Company

Maire Tecnimont S.p.A., through its operating company Tecnimont, has signed an agreement with the Egyptian Petrochemicals Holding Company (ECHEM) for the formation of a new company. The new company will be be incorporated in Egypt, and will be jointly owned by Tecnimont, ECHEM and the Egyptian "Petroleum Projects & Technical Consultation Co." (PETROJET). The new company will provide engineering services and management for the implementation of industrial plants in Egypt and in the neighbouring countries.

GS Engineering awarded contract in UAE

South Korea's GS Engineering & Construction Corp has been awarded a 1.08 trillion won order to build a petrochemical complex for Abu Dhabi Oil Refining Co . GS said estimates to build the complex in 42 months. Other details are awaited.

New simpler, cheaper and greener method to produce Titanium Dioxide

Researchers at the University of Leeds have developed a simpler, cheaper and greener method of extracting higher yields of Titanium Dioxide (TiO2). In powder form titanium dioxide is widely used as an intensely white pigment to brighten everyday products such as paint, paper, plastics, food, medicines, ceramics, cosmetics - and even toothpaste. Its excellent UV ray absorption qualities make it perfect for sunscreen lotions.

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New TPV exterior weatherseal grade for automotive and construction corner m...

Exxon Mobil Chemical has commercialized a new Santoprene™ thermoplastic vulcanizate (TPV) exterior weatherseal grade for automotive and construction corner moldings. Used to join ethylene propylene diene monomer (EPDM) or TPV weatherseal profiles, Santoprene TPV B200 provides excellent adhesion, versatile aesthetics, rubbery touch and critical performance at reduced cost.

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Glass fiber-reinforced thermoplastic with better heat-insulating features

A highly thermally insulating as well as cost-effective window system has been introduced using specially developed Ultradur® High Speed (PBT) by BASF. This glass fiber-reinforced thermoplastic replaces the steel that is normally used for window frame profiles, thus providing much better heat-insulating features without changing the mechanical properties of the windows.

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Oil prices spike as Venezuela threatens to cut off oil sales to US

Light, sweet crude for March delivery rose to US$92.11 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. In London, Brent crude rose to US$92.19 a barrel on the ICE Futures exchange.

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Ineos Phenol could plan end of month lifting of force majeure at Antwerp un...

Ineos Phenol could be planning to lift force majeure by the end of the month, at its Antwerp plant with a capacity to produce 680,000 tpa of phenol unit. The second line, with an expanded capacity of 450,000 tpa is in the final stages of restarting.

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Pharmaceutical/Medical Device Companies turn to USA for safe manufacturing

Demand for North American equipment will continue to rise as concerns for product safety and tighter manufacturing regulations increase. For example, the rising tide of counterfeit drugs emanating from Asia and elsewhere in the world has reinforced the need for safer manufacturing practices associated with production in the U.S.

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USA to maintain its position as global leader in packaging machinery turnov...

United States of America will maintain its position as the global leader in packaging machinery turnover, as per a report by PMMI. Sales of North American-based packaging machinery supplier solutions reached US$6.11 bln in 2006 and are forecast to grow at an average annual rate of 3.1% through 2009, to reach US$6.689 bln. Globally, total packaging machinery sales reached US$31 bln in 2006.

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Iran ready to cooperate with Brunei on Petrochemical JVs

In a bid to provide a solid base for sustainable progress of Brunei, Iran is ready to cooperate in the development of its petrochemical industry. Brunei's wealth in oil resources makes it economy strong. As per official data, Brunei's total exports of crude oil, natural gas and refined products during 2006 were US$7.2 billion. Energy-intensive industries like petrochemicals and oil refining are imperative for an oil-producing country for long term development.

Metabolix to produce bioplastics with advanced industrial oilseed crop

Metabolix, Inc., a bioscience company focused on developing clean, sustainable solutions for plastics, fuels, and chemicals, has initiated a program to develop an advanced industrial oilseed crop to produce bioplastics. Oilseeds are the primary feedstock for the more than 250 million gallons of biodiesel produced annually in USA and the co-production of bioplastics promises to improve the economics of this crop industry.

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BASF attains European entity

BASF has completed its European Company status, changing the name of the company from BASF to BASF SE (Societas Europea). BASF SE now has 12 board members equally represented by shareholders and employee representatives.The company had also established BASF Euaropa Betriebsrat consisting 23 members from 12 European countries.

Cleaner ethylene production technique prevents greenhouse gas emissions

A new method of making ethylene that prevents greenhouse gas emissions has been created by scientists at the U.S. Department of Energy's Argonne National Laboratory. The clean, energy-efficient way of producing ethylene involves a high-temperature membrane that can produce ethylene from an ethane stream by removing pure hydrogen.

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Indorama mulls PET facility in India

Indorama Thailand is planning to set up a 2,00,000 ton greenfield PET manufacturing facility in Northern or Western India at an investment of US$30 mln. Other details are awaited. Indorama Thailand is a major manufacturer of purified terephthalic acid (PTA), polyester fibres and polyethylene terephthalate (PET) with a significant presence in Thailand, the US and Europe.

Chinese Markets for Automotive Plastics

China has experienced over two decades of high economic growth, which has been stimulated by the consecutive increases of industrial output, consumer consumption and capital investment. China's GDP has been growing at 11% pa. National industry output has been advancing at 10.3% annually and will continue to sustain a strong growth into the next decade.

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LyondellBasell's new sales office in Slovakia

In a bid to better serve its customers of polyethylene, polypropylene and advanced polyolefins in the growing Central and South Europe, LyondellBasell Industries has opened a sales office in Bratislava, Slovakia. Business has grown at a robust pace in key markets such as automotive, pipe and packaging, adding to the company's need to its presence by establishing LyondellBasell sales and customer service operations. The Bratislava office will serve customers in the region, mainly in to Slovakia, Croatia, the Czech Republic, Hungary, Romania and Slovenia.

Lower petrochemical sales affect GAIL's performance this quarter

Gail has shown a dull performance in the December 2007 quarter, mainly due to lower petrochemical sales following a plant shutdown. However, GAIL was able to offset the high subsidy burden on improved yoy profit in the LPG and liquid hydrocarbon division and a tight check on operating costs.

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SPIC could be cornered to sell assets

AC Muthiah-controlled Southern Petrochemical Industries Corporation's (SPIC) had planned to set up a purified terephthalic acid (PTA) and polyester filament yarn (PFY) facility at Manali in Chennai.

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Talks on Thailand-India FTA likely to meet hurdles

The Thailand-India free trade area (FTA) talks are expected to bump into a major stumbling block after a proposed revision of approved list of tariff cuts by India, seeking exclusion of petrochemicals and textiles from the list.

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India-EU trade pact hindered as differences arise

India and the EU had agreed to include at least 90% of traded products in a proposed bilateral agreement. This means that India will be allowed to exclude not more than 10% (450 products) of tariff lines from formula cuts.

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ONGC sells naphtha: adds to increasing volume of exports from India

Oil and Natural Gas Corp (ONGC) has sold 35000 tons of full-range naphtha for H1-March loading. The cargo was sold at a premium of US$13.50/ton to Middle East quotes, compared with a premium of US$18/ton it commanded for its previous cargo in January.

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Naphtha Exports From India Recover

Mangalore Refinery and Petrochemicals (MRPL) has sold 30,000 tons of full-range naphtha for early-March delivery. The availability of this additional material, one of the first Indian naphtha exports for next month, has exerted added pressure on prices that are being brought down by higher supplies. Sold at a premium of US$15-17 a ton to cargo, free on board (FOB) basis, it is priced lower than MRPL's previous sale at a premium of US$19 a ton to Middle East quotes.

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US crude stockpiles reported to spike: oil prices plummet

World oil prices plummeted by over one dollar on reports of a rise of 7 miln barrels in US crude reserves for the fourth week in a row. New York's main contract, light sweet crude for delivery in March, plunged to US$87.30 per barrel. Brent North Sea crude for March delivery dipped to US$88.12. Fears that volatile stock markets and a slowing US economic growth could dampen global demand for crude oil continue to exert pressure on prices.

IOC plans Rs 5,000 cr paraxylene plant at Haldia : seeks Board approval

IndianOil plans to seek approval from its board next month, for the Rs 5,000 crore paraxylene unit at the Haldia refinery. MCC PTA India Corporation Pvt. Ltd. (a subsidiary of Tokyo-based Mitsubishi Chemical Corporation) has set up a plant for producing purified terephthalic acid (PTA) - Paraxylene produced at the proposed plant will find ready use as a feedstock in MCC's PTA plant.

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Pertamina awards US$300 mln contract for propylene facility in Indonesia

Pertamina has awarded a US$300 mln lump sum turnkey contract involving the construction of a residue catalytic cracking offgas-to-propylene facility to Toyo Engineering and Indonesia's state-controlled engineering firm, PT Rekayasa Industri.

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Ineos Nova to hike PS prices again

With effect from February 1, 2008, Ineos Nova has raised prices for all its polystyrene grades in Europe by EUR 50/ton, on account of higher styrene monomer contract and further erosion of its margins in January. The Ineos Nova raised Polystyrene price by EUR 40/ton on January 1, 2008.

SABIC's MEG plant to resume operations next month

Saudi Basic Industries Corp. (SABIC) plans to restart operations at its MEG plant. SABIC had lowered production rate at this plant after an explosion at an air separation unit in August.

ABS

ABS market remained a laggard on very dull market conditions in the week of February 4, 2008. At US$1745/MT, ABS prices were weaker due to reduced buying from China as the transport and delivery system was thrown out of gear by unusually heavy snowfall. Driven by higher feedstock costs, selling intentions from Taiwan and South Ko

GPPS

GPPS prices in Asia dipped to US$1410/MT in the week of February 4, 2008 due to lackluster demand from China on the eve of the Lunar New Year holidays. Price for both GPPS and HIPS dropped by around ten dollars from last week's levels.

PVC

Polyvinyl Chloride prices steadied at US$1035/MT in a dull market wherein few transactions were recorded. PVC market in Asia remained firm on the back of tight supplies. Key suppliers from the region are mulling a definitive hike in March offers by at least twenty dollars, in a bid to keep up with rising feedstock VCM prices, and also in line with cargoes sold at higher values to Middle East region with February shipment terms. Domestic PVC prices in China have also seen an upward movement on account of delays in delivery schedules on account of heavy snowfall.

Polypropylene

Polypropylene prices in Asia moved up on robust selling offers from South Korea to US$1490/MT in the week of February 4, 2008. Polypropylene offers from South Korea did not move in tandem with downcast demand from China that has been subdued just ahead of the Lunar New Year holidays next week. Driven by limited availability and higher feedstock propylene values, most producer from South Korea have hiked February offers sharply to the level of US$500-1525/MT CFR China. Offers from Malaysia were pegged at levels of US$1500/MT, and have not been accepted by buyers from China. PP prices from Chinese producers, operating plants at normal capacity, held steady.

LLDPE

LLDPE prices steadied at US$1630/MT in the week of February 4, 2008. Offers from South Korea were heard at US$1650/MT CFR China levels, but were thwarted by unenthusiastic response, as buying intentions dipped almost fifty dollars lower.

LDPE

Market for LDPE maintained strength in Asia in the week of February 4, 2008 as sellers raised prices on account of a supply crunch caused by inadequate availabilities. February offers by suppliers from Middle East, Malaysia as well as South Korea have been raised and currently range from US$17730-1750/MT CFR China.

HDPE

Restricted supplies have kept HDPE market sentiments firm at US$1665/MT in Asia in the week of February 4, 2008. However, stronger seller sentiments were met with lukewarm response from buyers as the Chinese prepare for a break next week for the Lunar New Year holidays. February offers from South Korean and Taiwanese producers remained at a higher level for film grade as well as blow molding grade.

STYRENE MONOMER

Propped by higher upstream values, Styrene Monomer prices in Asia strengthened by ten dollars to US$1335/MT in the week of February 4, 2008. Rising SM prices in USA also supported higher prices. Prices are being heard at around US$1345/MT FOB Korea level for March shipment. Feedstock benzene prices gained in the week, but few deals were done- inactivity prevailed in the absence of serious buying intention.

EDC

Low level of activity kept EDC markets steady at US$435/MT in Asia in the week of February 4, 2008. Attempts by the producers to hike prices to US$460/MT levels in a bid to mirror higher feedstock ethylene costs were not accepted by the buyers. It seems that the buyers will win in this "who will relent first" situation, easing prices in the next few weeks of February.

VCM

Robust selling offers across the region have strengthened VCM prices by ten dollars to US$800/MT in Asia in the week of February 4, 2008. Prices kept firm as downstream PVC market steadied at US$1040/MT levels on tight supply in the market of mainland China. Heavy snowfall in Eastern China has created an obstacle for scheduled delivery, increasing prices in the region by larger margins. Offers for February delivery by VCM producers in Northeast Asia at high level of US$850/MT CFR China is anticipated to be met with resistance from buyers in China, moderating prices almost thirty dollars lower.

PROPYLENE

Propylene prices witnessed a sharp dip of almost fifty dollars as prices dipped to US$1270/MT in Asia in the week of February 4, 2008. The propylene price dip was influenced by the arrival of cargoes from Iran easing the limited supply situation, and was also coupled with subdued demand. Demand in the region has been restrained as markets across the region weakened and also as China prepares to go on its week long annual Lunar New Year holiday. Selling intentions from Korea have dipped as buying sentiments have waned- as many buyers have bought urgent cargoes, and most buyers prefer to wait and watch, in expectation of price correction. Producers in China have currently maintained normal operating rates and medium scale inventories at most of the plants in the country.

FEEDSTOCK - ETHYLENE

Ethylene prices in Asia dipped to US$1430/MT the week of February 4, 2008, as the market outlook toned down on the arrival of Iranian cargoes, providing a respite in the supply crunch being faced in the region on account of outages at Asian plants. An ease in the supply situation was coupled with lackluster demand from end-users, particularly from China. As the market players in China prepare to break for the Lunar New Year holiday, buying sentiments continue to range as low as US$1410/MT CFR China. Sellers, however, continue to quote at least 50-60 dollars higher. Prices in the next few weeks will be affected by end user demand as well as influx of cargoes from Iran.

NAPHTHA

Naphtha prices in Asia made a comeback, rising to US$855/MT in the week of February 4, 2008. As open-spec naphtha for H2 March delivery ended the week at US$855/MT CNF Japan level, the trend indicates that naphtha prices could fall in line with overall market sentiments.

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

Crude oil prices dipped on release of data by the US Labor Department that employers have cut 17,000 jobs last month, signifying that the economy continues to weaken

CRUDE OIL Crude oil prices have dipped below US$90 in the week of February 4, 2008. Oil prices dipped to US$88.9 per barrel in New York, on release of data by the US Labor Department that employers have cut 17,000 jobs last month, the first reduction in more than four years and a sign that the economy continues to weaken. Spending on construction sector in USA also fell by a record amount. Earlier this week, at its meeting in Vienna, OPEC decided to keep output unchanged. This decision ignores US demands for an output hike, as OPEC looks to support crude prices that are dipping on fears of an economic slowdown.

Basell gets nod from European Commission refinery in France from Royal Dutc...

Basell has been awarded permission by the European Commission to buy the Berre-l'Etang refinery in France from Royal Dutch Shell for US$700 million. Basell is a large, European plastics maker and provider of proprietary petrochemical process technologies.

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Iran marks its foray into Philippines petrochem sector with $125 mln invest...

Iran will mark its entry into Philippines petrochemical sector with a $125 mln investment. International Petrochemical Company has acquired a petrochemical plant in Philippines, for which it plans to acquire finance resources for technical and professional activities. IPC has planned to avoid any delay in reimbursement of its financial undertakings and to be on time in terms of payments.

Sumitomo posts sales of JPY 1,391.0 bln for 9 months ended December 31, 200...

Japan's Sumitomo Chemical Company, Ltd., has announced results for the nine months ended December 31, 2007. The Group posted sales of JPY 1,391.0 bln, an increase of JPY 94.8 bln over the previous year. Operating income (JPY 75.9 bln), ordinary income (JPY 85.5 bln), and net income (JPY 40.5 bln) have all shown a decrease against year ago figures due to increased raw materials costs as well as increased fixed costs such as depreciation costs and R&D expenditures.

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Linde to construct large hydrogen plant for BASF's Ludwigshafen facility

The Linde Group has signed a contract with BASF to construct a large hydrogen plant for their facility in Ludwigshafen, Germany. Linde will be handling the basic and detail engineering and materials procurement for this project as well as installation and commissioning.

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Paraxylene plant status in Asia

Thai Paraxylene Co. has shut down its Paraxylene plant located in Sri Racha for maintenance turnaround, concurrently debottlenecking the facility to increase capacity from 140,000 tpa to 350,000 tpa. This is estimated to be completed by the end of March.

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UAE energy firm to set up petrochemical complex in Russia

Quality Energy (QE) Petro Holding International, an energy firm of the United Arab Emirates (UAE), plans to set up an oil refinery and petrochemical complex in Russia's Chelyabinsk Oblast. Investment outlay will total to US$4.5 bln, in the project where QE will hold a 75% stake. QE has signed a memorandum of understanding to set up the complex with the government of Chelyabinsk Oblast. The refinery will have a production capacity of 180,000 bpd.

BASF to increase polystyrene price

In line with a sharp hike in feedstock Styrene Monomer prices, BASF plans to increase selling price of GPPS grade by Euro 50/ton for February delivery. The company has already proposed its February price at Euro1450/MT.

PVC exports from China rising

As domestic PVC production increases in China, PVC exports have also increased by over 50% last year. As per figures from Chinese customs, China exported 711700 tons of PVC resin in 2007, an increase of 54.61% over figures recorded in 2006. The five leading countries to which China exported are India, Russia, Egypt, Brazil and Saudi Arabia. With almost 35% share of total imports, India was the leading importer, followed by Russia at almost 15% and Egypt at about 9% of total imports.

SABIC premiers in Russia at Interplastica 2008

For the first time, the SABIC family of plastics businesses, including SABIC Innovative Plastics and SABIC Europe, will be showcasing its diverse plastics portfolios for key Russian industries at Interplastica 2008, at stand A22/28, Hall 8.3. SABIC's presence at the event underscores the importance of the Russian market to its expanding global business strategy.

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Heurtey Petrochem acquires American company

Heurtey Petrochem has signed an agreement to acquire 100% of the independent US based Petro-Chem Development Co Inc. to form the world's largest independent leading Group specialized in design and fabrication of process fired heaters dedicated to the hydrocarbon industries.

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Milliken to showcase high clarity solutions at Interpack 2008

Milliken Chemical will present its clear vision for addressing the packaging sector's continuing demands to drive down cost but improve the quality, functionality and aesthetics of final products, when it showcases its latest additives solutions to converters and specifiers at Interpack 2008. Visitors to Hall 10 Booth A06 can experience first-hand new opportunities to develop packaging innovations with breakthrough levels of clarity, take advantage of lower cost materials, improve production and end-product performance, or open up new directions in packaging design.

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GSPMA to organize seminar on Energy Saving

Gujarat State Plastic Manufacturers association is to organize a seminar on Energy Saving in the Plastic Industry on Saturday, 16th February, 2008, 6.00 PM onwards at Ahmedabad.
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Largest Plastic Pipe Conference

Organisers of the XIV Pipes Conference expect this year's event to be the largest ever. The conference brings together the global plastic pipe community and will be held from 22-24 September 2008 at the Marriott Hotel in Budapest. The three-day schedule will comprise the presentation of about ninety papers, a trade exhibition and a social programme. As many as 600 participants are expected.

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Innovative packing for dispensing hot fast food items hygienically, effecti...

Over 25 fast food eateries in Mumbai have tested and accepted an innovative packing for dispensing hot fast food items hygienically, effectively and economically.A leading innovative packaging solution provider based in India has developed a special Food grade bag which will facilitate dispensing fast foods, including tea, coffee, curries and soups.

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Toray to commence OPP film production in France

Japan's Toray Industries, Inc. is to commence production in Europe of Torayfan* (bi-axially oriented polypropylene (OPP)) high-barrier metallized film. The new company-Toray Films Europe S.A.S., (TFE) will be established in France this month, with 20,000 tpa of film production facility and 22,000 tpa of metalizing facility at an investment of 10 billion yen, Production is estimated to commence in April 2010. Annual growth in European market for high-barrier film is projected to exceed 10%.

European Commission clears Perstop's acquisition of Solvay's Caprolactones ...

Solvay has received antitrust clearance from the European commission to sell its Caprolactones business to Perstorp, a specialty chemicals group from Sweden. The transaction was initially announced on October 15, 2007, followed by approval by the European Commission in early January 2008.

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NPC awards LLDPE contract to Nargan-Tecnimont consortium

Iran's National Petrochemical Company (NPC) has awarded a €428 million contract for linear low density polyethylene (LLDPE) units to Iranian company of Nargan in partnership with Italy's Tecnimont. The LLDPE units are to be located in Lorestan and Mahabad - affiliates of Bakhtar Petrochemical Company, set up along the western ethylene pipeline. Bakhtar Petrochemical Company is 70% owned by the private sector.

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Oil prices mount past US$89 a barrel on gains in Asian equity markets

Oil prices rose past US$89 a barrel, on gains in Asian equity markets. Light, sweet crude for March delivery moved up to US$89.15 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore. In London, Brent crude futures rose to US$89.63 a barrel on the ICE Futures exchange.

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PetroChina's first LyondellBasell license for Spherizone technology

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, Heilongjiang Province in the People's Republic of China. Start up is planned for 2010. This is PetroChina's ninth polyolefin license from in this decade, and the first license granted as LyondellBasell.

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