Pre operating loss at YANSAB totals to SR45 mln loss

The pre-operating loss of the Yanbu National Petrochemical Company (YANSAB) SR45 million. YANSAB will commence operations this year. The loss, which is not capable of influencing the future performance of the company, is negligible compared to any company in its initial stage.

IOC's Rs 46,000 crore Paradip refinery project continues to be shrouded by

Uncertainty shrouds Indian Oil Corp.'s (IOC) Rs 46,000 crore Paradip oil refinery project. The project, already delayed by about seven years, seems to be on the verge of yet another delay.
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Fiberex Glass awarded US$100 mln contract by Eastern Petrochemical Company ...

Canadian company Fiberex Glass has been awarded a US$100 mln contract to provide engineering, technology and equipment for the project by Eastern Petrochemical Company in Jubail. Work is commencing on the 30 month contract; at a total cost of US$280

Sibur and Ineos in agreement for use of Innovene PP process

Russia's Sibur LLC has entered into an agreement with Ineos for the use of Innovene PP process for a 200,000 tpa PP plant at the production site of Tomskneftekhim Ltd. The plant will manufacture homopolymers, statistical and shockproof co-polymers.
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Formosa Plastics posts 55% raise in Q4 profits

Output increase has boosted Q4 profits at Taiwan's largest polyvinyl chloride (PVC) maker Formosa Plastics Corp, by 55%. Output was increased to meet rising demand from Asia, including China for construction materials, handbags and toys.
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Taiwnese ACN unit turnaround shutdown to affect availabilities

Taiwan's China Petrochemical Development Corporation plans to shut an acrylonitrile (ACN) lines at Kaohsiung for planned maintenance for about five days. This unit is one of the two units in Koahsiung, each operating at 100% of the nameplate capacity of 90,000 tpa.

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Evonik and Sibur in JV study to review construction of PO facility

Global leader in specialty chemicals based in Germany, Evonik Industries and JSC Sibur Holding based in Moscow, have agreed to commence an exclusive feasibility study to consider the possible construction of a facility to produce propylene oxide (PO), together with hydrogen peroxide. For more details please click on the following link
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New polymer that changes stiffness and strength upon exposure to liquids

A new type of polymer that displays chemoresponsive mechanic adaptability, meaning the polymer can change from hard to soft plastic and vice versa in seconds when exposed to liquid.
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Dow to conduct planned maintenance turnaround at propylene oxide plant in T...

The Dow Chemical Company (Dow) will conduct a scheduled turnaround at its propylene oxide (PO) production plant in Freeport, Texas. The 2-3 week turnaround, scheduled to begin on March 27, 2008, will involve equipment inspections and, if necessary, repairs and replacements.

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Malaysia's KNM to acquire German company

In a bid to become a global one-stop centre for process equipment in the oil and gas, petrochemical, chemical, power and industrial services industries, Malaysia's KNM Group Bhd plans to acquire Germany's Borsig Beteiligungsverwaltungsgesellschalf mbH.
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Iraqi export pipeline blown up: oil prices rise past US$107 as concerns mou...

Saboteurs have blown up one of Iraq's two main oil export pipelines near Basra, igniting tight supply concerns. The pipeline carries crude from the Zubair oil field to the Al-Faw storage facility from where it is exported.
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China to almost double ethylene capacity by 2010

China's ethylene output by the year 2010 will be expanded to 17.5 mln tpa. This denotes a capacity addition of almost 8 mln ton by the end of the decade. However, with demand estimated to rise to 26.4 mln tons the capacity increase will not be enough to meet domestic demand for ethylene and related products.

Japan's Idemitsu and Mitsui acquire stake in Kuwaiti-Vietnam refinery proje...

Japan's domestic oil demand is on a steady decline, leading Japanese majors to explore pportunities overseas. In a first of its kind move, a Japanese refiner will build a plant in Asia outside Japan. Idemitsu Kosan Co.
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EU set deadline to conclude enquiry for Carmel Olefins, Domo Chemicals JV

The European Commission is in the process of inquiring into Israeli petrochemical maker Carmel Olefins Ltd's proposed acquisition of a 49% stake in Domo Polypropylene. Domo Polypropylene is a subsidiary of Domo Chemicals NV. The date for conclusion of the enquiry is set for April 29. Upon the necessary approval, the stake acquisition will be concluded, after which Domo Polypropylene will become a joint venture.

51% stake in Petkim to Azeri consortium to be transferred by May 7

51% stake in Petkim (Turkey's largest petrochemicals producer) to Azeri consortium SOCAR-Turcas-Injaz is expected to be completed by May 7. Evaluation of the alternatives for payment is underway, with April 14 defined as the deadline on which a final decision on payment would be announced.
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Cereplast secures Formulation Patent in Europe

Cereplast, Inc. developer and manufacturer of proprietary, bio-based, sustainable bioplastics has secured additional patent protection for the Cereplast Compostables™ Resin family of products from the European Patent Office.
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Eastman to expand Tritan copolyester capacity in USA

Eastman Chemical Company plans to invest capacity expansion of its Tritan copolyester products at its facility in Kingsport, Tenn. The expansion project, expected to be completed by late 2009, includes construction of new manufacturing facilities as well as conversion of some existing operations.
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Dyneon LLC acquires specialty thermoplastic polymer manufacturer

Dyneon LLC, a 3M company, has acquired the business of Hitech Polymers Inc., a manufacturer of specialty thermoplastic polymers and provider of toll thermoplastic compounding services based in Hebron, Ky. Terms of the transaction have not been disclosed.

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PolyOne introduces Specialty Engineered Materials segment

PolyOne is introducing Specialty Engineered Materials as a new reportable segment. Specialty Engineered Materials includes the business of the recently acquired GLS Corporation and the former North American Engineered Materials operating segment. For more details please click on the following link
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INVISTA seeks damages in excess of US$800 mln in lawsuit against DuPont

Less than a month after taking ownership of the former DuPont facilities, INVISTA discovered significant environmental noncompliance at the plants. INVISTA has filed a lawsuit in federal court seeking damages to the tune of US$800 mln and a court order requiring DuPont to fulfill its contractual obligations arising from safety and environmental noncompliance when DuPont owned some INVISTA sites.
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US$140 mln contract awarded for cracking heaters to be supplied to Middle E...

Lummus Technology, a CB&I company has been awarded a contract valued at approximately US $140 million for cracking heaters for a Middle East petrochemical complex. The contract, which is scheduled to be complete in late 2009, consists of 9 crackers for an ethylene plant with a capacity of 1,165 thousand metric tpa.
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SABIC IP to serve Asian customers with Long Glass Fiber-Reinforced Composit...

In a bid to offer improved service and support to customers in the fastest-growing market in the world- Asia, particularly in Korea - SABIC Innovative Plastics has commenced production of long glass fiber-reinforced thermoplastic composites at Chung-Ju, Korea.
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ABS

As market demand picked up, along with feedstock values, ABS prices in Asia strengthened to US$1820/MT in Asia in the week of March 24, 2008. Most offers for end of March shipment hovered around US$1850/MT CFR China level, with few offers from Taiwan peaking to US$1880/MT CFR. Sellers plan a price hike in line with high raw material costs and growing demand from non-Asian countries, despite lower buying interest from China.

GPPS

GPPS prices saw marginal upward movement to US$1465/MT in Asia in the week of March 24, 2007 on duller buying sentiments. Price was little changed in Asia as demand from buyers in China remained dull. Most offers from suppliers in South Korea and Taiwan were heard at higher levels of almost 1500/MT CFR Hong Kong, whereas buying intentions remained pegged at below US$1470 level.

PVC

Higher feedstock VCM values and restricted supplies in the region have kept PVC prices higher at US$1110/MT in Asia in the week of March 24, 2008. As more producers in Asia will embark upon their planned maintenance shutdown in April, supplies will be an issue, hence the producers are under no duress to liquidate stocks and increase exports this week. In next month's tight supply scenario, Asian producers, with smaller export volumes at their disposal target to hike offers by atleast forty dollars. Producers in Japan have been faced with a situation where, given the strong Yen against US dollar, it is imperative to increase offers. The strong Yen against the US dollar has weakened sales profits.

POLYPROPYLENE

Supply problems in the region for polypropylene have kept supplier offers for April higher at US$1540/MT in Asia in the week of March 24, 2008. Supported by restricted availabilities in the region due to plant shutdowns and a reduced influx of deep sea cargoes, suppliers have targeted a price hike of twenty to thirty dollars. Exports of polypropylene from South Korea will be reduced next month as more plants plan to go on maintenance shutdowns. Conclusion of many deals at US$1540/MT CFR China has encouraged producers from India and Taiwan to quote fresh offers at US$1550/MT.

LLDPE

LLDPE markets in Asia firmed up to US$1670/MT in Asia in the week of March 24, 2008, propped by restricted supplies due to planned and unplanned plant outages in the region. Encouraged by deals for April shipment being heard at a higher level of US$1670/MT CFR China, offers from producers from Far East Asia have been heard at least twenty dollars higher.

LDPE

Dull sentiments prevailed in LDPE markets as prices stagnated at US$1790/MT in Asia in the week of March 24, 2008, mainly on account of limited supplies. Markets stability was on account of restricted supply due to planned and unplanned plant outages. Few sellers from Asia and Middle East attempted to hike offers for next month above US$1800/MT CFR China, but met with little success, as the Chinese buyers mull substituting the more expensive LDPE with LLDPE.

POLYMERS -HDPE

Market for film grade HDPE remained subdued in Asia in the week of March 24, 2008, stagnating prices at US$1670/MT. Lackluster sentiments from buyers in China were a result of low demand this week due to healthy levels of stockpiles. A price hike of 10-20 dollars planned by the sellers for next month has met with resistance from buyers who are currently well supplied with ample stocks. In fact, a few deals were heard concluded at less than US$1650/MT CFR China. Prices for injection as well as blow molding grade from India and South Korea witnessed a hike on account of limited arrival of deep-sea cargoes from USA.

EDC

Propped by buoyant VCM and PVC markets, EDC prices in Asia have moved up to US$435/MT in the week of March 24, 2008. Selling intent for April shipment lingered around US$450/MT CFR FE, while buying interest propped up to hover around US$435/MT. Resumption of production at several VCM plants in the region after annual turnaround is estimated to improve market demand.

VCM

VCM prices in Asia rose to US$870/MT in the week of March 24, 2008. This price hike was sustained by stringent supplies on one hand and bullish downstream PVC prices on the other. Supplies continue to be partially affected on account of closure of Formosa's VCM and EDC plants at Kaohsiung. The shutdown will affect production at the 240000 tpa VCM facility until end of March. As the Japanese Yen strengthens against the US dollar and downstream PVC market continues to be bullish, producers from Japan plan to boost offers for April by almost fifty dollars. Selling indications from Taiwan for April pegged at US$900/MT have been met with buying interest of US$860/MT CFR China. Inadequate cargoes in the South East region have led to offers being quoted at almost US$1000/MT CFR.

STYRENE MONOMER

Styrene Monomer markets have witnessed price fluctuations for the week of March 24, 2008, closing marginally higher than last week at US$1435/MT in Asia. Feedstock benzene prices softened for the week as buyers prefer to wait and watch for price correction in line with falling crude oil values.

PROPYLENE

Restricted supply across Asia continues to exert pressure on propylene prices. Propylene price continues to rise past the US$1200 mark, settling at US$1220/MT for the week of March 24, 2008, on supply problems.

ETHYLENE

Ethylene prices in Asia moved up marginally to US$1200/MT in the week of March 24, 2008, as activities remained watered down. Most of the buyers from China have refrained from buying as they are well stocked with inventory for next month, causing a lull in market movement. Intentions of buyers from the South East linger as low as US$1100/MT CFR for April shipment, while selling intentions have been pegged at US$1150/MT CFR. On the supply side, cargoes from Iran are no longer being offered towards Asia. Deals were heard concluded at US$1200/MT CFR in the Far East region.

NAPHTHA

Naphtha prices moved in line with dipping crude values.
A pessimistic outlook prevailed in naphtha markets of Asia in line with dipping crude prices. Open-spec naphtha prices for H1-May delivery plummeted by over thirty dollars in the week of March 24, 2008, closing at US$865/MT.

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

Crude oil prices dipped to settle above US$101 per barrel, plunging by almost 10% in the week.

Crude oil for May delivery settled at US$101.84 a barrel for the week of March 24, 2008. Oil futures have dropped around 10% since the US$111.80 record high levels of last Monday, on the back of the plunging US dollar that hit a lifetime low against the euro. Concerns of a recession in USA, its impact on the rest of the world, and on oil demand growth have been looming large this week. Worries of a global slowdown in energy demand have caused crude oil prices to plunge. On Tuesday, crude surged by more than three dollars after the US Federal Reserve slashed US interest rates, fuelling expectations of strong energy demand in the United States. On Wednesday, prices dipped after a US government energy report signaled softening demand in the world's biggest economy.

Itochu Corporation Japan, invests in Narendra Plastic

Venture to bring in investment, product expertise, technology, marketing & processes" Investment to align Narendra Plastic Pvt. Ltd. in the global arenaItochu Corporation, Japan, a conglomerate listed in Fortune 500, with total trading transactions of over US$ 95 billion has bought a 30% stake in Narendra Plastic Pvt. Ltd.
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Kuwait, Shell refinery JV in China likely to go onstream in Jan 2010

Through a joint venture with Kuwait Petroleum Corporation (KPC) and Royal Dutch Shell Plc., Sinochem Corp. is to begin processing Kuwait's crude at its planned refinery in East China in January 2010. Negotiations are through with KPC for crude supply, and the project awaits approval of the central government.
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Chi Mei and Grand Pacific to integrate six ABS subsidiaries in China

Taiwanese petrochemicals companies Chi Mei Group and Grand Pacific Petrochemical have signed a memorandum of understanding (MoU) to integrate six of their ABS subsidiaries into a joint venture in mainland China. Each company would contribute three of its subsidiaries. The proposed JV, to be named Zhenjiang Chi Mei Chemical will have capacity to produce 700,000 tons annually.

Oil prices ascend as the market awaits report of US energy stockpiles

New York's main contract, light sweet crude for delivery in May, rose to US$101.77 per barrel, moving up as the market awaits release of the US government's weekly energy stockpiles report. US crude reserves are estimated to show a rise of 1.8 million barrels last week.
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PetroChina's expanded refinery in Dushanzi to start trial runs in August

PetroChina Co Ltd.'s expanded refinery in Dushanzi (in Northwest China's Xinjiang region) will commence trial runs in August. Upon completion of construction, the plant will be China's largest refinery and petrochemical complex, with oil processing capacity of 10 mln tpa, and capacity to produce 1 mln tons of ethylene products.
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Pemex launches tender for second stage expansion at Morelos ethylene plant

Pemex- Mexico's state oil company, has initiated an international tender to raise finances for second stage expansion at the Morelos petrochemical complex's ethylene plant. In 2008 alone, Pemex expects investment in the project to reach 148 mln pesos (US$13.9 mln).
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Top Turkish court snubs latest bid to cancel privatisation of Petkim

Turkey's top administrative court has rejected the latest in a series of bids to cancel the privatisation of petrochemical firm Petkim. The bid to stop the sale was attempted by a Turkish union.

Paradip plant to help IOC save almost Rs1 crore/day on transportation costs

In 2011, when Indian Oil Corp. Ltd.'s (IOC) 15 mln tpa refinery and petrochemicals complex at Paradip, Orissa comes onstream, the state refiner anticipates daily savings of almost Rs1 crore from reduced transportation costs.
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Slowdown in US growth leads to oil price drop

Global crude oil prices have dipped to hover around US$100, largely on the back of slower growth in the United States, the world's largest economy- likely to take a toll on oil demand. As per last weeks' report by the OECD, it was suggested that the American economy was staggering on the brink of recession. This could eventually stall wider global growth significantly.

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Taiwan's Formosa Plastics applies to the government to pursue investment pr...

In a bid to expand petrochemical operations in Taiwan, Formosa Plastics group has applied to the government to pursue investment projects worth 230 bln twd. The group plans to expand capacity at 24 plants and build 15 new facilities. The new investments are being planned to raise the group's total petrochemical capacity by 12 mln metric tpa and increase naphtha cracker's annual capacity to 31 mln tpa

Indonesia to import 30% of ethylene requirement in the year

Indonesia has only one ethylene producer in the country - PT Chandra Asri Petrochemical Center with an annual capacity of 590,000 tons. Polyethylene industry in the country, however, has additional requirement of ethylene, for which it depends on imports.

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Ube's Thai unit plans US$117 mln capacity expansion

Thai unit of Japan's Ube Industries plans to spend 3.7 bln baht (US$117 mln) over the next 2-3 years for capacity expansion. Ube plans to build another nylon plant in Thailand- its second, at a cost of 1.4 bln baht. Construction of the plant is expected to be completed in October 2009, and will raise the company's capacity to 75,000 tpa from 25,000 tpa. Ube's Thai unit also plans to spend 800 mln baht to expand caprolactam capacity to 130,000 tpa from 110,000 tpa and by 2010.

Keltic Petrochemicals receives govt nod to proceed with US$4.5 bln project ...

Federal Government approval has been granted, after an extensive review, to Keltic Petrochemicals Inc. to proceed with its US$4.5 bln petrochemical project in Goldboro, N.S. The project is a strategic partnership with LyondellBasell Industries, and will consist of ethylene, polyethylene, propylene and polypropylene plants in addition to a supporting cogeneration plant.
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New mPE for enhanced extrusion operations and excellent film performance

A new metallocene polyethylene (mPE) platform, Enable™ mPE, has been introduced by ExxonMobil Chemical to help converters enhance their extrusion operations while providing excellent film performance. Enable mPE can help converters achieve more stable operations, extend film line output, simplify resin sourcing and generate downgauged films.
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Siemens system to treat ethylene spent caustic at RLOC in Qatar

A Zimpro wet air oxidation (WAO) system supplied by Siemens Water Technologies will treat ethylene spent caustic at a grassroots ethylene production plant in Ras Laffan Industrial City, Qatar. Part of a joint venture agreement between Q-CHEM-II, Qatofin and QP, the Ras Laffan Olefins Company Ltd (RLOC) plant will be one of the world's largest plants for this industry once it is commissioned in 2008.
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Asahi Kasei to set up ACN and MMA plants in Thailand

Asahi Kasei Chemicals Corp., a subsidiary of Asahi Kasei Corp., has agreed with PTT Public and Marubeni to set up facilities to produce acrylonitrile (ACN) and methyl methacrylate (MMA). The ACN plant will have an annual capacity of 200,000 tons, MMA plant will produce 70,000 tons. For more details please click on the following link
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Oil prices dip by over a dollar amid concerns of fall in demand due to a s...

Oil prices have slipped by over one dollar on concerns that a flaying US economy will cause oil demand to soften. Light, sweet crude for May delivery fell to US$100.03 a barrel in Asian electronic trading on the New York Mercantile Exchange by midday in Singapore.
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Delay in construction of a €300 mln MMA plant at Leipzig

Ireland's Quinn Group has decided to delay construction at the €300 mln petrochemical project near Leipzig, Germany, by about one year. The plant was being set up to produce MMA monomer. Uncertainty surrounding the construction was due to "the incomplete status of the design , the ongoing requirement for process clarifications and the international market situation which is causing bottlenecks in deliveries of equipment.
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IOC's plans of petrochemical hub in Nayachar could be derailed

India's largest oil refiner- Indian Oil Corporations' plans to set up a Rs 15,000 crore petrochemical project at Nayachar, West Bengal, could get derailed due to land acquisition problems and environmental concerns. The project was shifted earlier to Nayachar after violence erupted in Nandigram-the original site, over land acquisition.
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Philippine Government considers financial adviser for sale of Petron stake

In a bid to arrive at a decision, the Philippine government is mulling the services of an independent financial adviser to undertake share valuation. The services are being sought to help it decide the best move with regard to the offer of Ashmore Group's SEA Refinery Holdings to buy Aramco Overseas Co.'s 40% stake in Petron Corp. For more details please click on the following link
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BASF and Sinopec submit technical and commercial feasibility study for appr...

BASF and Sinopec Corp (China Petroleum & Chemical Corporation) have jointly submitted a technical and commercial feasibility study of the planned US$900 mln expansion for approval to the Chinese government. Expansion is planned at their joint chemical Verbund site in Nanjing, operated by the joint venture BASF-YPC Co. Ltd. (BYC). The expansion plan encompasses

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AMI'S conference to focus on the latest developments in wood plastics compo...

The market for wood plastic composites is changing rapidly in Europe, enabled by a series of developments in production technology as well as improved marketing programmes and yet the European market is still only a fraction of the size of its potential.
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Mitsubishi Chem restarts operations at fire affected No. 2 ethylene unit at...

Three months after a fire forced a shutdown, Japan's biggest petrochemical maker- Mitsubishi Chemical Corp. has restarted operations at its' No. 2 ethylene unit at Kashima. The fire that occurred three months ago claimed four lives. Of the unit's eight furnaces, the No. 8 furnace where the fire broke out was the most severely damaged.
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La Seda de Barcelona to build 700,000 tpa PTA plant in Portugal

As a solution to the problem of material shortage in Europe, Spanish PET producer La Seda de Barcelona plans to build a 700,000 tpa PTA (purifed terephthalic acid) plant in Sines, Portugal. Europe currently imports 400,000 tons of PTA from Asia. PTA is a key raw material in the manufacture of polyester and PET.
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GAIL petrochem operations and revenues to be hit as Petronet decides to sto...

State-run gas utility GAIL (India) Ltd could see a potential deficit in its Rs 2,200 crore annual revenue as well as a cessation in operations at a key petrochemical complex. This could happen because of a decision by supplier Petronet LNG Ltd to stop gas deliveries and divert them to ONGC.
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Oil prices dive below US$100 per barrel

Concerns of a US recession, its impact on the rest of the world, and on oil demand growth have been looming large this week. Worries of a global slowdown in energy demand have caused crude oil prices to plunge by almost five dollars, below US$100 per barrel to US$99.20, from record peak struck earlier this week. London's Brent North Sea crude for May fell US$2.30 to US$98.42 per barrel.
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UAE plans world's largest petrochemical complex

In a bid to further diversify its economy, Abu Dhabi plans to develop the world's largest petrochemical complex. Abu Dhabi's International Petroleum Investment Company (IPIC) has partnered with the Abu Dhabi Investment Council (ADIC) and Austria-based plastics producer Borealis to develop the project's first phase, scheduled for completion in 2013. For more details please click on the following link
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Restart of Idemitsu's plant unlikely to be affected by fire

A fire that broke out two days ago is unlikely to affected the mid-May restart of Idemitsu Kosan's petrochemical unit. A fire broke out on Tuesday at the Chiba factory's benzene, toluene and xylene processing unit and took about 30 minutes to douse. Repairs on the unit, with 577,000 tpa BTX capacity is expected to be completed during the planned maintenance period.

Asian condensate markets to come under pressure as Indonesia's TPPI extends...

In a move likely to pressure the regional condensates market, Indonesia's Trans Pacific Petrochemical Indotama (TPPI) plans to extend the shutdown at its complex until May. The complex has been closed since late-February due to port problems.

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Thai SCC in JV to build petrochemical plant in Vietnam

Thailand's top industrial conglomerate - Siam Cement, in a joint venture with Vietnamese companies to build a US$3.5-4 bln petrochemical plant in southern Vietnam. Siam Cement subsidiaries would own 71% stake in the plant, while Vietnam Oil, Gas Group (Petrovietnam) and Vietnam National Chemical Corporation will hold the balance.
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Cals Refinery inks MoU for refinery at Nayachar petrochemicals hub

Cals Refinery has signed an MoU with Haldia Development Authority (HDA) and West Bengal Industrial Development Corporation (WBIDC) for a Rs 4,000 crore oil refinery at Nayachar petrochemicals hub - the first inflow in the states' Petroleum, Chemicals and Petrochemicals Investment Region (PCPIR) project.
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Braskem to expand capacity of LDPE mad from Biofuels

Brazilian petrochemicals company Braskem SA has planned expansion of linear density polyethylene (LDPE) made from bio-butene. Bio-butene is made from plants. Braskem had announced plans to produce high-density polyethylene made from sugarcane-based ethanol in a pilot plant a few months ago.

Leak causes fire at Ineos' ethylene pipeline in Germany

A leak in an ethylene pipeline at Ineos' West German plant has led to a severe fire at Dormagen along with smoke. It is reported that the ethylene pipeline blaze resulted in 15 mtr high flames. The blaze has spread to a neighbouring tank of acryl nitrile, leading to an explosion.

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Akcros and ALA ink Technology Licensing Agreement

Mumbai based ALA Chemicals Pvt Limited, pioneers of PVC Stabilizers in India and Akcros Chemicals Ltd, global leaders in Mixed metal stabilizer technology, have signed a Technology Licensing Agreement which allows ALA Chemicals to produce and manufacture for the Indian market a range of top quality Barium Zinc and Calcium Zinc liquid stabilisers, Calcium Zinc Solids and Pastes, Potassium Zinc Kickers, Barium Cadmium Zinc and a range of Organotins and Polymeric Plasticisers. The products will be sold under the ALA Brand into both the flexible and rigid PVC processing markets in India .

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Polyethylene production at Unipetrol surpasses 4 mln tons

Czechoslavakia based Unipetrol has produced its four millionth ton of “Liten” polyethylene in March 2008. The company launched production of high-density polyethylene (HDPE) manufactured under the commercial name of Liten at its site in Litvinov, Czech Republic, in 1976, using a new technology of gas-based polymerization of ethylene. Production of polyethylene was boosted in 2002, following the launch of the second HDPE unit with a planned annual capacity of 200,000 tons.

ONGC exports hit : MRPL to source crude from ONGC for Apr, May

India's Oil and Natural Gas Corp will not issue tenders to sell April and May loading Sudanese Nile Blend crude as it plans to supply the equity crude to its subsidiary Mangalore Refinery and Petrochemicals (MRPL). MRPL runs a 194,000 bpd refinery in the southern Indian state of Karnataka.

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Philippines’ Petron commences propylene production at Bataan

Petron Corp. has commenced production of feedstock propylene at the 180,000 bpd Bataan Refinery. From the PetroFCC, the propylene stream is purified in the PRU to produce petrochemical grade propylene.

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Shell finalises licensing contract with PetroChina Sichuan Petrochemical Co...

Royal Dutch Shell Plc has inked a petrochemical tech licensing contract with PetroChina Sichuan Petrochemical Co Ltd, a unit of China National Petroleum Corporation (CNPC). PetroChina Sichuan will apply Shell's ethylene oxide/ethylene glycol (EO/EG) process technology in a new petrochemical plant near Chengdu, in southwest China. Capacity at the plant will include 380,000 tpa mono thylene glycol (MEG) and 50,000 tpa EO when production commences by the end of 2010. This is Shell's sixth EO/EG license to China and the third to CNPC.

30% hike estimated in naphtha consumption at Haldia Petro in next fiscal

Haldia Petrochemicals Ltd. estimates a 30% increase in naphtha consumption in the fiscal 2009/10, upon successful completion of capacity expansion. Haldia plans to increase plant capacity by 30% at an investment outlay of Rs 9 billion. Work on the expansion is expected to commence for 75 days in mid-October, resulting in a 20% cut in naphtha imports for the fiscal.

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Equate reports US$769 mln net profit in 2007

Equate Petrochemical Company ‘s 2007 net profits reached US$769 million – a 36% hike over the previous year’s net income after tax.

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ETHYLENE

Dual forces are in play in the Asian ethylene markets: on the supply side - several naphtha crackers are running at reduced rates, and on the demand side - buying interest from end-users, who are well supplied due to high levels of inventories, continues to be weak. This has led to a dip in ethylene prices to US$1190/MT in Asia in the week of March 17, 2008. However, higher feedstock values have prompted most sellers from South Korea to quote above US$1200/MT CFR level.

NAPHTHA

Naphtha prices have dipped marginally to US$895/MT in the week of March 17, 2008, even as crude oil has spiked up. Naphtha prices have been adversely affected by shaky demand from end-users, as several crackers in Asia are being operated at reduced rates due to poor cracking margins.

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

CRUDE OIL Oil prices have spiked past US$111 per barrel to an all time high. Light, sweet crude for April delivery rose to a record US$111.42 a barrel in New York during the week of March 17, 2008. This hike continues to be prompted by increasing investments in commodities as the US dollar continues to slip and the stock markets continue plunging. Investors have turned away from the dollar after a surprise move by the US Federal Reserve on Sunday to provide cash to financially squeezed Wall Street investment houses - a move that has pushed the battered US currency lower against the yen. Market players believe that this move will further soften the dollar- leading investors to buy oil and commodities to hedge against the falling dollar and inflation. Interest rate cuts in the US have further weakened the dollar. Crude oil is up 90% from a year ago levels.

South Korea's Lotte Daesan plans 54% ethylene capacity expansion

Lotte Daesan Petrochemical Corp. plans to expand ethylene capacity by 54%. The company will shut its' 650,000 tpa ethylene plant next month for maintenance as well as capacity expansion.Capacity will increase to 1 mln tpa after an approximate 40 day shutdown starting in April.

Formosa restarts Mailiao plant ahead of schedule

Taiwna's Formosa Petrochemical Corp. has restarted Taiwan's second-largest ethylene plant earlier than expected. The closure was shorter than the 7-10 days time estimated by the company. This was possible because the company was successful in repairing the mechanical fault well in time. The 1.03 mln tpa facility was shut on March 10 because of a leakage.

BASF and Sinopec submit feasibility studies on planned expansions for appro...

German chemical giant BASF and its Chines counterpart- Sinopec Corp have submitted feasibility studies for a planned expansion of their China cracker in Nanjing. Under the US$900 mln expansion plan first announced in July 2006, the steam cracker will add 25% (150,000 tpa) to its existing capacity of 600,000 tpa.
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Siam Cement Group's joint venture in Iran on track

A giant petrochemical project in Iran - a joint venture between Siam Cement Group and other companies will be one the largest such operations in the world. . The facility is located in a special economic zone, which exempts it from corporate taxes and qualifies it for other government privileges.

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Gulf Petroleum awaits approval from Malaysian authorities for US$5 bln refi...

Qatar-based Gulf Petroleum Ltd. awaits approvals from Malaysian authorities, subject to which, it will begin construction of a US$5 billion oil and gas complex. The complex is being planned to cater to the demand from Asia-Pacific region, and also serving as a regional hub.
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Petron mulls US$1.5 bln investment in new petrochem facility

As the entry of a new shareholder seems imminent, Petron Corp. plans to invest US$1.5 bln in a new facility. This investment will be allocated for production of high-value products and petrochemical feed stocks, mainly through the second phase of its Petro Fluidized Catalytic Cracker (PetroFCC) unit, which should be on stream by 2014. PetroFCC has a conversion capacity of 19,000 bpd and will have the capacity to produce 140,000 metric tons of propylene.
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IOC establishes separate strategic business unit to market petrochemicals g...

In a bid to capture a chunk of the global market, India's energy major, Indian Oil Corporation (IOC), has established a distinct strategic business unit (SBU) to market its petrochemical products. The SBU has five exclusive sub-groups, classified as per products and function - Linear Alkyl Benzene (LAB), PTA, polymers, logistics and exports.
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Oil prices spike to all time high as dollar and stock market plunge

Oil prices have spiked to an all time high- spiking past US$111 per barrel in Asia. Light, sweet crude for April delivery rose to a record US$111.42 a barrel, but later slipped to US$111.10. This hike continues to be prompted increasing investments in commodities as the US dollar continues to slip and the stock markets continue plunging.
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Battenfeld Kunststoffmaschinen GmbH to be acquired by Wittmann Kunststoffge...

With effect from April 1, Austrian injection press maker Battenfeld Kunststoffmaschinen GmbH will be acquired on by Wittmann Kunststoffgerate GmbH, a family-owned supplier of robots, auxiliary equipment and molds. The new combined entity will be the first company in the world able to offer a fully-integrated product range for injection molding.
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Single-walled nanotube show strength in polymer fibres

Researchers at Queen Mary, University of London and Nanoforce Technology Ltd. in the UK, have successfully produced single-walled nanotube reinforced polymer fibres and tapes that are as strong as theory predicts. Prof. Ton Peijs, who heads the research team said:
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Lebanon's Lahoud Engg Co awarded sub contract for Borouge olefins complex i...

Italy's Tecnimont plans to award two major sub-contracts for mechanical and construction work on the expansion of the Abu Dhabi Polymers Company (Borouge) olefins complex in Ruwais. Tecnimont was awarded the US$1.85 bln lump-sum engineering, procurement and construction contract to build the complex's polyolefins units in 2007. Under that contract, Tecnimont will build two polypropylene units, with a combined capacity of 800,000 tpa and a polyethylene plant with a capacity of 540,000 tpa.
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Indorama to invest US$300 mln in global PET expansion

In a bid to become the world's second largest PET producer, Indorama Polymers Plc (IRP) plans to invest US$300 mln to expand capacity globally. Several expansion projects will increase polyethylene terephthalate (PET) capacity to 1.2 mln tons by the end of 2009 from current levels of 603,000 tpa. With this, the company will move up from seventh position and be second only to Italian chemical giant M&G.
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Agricultural film for crop protection

The global agricultural film market consumed 3.6 million tonnes of plastic in 2007, with roughly 40% each on mulch and greenhouse film and 20% on silage film, according to Andrew Reynolds of AMI. Populations are growing and the same area under cultivation is expected to feed more people each year, so efficiency has to improve. Mr Reynolds was speaking at the AMI conference, Agricultural Film 2008 held in Barcelona.
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Formosa posts 35% rise in Q4 profits

Propped by increased output from a new plant, Taiwan's biggest ethylene producer- Formosa Petrochemical Corp. has posted a 35% gain in Q4 profit. Net income climbed to NT$18.2 bln (US$593 mln) in the three months ended Dec. 31, from NT$13.5 bln a year ago.
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Debottlenecking at Malaysia's Titan Chemicals to expand PP capacity

Malaysia's Titan Chemicals Corp Bhd plans to debottleneck its polypropylene facility, expanding capacity of the 150,000 tpa plant. The debottlenecking is estimated to be completed this month. Also in the pipeline for H2-08, are plans by the company to debottleneck its 200,000 tpa PP plant. The two overhauls will lead to a total increase in capacity to the tune of 100000 tpa.

JG Summit cuts petrochemical loss for the fiscal

JG Summit Petrochemical Corp., a subsidiary of JG Summit Holdings Inc. has trimmed down its net loss for the fiscal year ended-September 2007 to P722.44 mln from P3.36 bln recorded in the previous fiscal year. Net sales decreased to P5.15 bln from P5.46 bln in the previous fiscal.

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BASF to hive off Polymer Intermediates Plant

BASF SE has decided to hive off to INEOS Nitriles its Seal Sands site of BASF Plc at Teesside, UK. The Seal Sands site operates large-scale production facilities for acrylonitrile (ACN), adipodinitrile (ADN),
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Formosa plans restart of No.2 cracker after repairs

Successful completion of repairs will allow Taiwan's Formosa plans to restart its 900,000 tpa No.2 naphtha cracker in Mailiao. The cracker was shut down on March 10th due to unspecified mechanical trouble.

IOC projects petrochemicals turnover by 2011-12 at Rs 18,000 crore

In line with its plan of becoming a leading petrochemicals player in the country within a short period of time, Indian Oil Corporation Ltd (IOC) has projected a turnover of Rs 18,000 crore from its petrochemicals business by the year 2011-12. The oil major ha sa long term plan of being among the top three petrochemical players in South East Asia.
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Clariant to invest in world-scale specialty organic pigments plant

Clariant International Ltd. and Zhejiang Baihe Chemical Holding Group plan to expand capacity at their existing joint venture Hangzhou Baihe Clariant Pigments Co. Ltd. The partners plan to invest investing in a world-scale plant for the production of Quinacridone specialty organic pigments.
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GAIL and Reliance sign MoU to jointly explore petrochemical projects in gas...

Gas Authority India Ltd (GAIL) has signed Memorandum of Understanding (MoU) with Reliance Industries Limited (RIL) to set up petrochemicals projects in gas rich countries like Middle East, Russia, CIS and African countries.
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Market for biopolymers

With high oil prices and increasing awareness of environmental footprint, the market for biopolymers is growing exponentially in Europe and USA. There are also growing awareness & interest in Asia, especially in Japan, Taiwan, South Korea & Thailand who are now leading the way. How is Asia performing in this respect and what role will Asia play in this business? These issues will be discussed at CMT's 2nd Bioplastics Markets on 16-17 April 2008 in Shanghai, China.
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PLASTI&PACK PAKISTAN - Power of Integral Sectors

After the success of four consecutive plastic and packaging industry exhibitions, Pegasus Consultancy is proud to host the 5th International Plastic & Packaging Industry Exhibition, Plasti&Pack Pakistan from 13 - 16 May 2008. This networking platform will provide an opportunity to its exhibitors and visitors to interact and expand their businesses for their mutual benefits.
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Mustang Engineering awarded contract by ExxonMobil for Singapore plant engi...

ExxonMobil Asia Pacific Pte. Ltd. has awarded Mustang Engineering a contract to proceed with detailed engineering design and construction management for the process control of a second world-scale steam cracker complex in Singapore. The project will be integrated with the existing Singapore site, providing feedstock, operating, and investment synergies with both the chemical plant and refinery.
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Oil prices linger around US$110

Oil prices continue to rise and are currently lingering around US$110 in Asian trade. The new record levels of oil prices can be attributed to the falling US currency, as large investor demand for commodities is on the rise, to hedge against inflation.
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Teknor Apex establishes European entity for compounding businesses

Teknor Apex Company has established Teknor Apex Europe Ltd. as a holding company for its custom compounding units in Europe. As an initial step, the company has formed the first of these units, Teknor Apex UK Ltd. to serve customers in all countries of Europe.
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Egypt's SIDPEC mulls polyethylene facility in joint venture with INEOS

Egypt's Sidi Krir Petrochemicals Co (SIDPEC)'s expansion plans include a joint venture with chemicals firm INEOS for a polyethylene (PE) facility with an expected capacity of approximately 200,000-300,000 tpa. The company also plans to commence work on the third phase of an ethylene project, for which it plans to invite tenders. Work will commence when the company receives necessary approval.
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Formosa Plastics pledges assistance to Taiwanese Government's Environment P...

Formosa Plastics Corp. (FPC) has pledged to provide personnel and expenditure to help the Taiwanese government with forestation, thus supporting its Environment Plan. This pledge is being made in a bid to reduce the country's volume of greenhouse gas emissions, and will be used to grow tree species with high economic value selected by the Forestry Bureau under the Council of Agriculture.
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Shell fined for accident at petrochemicals plant at the Stanlow complex

Shell Chemicals Ltd. was fined over 260,000 pounds (US$535,000; €345,000) and ordered to pay 37,000 pounds (US$74,500; €48,000) in costs after the oil company pleaded guilty to 'failing to follow safety regulations' at the Stanlow petrochemical plant.

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EMCOR Group subsidiary builds largest heat exchanger ever for ExxonMobil

EMCOR Group subsidiary Ohmstede Ltd. has completed the fabrication of the largest heat exchanger in its history, for ExxonMobil Chemical in Baytown, Texas.

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Fire at Mitsubishi's ethylene unit blamed on lack of adequate safety

The fatal fire at Mitsubishi Chemical Corp.'s ethylene plant in Ibaraki Prefecture was caused by failure to take adequate safety measures, according to the prefectural government's accident investigation committee. Failure to shut off the main cock of a compressed air valve used to operate another valve is reported to havee caused the fire. For more details please click on the following link
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Shanghai Petrochemical awaits approval to expand ethylene capacity by 45000

China's largest integrated chemicals firm - Shanghai Petrochemical, plans to expand its refinery and expand ethylene capacity. Subject to state approval, Shanghai Petrochemical will add 450000 tons of ethylene capacity.

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Engineering plastics consumption to surpass 18 mln tons by 2010

Asia-Pacific, Europe and United Sates of America are the major markets for Engineered Plastics as per a report by Global Industry Analysts, Inc. With an estimated consumption of 6.55 mln metric tons in 2007, Asia-Pacific represents the largest market.

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China's ethylene output spikes past 10 mln tons in 2007

As per preliminary figures released by China Petroleum and Chemical Industry Association, ethylene output in the country saw a 12% increase to 10.48 mln tons in 2007.

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Billion dollar paraxylene plant in Xiamen likely to be relocated amid prote...

Work on the billion-dollar paraxylene (PX) plant in Chinese port of Xiamen is expected to be relocated elsewhere, following sustained and rare protests from residents who labelled it an "atomic bomb. Work on the project was stopped in May last year amid noisy protests that included up to one million mobile phone text messages to government officials.
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Asia faces tight benzene avails

Indonesian PT Trans Pacific Petrochemical Indotama (TPPI) has announced force majeure and reduced the run rates at its facility. This supply shortage will see a rush of material from Iran and South Korea to Southeast Asia, as supply of resources was tightened in the region. Styrindo Mono Indonesia has extended by one month, turnaround at its No.2 benzene unit. Prior to the announcement, the company has procured cargoes from Iran.

ABS

ABS prices rose to US$1810/MT in Asia in the week of March 10, 2008. Most offers from suppliers from the Far East that steadied at US$1830/MT levels, were initially met with buyers resistance. Several buyers were reluctant to buy at levels above US$1800/MT, but changed their stance upon conclusion of deals at US$1790/MT CFR China level. Recovering demand is anticipated to keep prices at levels above US$1800/MT.

GPPS

GPPS prices in Asia spiked to US$1455/MT in the week of March 10, 2008 as higher feedstock SM prices continue at robust levels. Faced with rising cost pressures, offers from major suppliers from South Korea and Taiwan for March were heard at US$1490/MT CFR China. In China, the producers are in a dual mode : downstream users have been restricted by cost pressure, tight cash flow and power supply shortage, whereas the producers have benefited from appreciation of the RMB currency against the US dollar, opening up avenues for accepting export orders.

PVC

Propped by restricted supplies and mounting upstream VCM costs, polyvinyl chloride prices in Asia have risen to US$1100/MT in the week of March 10, 2008. Supply in the Chinese market has been badly as domestic producers have been forced to shut down plants on account of rising production costs of feedstock carbide, electricity and mounting salary levels. Some deals were concluded at US$1090/MT levels, and March cargoes from Japan and South Korea have been sold up to USD1100/MT CFR China level with L/C usance terms.

Polypropylene

Polypropylene prices have steadied at US$1500/MT in Asia in the week of March 10, 2008. Lower inventory levels have kept demand from China continually firm.

LLDPE

Relentless demand from buyers in China has kept LLDPE market outlook positive. LLDPE prices have risen to US$1660/MT in Asia in the week of March 10, 2008 on steady demand from buyers.

LDPE

Limited availabilities in the Asian region have kept LDPE prices firm at US$1790/MT in the week of March 10, 2008. Supplier offers for March, that continue to be on a buoyant note, have met with resistance from buyers. Buyers have forced deals from Middle East as well as South Korea to be concluded at prices almost twenty dollars lower than selling intentions.

POLYMERS HDPE

Anticipation of a halt in further price gain by buyers has led to lackluster market for HDPE in Asia in the week of March 10, 2008. HDPE prices in Asia stagnated at US$1670/MT as most buyers in China preferred to wait and watch for prices to dip. A forty dollar gap existed between sellers offer prices and final prices at which deals were concluded.

STYRENE MONOMER

Styrene Monomer prices slipped to US$1435/MT in Asia in the week of March 10, 2008 on weaker buying sentiments. Sellers continued to offer material at US$1445/MT levels, but were met with resistance from buyers who were not willing to buy above US$1425/MT level. Feedstock benzene prices in Asia slipped on weaker buying interest to US$1080/MT this week, despite bullish crude oil market.

VCM

Restricted supply across Asia and higher naphtha feedstock costs, as well as rising downstream PVC prices, have taken their toll on VCM prices. VCM prices continued on their uptrend in Asia, rising to US$860/MT in the week of March 10, 2008. Anticipated offers for March shipment from Japan have been sharply hiked to US$900/MT levels, taking prices atleast seventy dollars higher than February levels. Though buyers from China have not yet commenced price negotiations, it is estimated that prices for March will find stability at US$860/MT CFR China. This represents a fifty dollar rise that corresponds with the rise in PVC values.

EDC

Reduced running rates at several VCM plants has led to subdued downstream EDC demand. EDC market remained lackluster in Asia in the week of March 10, 2008, as a gap existed between selling ideas and buying intentions. Offers from most sellers remained unchanged at the level of US$450/MT, while buying interest was pegged at US$420/MT CFR China.

PROPYLENE

Propylene prices have dipped to US$1150/MT in Asia in the week of March 10, 2008, as the Asian region continues to be well supplied. Suppliers from South Korea, intending to sell at US$1200/MT FOB Korea levels, have met with resistance from the buyers, who are not willing to consider prices above US$1150/MT CFR China.

ETHYLENE

Ethylene prices have recorded a further sharp drop to US$1200/MT in Asia in the week of March 10, 2008, mainly due to growing supply across the Asian region coupled with reduced buying. The supply pressure has been strong despite reduction in operating rates by several naphtha crackers, as interest from buyers continues to wane and be restrained. As profit margins get smaller due to the difference between feedstock naphtha price and ethylene price realisation, crackers in Asia plan to lower operating rates. Formosa's 900000 tpa No.2 cracking plant will be closed for 7 to 10 days this month. Chinese Petroleum Corporation (CPC) is also considering scaling down operations at three of its cracking plants. Users in Taiwan continue to have high ethylene stocks, hence they are unwilling to purchase spot ethylene cargoes offered in the range of USD1170-1180/MT CFR China

NAPHTHA

Naphtha prices rose in line with optimistic crude market, in the week of March 10, 2008, even though end user demand continued on a weaker note. End user demand has seen a dip in the past few days as, affected by lean cracking margins, several of them have cut back on purchases as well as plant shutdowns. Formosa's 900000 tpa No.2 cracking plant will be closed for a little more than a week this month. Chinese Petroleum Corporation (CPC) is also considering scaling down operations at three of its cracking plants.

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

CRUDE OIL After nearing a record price of US$106 a barrel in the week of March 10, 2008, oil prices stabilized at US$105 at the end of the week. Stability was achieved as investors reacted to a surprise drop in US crude supplies and a fresh drop in dollar values against the euro. OPEC's decision to maintain output and rising tensions on Venezuela's border have also supported prices. Most analysts had expected the U.S. Energy Department to report a rise in oil stocks last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels. The EIA report and OPEC decision have fuelled a turmoil of investing in oil futures, as the falling dollar drew investors to the market.

Formosa Petrochemical shuts crude distillation unit at 180000 bpd facility ...

Formosa Petrochemical Corp. has shut a crude distillation unit at Mailiao for 6-7 weeks of scheduled maintenance. A crude distillation unit is the main part of a refinery that separates oil into its various fuel components.
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Gasoline prices poised to set a new record

Gasoline prices seem poised to set a new record, surging to within half a cent of their record high of $3.227 a gallon. Concurrently, oil prices spiked past US$108 to a new inflation-adjusted record high on wholesale inventories.

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Arkema to hive off superabsorbent polymers business to Sumitomo Seika

French chemicals maker Arkema has agreed to sell its superabsorbent polymers business to Japan's Sumitomo Seika. The agreement calls for Arkema to transfer ownership of its Carling plant in eastern France while continuing to operate production there. The agreement with Sumitomo Seika also includes a long-term contract for the supply of acrylic acid produced at Carling.

Dow to expand polyol capacity by 180,000 tpa at Terneuzen

Dow Polyurethanes plans to invest in capacity expansion at its' Terneuzen facility. Dow plans to expand polyol production capacity by 180,000 tpa at Netherlands. Dow planned to go ahead with the detailed engineering phase of a name-plate capacity expansion at the Terneuzen plant in September 2007
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Gail submits annual MoU for performance targets for 2008-09 with ministry

India's leading state run gas utility, Gail (India) Ltd., has submitted an annual memorandum of understanding (MoU) for performance targets for 2008-09 with the ministry of petroleum and natural gas. Based on the proposed plan, GAIL's production figure for liquid hydrocarbon is 1,235488 mt, and polymer production is targeted at 382,820 mt.
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Withdrawal of tax break in the Budget to reduce profitability at IOC's Para...

India's Union Budget has proposed to end the seven-year income-tax holiday for refineries that start operations after April 2009. Withdrawal of tax holiday to new refineries that has been announced in the Budget, has got state refiner IndianOil Corporation worried.

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Dow proposes toluene diisocyanate (TDI) expansion at Camaçari

Dow Polyurethanes is to conduct feasibility study to expand toluene diisocyanate (TDI) production at its facility in Camaçari, Brazil, to turn Camaçari into a leading world-class production facility. The proposed expansion, which involves a new process technology, will support growing demand for end-use polyurethane products in Latin America, an important market for Dow due to its sustained overall economic growth and robust chemical sector.
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Celanese Opens New Technology Center in Houston, Texas

As part of its commitment to innovation and technical solutions for North American Marketplace, Celanese has announced the opening of its Houston Technology Center (HTC) for the emulsion polymers and polyvinyl alcohol (PVOH) businesses.

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Oil prices dip under US$105 as tensions ease between Venezuela and Colombia

As tensions eased between Venezuela and Colombia, oil prices dipped under US$105 a barrel. Over the weekend, Venezuela is reported to be restoring full diplomatic ties with Colombia after they were broken off following a cross-border Colombian attack on a leftist rebel camp in Ecuador.Last week, rebels attacked and shut down a Colombian pipeline that transports 60,000 barrels of oil a day in retaliation for the Colombian raid into Ecuador.
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Arkema finalizes acquisition of Repsol YPF group's PMMA sheet and block bus...

Arkema has finalized the acquisition of the Repsol YPF group's PMMA sheet and block business. With annual sales of €30 mln, Repsol YPF's PMMA sheet and block business operates from manufacturing sites in Bronderslev, Denmark, and Polivar, Italy. The acquisition will allow Altuglas International, a subsidiary of Arkema, to bolster its position as a leader in the European PMMA sheet market.

Formosa to buy naphtha cargoes for April, May

Taiwan's Formosa Petrochemical has issued a tender to buy 30,000-75,000 tons of open-spec naphtha for H2-April/ H1-May delivery.Earlier this month, Taiwan's Formosa Petrochemical was planning to skip additional naphtha imports for April. However, currently pressured ethylene margins forced Formosa to change its plan. Formosa decided to shut down its 900,000 ton No.2 naphtha cracker for a week in mid-March instead of April.

Nigeria to start imports of heavy crude from Venezuela to run KPRC

Nigeria plans to start importing heavy crude from Venezuela to run the petroleum unit of its Kaduna Refinery and Petrochemical Company Refinery (KPRC). The 110,000 bpd refinery that has been shut down since early 2006 after militants bombed the pipeline supplying crude to the refinery, is to resume production this week. The Warri Refining and Petrochemicals Company (WRPC) which supplies crude to Kaduna refinery resumed operations after about two years of idleness. The pipeline supplying Warri with crude from Escravos has come on stream after total rehabilitation at a cost of $63 mln.

Hollow objects with demanding requirements made of POM by extrusion blow mo...

BASF's new Ultraform® E3120 BM allows hollow objects with demanding requirements to be made of polyoxymethylene (POM) by means of extrusion blow molding. When compared to containers made of polyethylene (PE), they display considerable better barrier properties against gases such as oxygen, hydrogen and carbon dioxide.
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Federal Govt grants approval to Keltic for integrated petrochemical project...

After an extensive review, conducted rigorously by all levels of governmentand the public, Canada's federal government has granted approval to Keltic Petrochemicals Inc. (Keltic). The company can now proceed with the C$4.5 bln integrated petrochemical project planned for Goldboro, Nova Scotia. Keltic is in strategic partnership with LyondellBasell Industries for the project. Upon completion, the facility will consist of ethylene, polyethylene, propylene, and polypropylene plants as well as a supporting cogeneration plant.
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Reliance expresses interest in world scale petrochemical complex with Qatar...

Reliance Industries has expressed keen interest in setting up of a world scale petrochemical complex in Qatar with Qatar Petroleum. The polymer output is expected to cater to demand from India.
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Oil prices steady after spiking to fresh record level of US$106

After nearing a record US$106 a barrel, oil prices have stabilized. Stability was achieved as investors reacted to a surprise drop in US crude supplies and a fresh drop in dollar values against the euro. OPEC's decision to maintain output and rising tensions on Venezuela's border have also supported prices.
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Arabi Enertech to win contract to provide maintenance services for PIC

Subject to approval, Arabi Enertech seems poised to win a contract to provide maintenance services for state-owned Petrochemical Industries Company (PIC). Approval is being sought by the central tenders committee for the KD6.9 mln (US$25 mln) bid. Arabi submitted the low bid for the five-year contract in 2007.
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2nd phase of Martyr Tondgouyan petrochemical project inaugurated

The 2nd phase of Martyr Tondgouyan petrochemical project in Mahshahr Special Petrochemical Zone was inaugurated by President. The project has cost Some rls 1,400 billion

Polymers that change from hard to soft or vice versa when exposed to a liqu...

Ground-breaking work has been published on a new type of polymer that displays chemoresponsive mechanic adaptability, meaning the polymer can change from hard to soft plastic and vice versa in seconds when exposed to liquid.

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DSM Venturing invests in Tianjin Green Bio-Science Co.

DSM Venturing, the corporate venturing unit of Royal DSM N.V., has participated in a US$20 mln financing round in Tianjin Green Bio-Science Co., Ltd (China), to build China's largest manufacturing plant for Polyhydroxyalkanoates (PHA).
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Rising capital costs, global equipment and manpower shortage to slow invest...

Rising capital costs and global equipment and manpower shortage have decelerated investments in the Indian petrochem sector. The Rs 65,000 crore Indian petrochemical sector has announced capacity expansion programs to the tune of 3 mln tons over the next 3-4 years.
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PetroChina plans maintenance shutdown at Lanzhou refinery

PetroChina plans to shutdown its refinery at Lanzhou in May, investing to improve fuel quality and expand petrochemical capacity. The shutdown will cut output by up to 500,000 tons. An expansion completed last year brought refining capacity to 10 mln tpa, equivalent to around 200,000 bpd and ethylene capacity to 700,000 tpa.
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Mitsubishi unclear about restart of No 2 ethylene plant

Mitsubishi Chemical Corporation seems unclear about the restart of operations at its No 2 ethylene plant. Since a fire accident occurred on December 21, 2007, operations have been suspended at the No. 2 Ethylene Plant oat Kashima after the suspension order by the Fire Defense Headquarters of Kashima Southern District. Suspension order has been partially lifted this week.
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The Smithers Group opens office in Shanghai

As part of its international growth strategy, The Smithers Group has announced the opening of an office in Shanghai, China. Headquartered in Akron, Ohio, The Smithers Group is a leading independent testing, consulting, and contract research organization.

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AMI's Masterbatch 2008 conference in Barcelona, Spain

AMI's Masterbatch 2008 conference will take place from 24-26 June 2008 in Barcelona, Spain. The event is recognised as the leading forum for the industry.Masterbatch 2008 will open with a keynote address from a leading North American producer, Mr. John Manuck, President & CEO of Techmer Pm and will also include a fascinating look at the development of the Indian market from Mr. Vikram Bhadauria, Director of Alok Masterbatches Ltd in India.

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High naphtha prices and poor ethylene demand compel SK Energy to cut naphth...

Plagued by high naphtha prices in the face of sluggish ethylene demand, SK Energy, South Korea's largest oil refiner, has reduced operations by 20% at its No.1 naphtha cracker. SK Energy has two naphtha crackers: No.1 has a capacity of 210,000 tpa and No.2 has 640,000 tpa capacity.

Sinopec commences construction at Tianjin

China Petrochemical Corporation (Sinopec Group) has commenced construction at all sections of its 1 mln tpa ethylene project and associated 350,000 ton phenol and acetone project. All civil construction for the project located at Tianjin would be completed within this year. The Tianjin project consists of an ethylene sector, an oil-refining sector and a terminal project.

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Mitsubishi to restart ethylene unit shut by fire

Japan's Mitsubishi Chemical Corp plans to restart partial operations at its fire-hit ethylene plant in a couple of weeks. The plant will resume operations and run at about 67% of its capacity.This announcement follows the lifting of the suspension order by the fire department.

New line of polyurethanes designed for cosmetics industry

A new line of polyurethanes- Baycusan®, has been specifically designed for the cosmetics industry, offering a number of advantages over conventional polymers, by Bayer MaterialScience. Baycusan® contain no solvents, making them environmental friendly.

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Malaysia's KNM Group to buy German engineering firm for US$522 mln

In a bid to move up the value chain and attain economies of scale, KNM Group, Malaysian energy service provider will buy German engineering firm Borsig BBetv for 1.67 billion ringgit (US$522 mln). KNM makes process equipment for the energy and petrochemical industries, whereas Borsig specialises in component and process equipment and plant construction.

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Sumitomo Heavy Industries acquires Demag Plastics Machinery for US$118 mln

In a move that reflects plans to expand competitive electric machinery technology to growing markets, Sumitomo Heavy Industries has acquired 100% of German injection moulder Demag Plastics Group from MPM Holdings. For more details please click on the following link
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OPEC could maintain output level, even as oil prices hover at record highs

OPEC seems to have decided to maintain its official oil output level at 29.67 million barrels of oil at a meeting to be held at Vienna on Wednesday. This could amount to ignoring pleas from USA to raise production to help cool record-high crude prices threatening to dampen economic growth. For more details please click on the following link
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South Asian Petrochem plans to invest Rs 2000 cr in Haldia

South Asian Petrochem Ltd. plans to invest Rs 2000 crore in two major projects in Haldia in the coming years. The company has a PET plant in Haldia, which commenced commercial production in the year 2003, at an investment exceeding Rs 500 crores. Initially the capacity was 1.4 lakh tpa, which expanded to 2 lakh tpa in 2007.
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India's national petrochemicals policy likely to get approval before June 0...

A Group of Ministers is likely to approve the national petrochemicals policy before May-end. The last meeting of Group of Ministers is expected to be held within three months, wherein a final decision will be taken on the policy.
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Kuwait to finalise new refineries and petrochemical plants deal with China,...

State-owned Kuwait Petroleum Corp (KPC) plans to finalise deals to build new refineries and petrochemical plants with Chinese, Vietnamese and Indian counterparts by next year. The country also plans to award th eproject for construction of the country's fourth refinery- planned as the biggest in the Middle East.
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Greener additives for plastics

The world's largest plastics additives company Chemtura Corporation, plans to introduce Greener is Better additives at Chinaplas 2008: Flexible PVC: Mark* OBS* Organic-Based Stabilizers.The world's first non-heavy metal heat stabilizers are more cost effective than calcium/zinc alternatives. Mark OBS creates opportunities for automotive and flooring manufacturers around the world and are non-heavy metal heat stabilizers that are more cost effective than calcium zinc stabilizers in flexible PVC.

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Haldia Petrochem plans two month shutdown to carry out capacity expansion

Haldia Petrochemicals (HPL) plans to shut down its plant for almost two months in October this year to carry out capacity expansions to 1.4 mln tons from one mln tons. As per initial plans, the revamped capacity was scheduled to start before monsoon. However, unavailability in software, hardware and shortage in manpower, caused a delay in the plans. The company is spending close to Rs 900 crore on capacity expansion.

International Petrochem Conference 2008 organized by CII

The petrochemical industry voiced its concerns at the International Petrochem Conference 2008 organized by Confederation of Indian Industry (CII) in Mumbai after Chidambaram imposed an import duty of 5% on Naphtha in the Budget.

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Minister in favour of rollback of naphtha customs duty in India

Minister for chemicals and fertilizers in India is in favour of a rollback of the 5% duty on naphtha imposed in the Budget. Discussions could ensue with the Finance Minister regarding this issue.

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ABS

ABS prices rose to US$1790/MT in Asia in the week of March 3, 2008. Rising upstream values have kept ABS prices under pressure in Asia in the week of March 3, 2008. ABS market in Asia persisted in strength, as burdened by cost pressures, sellers announced price hikes for March offers. Most offers from South Korea and Taiwan spiked past US$1810/MT CFR China. Despite signs of revival in buying interest, buyers are still to start restocking actively. March and April will definitely witness resurgence of demand.

GPPS

Lackluster market sentiments kept GPPS prices stagnant at US$1440/MT in Asia in the week of March 3, 2008. The market was almost immobile, as sellers offers pegged at US$1470/MT were met with lukewarm response by buying intentions at lower level. Demand from China has not recovered post-lunar holiday period. This dull demand has kept buyers willing to wait and watch, notwithstanding higher upstream SM prices. As a result, producers from Asia plan to increase cargoes to outside the continent.

PVC

Triggered by tight supplies, poly vinyl chloride prices spiked by almost forty dollars to US$1090/MT in Asia in the week of March 3, 2008. An unplanned outage at Mitsubishi Chemical's No. 2 Naphtha Cracker, has led to reduced production from several producers. As Japans' PVC production reduced by almost 300000 tons this year, Japanese suppliers have hiked March PVC offers up to US$1100/MT CFR China. Material from China as well as Taiwan was also heard being offered at raised levels.

Polypropylene

Polypropylene prices in Asia moved up to US$1500/MT in the week of March 3, 2008, on rising demand from China. Demand from China grew in strength as the buyers find low stockpiles at their end, and seem eager to restock. However, the Chinese buyers prefer to import, refusing to accept domestic PP prices that have been higher after the Lunar New Year holidays. PP offers from South Korea, India as well as Taiwan held at US$1520/MT CFR China for yarn as well as injection grades

POLYMERS - LLDPE

LLDPE prices edged up to US$1640/MT in Asia in the week of March 3, 2008, moving in tandem with rising HDPE offers. Regular sellers' bids were heard at higher levels. However, deals for March shipment were heard done at least twenty dollars cheaper at US$1630/MT CFR China levels.

POLYMERS - LDPE

Firm seller's outlook prevailed in the LDPE markets of Asia, moving prices up to US$1790/MT in the week of March 3, 2008. Restricted supplies is expected to continue in some regions of Asia. Absence of offers from key sellers has seen very few deals concluded in Asia this week. Despite absence of firm offers, selling intentions moved upto US$1800/MT CFR China.

POLYMERS - HDPE

HDPE prices moved up to US$1670/MT on higher seller offers, in Asia in the week of March 3, 2008. Producers from Thailand and Malaysia raised offers for CFR China material this week. However, as feedstock ethylene prices dip, the twenty dollar hike was met with some resistance from buyers, forcing deals to be concluded at lower levels. Buyers from China seem willing to hold on, as plummeting ethylene prices are expected to affect downstream polymer prices shortly.

EDC

Little change was seen in EDC markets as prices stagnated at US$425/MT in Asia in the week of March 3, 2008. Despite low buying intentions, price stability was evident in the Far East region where most offers stagnated at US$450/MT CFR China. Offers in South East Asia have also been heard at US$450/MT CFR.

VCM

As supplies across the region tighten, VCM prices moved up to US$830/MT in Asia in the week of March 3, 2008. Buyers' opposition to prices has brought down prices by almost forty dollars from the initial offer by Japanese producers. Robust naphtha values are expected to keep VCM prices afloat.

STYRENE MONOMER

Styrene Monomer prices gained strength, rising to US$1440/MT in the week of March 3, 2008. SM prices rose even as feedstock benzene steadied at last weeks' levels.

FEEDSTOCK - PROPYLENE

Propylene prices that dipped last week, stagnated at US$1180/MT in the week of March 3, 2008. Buyers continue to seek lower offers, but faced with squeezed production margins, sellers have shown little interest. The price stability can be attributed to reluctance on the part of the suppliers to yield to lower buying intentions.

FEEDSTOCK - ETHYLENE

Ethylene prices plummeted in Asia to US$1250/MT in the week of March 3, 2008. Prices seem to be on a continuous drop as the Asian region continues to remain amply supplied, coupled with high inventory levels. Influx of cargo from the Middle East region has led to oversupply in the South East region, plummeting prices of spot cargoes to US$1250/MT CFR SE Asia. In the Far East region, few talks were heard as the market remained in a state of lethargy. An unexpected failure could lead to a week long closure of Taiwan's Formosa Plastics Corp.'s 900,000 tpa No.2 cracker in Mailiao.

NAPHTHA

Naphtha prices moved in line with rising crude values.

Naphtha prices in Asia gained in strength in line with record oil prices. Open-spec naphtha prices for H2-April delivery spiked past US$890/MT in the week of March 3, 2008.

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

Crude oil prices rose to record prices as the US dollar dropped to an all-time low against the euro, prompting some traders to invest in commodities as a hedge against inflation.

CRUDE OIL A sharp decline in the US dollar following a weak report on US economic growth, has taken oil prices to a new high. At the end of the week of March 3, 2008, crude oil for April delivery settled at US$101.84 a barrel on the New York Mercantile Exchange. The fresh record prices coincide with the flow of investor money into commodities. US dollar dropped to an all-time low against the euro, prompting some traders to invest in commodities as a hedge against inflation. The surge in crude oil futures has little to do with market fundamentals now. A report by the US Commerce Department states that the US economy expanded at a sluggish 0.6% annual pace in Q4, in a report that left its prior estimate of output growth unrevised. Additionally, concern that OPEC could reduce output has been one of the factors driving prices above 100 dollars this week.

Unveiling Chinaplas 2008 Concurrent Event "Plastics & Rubber in Sports"

Application of Plastics and Rubber in Sports IndustryPlastics and rubber are widely used in the sports industry, covering sports products and equipment, as well as construction of sports stadium. Good application of plastics and rubber technology in sports products and facilities can facilitate athletes to push further their potential and physical limits.
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Sinopec Shanghai to complete spin off of non-core businesses this year

Six years after it started the process, Sinopec Shanghai Petrochemical Co., Ltd., a core subsidiary of China's oil refinery giant Sinopec Group, will complete the spin-off and ownership reform on non-core business in 2008.
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German firm awarded US$38mln deal by Qatofin

Petrochemical consortium, Qatofin has awarded a contract for the construction and operation of a dedicated logistics terminal worth QR140 mln (US$38 mln) in Mesaieed Industrial City (MIC), to German firm Talke Logistic Services. The deal includes completing construction work of an onsite silo logistics centre by the end of this year and operation of the facility on behalf of Qatofin for 15 years.
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Investigation of OMV-MOL deal by European Commission

In view of transmission networks and petrochemicals, the European Commission plans to open an in-depth competition investigation of Austrian oil and gas group OMV's bid to take over Hungarian peer MOL. MOL BU has resisted the takeover since the summer of 2007, when OMV first indicated its plans. OMV has asked the Commission to clear the bid but EU competition regulators must first verify that the deal would not harm competition.

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Council Of State rejects annulment of sale of Turkey's Petkim

Turkish Council of State has unanimously overruled a labor union that asked for cancellation of the sale of Turkey's Petrochemical Holding Co. (Petkim) by block sale. Turkey held an auction on July 5th, 2007 to privatize 51% stake in Petkim. TransCentralAsia Petrochemical Holding consortium submitted the highest offer with US$2050 million in the auction. Socar-Turcas-Injaz consortium made the second highest offer of US$2040 million.

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Dubai-based private equity firm acquires 40% in Pakistan's Bosicor Group

Dubai-based private equity firm Abraaj Capital has acquired 40% stake in two Pakistani companies : Bosicor Oil Pakistan Ltd and Bosicor Chemical Pakistan Ltd. The investment will fund a petrochemical plant and a refining unit that will provide the Bosicor Group with an initial aggregate refining capacity of 145,000 bpd.

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Qatar and China in memorandum to promote energy cooperation

Qatar and China signed a memorandum to promote bilateral energy cooperation, significantly boosting both the countries' mutual investment in the energy sector.

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Uflex Ltd to launch polyester film project in Mexico

Uflex Ltd, a global player in flexible packaging, is establishing a project for polyester film in Mexico with a capacity of 52,800 tpa. The company's board of directors has also approved the proposal for setting up a Biaxial-oriented Polypropylene (BOPP) film and Graphic project at Dubai.Uflex has also commissioned commercial production at its newly added second polyester film line at Dubai with additional capacity of 26,400 tpa.

As OPEC meeting approaches, oil prices hold above US$101

Ahead of a meeting to be held on Wednesday, where OPEC is expected to maintain current output levels at 29.67 mln bpd , oil prices have held afloat at US$101 per barrel in Asian trading. New York's main contract, light sweet crude for April delivery, hovered at US$101.84. London's Brent North Sea crude for April delivery rose to US$101.17.
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LyondellBasell completes acquisition of Solvay Engineered Polymers Inc.

LyondellBasell Industries, one of the world's largest polymers, petrochemicals and fuels companies, has completed the acquisition of Solvay Engineered Polymers, Inc., a leading supplier of polypropylene compounds in North America.

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Chi Mei-Grand Pacific Petrochemical merger to create largest ABS maker in C...

The Boards of Taiwanese petrochemical giants Chi Mei Corp. and Grand Pacific Petrochemical Corp. have signed a memorandum to merge a total of 6 units in China. The merger will create the largest producer of Acrylonitrile Butadiene Styrene (ABS) in China with annual capacity of 700,000 tons. Based on the memorandum, the two companies will start inspections of merging the six subsidiaries in China's Jiangsu Province - three from Chi Mei and three from Grand Pacific Petrochemical.

Will new duty structure on naphtha imports reduce exports from India?

As naphtha refineries expanded quicker than a stagnant petrochemicals industry, naphtha exports from India rose about 60% in the financial year 2006/07 to 8.3 mln tons. As compared to last year, exports from India have risen 20%, upto January this fiscal, weighing heavily on Asia's spot market for naphtha.

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Duty on naphtha in Union Budget to impact Haldia Petrochem

India's Union Budget proposes to re-impose a 5% import duty on naphtha. This proposal is a step in the wrong direction. It reverses a duty reduction granted two years ago from 5% to zero. Among all the petrochemical players in the country, this proposal will particularly affect Haldia Petrochemicals Ltd.
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After months of inactivity, Nigeria's Kaduna Refinery restarts production

After months of inactivity, Nigeria's Kaduna Refinery and Petrochemicals plans to commence production, unless the restart schedule gets upset by any last minute changes. Crude oil has been dispatched to the Kaduna refinery from Warri. The Federal Government has been commended for the initiative taken for the restart

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Retailers in UK told to start charging for plastic bags to avoid government...

The British Prime Minister has warned retailers to start charging shoppers for the 13 billion plastic bags currently given away free each year. In the event of them failing to do so, the government will step in to force them.

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Will new duty structure on naphtha imports reduce exports from India?

As naphtha refineries expanded quicker than a stagnant petrochemicals industry, naphtha exports from India rose about 60% in the financial year 2006/07 to 8.3 mln tons. As compared to last year, exports from India have risen 20%, upto January this fiscal, weighing heavily on Asia's spot market for naphtha.

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Alcoa hives off packaging and consumer businesses to Rank Group Ltd.

Alcoa's packaging and consumer businesses have been acquired by New Zealand's Rank Group Ltd. Businesses included in the sale are: " Closure Systems International; " Consumer Products, including Reynolds Wrap branded products;

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