Cost of US$22 bln Ras Tanura petrochemical plant could rise

The estimated cost of Saudi Aramco and Dow Chemicals' Ras Tanura petrochemical plant of US$22 bln could rise further. Tight equipment and labour supplies continue to propel costs for energy projects gglobally, causing delays and even cancellations.

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EU clears acquisition of Domo Polypropylene by Carmel Olefins

The European Commission has cleared proposed acquisition of a 49% stake in Domo Chemicals N.V.'s subsidiary Domo Polypropylene by Israel's Carmel Olefins Ltd. No financial details have been disclosed

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Braskem could plan sales of US$500 mln of bonds in international markets

Preliminary talks about Latin Braskem SA planning to sell about US$500 mln of bonds in international markets to stretch out debt payments and help repay a bridge loan, are doing the rounds.
Americca's third- largest petrochemical company based in Sao Paulo, may sell the debt with maturities of seven to 10 years.

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Abu Dhabi to launch first industrial zone dedicated exclusively to plastics conversion

Abu Dhabi Basic Industries Corporation (Adbic), a government-owned company, will launch the country's first industrial zone dedicated exclusively to plastics conversion. It will be built on 4.5 sq km of land at the Industrial City of Abu Dhabi III (Icad3) in Mussafah.

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SIBUR plans to buy out 100% of company's shares from shareholders

Top management of Russian petrochemicals producer SIBUR Holding could decide to buy out 100% of the company's shares from its shareholders. SIBUR officials are interested in consolidating a controllinng stock interest in the company.

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Researchers move closer to converting plants into biofactories

Australian researchers have moved closer to converting plants into biofactories capable of producing oils to replace petrochemicals. Scientists working within the joint CSIRO/Grains Research and Devellopment Corporation Crop Biofactories Initiative (CBI) have achieved a major advance by accumulating 30% of an unusual fatty acid (UFA) in the model plant, Arabidopsis.

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BASF's Q1-08 sales record 9% rise

Q1-08 sales of BASF SE, Germany, have recorded a 9% rise to EUR 15.9 bln, while income from operations (EBIT) before special items rose by over 11% to almost EUR 2.4 bln as against the same period lasst year.

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8th AMI International Conference on Cables

The 8th AMI international conference on Cables was the most successful event ever. The venue at the Maritim Hotel in Cologne was packed out, despite a move this year to an even larger conference hall..

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DSM acquires PTG to achieve a leading position in biomedical polymers

Global Life Sciences and Materials company Royal DSM N.V., has signed an agreement to acquire The Polymer Technology Group, Inc. (PTG) of Berkeley (California, USA). The acquisition is subject to reggulatory approvals and is expected to close in Q2 2008.

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Cost of US$22 bln Ras Tanura petrochemical plant could rise

The estimated cost of Saudi Aramco and Dow Chemicals' Ras Tanura petrochemical plant of US$22 bln could rise further. Tight equipment and labour supplies continue to propel costs for energy projects gglobally, causing delays and even cancellations.

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Operations commence at DSM's PA4T plant at the Netherlands

Royal DSM N.V. has commenced operations at its new PA4T plant located at Sittard-Geleen, the Netherlands. PA4T, the new polymer for high performance engineering thermoplastics, finds application in electronics and other sectors. PA4T, developed by DSM Engineering Plastics, is the first new polymer to be introduced in the new millennium.

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JG Summit Holdings incorporates company to operate and maintain naphtha cra...

JG Summit Holdings Inc. has incorporated a new company JG Summit Olefins Corporation, to operate and maintain a naphtha cracker and related facilities for the production of products such as polymer grade ethylene, polymer grade propylene, partially hydrogenated pyrolysis gasoline and pyrolysis fuel oil, and other products.

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New OPP film that replaces aluminum foil and sealant

Metallyte™ UBW-ES, a new OPP film for flexible packaging has been introduced by ExxonMobil Chemical. The metallized white film has ultra high barrier and enhanced seal technologies, and offers economic and performance benefits compared with thin aluminum foil and sealant laminations.

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Oil prices dip as the dollar becomes stronger and US crude stockpiles rise

Oil prices have witnessed a more than two dollar fall as the dollar gets stronger and US crude stockpiles rise. New York's main oil futures contract, light sweet crude for delivery in June settled at US$116 a barrel. In London, Brent North Sea crude for June delivery settled at US$114 a barrel.
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Q1 profits at Nova rise 14% on attractive production economics and exports ...

Canada's biggest chemical company Nova Chemicals Corp. has recorded a 14% rise in Q1 profits as margins from polymers increased due to access to cheaper natural gas. Nova continues to enjoy attractive production economics and export opportunities from its ethylene/polyethylene operations, particularly in western Canada.
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Fire caused by unknown reasons at EQUATE Olefins project

EQUATE Petrochemical Company has reported a fire at a Sea Water Cooling Tower at the site of the Olefins II Project, under construction, in Al-Shuaiba Industrial Area. The fire is reported to be fully extinguished, and no casualties have been reported. Cause of the accident has not yet been determined.

China's petrochemical industry posts over 6% slide in Q1

China's petroleum and petrochemical industry, particularly refining industry, has posted a big slide in profits of the first quarter of this year. Profits totaled 77.149 bln yuan, down 6.12%.

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Grangemouth refinery being shut concurrent with talks to avert strike

Ineos' Grangemouth refinery in Scotland is gradually being shut down, even as talks are on between management and union representatives to avert a strike planned for Sunday. The company is being cornered into closing the plants at the site gradually in order to make the site safe and ready for the strike on Sunday. The refinery, which is integrated with a petrochemicals plant, began shutting a distillation unit which processes crude oil for further refining into motor fuels.
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Eni UK Holding Plc offers to acquire 20% stake in Hindustan Oil Exploration...

Eni UK Holding Plc, a wholly owned subsidiary of Italian energy group Eni, has made an open offer to acquire up to 20 per cent in Hindustan Oil Exploration Company Ltd. (HOEC) for Rs 376.58 crore in cash. Eni Holding is one of the largest integrated energy companies in the world with a market capitalisation of about Euro 92 bln as on April 15.
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Renewably sourced offerings for the packaging market

Two new products have been introduced by Dupont for the packaging market with the launch of new Biomax® TPS thermoplastic starch and Biomax® PTT (polytrimethylterephtalate) injection moldable resin.
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Ineos prepares to shut down Grangemouth refinery and petrochemical plant

Petrochemical company Ineos is preparing to shut down the Grangemouth refinery and petrochemical plant, into which the Forties system feeds, by Friday if the union presses ahead with the 48-hour stoppage from April 27.
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Dredging by IOC at Paradip causes environment concerns

Dredging by Indian Oil Corp at the 15 mln ton Paradip oil refinery project is causing environmental concerns. It is alleged the dredging of the river basin is being carried out in violation of the dredging plans prepared by the National Institute of Oceanography (NIO), Goa.

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Technip joins 44 major groups in signing French SME pact

Technip, leader in the field of oil, gas and petrochemical engineering, construction and services, has joined the SME Pact. In joining the 44 major Groups that have signed the SME Pact, Technip has affirmed its determination to contribute to the growth of innovative small-to-medium size enterprises (SMEs).
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Washington State U Grant to focus on growing better biofuel feedstock

Department of Agriculture grant has awarded US$840000 to Washington State University to focus on developing plants that will be better alternatives to replace petrochemicals in fuels, plastics and other products.

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RIL, Essar to set up petrochemical complex in Venezuela

Reliance Industries Limited (RIL) and Essar Oil have submitted proposals to the Venezuelan Government for setting up petrochemicals complex in the oil-rich nation. RIL has inked a deal for long-term supply of crude oil for its upcoming Jamnagar refinery for 7.5 mln tons of crude oil from Venezuela. Reliance bought 2.32 mln tons of oil from Venezuela in 2006-07 and 8.76 lakh tons in April-December 2007-08.

Additive to produce bio-degrading plastic bottles

In a bid to solve the plastic water bottle pollution problem, Diamant Corporation has completed initial trials for bio-degrading plastic bottles with the introduction of an additive in North America. For more details please click on the following link
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Formosa Petrochemical restarts processing unit

After a scheduled maintenance turnaround, Taiwan's Formosa Petrochemical Corp has restarted its No. 1 crude distillation unit on April 20. The three units were shut on March 10. Formosa plans to resume production at a 80,000 bpd residual desulphurization unit this week and a 84,000 barrels residual fluid catalytic cracker, by the end of the month. The two secondary facilities convert heavier streams of refined oil into higher-valued fuel products.

Oil rebound to US$118 after flitting near US$120

Light, sweet crude for June delivery settled at US$118 on the New York Mercantile Exchange by midmorning in Singapore. The previous session witnessed oil prices spike to a record US$120 levels as the US dollar continued to weaken, and concerns about unstable supply mounted amid firm global demand.
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Fire at Kashima's paraxylene plant leads to indefinite shutdown

A fire erupted at Kashima Aromatics Company Ltd's paraxylene (PX) plant. The fire erupted near the pump in the PX plant during a restart process, and took more than three hours to get control. No report of injury was registered. The 420,000 tpa PX plant is currently closed for a week to resolve some minor technical problems, and is expected to remain shutdown for an indefinite period.

RPL plans polypropylene unit in Kuwait

In line with its plans to set up greenfield projects outside India, Reliance plans to set up polypropylene unit in Kuwait. Reliance Petroleum Ltd (RPL) has embarked upon the ground work, and is in the process of completing necessary surveys for the project.

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Braskem to invest R$ 500 mln in PVC capacity increase

Braskem plan to increase PVC capacity at its plant located in Northeast Brazil, in the state of Alagoas. The project, to expand capacity from 250,000 tons to 450,000 tons, will entail an investment of R$ 500 mln.

Hydro acquires Expral s.a.'s €34 mln operation in Spain

Hydro, leader in the European extrusion industry, has acquired Expral s.a., a privately owned operation located near Madrid, Spain. Hydro has acquired Expral for approximately €31 mln in terms of the company's enterprise value.
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New government in Taiwan to relax restriction on investments in China

Taiwan's new incoming minister of economic affairs plans to allot top priority to relax China bound investments by domestic companies. The current restriction of 40% of a local company's net worth towards China-bound investment will be relaxed.
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ABS

Rising costs of feedstock SM, butadiene and ACN have kept ABS prices in Asia firm at US$1840/MT in the week of April 21, 2008. Most CFR China offers from South Korea and Taiwan for April shipment pegged at US$1880/MT for April shipment were met with buying interest from Chinese buyers lower by at least forty dollars.

GPPS

Propped by higher feedstock SM prices, GPPS prices rose to US$1480/MT in Asia in the week of April 21, 2008. The 15-20 dollar hike was not met with improved market demand. A thirty dollar difference exists between most CFR China offers from sellers and buying intention at US$1490/MT CFR levels. Offers from South Korea were quoted at US$1520/MT CFR China and recent deals were concluded just twenty dollars lower.

PVC

Robust feedstock ethylene and calcium carbide costs have spiked PVC prices up to US$1150/MT in Asia in the week of April 21, 2008. In line with persistent hikes in feedstock calcium carbide and ethylene costs, most key producers from Taiwan, Japan and Korea plan to hike May offers by over sixty dollars.

Polypropylene

Polypropylene prices in Asia have risen to US$1570/MT in Asia in the week of April 21, 2008, propped by tight supply coupled with higher feedstock propylene cost. May offers from Asia are expected to rise by another twenty dollars.

LLDPE

LLDPE prices stagnated at US$1640/MT in Asia in the week of April 21, 2008 on sluggish markets sentiments awaiting firm offers for May shipment. Asian demand for LLDPE has been subdued as prices continue to be pressured by bearish HDPE market sentiments.

LDPE

LDPE prices stagnated at US$1760/MT in Asia in the week of April 21, 2008 on sluggish markets that remained dull while buyers awaited firm offers for May shipment. Most deals for April shipment were closed at US$1750/MT CFR China levels, but the market still awaits offers for May. Cargoes have been traded in a wide price range from US$1720/MT to US$1790/MT CFR China levels. Limited supplies continue in the region, as demand has shrunk at the end of the agricultural season in Asia. However, producers are unwilling to lower their offers below US$1750/MT CFR China as the EVA market continues to be firm.

POLYMERS - HDPE

Dormant demand from China has kept HDPE market outlook gloomy in Asia in the week of April 21, 2008. Absence of buying interest has kept seller offers subdued at US$1600/MT CFR China. In fact, deals for few cargoes have been settled at below US$1600/MT CFR CMP, while some cargoes from South Korea have been traded at US$1590/MT CFR China levels.

STYRENE MONOMER

SM prices moved up by ten dollars to US$1430/MT in Asia in the week of April 21, 2008. Material for May shipment was being offered at US$1430/MT FOB Korea, while prices for June shipment have strengthened further above US$1435/MT FOB Korea. In line with rising oil prices, feedstock benzene prices have moved up by ten dollars to US$1100/MT FOB Korea level. Deals for the next few weeks have been concluded above US$1100/MTmt FOB Korea.

EDC

Escalating feedstock ethylene prices have firmed up EDC prices to US$445/MT in Asia in the week of April 21, 2008. A 5000 ton cargo from Indonesia has been effectively traded at US$445/MT CFR China. Selling intention by most suppliers above US$450/MT CFR China for May delivery, is expected to be met with buyers resistance. Buyers are disinclined to buy at the higher levels, in anticipation of US deep-sea cargoes scheduled to invade the Asian market.

VCM

VCM prices maintained their upward march in Asia, rising to US$935/MT in the week of April 21, 2008. Buoyant feedstock naphtha and ethylene prices, coupled with restricted supplies in the region have kept VCM prices high. Tight availabilities across the Asian region have also fuelled bullish market sentiment. As cost pressures mount, Japanese suppliers plan to offer material for May above US$950/MT CFR China, and US$970/MT CFR SE Asia level. Situation of restricted supply is expected to continue until June, hence sellers offers for May are expected to be further hiked.

PROPYLENE

Propylene prices in Asia continued to rise to US$1320/MT in the week of April 21, 2008 on the back of restricted supplies from key producers. Supplies have been hit as several crackers continue to operate at reduced running rates due to record high feedstock naphtha prices.

ETHYLENE

Ethylene prices in Asia continued to rise to US$1350/MT in the week of April 21, 2008 on the back of restricted supplies from key producers. Supplies have been hit as several crackers continue to operate at reduced running rates due to the record high prices that feedstock naphtha continue to set. No deals were concluded for material for May shipment that was quoted at US$1400/MT FOB Korea by suppliers from South Korea. Buyers from China continue to peg buying interest at US$1300/MT CFR China levels.

NAPHTHA

Naphtha prices in Asia continued on their upward jaunt in the week of April 21, 2008, in line with record high crude oil prices. Open-spec naphtha prices for H1 June delivery rose by almost twenty dollars to close at US$950/MT CNF Japan.

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

CRUDE OIL

The week of April 21, 2008 has witnessed all time high crude oil prices. At the end of the week, crude oil for May delivery settled at US$116.60 a barrel on the New York Mercantile Exchange. Mid way through the week, oil futures hit a record high near US$115 after a US government report showed an unexpected drop in reserves of crude. Crude stockpiles in the US, which had been expected to increase, fell 2.3 million barrels last week. On Friday, oil prices rose to touch US$117 for the first time after an attack on a Royal Dutch Shell PLC pipeline by the Movement for the Emancipation of the Niger Delta. A pipeline leak has been confirmed, a line has been closed for repairs, and a small quantity of production had been shut.

Sinopec plans to seek investors to build ethylene plant in southern China

China's largest oil refiner- China Petrochemical Corp (Sinopec) may seek investors to build a one million tpa ethylene plant in southern China to meet rising demand for the raw material for plastics and synthetic fibers. The government has granted approval for a feasibility study on the plant. The project may not start before 2010.

Andhra plans US$86 bln special development zone comprising petrochem comple.

Andhra Pradesh plans to set up one of the biggest special development zones (SDZ) with spectacular infrastructure development. Several mega integrated petrochemical complexes and refineries will be set up like never before in a single corridor that extends across the coast from Vizag to Kakinada, over 603 sq kms near Vizag.
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Industrial parks in the Middle East to convert polymers into value added pr...

Local governments in the Middle East are showing mounting interest in converting polymers into products for export and local consumption to meet growing domestic demand.

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IOC offers first cargo from Haldia

Indian Oil Corp (IOC) has offered 15000-16000 tons of naphtha for mid-May loading from Haldia- IOC's first cargo being shipped out of Haldia. This cargo may have been excess supply for one of the petrochemical producers in northeast India region. IOC usually exports naphtha from Dahej and Kandla on the Western coast of India, or Chennai in the south-east. The cargo is for May 17-21 lifting, and the tender closes on April 24.

Salalah poised to become a petrochemical hub

Salalah's strategic location with respect to the West as well as the East, and shifting of the petrochemical industries from America to Asia, could make Salalah a vital port for trade. The Omani government is developing excellent infrastructure and facilities at the Salalah Port to facilitate business.
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Innovative, sustainable self reinforced plastics

A new generation of innovative, sustainable Self Reinforced Plastics (SRP), the next generation of SRPs and processes is being developed by FuturePlas, with funding support from the Technology Strategy Board.
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RIL posts net profit growth of 24% for the quarter and 63% for 2007-08

Surpassing market expectations, Reliance Industries (RIL) has posted a 63% rise in net profit at Rs 19,458 crore for 2007-08 on robust growth in refining, petrochemicals and exploration businesses. Turnover for the year at RIL, India's biggest private sector company, rose 18% to Rs 1,39,269 crore, cash profit rose 43% to Rs 25,205 crore, exports grew by 25% at Rs 83,492 crore.
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SABIC Q1 profit rises as demand from Asia balances a slowdown in USA and Eu...

Saudi Basic Industries Corp (SABIC), the world's biggest chemicals firm by market value, made 6.92 bln riyals (US$1.85 bln) in the quarter ended March 31. SABIC's Q1-2008 profits are reported to have risen about 10% on growing sales in Asia to meet the robust demand in the region. This rise in demand from Asia has counterbalanced a slowdown in markets of USA and Europe.

Osos Petrochemicals positive about US$1bln PBT complex at Yanbu notwithstan...

Osos Petrochemicals seems confident that it will not have to abort plans to develop a US$1bln polybutylene terephthalate (PBT) complex at Yanbu, despite Saudi Basic Industries Corporation's (Sabic) decision against taking a 35% stake in the project.
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Oil prices sky rocket past US$117 a barrel

Oil prices have set a new record, spiking past US$117 a barrel in early Asian trading, on news of a pipeline attack in Nigeria and OPEC's plans to maintain production despite runaway prices. Light, sweet crude for May delivery spiked to new highs of US$117.05 a barrel before falling back to US$116.58 in Asian electronic trading on the New York Mercantile Exchange.

RIL posts net profit growth of 24% for the quarter and 63% for 2007-08

Surpassing market expectations, Reliance Industries (RIL) has posted a 63% rise in net profit at Rs 19,458 crore for 2007-08 on robust growth in refining, petrochemicals and exploration businesses.
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Sabic deliberating petrochemical plant in India

Saudi Basic Industries Corp. (Sabic) is deliberating plans of setting up a petrochemical project in India. The world's largest petrochemicals maker by market value, has decided to explore the potential of India, fast emerging as an important and growing market for Sabic.

DSM to invest US$450 mln to expand Dyneema fibre production

In a bid to capitalize on continuous growth in demand in the United States, Royal DSM NV plans to invest upto US$450 million to develop production at its Dyneema fibre business. The company has seen sales of Dyneema (ultra-strong lightweight PE fibre) increase by 15% in recent years. For more details please click on the following link
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Essel Propack acquires US based medical devices supplier

In line with its' strategic plan for the medical device business, Essel Propack Ltd. has acquired a US-based medical devices supplier, Catheter and Disposables Technology (CDT), in an all-cash deal. The deal will be funded from internal accruals. Essel's acquisition of the medical device maker through its US unit Tacpro Inc, is effective immediately.
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SunAllomer to increase capacity by 60000 tpa at Oita PP plant

Post shareholder approval, Japan's SunAllomer Ltd. has planned to invest at its Oita polypropylene plant for increasing production capacity by about 60,000 tpa of the first production line.

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Final hearing of Haldia Petro plea set for July by Supreme Court

The Supreme Court has set July as a date to hear pleas by Chatterjee Petrochem and Chatterjee Petrochem (Mauritius) challenging the Calcutta High Court judgement that set aside the CLB order directing West Bengal to sell its shares in Haldia Petrochemicals to The Chatterjee Group.

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RIL Q4 net profit likely to by up by 35% increase on record gross refining ...

Driven by record gross refining margins, India's largest firm by market capitalisation, Reliance Industries (RIL) is likely to post a 35% increase in Q4 net profit to Rs 3,850 crore. This profit is expected to be on revenues of Rs 36,441 crore, an increase of 33% over the corresponding period of the previous fiscal.
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Iran sets deadline for Total and Shell to finalize deals

Iran has set a June deadline as the last chance for Total and Royal Dutch Shell to arrive at a decision to finalize deals to develop two major oil and gas assets in the Persian Gulf after the two oil firms have been delaying investments in the region due to rising costs.
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New material for film applications to significantly reduce waste and energy...

ExxonMobil has introduced a new product, Enable(TM) mPE with the potential to significantly reduce waste and energy consumption across a broad spectrum of film applications. Enable mPE's innovative design reduces the amount of raw materials needed because films can be made thinner, but with equal strength, reducing the amount of film needed by about 20%.

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Honam, Mitsubishi to invest in petrochem plant in Seoul

South Korea's Honam Petrochemical Corp and Japan's Mitsubishi Rayon plan to set up a joint petrochemical plant in Yosu, south of Seoul, with an initial investment of US$40 mln.

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Nigerian Federal Government approves construction of petrochemical plant

Nigeria's Federal Government has approved the construction of a multi-billion naira petrochemical plant in Anambra State, south-eastern Nigeria. The integrated natural gas utilisation project is to be executed by Emerald Exploration and Production Company and Garden Energy Resources in collaboration with some foreign investors.
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SABIC further strengthens position in China

Mohamed Al-Mady, SABIC Vice Chairman and CEO at Chinaplas show said "SABIC Innovative Plastics was launched last year following the acquisition of GE Plastics in September, a move which takes us one step closer to realizing our strategic vision of becoming the world's preferred chemicals supplier.
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LG Chem Q1 profits doubles on merger induced capacity increase and robust p...

South Korea's largest chemicals maker LG Chem has posted a more than 100% increase in Q1 profits on a merger that boosted capacity and on strong petrochemical sales. Q2 earnings are expected to be healthier on strong demand for petrochemical products and capacity increase.

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Turkmenistan highlights development of refining and petrochem industry as k...

Sophisticated refining and petrochemicals industry have been highlighted by Turkmenistan for significant economic development. The country plans to boost refining to 30 mln tpa by 2030 nad aims to export 80 mln tpa of crude oil.
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PTA plant planned in North East Brazil

PetroquimicaSuape is a 50:50 joint venture between Petroquisa and Companhia Integrada Textil do Nordeste (Citene - a subsidiary of textile businesses Vicunha and Filament Tecnology). PetroquimicaSuape will manufacture PTA, currently sourced by the Brazilian textile industry from Asia.
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BASF SE to expand biodegradable plastic capacity by 60,000 tons at Ludwigsh...

To meet the rising global demand for biodegradable and biobased plastics growing at over 20% pa, BASF has planned capacity expansion. BASF SE plans to expand production of biodegradable plastic Ecoflex® by 60,000 tpa from the current 14,000 tpa at its Ludwigshafen site.
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Rohm & Haas and Tasnee Sahara Olefins in acrylic acid JV in Saudi Arabia

Rohm & Haas Co. and Tasnee Sahara Olefins Co. have formed a joint venture Saudi Acrylic Monomer Co. to produce 250,000 tons of acrylic acid and related esters in Saudi Arabia. Production at the plant is planned to commence in 2011.
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SABIC apologizes for flaring at Wilton

Flaring has currently occurred on SABIC's Olefins 6 plant at Wilton. It began in night and continued throughout the night, but is expected to reduce as the day progresses. The plant tripped, shutting itself down, resulting in the unavoidable need to flare.

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Dow and Chevron Phillips to acquire joint control of Americas Styrenics

US chemicals makerr Dow Chemical Co and US petrochemical products supplier Chevron Phillips Chemical Co plan to acquire joint control of U.S. styrene and polystyrene producer Americas Styrenics. The EU has been notified in March, with end of the month set as a deadline for the enquiry.
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Dow Europe and GACL in JV for 200,000 tpa chloromethanes facility

Dow Europe and Gujarat Alkalies and Chemicals Ltd (GACL) have signed a 50:50 joint venture agreement for the construction of a chloromethanes manufacturing facility of 200,000 tpa at Dahej in the state. The facility will be set up with an investment of Rs 600 crore at Dahej complex of GACL.
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Asian ethylene makers to switch to alternative feedstock to secure a recove...

Petrochemical producers in North Asia whose output and profits have been largely hit by record-high regional naphtha prices, will resort to alternative feedstock at their crackers. This switch from naphtha will help them secure a recovery in the ethylene market.

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Borealis' innovative materials offer eye catching design for FIAT 500

High performance materials from Borealis have aided the FIAT 500 achieve a visually, highly differentiated small car for drivers. The 2008 Car of the Year uses polypropylene-based Daplen* thermoplastic olefins (TPO) from Borealis on its bumpers and dashboard to achieve the superior aesthetics and excellent performance of its parts that give the FIAT 500 the edge in the small car market.
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ABS

Persistently high values of feedstock SM, butadiene and ACN have not pressured ABS prices to rise. ABS prices have stagnated at US$1820/MT in Asia in the week of April 14, 2008 because of a lull in demand caused by lackluster buying in China. Producers from South Korea and Taiwan who had pegged offers upto US$1880/MT CFR China for April shipment, have met with resistance from buyers who are unwilling to buy above US$1800/MT.

GPPS

GPPS prices stagnated at US$1465/MT in the week of April 14, 2008 on lackluster demand from China. Buying bids, however, remain pegged atleast twenty dollars lower at US$1450/MT.

PVC

Awaiting offers for May cargoes, polyvinyl chloride prices in Asia steadied at last weeks' US$1110/MT in the week of April 14, 2008. Most deals for April shipment have been concluded at US$1110-1120/MT CFR CMP. Few offers from Japanese suppliers have been raised by about forty dollars, but have met with buyers' resistance. Buyers are not willing to consent to offers over US$1130/MT CFR CMP. Rising feedstock prices will however, exert pressures on PVC prices, raising them by over thirty dollars next month.

POLY PROPYLENE

As most deals for April shipment have been concluded, PP prices in Asia persisted at last week's level of US$1550/MT in the week of April 14, 2008. Suppliers from South Korea, India, Taiwan have done deals for PP yarn/injection grades for April shipment at last weeks levels.

LLDPE

LLDPE markets continue on a subdued note at US$1640/MT in Asia amid weak transactions in the week of April 14, 2008. Cargoes for April shipment from South Korea were sold to SE Asian countries at around US$1670/MT CFR, while CFR China prices this week dipped to US$1630/MT.

POLYMERS -LDPE

Meager transactions have kept LDPE markets down at US$1760/MT in Asia in the week of April 14, 2008. Few fresh offers have been heard as most key suppliers have concluded deals for April shipment. Under pressure from depressed Chinese market demand, April shipment CFR China offers were reduced to about US$1750-1730/MT levels.

POLYMERS - HDPE

Current gloomy Chinese market outlook, expected to persist in Asia has weakened HDPE prices to US$1620/MT in the week of April 14, 2008. Deals for April shipment from South Korea and SE Asia were concluded at US$1620/MT CFR China for film grades. Offers from Formosa were also lowered by 15-20 dollars CFR China to US$1660/MT levels. Restrained demand from China has however, led to deals being concluded at lower level of US$1650/MT CFR China pressed by subdued demand from Chinese buyers.

STYRENE MONOMER

Styrene Monomer prices crawled down to US$1425/MT in Asia on increasing pressures to sell; in the week of April 14, 2008, mainly due to subdued demand. Supported by strong crude oil market, feedstock benzene prices rose in the week, however deals were not done very actively as many sellers preferred to wait and watch.

EDC

As demand from China perks up, EDC prices in Asia climbed past US$445/MT CFR in Asia in the week of April 14, 2008. But the market has remained under control on lack of interest in buying spot EDC cargoes by integrated VCM producers, possessing adequate stockpiles.

VCM

Propped by buoyant downstream PVC prices, VCM prices in Asia climbed up in the week of April 14, 2008. VCM prices have move up to US$905/MT as optimistic PVC market outlook is coupled with firm upstream naphtha and EDC prices. Selling intentions is South East Asia have been quoted as high as US$975/MT CFR.

PROPYLENE

Like ethylene, propylene prices have also spiked in Asia in the week of April 14, 2008 due to supply paucity. Prices rose by forty dollars to US$1320/MT as major producers cut down operating rates due to poor profit margins or on account of maintenance shutdowns.

ETHYLENE

An ethylene supply shortage in Asia caused by maintenance shutdowns at major producers has caused ethylene prices to spike by over fifty dollars to US$1320/MT in the week of April 14, 2008. Several key plants have been either shut down for annual maintenance or have been running at lower rates due to reduced margins. Operating rates at Taiwan's Formosa no.1 cracker has been brought down to less than 80% capacity caused by mechanical trouble due to a power outage.

NAPHTHA

Naphtha prices in Asia spiked by over thirty dollars to US$930/MT in Asia in the week of April 14, 2008 in line with record high crude oil prices.

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

CRUDE OIL
Crude oil prices have touched record peak levels in New York spiking past US$110 per barrel for the week of April 14, 2008. World oil prices continue to hover around record levels this week on mounting concerns of a weak US dollar and tight supplies. New York's main oil contract, light sweet crude for delivery in May ended the week at US$110 per barrel, after spiking to US$112.21 in intraday trade. Despite USA heading for recession, an upward revision in China's GDP for last year to nearly 12% is helping to keep the global demand outlook for oil fairly positive.

Fluor retained as technical advisor for Octal's 500000 ton PET expansion

Fluor Corporation has been retained as technical advisor for the expansion of Oman's Octal Petrochemicals polyethylene terephthalate (PET) project in the Salalah free zone in the southeastern part of the country. Octal Petrochemicals will add 500,000 tons of PET capacity in second-phase expansion by May 2010.
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Geon Performance Polymers is Polyones' new Vinyl business segment

Geon Performance Polymers is the new name for the PolyOne Corporation's Vinyl Business segment. Geon Performance Polymers business is working to capitalize on specialty applications such as unique surface finishes and colors for appliances, heat- resistant compounds used to replace copper in plumbing and industrial uses, high-performance commercial graphic films, protective coatings for rigid food packaging, and various healthcare applications in the wound care and medical devices segments.
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Russian Government withdraws 6.5% export duty on polyethylene

The Russian government has withdrawn the 6.5% export duty on polyethylene, with effect from May. The SIBUR holding had been lobbying for the removal of the export duty. Currently, its exports are insignificant, but are likely to increase with its recent acquisition of Kazanorgsintez.

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Status of acrylonitrile plants in Asia

Several large acrylonitrile plants in Asia have been shut for maintenance turnaround since Q1-08 , resulting in tight supply in the region.

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Sidel invests 3 mln euros in packaging development and tooling center in Me...

Mexico is the world's largest consumer nation of sodas and is currently experiencing a surge in demand for health and wellness products. In an effort to meet booming demand from customers in Mexico, packaging equipment provider Sidel has invested 3 mln euros in a new Packaging Development & Tooling Center in Guadalajara.
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Cereplast opens new HQ in Europe to cater to growing demand for sustainable...

Proprietary bio-based, sustainable plastic manufacturer Cereplast Inc. has officially opened its European headquarters in France in a bid to capitalize on the growing demand for sustainable plastics throughout Europe.
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Clariant unveils new specialty chemicals unit in Colombia

In a bid to cater to the markets with good growth potential in Colombia, Clariant has inaugurated a specialty chemicals unit in Cota. The new plant, built at an investment of US$15 mln will produce a broad range of specialty chemicals and masterbatches.
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Oil prices rise to US$112 on supply concerns

Oil prices rose past US$112, an intraday trading record highs after the US dollar had a further fall relative to the euro and crude supplies to the US and elsewhere were disrupted. Light, sweet crude for May delivery rose to US$112.48 a barrel on the New York Mercantile Exchange midmorning, but later moved back to US$112.36 a barrel.
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ExxonMobil plans maintenance shutdown at Campana refinery

ExxonMobil Corp. has planned a maintenance shutdown at Campana Refinery (Buenos Aires, Argentina). The maintenance shutdown of its catalytic reformer is planned to commence on April 10, 2008. A maintenance shutdown is also scheduled for the middle distillation treatment, aromatic hydrotreatment, naphtha stabilizer and coke naphtha hydrofiner units. These units have to be shut down because of the lack of hydrogen feed from the catalytic reformer.

Essar mulls integrated petrochemical complex at Vadinar

Oil and gas company Essar Group plans to construct an integrated petrochemical complex as part of its refinery expansion plans in Vadinar. Essar operates a 210,000 bpd refinery at Vadinar, planned to get expanded to 680,000 bpd by 2010. Other details have not been disclosed.

HPL plans Joint Team with Trade Union for speedy resolve of labour issue

Haldia Petrochemicals Ltd (HPL) plans to form a joint working team with the labour union for speedy resolve of the issue regarding permanent employment to 183 casual workers. Setting up of the Joint Team will ensure that future discussions lead to a mutually acceptable solution.

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Essar, Reliance and Tatas to invest over US$20 bln in Egypt

Top Indian companies like Essar, Reliance and the Tata group appear keen to invest over US$20 bln in investments in sectors ranging from oil and gas to plastic and fertilisers in Egypt. Egypt's strategic location makes it a gateway to the 20-country Common Market for Eastern and Southern Africa (COMESA), the 27-nation European Union and the Arab Free Trade Area.

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EU carbon plan could obliterate Europe's petrochemicals and refining indust...

Chief executive of leading European oil refining company has warned that a proposed European Union scheme to force companies to pay for carbon emissions permits previously handed out free could end up destroying Europe's petrochemicals and refining industry. For more details please click on the following link
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Haldia Petrochem appeals to Ministry for withdrawal of 5% import duty on na...

Haldia Petrochemicals Ltd (HPL), through several representations, has pleaded with the Union Finance Ministry to withdraw the 5% import duty on naphtha levied in the Union Budget this year. The company is hopeful that the Finance Ministry will take a positive view to their appeals.

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Methanol transport firm to support the Brunei's first petrochemical plant

Brunei National Petroleum Co. has signed a deal with two major Japanese companies- Kokuka Sangyo and Itochu Corp. to form a methanol transport firm to support the first petrochemical plant in the oil rich kingdom.
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IOC mulls refinery cum petrochemical complexes in Turkmenistan and Kazakhst...

Indian Oil Corporation (IOC) is mulling the possibility of setting up refinery cum petrochemical complexes in Turkmenistan and Kazakhstan. IOC has informed the petroleum ministry IOC of its intent to set up plants across Central Asia.
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Bharat Oman plans petrochem unit at Bina

Bharat Oman Refinery (BORL) plans to construct a petrochemical plant near its upcoming 6 million tpa crude oil refinery at Bina, Madhya Pradesh. The petrochem plant is expected to come onstream after the refinery begins operation in January 2010.
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Philippine Govt to mull sale of balance 40% stake in Petron

The Philippine Government is to shortly arrive at a decision regarding its 40% stake in Petron Corp., held through Philippine National Oil Co. The Government is considering to let go of it by bidding it out to private entities, and will arrive at a decision in the second half of the year. The possibility of divestment is on the cards, but no decision either way had been made yet.
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Sabic decides against participating in OSOS petrochemicals projects

After several negotiations, Saudi Basic Industries Company (SABIC) has not been able to reach a final agreement on the project and has decided against participating in this project.

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Octal Petrochemicals to expand PET capacity to 800,000 tons

Octal Petrochemicals will add 500,000 tons of PET capacity in second-phase expansion by May 2010. With this, production capacity will spike to 800,000 tpa, making the company the largest polyester manufacturer in the Middle East and one of the biggest outside of China on one site.

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Formosa to opt out of Ningbo project in Mainland China

Formosa Plastic Group (FPG), subsidiary of Formosa Petrochemical Corporation (FPCC), has decided to relinquish plans to participate in a mega ethylene project in Beilun Petrochemical Zone of Ningbo City. The complex had been planned with an annual crude oil refining capacity of 10 mln tons and ethylene capacity of 1.2 mln tons, just like FPG's existing complex in Mailiao offshore industrial zone.
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Oil prices hover near record levels of US$110

World oil prices alleviated marginally, but continued to hover around record levels on mounting concerns about a weak US dollar and tight supplies. New York's main oil contract, light sweet crude for delivery in May, closed at US$110.11 per barrel a day after the contract had spiked to US$112.21 in intraday trade.
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Ecopetrol to acquire domestic PP producer Propilco for US$690 mln

Colombian state oil company Ecopetrol has concluded a deal to acquire local polypropylene producer Propilco for US$690 mln. Propilco was previously held by the Stanford Group's Andean Chemicals and Valorem Group's PrimeFinanzas and PrimeOther.
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SK Energy to ramp up operations to 100% at No.1 naphtha cracker

South Korea's SK Energy plans to shortly ramp up operations at its 210000 tpa No.1 naphtha cracker, due to improving ethylene margins. SK's No.1 naphtha cracker has been running at 80% operating rates since early-March due to poor margins.
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Prequalification starts for petrochemicals complex at Mesaieed

South Korea's Honam Petrochemical Corporation and Qatar Intermediate Holdings Company (a subsidiary of Qatar Petroleum) JV has invited contractors to submit prequalification applications by the end of May for the downstream portion of their planned petrochemicals complex at Mesaieed.
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Deadline set for inquiry into proposed JV between Sibur and Solvay-BASF

The European Commission has set May 20 as the deadline for its inquiry into pharmaceutical groups Solvay SA. and BASF AG.'s SolVin proposed joint venture with Russian gas giant Gazprom's petrochemical unit Sibur. The venture, RusVinyl, will see the construction of a E650 mln PVC complex in Russia's Nizhny Novgorod region.

Indian company sells 30,000 tons May cargo of naphtha at ten dollar premium

India's Mangalore Refinery and Petrochemicals Ltd has sold 30,000 tons of naphtha for H1-May loading at a premium of over ten dollars.
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Nova Chemicals expresses long term confidence in struggling styrene busines...

The chief executive of Nova Chemicals has acknowledged that its Ineos Nova joint venture styrene operation is in a horrible business right now but it's worth hanging onto for the long run.

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Haldia Petro expects to report 50% dip in net profit in 2007-08

After two successive years of profit , Haldia Petrochemicals Ltd (HPL) is likely to report almost 50% drop in net profit in 2007-08. Net profit is expected to slide to nearly Rs 300 crore in 2007-08 from Rs 580 crore in 2006-07. The situation is not expected to improve in 2008-09 as naphtha price show no signs of easing.

Formosa's No. 1 ethylene plant running at 70% capacity

Taiwan's Formosa Petrochemical Corp.'s its No. 1 ethylene plant is currently operating at 70% capacity. The 700,000 tpa No. 1 ethylene plant was shut on April 6 because of a power outage.

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Oil prices steady near record highs of US$111

Oil prices have steadied around record highs of US$111 a barrel. Oil prices peaked to a new record on release of the US Energy Information Administration's inventory report that showed a fall in crude stocks last week by 3.2 million barrels. Gasoline and distillate supplies including diesel fuel and heating oil fell more than expected, while gasoline inventory levels remained healthy.
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Borealis to add LDPE unit at Stenungsund, Sweden

Borealis A B (Stenungsund, Sweden) has commenced wok on site preparation for a low-density polyethylene (LDPE) unit at its site in Stenungsund, Sweden. Tecnimont SpA (Milano, Italy) has been shortlisted as the engineering and construction manager for the new unit.

Venezuelan PdVSA mulls investment in refinery and petrochemical project in ...

In a bid to diversify its oil exports, OPEC member Venezuela is mulling the feasibility of an integrated multi-billion-dollar oil project in India; offering ONGC Videsh Ltd a stake in Orinoco heavy oil basin with 200,000 bpd capacity.
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IRPC to invest US$1.4 bln to upgrade refinery, increase petrochem capacity

IRPC plans to invest US$1.4 bln until 2011 on four projects to upgrade its refinery, increase petrochemical capacity and enlarge its deep-sea port. IRPC was formerly known as Thai Petrochemical Industry (TPI). Investment would be made on four projects starting with a refinery improvement program to increase production of high-margin refined oils such as gasoline and diesel.
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Panasonic develops new recycling technology for decomposing plastics

Matsushita Electric Industrial Co., Ltd., along with Kusatsu Electric Co., Ltd. has developed a recycling technology that can decompose plastic and recycle useful metals used in electronic equipment without causing hazardous gases. Using the catalyst of titanium oxide, the technology facilitates recovery of inorganic substances such as metals by transforming organic substances such as plastics into harmless gases.
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Mitsui to source propylene from Petrons' newly opened facility from Philipp...

Mitsui Co. Ltd. signed an agreement to buy propylene from a newly-opened petrochemical facility from Philippine oil refiner, Petron Corp. This agreement has been signed at the opening of Petron's Petro Fluidized Catalytic Cracking (PetroFCC) unit and Propylene Recovery Unit (PRU) in their 180000 bpd refinery in Bataan.
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Merquinsa North America announces price increase for TPU specialty resins

Merquinsa North America has announced a price increase of US$ 0.17 per pound for all TPU (Thermoplastic polyurethane) product lines for the NAFTA region. The increase will be effective May 1, 2008 or as contracts allow.
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Merquinsa North America announces price increase for TPU specialty resins

Merquinsa North America has announced a price increase of US$ 0.17 per pound for all TPU (Thermoplastic polyurethane) product lines for the NAFTA region. The increase will be effective May 1, 2008 or as contracts allow.
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ABS

ABS prices in Asia stagnated at US$1820/MT amid restrained demand from Chinese buyers in the week of April 6, 2008. Higher feedstock costs continue to push South Korean and Taiwanese offers for April shipment up to US$1875/MT CFR. However, broad buying interest ranged no higher than USD1810/MT CFR CMP for 1H of April shipment.

GPPS

Lackluster demand from China has maintained GPPS prices in Asia at last weeks' US$1465/MT in the week of April 6, 2008. Offers continue to be pegged by sellers at about US$1490/MT CFR Hongkong/China, even as buying intentions persist atleast twenty dollars lower.

PVC

Robust demand from India and the Middle East has sustained polyvinyl chloride prices at a higher level of US$1120/MT in Asia in the week of April 6, 2008. In the quest for better price realization, key producers have shown a preference to divert cargoes towards West Asia and Middle East from China.

POLYPROPYLENE

Limited supply in the region has pushed polypropylene prices in Asia up to US$1550/MT in the week of April 6, 2008. Tight supply was accompanied by completion of April deals by many suppliers. South Korea's 350,000 tpa KPIC and 250,000 tpa Honam Petrochemical PP plants are on a one month maintenance shutdown, affecting supplies for April. April cargoes from producers in South Korea, India and Taiwan were sold at US$1530-1550/MT CFR China.

POLYMERS - LLDPE

Just like LDPE, prices for LLDPE also dipped due to limp demand from China. LLDPE prices dropped to US$1650/MT. Offers for April shipment dropped by a further ten-twenty dollars CFR China.

POLYMERS - LDPE

LDPE prices weakened to US$1770/MT in Asia in the week of April 6, 2008. Waning LDPE prices can be attributed to slow moving demand from China. Few deals were concluded at seller offers that dipped below US$1750/MT, as they were met with resistance from the Chinese buyers. Buyers preferred to wait and watch in anticipation of a further decline in price.

POLYMERS - HDPE

HDPE prices dipped to US$1630/MT in Asia in the week of April 6, 2008, indicating a gloomy market outlook. HDPE requirement from processors in China has been cutback because of more stringent regulation in China regarding HDPE bag usage, leading to stockpiling. Robust inventories in the domestic market have kept demand from buyers in China subdued- keeping Asian HDPE markets bearish. Most offers from South Korea for April shipment slipped by twenty dollars, but buying intentions from China were pegged lower at US$1600/MT CFR.

EDC

EDC prices firmed up to US$440/MT in Asia in the week of April 6, 2008 on two counts : a robust ethylene market gaining strength during the week and rising prices of upstream caustic soda. Producers quoted offers at over US$450/MT CFR Asia, met with weaker buying interest at least twenty dollars lower. Robust inventories with the downstream VCM producers have kept demand from gaining strength.

VCM

VCM prices witnessed a robust hike to US$895/MT in Asia in the week of April 6, 2008. This sharp hike can be attributed to restricted supply across the region and bullish downstream PVC markets, propelled by robust demand from India and Middle East. CFR offers in South East Asia were pegged at above US$960/MT, leaing to an assessment that market prices range at US$950-960/MT. Offers for May are foreseen to be pegged at US$900/MT CFR CMP levels.

STYRENE MONOMER

Styrene Monomer prices for May shipment dipped to US$1435/MT in Asia in the week of April 6, 2008. Few deals were concluded at last weeks levels, but prices finally dipped in the week. Meanwhile, feedstock benzene prices dropped in the week by about ten dollars on weakening demand. Absence of several players from the market also led to quiet market conditions. A large number of benzene cargoes to be dispatched to Southeast Asia next month will restrict the availability of benzene in the spot market of Asia.

PROPYLENE

Propylene prices were fairly steady in Asia, lingering at US$1280/MT in the week of April 6, 2008. Absence of firm offers from producers in South Korea has kept markets quiet despite buying intentions lingering at US$1300/MT CFR China.

ETHYLENE

Steady and unrelenting demand for May shipment coupled with restricted supply has kept ethylene prices in Asia at a high of US$1260/MT in the week of April 6, 2008. Supply continues to be restricted in Asia as many producers are running their crackers at reduced rates due to poor margins. South Korean producers managed to conclude deals at US$1280-1300/MT FOB Korea. Enthused by this, they have quoted fresh offers at more than US$1300/MT for H1 May shipment.

NAPHTHA

Naphtha prices in Asia yo-yoed during the week in line with crude oil values. Open-spec naphtha values for H2-May delivery ended at US$900/MT CNF Japan in the week of April 6, 2008

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

CRUDE OIL
Crude oil prices moved up by less than a dollar in New York in the week of April 6, 2008. Falling weekly gasoline inventories in USA and a weakening US dollar have kept oil prices afloat in the week. During the week, the dollar dropped on release of a government report showing that US economy lost jobs for a third consecutive month in March, raising concerns that the country is slipping into a recession. This led to a further fall in the value of the dollar against the euro, prompting investors to purchase commodities. Investors have moved money into commodities to hedge against inflation as returns outpaced those of financial markets.

Oil prices retreat after peaking to record highs

Oil prices have dipped to US$108.50 in New York, after hovering around record highs. New Yorks' main oil contract, light sweet crude for delivery in May, dipped after hitting an intraday high of US$109.64 per barrel on Tuesday, as the market reacted to forecasts that Americans would cut back on driving in response to surging energy costs.
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Chem-Trend to build facility in China for production of release agents and ...

US based Chem-Trend, manufacturer of release agents and other process chemical specialties for the die casting, rotational molding, general rubber, polyurethane, tire, thermoplastics and composites industries, plans to invest in a new facility in China.
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Kureha to break ground for new polymer plant Monday

Kureha Corp. plans has broken ground for its new polymer plant in Kanawha County. The plant is a new, wholly-owned subsidiary to build the plant dedicated to the production of polyglycolic acid (PGA). The plant is to be located adjacent to a DuPont chemical plant in Belle, and is planned with an investment of US$100 mln.
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Eco-friendly and biodegradable plastic launched in Indian market

Avesthagen Limited, a leading knowledge-based Life Sciences Company and its joint venture partner Limagrain, launched an eco-friendly and biodegradable plastic for the Indian market on Tuesday.
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Jacobs Engineering awarded EPS contract by Nova Chemicals for Joffre site

Jacobs Engineering Group Inc. said Tuesday it won a contract to provide engineering and procurement services at a Canadian site of plastics and chemicals maker Nova Chemicals Corp.

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Formosa restarts 700,000 tpa No.1 naphtha cracker

Taiwan's Formosa Petrochemical Corp 700,000 tpa No.1 naphtha cracker is running at 80% capacity after it was restarted earlier this week. The No.1 naphtha cracker has been shut since April 6 due to a power outage. It is estimated that the cracker could take many days to restore operations at 100% rates.

Petron to study options to further enhance Bataan refinery

Philippines' leading oil refiner Petron Corporation is studying options to improve its 180,000 bpd refinery in Bataan. Petron is evaluating phase two of its Refinery Master Plan, which aims to increase conversion capacity and petrochemical feedstock production.
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Partners sign contract to set up JV for Vietnam's second oil refinery

Vietnam's state-owned Viet Nam Oil and Gas Corp or PetroVietnam (PVN), Kuwait Petroleum International (KPI), Idemitsu Kosan Corp (IKC) and Mitsui Chemicals Inc (MCI) have signed a contract to form a joint venture (JV) to build and operate Nghi Son Refinery & Petrochemical Complex, Vietnam's second oil refinery.
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Sinopec signs framework agreement with Hainan provincial government for a 1...

China Petrochemical Corp. (Sinopec Group) has signed a framework agreement with the provincial government of Hainan for building a 1 mln ton ethylene plant. Construction of the plant will begin around 2010, subject to approval from the National Development and Reform Commission.
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Maintenance shutdown at Copesul Petrochemical Plant in Brazil

Copesul, a Braskem petrochemical company, located in Triunfo in Brazil's Rio Grande do Sul state, has embarked on its thirty day maintenance shutdown.

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Essar plans to set up polypropylene plant in Jamnagar

India's Essar group is planning to set up a polypropylene unit in Jamnagar, and is in talks with two companies for a possible tie up for the plant. The PP plant is likely to be located at the group's special economic zone (SEZ) in Vadinar, on India's west coast. Over 60% of India's crude oil imports land in and around this region.
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Borouge announces further strategic expansion of polyolefins operations bey...

Borouge, the leading provider of innovative, value creating plastics solutions today announced that it has initiated the feasibility study for Borouge 3: a further expansion of its polyolefin operations in Abu Dhabi to add approximately 2.5 million tonnes per year of capacity by 2014.

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HPL likely to absorb 183 contract labourers in a phased manner over the yea...

Haldia Petrochem is likely to absorb the 183 contract labourers working in the company since its inception showed, with respect to whom Citu had called for a strike, in a phased manner over the year. This brings to an end, the first ever standoff between the Haldia Petrochemicals management and the Citu-affiliated employees' union. The matter will be finalised in yet another bipartite meeting shortly.
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GAIL, RIL shortlist ten sites across the globe for overseas petrochem ventu...

India's state-run GAIL India and Reliance Industries have shortlisted sites across 10 countries, including Qatar, Australia and Russia, for setting up their new petrochem venture.

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Blast at Lukoil's Stavrolen plant results in three deaths

An explosion in Lukoil's petrochemical plant in Stavrolen, South Russia, has resulted in the death of three people. An additional three other people at the Stavrolen factory in the town of Budennovsk suffered from burns and other injuries. The explosion at the polypropylene unit was followed by a fire that devastated about 50 sq mts, that was brought under control later.

Yemen mulls plans for multi-billion dollar oil refining and petrochemical c...

Yemen is considering plans for a multi-billion dollar oil refining and petrochemical complex. Yemen is looking at development plans similar to those being undertaken by its neighbors, with investments from abroad. For more details please click on the following link
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Land acquisition at Perambalur for SEZ to be complete

Acquisition of land for Tamil Nadu's proposed Special Economic Zone in Perambalur is expected to be completed before this month end. The Board of Approval of the Union Ministry of Commerce had already given the in-principle clearance for the project and the final approval would be accorded before July.
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DuPont's opens first storm shelter testing center

Dupont has inaugurated its first storm shelter testing center - a multi-million dollar facility, that will allow the company to test different materials for its DuPont™ StormRoom™ with Kevlar®. DuPont also will use the site to develop new technologies that will further help protect people and property during dangerous storms.
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Oil Refineries and Carmel Olefins mull merger

Israel's largest oil refiner - Oil Refineries Ltd., together with Israel Petrochemicals Enterprises Ltd., is jointly examining the possibility of a merger between Carmel Olefins Ltd. Oil Refineries Ltd., that currently holds 50% stake, is seeking to acquire a 100% stake in Carmel Olefins.

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World's first all-plastic modular design shrink wrapping machine

Italy's Italdibipack Group has developed and produced a heat-shrink packaging machinery, that features an all-plastic modular design. A total of six parts - the complete housing, carriage, hood and bath; are produced from the Baydur® 60 polyurethane integral skin foam from Bayer MaterialScience.
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CITU threatens Haldia strike if permanent employment is denied to 183 casua...

President of the CITU-led employees' union at Haldia Petrochemicals has threatened once again to call a strike at the plant, if the management did not give permanent employment to 183 casual workers.
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Shoe that Adapts to All Weather Conditions

A unique, intelligent system which adapts shoes to suit weather conditions has been jointly developed by IQTEX and BASF. To make this possible, IQTEX has processed a special superabsorbing fleece from BASF into an innovative ventilation element known as Vayu Verde®. The fleece in Vayu Verde® contains superabsorbent polymers, marketed by BASF as Luquafleece®.
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BASF plans specialty chemicals plant in Nanjing

BASF SE plans to set up a production site for specialty chemicals near the Chinese city of Nanjing. The plant will be located in the proximity of its existing steam cracker operated in partnership with China Petroleum & Chemical Corp (Sinopec). BASF has secured the rights to buy a plot of land of 100 hectares (250 acres) in the vicinity of site.

Sinopec to acquire stake in petrochemical company owned by GS Aromatics

Sinopec is to acquire stake in the petrochemical company owned by GS Aromatics with 60% stake. South Korea's GS Aromatics has signed a joint investment agreement with China's Sinopec Corp to co-manage Qingdao Lidong Chemical Co Ltd. Qingdao Lidong Chemical, which started commercial production in 2006, has an annual capacity of 1.1 mln tons of aromatics.

Shell to join PetroChina-Rosneft oil refining JV

Royal Dutch Shell is to become part of the joint venture between China National Petroleum Corporation (PetroChina Group) and Russia's Rosneft. PetroChina Group, (China's biggest oil and gas producer), formed the venture Russian-Chinese Eastern Petrochemical Company, along with Rosneft in October 2007. PetroChina is to hold 51% stake, while Rosneft will hold the balance. Shell has won a bid to study the feasibility of the venture, to have an investment outlay of US$3-4 bln.

Feasibility study to commence for 250,000 ton naphtha cracker at Belarus

Tender for a feasibility study for a petrochemical complex in Belarus is to be granted. The petrochemical complex is to include a 250,000 tpa cracker, a 150,000 tpa LDPE unit, a 100,000 tpa PP unit and a 100,000 tpa MEG unit.
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DSM Engineering Plastics approved for Tata's Nano car in India

India's Tata Motors unveiled the Nano- its small car in January this year. The Nano is a family car for the masses at a target price of US$2500.
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BASF to supply raw materials for epoxy resin systems for fiber reinforced c...

BASF SE is to supply to a leading manufacturer of epoxy resins in Europe; LEUNA-Harze GmbH, raw materials for epoxy resin systems for fiber reinforced composites. The two companies have just signed a declaration of intent to this effect.
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Carbon nanotubes for new thermoplastics

Bayer MaterialScience has cooperated with Clariant Masterbatches on carbon nanotubes for new thermoplastics that impart excellent electrical conductivity and mechanical strength.

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Thermoplastic Starch Blends that offer low carbon footprint and high perfor...

Thermoplastic Starch (TPS) Blends that deliver cost-effective, high property retention film and injection molded products with a substantially reduced Carbon Footprint relative to resins such as polyethylene, polypropylene, biodegradable polyester or polylactic acid (PLA) has been introduced by Cerestech, Inc.
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Saudi Polyolefins drops plans to expand existing PP unit: to build new plan...

In a bid to increase capacity, Saudi Polyolefins has aborted plans of expanding its existing polypropylene (PP) unit. Instead, the company plans to build a new 250,000 tpa unit at Al-Jubail. Production is estimated to commence in January 2009, four months later than the expansion that had been planned earlier.
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HPCL awards term export tender for 180000 tons of May-October loading napht...

Hindustan Petroleum Corp Ltd. (HPCL) has awarded a term export tender for 180000 tons of May-October loading naphtha at a premium of US$15/ton to Middle East quotes.

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Formosa awaits government nod for 10% capacity increase at its biggest ethy...

Taiwan's Formosa Petrochemical Corp. (FPC) is awaiting government approval to increase the annual capacity at its largest ethylene plant by 10% to 1.45 mln tpa in 2009. No investment will be involved for the expansion as the plant's equipment supports the capacity expansion.
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CITU shelves plans of strike at Haldia Petrochemicals

Supported by CITU, Haldia Petrochemicals Employees Union had called for a 24 hour proposed strike on April 8, demanding the permanent employment of 183 workers out of the 1,500 casual workers of the HPL. The proposed 24-hour strike has been called off, on willingness by the HPL management to sit and discuss the union's demands.
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Samsung and Total plan 28,000 tpa polypropylene compounding facility in Chi...

Total Petrochemicals-Samsung joint venture plans to build a 28,000 tpa polypropylene compounding facility in Dongguan, Guangdong province, China. The facility will have three compounding lines at an investment outlay of €6 mln and is scheduled for completion in H1-2009.Output will be targeted to markets in South China, particularly from the electronics and household electrical appliances sector.

ABS

Price of ABS continued to steady at US$1820/MT in Asia in the week of March 31, 2008. Higher feedstock values have firmed up ABS offers from South Korea and Taiwan upto US$1880/MT CFR China, but absence of improvement in buying sentiments from China has kept deals from being concluded actively. Supported by current high inventory levels and robust domestic supplies, Chinese processors are not willing to accept offers above current levels.

GPPS

Lackluster buying from China has kept GPPS markets of Asia subdued, stagnating prices at US$1465/MT in the week of March 31, 2008. Sellers who have offered material at US$1500/MT CFR Hongkong/China, have met with resistance from buyers. Buying interest remains pegged lower at US$1470/MT, as the Chinese processors are loaded with relatively high inventories, making buyers reluctant to replenish stocks.

PVC

Poly Vinyl Chloride prices in Asia inched up to US$115/MT in the week of March 31, 2008. The factors affecting upward price movement were restricted supply in the region and higher feedstock VCM costs. FOB Offers towards India, Middle East and Non-Asian countries increased by over ten dollars after successful conclusion of deals at current price. Outlook of demand from India is healthy, as the buyers ready to stockpile ahead of the monsoon season, diverting cargoes from the duller Chinese markets for better price realization.

POLYPROPYLENE

Rising feedstock propylene values have failed to impact downstream polypropylene price in Asia. PP prices stagnated at last week's US$1540/MT in Asia for the week of March 31, 2008. After successful conclusion of several deals at US$1540/MT, April offers yarn/injection grade from producers in South Korea, India, Taiwan have been raised to US$1550/MT CFR China

LLDPE

Softer sentiments prevailed in LLDPE markets, causing prices to dip to US$1660/MT in Asia in the week of March 31, 2008. Deteriorating demand from buyers in Asia has dampened prices for the week. Korean producers have offered material for April about twenty dollars higher than current prices, whereas Middle Eastern cargoes were quoted at US$1650/MT CFR CMP. Producers from Taiwan have settled deals for material for April shipment at US$1675-1690/MT CFR SE Asia.

POLYMERS - LDPE

Muted demand for LDPE kept prices at last weeks' level of US$1790/MT in Asia in the week of March 31, 2008. Suppliers have offered material for April shipment almost twenty dollars higher, but have failed in deal conclusion as Chinese demand continues on a dull note. Chinese buyers were unwilling to accept new offer prices due to growing cost pressure, adopting a wait and watch policy.

POLYMERS - HDPE

Quiet demand from China has kept HDPE markets in Asia weaker at US$1650/MT in the week of March 31, 2008. Restrained buying interest from China for film grade HDPE is causing suppliers from SE Asia, South Korea and China to slash their offers. Markets in Japan and South East Asia, however, continue to have a healthy outlook, with a Taiwanese supplier commanding US$1670/MT FOB towards Japan and SE Asian countries.

EDC

EDC prices in Asia steadied at US$435/MT in Asia in the week of March 31, 2008, mainly due to sufficient availability of material. Despite offers from Taiwan being quoted at US$450/MT CFR FE, buying intention continues to linger at last week's level.

VCM

VCM markets have not moved much on strong resistance from Chinese buyers, who are faced with pessimistic downstream PVC markets.
VCM markets remained almost stagnant at US$875/MT in Asia in the week of March 31, 2008. Awaiting notional offers for April from Japan, the VCM market remained subdued, particularly in the Far East region. April offers are anticipated to spike to levels of US$900/MT CFR FE as the Japanese yen gains in strength and supplies in Asia continue to be limited. The sharp price hike, however, may not materialize on strong resistance from Chinese buyers, who are faced with pessimistic downstream PVC markets in China and abroad. April offers in South East Asia are being heard at US$950/MT CFR level for April shipment.

STYRENE MONOMER

Styrene Monomer markets inched up as both buyers and sellers preferred to adopt a wait and watch policy.
Amid lackluster market sentiments, Styrene Monomer prices edged up to US$1445/MT in Asia in the week March 31, 2008. Markets did not move much as both buyers and sellers preferred to adopt a wait and watch policy. FOB Korea prices for May shipment continue to persist at current levels. Feedstock benzene prices in Asia moved up to US$1090/MT in line with buoyant crude values as well as robust benzene values in USA.

PROPYLENE

Propylene prices moved up sharply due to restricted supplies as exports from Taiwan and S. Korea dwindled.
Propylene prices moved up sharply to US$1280/MT in Asia in the week of March 31, 2008, mainly on restricted supplies as exports from Taiwan and S. Korea dwindled. Exports from South Korea have been hit as S-Oil Corporation has been affected by plant outage due to a power failure. Normal operations are expected to resume when the plant comes back on stream in a few days. A few deals for early May shipment to China were done at US$1300/MT FOB Korea.

ETHYLENE

Ethylene prices have risen, driven mainly by rising prices in the Far East region.

Ethylene prices spiked to US$1240/MT in Asia in the week March 31, 2008. Despite the arrival of April shipment cargoes from Iran, Asian ethylene prices have risen, driven mainly by rising prices in the Far East region. Robust demand for April and May shipment from the Far East region have pushed prices higher across Asia. Prices in SE Asia spanned around US$1150/MT CFR. Cargoes from South Korea are heard to have commanded a price of US$1250/MT FOB.

NAPHTHA

Naphtha prices have spiked by over thirty dollars in line with rising crude values.

Naphtha prices in Asia have spiked by over thirty dollars to US$895/MT in the week of March 31, 2008 in line with rising crude values.

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

Crude oil for May delivery settled at US$105.62 a barrel on the New York Mercantile Exchange amid continuing concerns that energy demand would be affected by a slowing US economy.
CRUDE OIL The week of March 31, 2008 has witnessed a four dollar hike from last week, as weekly inventories in USA recorded a dip, and the US economy continued weakening. Crude oil for May delivery settled at US$105.62 a barrel on the New York Mercantile Exchange amid continuing concerns that energy demand would be affected by a slowing US economy. Oil prices have dropped mid week after the United States Commerce Department reported that the US economy, the world's biggest oil consumer, grew at a 0.6% in Q4 of last year, mainly due to a widespread housing market downturn and as a related credit squeeze in the US banking system broadened.

Venezuela to invest Us$20 bln in domestic energy, petrochemical industry

By 2013, Venezuelan government will invest almost US$20 billion in domestic energy projects, with an emphasis on the petrochemical industry, as part of a program called the "Energy Revolution'.' With this program, Venezuela will be Latin America's top fertilizer producer and the number one producer of plastics and derivatives. Advances in the country's petrochemical industry will also help diversify the economy.

New TPE-V grades to meet specific demands of the Wire & Cable industry

PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions, has launched its recently developed TPE-V grades dedicated to the specific demands of the Wire & Cable industry.
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Sasol-Huntsman JV to expand Maleic Anhydride capacity expansion in Germany

Sasol-Huntsman GmbH & Co. KG, a 50/50 joint venture between affiliates of Huntsman Corporation and Sasol Limited located in Moers, Germany, plans to pursue the expansion of its maleic anhydride manufacturing capacity by 45,000 tons, increasing capacity to 105,000 tons.
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Indorama Thailand completes acquisition of Eastman's European PTA and PET A...

Indorama Thailand has completed acquisition of Eastman's PTA and PET assets in Netherlands and The United Kingdom by its subsidiaries, Indorama Holdings Limited and Indorama Polymers PCL, respectively. In the past three years, the group revenue has tripled to US$1.7 bln in 2007 from US$500 mln in 2004.
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LyondellBasell completes acquisition of Shell oil refinery, associated infr...

LyondellBasell Industries has completed the purchase of the 105,000 bpd Shell oil refinery and associated infrastructure and businesses at the Berre l'Etang petrochemical complex in France. The refinery is adjacent to a LyondellBasell polyolefins complex at Berre that includes a steam cracker, butadiene extraction unit and world-scale polypropylene and polyethylene plants.

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Malaysia's first and only specialised industrial park focusing on the plast...

Malaysia's Kertih Plastic Park, developed under the East Coast Economic Region (ECER), is well positioned to attract more investments, as per the Malaysian Plastics Manufacturers Association (MPMA). The park has been set up as the first and only specialised industrial park in the country focusing on the plastics industry, reflecting the importance of the plastics industry to Malaysia's economy. For more details please click on the following link
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New termite and rodent repellent additive concentrates

PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions, has announced the launch of its new termite and rodent repellent additive concentrates at Wire 2008.These new products, OnCapTM termite repellent additive concentrate and OnCapTM rodent repellent additive concentrate can repel rodents and temites in appropriate applications, and are available in free-flowing pellet form.

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Petrobras commences work on US$8.4 bln plant

Brazil's state-controlled oil company - Petroleo Brasileiro SA (Petrobas) has started construction of a US$$8.4 bln refinery to process heavy oil from the company's offshore fields into petrochemicals. As per plans, Petrobas will be able to process 150,000 bpd into ethane, benzene, butene and other raw materials at Itaborai, Brazil-based Complexo Petroquimico do Rio de Janeiro in 2012.
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A 24-hour strike called at Haldia Petrochemicals

CITU, West Bengal's ruling CPM's labour arm, has called a 24-hour strike at Haldia Petrochemicals on April 8. Amicable solutions are still not ruled out by Citu, which has called the strike demanding permanent employment of 183 casual workers.
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Asian petrochem demand to exceed the combined demand of the United States a...

Asian demand for petrochemicals is expected to exceed the combined demand of the United States and Europe within two years, as per a statement by Saudi Basic Industries Corp. Petrochemicals producers in the Middle East, where cheap access to energy encouraged large investment in the industry, will benefit from the expected demand surge.
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World's first certified linear PE made from 100% renewable raw materials

Braskem has launched the world's first certified linear polyethylene (PE) made from 100% renewable raw materials, fortifying its technological leadership in the production of green polymers and its commitment to sustainable development. For more details please click on the following link
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ExxonMobil's aromatics unit, reformer at Rotterdam shutdown

As part of a shutdown of its aromatics plant, ExxonMobil has shut a gasoline-making reformer at its Botlek refinery in Rotterdam.
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Plastics contribute to addressing the global water challenge

o More than 1 billion people around the globe lack access to clean drinking water and more than 2 billion to basic sanitationo Water access and sustainable water management are major issues in rich and poor countries alikeo As co-founders of the Stockholm Water Prize, awarded to Professor John Anthony Allan, Borealis and Borouge further enhance the contribution of plastics to addressing this challenge
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Benzene production at Unipetrol to be interrupted for coldbox installation ...

Czech refiner Unipetrol's the ethylene unit is being operated without a coldbox since December 2007. Since December, ethylene production has stabilised and benzene production cut back to 80% capacity at the plant.
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Olefin block copolymers for health and hygiene applications

Dow will demonstrate its commitment to the global Health and Hygiene market segment at INDEX is one of the largest exhibitions for the nonwovens industry worldwide.

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PolyOne forms global team for Low Smoke and Fume, Zero Halogen compounds

PolyOne Corporation, a leading global provider of specialized polymer materials, services and solutions, has formed a global platform and team for its Low Smoke and Fume, Zero Halogen (LSFOH) compounds. PolyOne's LSFOH global team is focused on ECCOH™ LSFOH compounds for flame-retardant applications.
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