Bayer MaterialScience mulls world-scale MDI facility in Europe

Bayer MaterialScience is considering building a world-scale production methylene diphenyl diisocyanate (MDI) facility in Europe. A feasibility study is underway to focus particularly on factors such as costs and infrastructure for a number of possible locations. A decision on the construction of the facility is due to be made next year.

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Oil prices retreat from US$80 per barrel

Light, sweet crude for October delivery slipped marginally by 26 cents to US$79.65 a barrel in Asian electronic trading on the New York Mercantile Exchange by midmorning in Singapore. In London, October Brent crude dipped to US$77.62 a barrel on the ICE futures exchange.

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S$61 million IPO launched by China-based Sinostar PEC

Sinostar PEC, Chinese producer and supplier of downstream petrochemicals plans to raise S$61 million through an IPO. Sinostar is offering 160 million shares for sale priced at 38 cents each, through the IPO that closes on 24 September 2007.

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OPEC agrees to boost crude output by 500,000 bpd

In an effort to calm markets shaken by high oil prices and worries that supplies could grow tight by the end of the year, OPEC has agreed to boost its crude output by 500,000 bpd with effect from Nov. 1. The increase would be based on the group's current production, meaning OPEC was adding actual oil to the market.

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Haitian acquires Germany's Zhafir Plastics Machinery

Ningbo, China based plastic injection moulding machine manufacturer Haitian International has acquired Bergisch-Gmünd, Germany based research and development company Zhafir Plastics Machinery for a sum of EUR 6.57 mln.

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Argentina Petroken cuts PP output by 15-20% on Shell refinery shutdown

Argentina's Petroken has reduced polypropylene (PP) output by 15-20% on account of diminishing feedstock deliveries from a Royal Dutch Shell refinery near Buenos Aires that is shutting down on allegations of contamination.

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Bioplastics with PLA based on sugar beet and sugarcane residues

An Italian biotech start-up called Bio-On is entering the bioplastics market with a process that produces polylactic acid (PLA) based plastics from sugar beet and sugarcane residues with a claimed efficiency of 95% : waste streams become valuable resources that can be converted almost in their entirety in a useful product.

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Essar sells naptha to Glencore at a lower premium

Essar Oil Ltd. is reported to have sold a late-September cargo of naphtha to oil trader Glencore at a lower premium to its earlier sales. Indian refiners are expected to export about 950,000 tons of naphtha for this month, and have so far sold or offered only 740,000 tons.

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Lukoil-Neftekhim plans US$1 bln investment in petrochem facility in Ukraine

Lukoil-Neftekhim plans to invest an approximate sum of US$1 bln in Ukraine`s Karpatnaftokhim. The new facility will process plastic and raw petrochemicals at Ukraine in the Ivano-Frankivsk town of Kalush. This amount does not include US$600 mln that the company plans to invest in the construction facility of new products - chlorine, caustic soda and 350,000 tpa polyvinylchloride.

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Essel Propack to acquire Alcan's packaging unit?

Reports indicate that Essel Propack is in talks to acquire Alcan's packaging unit. Although the Rs 300-crore Essel Propack is the largest specialty packaging company through its 12 plants across the world, it has a relatively smaller presence in the personal care packaging segment. If successful, the deal with Alcan would propel Essel to the top position in personal care packaging. Alcan Packaging Beauty, on the other hand, is present in 11 countries and has some of the world's leading cosmetics and beauty companies as its customers.

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Construction of Rhodia Polyamide's South Korean polymerization unit on Schedule

The construction of Rhodia Polyamide's new 48,000 tpa Polyamide 6.6 salt and polymerization plant in Onsan, South Korea is on schedule and that plant start-up is set for early December 2007.

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Dow expansion to support growing North American demand for end-use PU products & PU s...

To support growing demand for end-use polyurethanes products and polyurethane systems formulations in North America, Dow has planned expansion. Dow Polyurethanes, a business group of The Dow Chemical Company, plans expansion of the specialty mix polyols capability at its manufacturing facility in Freeport, Texas to the tune of 59000 tpa. The expanded capacity is scheduled to come on stream in early 2009.

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Polypropylene Market Update in North America, September 10, 2007

Spot Polypropylene offers are still coming in at mostly steady prices and spot supplies have begun to grow. The offers are accumulating since prices are considered high given that market sentiment is now turning negative. Propylene monomer costs are reported to have settled at least $.025/lb lower to $.455/lb. Considering that during this past year contract Polypropylene prices have closely followed contract Propylene prices, resin buyers are rightfully expecting a concession in September.

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Polyethylene Market Update in North America, September 10, 2007

The spot Polyethylene market was slow most of the past week. Producer offers were limited as would be expected for the beginning of a month when there is not only one, but two price increases nominated. Traders, however, have had little confidence in the $.09/lb in play, so they have been offering out their inventories for the past two weeks. With export sales a little hard to come by, producers silence did not last long and a fair amount of offers began to show in the later part of the week.

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Polymer Market Update in North America, September 10, 2007

The commodity resin markets were slow this past week. With considerable price increases currently in play for September resin contracts, fresh producer supplies were sparse this first week of the month. Upward price momentum seems to have stalled along with the export market, which had provided such good support to domestic pricing in recent months.

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ABS

ABS prices moved higher to US$1710/MT in Asia in the week of September 10, 2007. This price rise has been supported by rising values of feedstock costs - ACN, butadiene and SM. Offers for the next few weeks of September are estimated to rise by 10-20 dollars as cost pressures build up, particularly from feedstock ACN. This week saw a quantum leap in prices after an unexpected outage of China Secco's 240,000 tpa ACN plant.

GPPS

GPPS prices rose to US$1480/MT in Asia in the week of September 10, 2007. Improved buying interest from China has helped firm up market sentiments. Buyers in Hongkong and China have started to replenish stocks ahead of national holidays in China. Buyers prefer to stockpile because they anticipate a rise in prices as crude oil and feedstock benzene prices continue to rise.

PVC

PVC prices in Asia have stagnated at US$1040/MT in the week of September 10, 2007, on the back of strong demand globally. Weaker buying interest from China is expected to wane further as the traditionally low demand season nears commencement. However, strong demand from Russia, the Middle East and Africa, and tight PVC avails across Europe have pushed prices to the level of US$1,030-1050/MT. Producers seem reluctant to accept low bids for buyers in China and PVC prices in Asia are expected to increase by 30-40 dollars in October, as producers intend to increase their October on the back of strong global demand.

Polypropylene

PP prices dipped to US$1390/MT in Asia in the week of September 10, 2007. The market witnessed lowering of prices for September shipment on account of dwindling demand from Chinese buyers.

LLDPE

LLDPE price dipped by ten dollars to US$1400/MT in Asia in the week of September 10, 2007. As the conventional high season in China draws to a fag end, declining market sentiments were brought on by muted demand.

STYRENE MONOMER - LDPE

LDPE prices rose in Asia by ten dollars to US$1560/MT in the week of September 10, 2007. Stringent supplies from producers supported this rise. Supplies were tight because of preference of several producers towards a sustained increase in EVA production instead of LDPE production for improved profits.

POLYMERS - HDPE

HDPE prices in Asia withdrew to US$1410/MT in the week of September 10, 2007. This dip in prices was due to dwindling demand from China before the start of the national holiday from October 1. The weak demand was because Chinese processors do not wish to accumulate inventory before the holidays. Despite some upbeat selling indications, several suppliers started to lower their offers.

STYRENE MONOMER

Boosted by rising benzene prices, SM prices increased to the level of US$1395/MT in Asia in the week of September 10, 2007. Egged on by robust crude oil prices, upstream benzene prices rose in the week by about 5-10 dollars.

PROPYLENE

Propylene prices steadied at US$1110/MT in Asia in the week of September 10, 2007. A small number of firm offers were heard from S.Korean producers due to shortage of supply, but prices remained firm as buyers preferred to wait and watch as downstream PP prices started upon a downward price correction. More than 10,000 tons of propylene cargoes were rendered as surplus to be sold in the Chinese market. This supply glut can be attributed to a plant outage at Shanghai Secco Petrochemical's 260,000 tpa acrylonitrile plant. The glut has not exerted any immediate effect on the current market sentiments, as the surplus will be used to compensate the loss of propylene production from Taiwan's Formosa Petrochemical Corporation (FPCC) No.1 cracking unit, scheduled to go on a month long maintenance turnaround after an unplanned outage. This will result in a loss of propylene production of approximately 30,000 tons and also lead Formosa to defer the turnaround schedule for its No.2 cracking unit until the end of the month. The surplus glut is expected to have a negative effect on propylene demand from China in October first week, coinciding with the long National Day holiday of China.

POLYMER FEEDSTOCK - EDC

EDC market in Asia steadied at last weeks' level of US$480/MT in the week of September 10, 2007. A lull prevailed in the markets as most sellers could not match lower buying intention from the downstream vinyl producers. On the supply side, the markets will experience a 50,000 ton output loss over the next 3 weeks when Formosa shuts down its 1,100,000 tpa EDC plant at Mailio for annual maintenance.

POLYMER FEEDSTOCK - VCM

Fewer transactions in the VCM markets caused prices to stabilize at US$860/MT in Asia in the week of September 10, 2007. September offers were pushed back due to more-than-anticipated price resistance from Chinese buyers. Chinese buyers continue to resist down adjusted prices on account of relatively low domestic PVC price realization in China, and buying intention is pegged at least 20-30 dollars lower than sellers bids. However, supported by bullish market sentiments for downstream PVC, VCM sellers rejected further price cuts

NAPHTHA

Naphtha prices rose in line with strong crude oil prices in Asia in the week of September 10, 2007. Naphtha prices in the Asian market for second half of October delivery closed at US$680/MT levels this week.

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

SUMMARY Crude oil futures spiked to their highest closing since August 2, rising to US$76 levels for October delivery in the week of September 10, 2007 on the New York Mercantile Exchange, on account of a continued drop in inventories. Naphtha rose in line with robust crude prices. EDC and VCM prices stagnated at last weeks' level. Ethylene prices dropped upon the arrival of cheaper cargoes from the Middle East. Styrene monomer (SM) prices rose in line with rising benzene prices. Propylene prices steadied as downstream PP prices started upon a downward price correction. LDPE rose on the back of stringent supplies. HDPE, LLDPE and PP prices dipped on weaker demand. PVC prices stagnated, while GPPS prices rose on improved market conditions and ABS prices climbed along with rising feedstock prices.

CRUDE OIL Crude oil futures for October delivery climbed to its highest closing price since Aug. 2 to US$76.70 a barrel on the New York Mercantile Exchange, on release of a government report showing a drop in crude and gasoline inventories. This is the eighth time in nine weeks that crude oil inventories have dropped, supporting the data that gasoline supplies have fallen by 1.5 mln barrels to their lowest level since September 2005. Concerns of faltering demand triggered by a slowdown in US economic growth is reason to believe that OPEC may reject calls to increase output at its Sept. 11 meeting.

Uflex to set up green field plant a Mexico

India's Uflex Ltd. is to set up a green field project for manufacturing polyester film in Mexico. Upon completion, the plant will attain the capacity of 52,800 tpa in several phases. With a capital outlay of US$91 mln, the plant will cater mainly to the American markets by providing better reach and service to the customers.

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Strong Demand for advice on REACH to be met at Conference

Smithers Rapra Technology, a subsidiary of the US-based independent testing, consulting and contract research organisation, The Smithers Group, has added Antwerp to the list of destinations for their growing series of REACH conferences.

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Sintex Industries mulls acquisition of Bright Brothers' auto plastic biz

Sintex Industries plans to acquire the automotive plastics division of Bright Brothers through Bright Auto Plastic, a downstream subsidiary of Sintex Industries.

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Aker Kvaerner awarded PTA contract in Portugal

Aker Kvaerner has been awarded a contract to provide the engineering, procurement services and construction management for Artenius' new mega Purified Terephthalic Acid (PTA) plant, to be built in Sines, Portugal. The contract value is approximately GBP 20 million.

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RIL to acquire polyester assets of Malaysia's Hualon

Reliance Industries Ltd. is to acquire the polyester assets of Hualon Corporation (M) Sdn Bhd in Malaysia. RIL has reached an agreement with the Receivers and Managers of Hualon Corporation, to acquire all assets of Hualon for undisclosed amount.

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A 25% reduction in fresh produce packaging will not compromise product quality

Recent trials by WRAP (Waste & Resources Action Programme) have demonstrated that the fresh produce industry can reduce packaging by around 25% without compromising product quality. This reduction in packaging also means fresh produce and packaging suppliers can reduce material costs, waste and greenhouse gas emissions while meeting retailers' challenging packaging reduction targets.

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EU authorities to further investigate acquisition of Hydro's polymers business by Ine...

The EU competition authorities plan to conduct further investigations in connection with the acquisition of Hydro's polymers business, Kerling ASA, by UK-based Ineos. This investigation is part of the competition clearance process.

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Novel method to make foam polystyrene biodegradable

Foam polystyrene has been made biodegradable through a novel approach by Chinese scientists. The team has now developed a new approach that involves embedding water-absorbing resin particles about five micromeres in diameter throughout a chemical like styrene before it is polymerised to form a polystyrene-like material.

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New Metallocene-based PP grade for TWIM Applications

Basell has launched a metallocene-based Metocene polypropylene (PP) copolymer, Clyrell EM248U, targeted for application towards processors of clear, thin-wall, injection-molded (TWIM) food applications in the United States. (The grade was introduced in Europe last year under the developmental name of Clyrell EM1791.) "Previously, processors have relied upon the need to add plastomers to conventional PP random copolymers in order to achieve the desired impact and clarity for TWIM applications," said Amit Gupta, customer project manager for Basell's Metocene global business unit.

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Singapore plans to invest US$11 bln in Vietnam

Singapore's SP Chemicals Ltd. Co. plans to invest US$11 bln in a project to build the Hoa Tam Petrochemical Industrial Zone and the Naphtha Cracking Phu Yen Petrochemical Complex in southern Phu Yen province.

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Samsung Engineering receives US$1.1 bln order from Thai PTT

Samsung Engineering Co. has received a US$1.1 bln contract from Thailand's PTT Pcl to build gas plants. The value of this order makes it the biggest Thai order for South Korea's No. 1 engineering company. The US$1.1 bln deal includes Samsung's previous contract with PTT, announced on July 24, to build a chemical plant for US$470 million.

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PTT awards US$170 mln refinery upgrade order to SK Eng

Thailand's state-run PTT Public Co. Ltd. has awarded a US$170 mln contract to SK Engineering & Construction. SK Engineering will build upgrade facilities such as condensate residue splitter and kerosene merox unit that turn benzene, toluene, and xylene residue into naphtha, diesel and jet fuel for PTT's affiliate Rayong Refinery Public Co Ltd (RCC).

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RIL:JV talk in China on the cards?

According to sources, Reliance is reportedly planning a petrochemical project in Eastern China. RIL is reported to be in talks with China Petroleum for a joint venture, and also in talks with other Chinese refineries for JVs.

The company is reported to be evaluating various proposals to set up these petrochemical projects.

Venezuela and Bolivia sign cooperation agreement for petrochemical production

Venezuelan President and his Bolivian counterpart have signed a range of cooperation agreements on petrochemical and cement production, forestry and mining.

As per the deal, the petrochemical complex will be built in the Bolivian city of Cochabamba.

Japanese August ethylene production dips amid maintenance shutdowns

Amid maintenance shutdowns, Japanese ethylene production in the month of August dipped by 1%as against production figures for the same month a year ago. Ethylene production for August this year has totaled to 636,800 tons in August, compared with 643,300 tons in 2006. Two Japanese ethylene units were shut down due to maintenance-related work as compared to only one plant shutdown a year ago.

Total Petrochemicals restarts unit

Total Petrochemicals, USA has restarted a unit at its 232,000 bpd Port Arthur, Texas, refinery. Unit 813 began restarting after maintenance. The restart is expected to be completed by Sept. 19.

Simultaneously, Total has shut down another unit- Unit 804 for maintenance.

LG Chem completes PVC plant in China

LG Chem, South Korea's largest chemicals maker, has completed construction of a PVC plant in China at an investment of US$300 mln (281 bln won). With this new capacity, LG Chem's annual PVC output will total to 920,000 tons.

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Borealis completes sale of Norwegian polyolefins business to Ineos

Borealis has completed the sale of its Norwegian polyolefins business and share of the Noretyl gas cracker to Ineos. The deal, estimated at EUR 290 mln, encompasses a 175,000 tpa polypropylene (PP) unit and a 140,000 tpa low density polyethylene (LDPE) unit, as well as a 50% share of the 557,000 tpa Noretyl gas cracker.

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GAIL completes HDPE plant at Pata

GAIL (India) has achieved mechanical completion of its new 1,00,000 tpa HDPE (high density polyethylene) plant at the petrochemical complex at Pata, based on technology from Mitsui, Japan. With the completion of the new HDPE plant, the polymer capacity of the Pata Petrochemical plant has increased to 4,10,000 tpa. The project was completed within the estimated project cost of Rs 647.38 crore.

IOC to commission 15 mln tpa refinery and petrochemical complex by 2011

Indian Oil Corp (IOC) has received environmental clearance for its project in Orissa on August 6, 2007. IOC will commission a new 15 million tons oil refinery and an accompanying petrochemical complex at Paradip in Orissa by October 2011, at an investment outlay of Rs 25,646 crore.

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HPCL plans partnership for new project in South India

Hindustan Petroleum Corp is considering setting up of a refinery and/or petrochemical project in South India, and take on steel tycoon Lakshmi Mittal, gas firm GAIL (India) Ltd and/or Oil India Ltd as partners. Mittal's Singapore-based Mittal Energy Investments is HPCL's partner with a 49% stake in a proposed refinery to be set up in Bhatinda in northern India.

Total start maintenance shutdown at Carling cracker

Total Petrochemicals' Line 1 of the steam cracker located in Carling, France has been shut for a 6 week maintenance maintenance wef 3 September 2007. The maintenance and modernisation plan will require an investment to the tune of EUR 62 mln. The plan will comprise a new turbine that will be installed on the propylene compressor together with new ethane crackers.

Coca Cola to invest in US PET bottle plant to bottle recycling plant

As part of its integral goal of recycling or re-using all of its PET bottles in the US market, Coca-Cola plan to invest over US$60 mln in a US bottle recycling plant.

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Thailand uses sugar waste to make biodegradable food packaging

Bagasse, a previously useless waste product from sugar cane, is being used to make biodegradeable packaging for food products in Thailand. The new "bagasse boxes" are made out of agricultural sugar waste, and so decompose after use, claims its Thai manufacturer, the Biodegradeable Packaging for Environment company.

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Partners reach JV agreement on Fujian petrochem project

The three partners in Fujian Refining and Petrochemical Co - Exxon, Sinopec and Saudi Arabian Oil, also known as Aramco have finally reached an agreement. The agreement was reached despite China's policy of capping pump prices, which have brought losses to Chinese refiners because they cannot pass on high crude costs to consumers. Sinopec will own 50% of the joint venture, with Aramco and Exxon holding 25% each.

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Indian petrochemical industry poised to grow at 12-15%

A study on future outlook on the organic chemicals industry by Tata Strategic Management Group states that the Indian petrochemical industry is poised for a growth of 12-15% over the next 5-7 years and this is expected to translate into investments of US$12-15 bln for the chemicals industry.

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Sinopec mulls raising US$5 bln for refinery and ethylene complex JV in Guangzhou

Sinopec is contemplating raising US$5 billion to build its joint-venture refinery in Guangzhou. The JV project has a capacity to refine 15 million tons of oil and produce 1 million tons of ethylene. Sinopec is in negotiations with Kuwait Petroleum Corporation (KPC), Dow Chemical and Royal Dutch/Shell for the project.

Partners raise US$4 bln finance for Fujian Refining & Petrochemical Co

The three partners in Fujian Refining and Petrochemical Co - Exxon, Sinopec and Saudi Arabian Oil, also known as Aramco have raised CNY30 bln (US$4 bln) in funding - representing the largest-ever project financing for a Sino-foreign joint venture in China. Funding was provided by a group of 11 Chinese banks plus Sinopec's finance arm.

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Reliance and Rohm and Haas to close deal on proposed acrylic acid joint venture

Reliance and Rohm and Haas are reported to be on the threshold of finalising the equity structure of their proposed joint venture company. Indian petrochem major RIL, and US based specialty materials company Rohm and Haas, have signed an MoU to construct a large scale acrylic acid plant at Jamnagar. Initial investments in the plant will be approximately US$250-300 mln.

ExxonMobil to awards major contracts for steam-cracking complex in Singapore

ExxonMobil Chemical Company has completed its detailed study of a second world-scale steam cracker complex in Singapore and made the final decision to proceed with construction. The project will be located at and integrated with its existing Singapore site, providing feedstock, operating and investment synergies with both the chemical plant and refinery.

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Polystyrene Market Update in North America, September 3, 2007

The spot Polystyrene market has continued to soften, losing about $.015/lb during the 2nd half of September. While the market is not really over-supplied, costs have eased slightly, which has placed pressure on this resin market. While costs are still historically high, with Benzene prices down in the $3.30s/gal range and Styrene monomer back down around $.57/lb, a little edge has been taken off of the market.

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Polypropylene Market Update in North America, September 3, 2007

The spot Polypropylene market saw limited activity this past week; there was a normal flow of resin, both generic prime and good offgrade. After squeaking out another margin saving $.02/lb price increase in August, there is another $.03/lb price increase nominated for September. The market however, seems to be vulnerable to at least a modest break in prices, so buyers are apprehensive to make any purchases above and beyond their current needs.

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Polyethylene Market Update in North America, September 3, 2007

The spot Polyethylene market was busy during the final week of August. Resin prices had rallied earlier in the month when producers were looking to implement their $.04/lb price increase, but then stabilized when the increase was delayed until September. Market supporting exports slowed into the middle of the month, so even though producers nominated another $.05/lb increase with a mid-Sept target date (totaling $.09/lb), spot Polyethylene prices began to recede, giving back at least early August gains.

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Polymer Market Update in North America, September 3, 2007

It was a fairly busy week for spot resin trading. Contrary to the past few months, this time it was the sellers who were the aggressors into month end. In prior months, buyers had procured additional lots of resin as protective measures ahead of pending price increases; however, the market sentiment has begun to change. Now the general feeling is that even with more price increases nominated, the commodity resin markets might very well have topped and could potentially even move lower.

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Pakistan's sole PVC maker plans PVC plant expansion and a new chlor-alkali complex

Engro Asahi Polymer Chemicals - Pakistan's sole polyvinyl chloride (PVC) producer has embarked on an ambitious US$221 mln expansion plan. Engro Asahi has secured loan amounting to US$150 mln, that will be utilized to partly fund expansion of its PVC plant and construction of a chlor-alkali complex adjacent to it.

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TVS Group Company plans bioplastics production

Chennai-based Harita NTI, a TVS Group Company plans to manufacture base resins from bio-mass. Harita NTI, a 50:50 JV between TVS and Northern Technologies International Corporation of the US, will employ polymer energy technology to convert waste plastic to crude oil and biodegradable and biobased plastics.

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Polymer - ABS

A dormant market led to stagnant ABS prices in Asia in the week of Sep 3, 2007, as prices remained at US$1700/MT. Conventionally, these months are high demand season for Christmas, but this year has seen subdued demand for Chinese products as global toy makers chose to recall Chinese toys globally. Buyers preferred to be in the sideline and wait to act in response to the direction of the future market. With the continuance of lull for Made in China goods, producers will attempt to sell more cargoes toward non-Asian countries, instead of lower their offers.

Polymer - GPPS

Price for GPPS rose marginally, and remained range bound between US$1470-1475/MT in Asia in the week of Sep 3, 2007, as PS market sentiments softened. The market remained low key despite a rise in feedstock SM prices. Demand from China continues to be restrained and few transactions have been recorded even at this low price range. This can be because PS demand continues to wane in China as an effect of the global recall of Chinese toys.

Polymer - PVC

PVC prices rose by ten dollars to US$1040/MT levels in Asia in the week of Sep 3, 2007. However, tight supplies in Non Asian markets and strong global demand has led to a hike in price of PVC cargoes to Middle East and other regions for the September shipment supported by. PVC prices are expected to mellow down as global buyers are being watchful in accepting high PVC offer prices ahead on the approaching slow demand season.

Polymer - PP

PP markets remained lackluster and remained a laggard at last weeks' price of US$1400/MT in Asia in the week of Sep 3, 2007. Producers attempted to hike prices, and offers were quoted at US$1410-1425/MT levels, but PP markets remained subdued due to thin transactions on quiet market conditions seen in China.

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POLYMERS - LLDPE

Prices for LLDPE steadied at last weeks' US$11410/MT in Asia in the week of Sep 3, 200. Restrained demand from Chinese buyers did not let prices advance despite a 10-20 dollar hike bid by suppliers. LLDPE offers for September shipment from S.Korea and Taiwan rose to US$1410-1420/MT, but overall buying sentiment remained pegged at no more than US$1390/MT.

POLYMERS - LDPE

LDPE prices steadied at last week's level of US$1550/MT in the week of Sep 3, 2007 in Asia. Sustained by lackluster buying interest, market sentiments for LDPE remained stagnant in Asia. September offers by Asian suppliers were pegged higher by US$20-30/MT, while Middle Eastern offers were pegged about 15-20 dollars higher.

POLYMERS - HDPE

HDPE prices stabilized at last weeks' level of US$1425/MT in Asia in the week of Sep 3, 2007. Selling price was heard quoted 10-15 dollars more, but prices resisted a gain as buyer intentions were pegged lower in anticipation of a price dip as they continue to believe that HDPE market prices have almost peaked and have nowhere to go but southwards.

STYRENE MONOMER

Styrene Monomer prices in Asia stabilized at last weeks' level of US$1390/MT in the week of Sep 3, 2007. Prices continued to maintain themselves despite a fifteen dollar dip in f eedstock benzene prices.

PROPYLENE

Propylene offers ploughed through at around last weeks' level of US$110-1115/MT in Asia in the week of Sep 3, 2007. End user demand has been lame as buyers from China preferred to “wait and watch” for a down-adjustment of offer prices. Downstream PP market continues to lose upward momentum, further reducing demand for propylene. On the supply side- The Chinese market has been affected by the arrival of cargoes from Japan. This supply surplus is being coupled with reluctance to lower prices below last week's levels on behalf of South Korean producers, as they perceive a drop in supplies from Taiwan, as Formosa has delayed the restart of its troubled no.1 naphtha cracker at Mailiao. For the rest of the month, market supply is likely to be tightened on account of upcoming turnaround outages at propylene units in S. Korea and Japan. However, relatively higher inventories available with Japanese traders could balance out the expected supply crunch.

ETHYLENE

Ethylene prices in Asia dropped by almost 40 dollars to US$1240/MT in the week of Sep 3, 2007. Asian ethylene market continued to maintain a downbeat mood on account of several reasons. Serious compressor trouble has forced Formosa to defer the restart of its no.1 naphtha cracker to the third week of this month. However, the market did see increasing supply from Middle Eastern producers, but offer price dipped to as low as 1215/MT as most buyers preferred to wait and watch, on expectations of increasing supply of cargo from Iran. The supply from the Middle East was caused by problems at a MEG plant in Saudi Arabia, leading to a supply glut being diverted as exports to Asia.

EDC

EDC prices in Asia, that had spiked in the last weeks of August, stabilized at US$480/MT in Asia in the week of Sep 3, 2007. Despite stringent supplies across the region, prices did not show much movement as demand from vinyl producers in China weakened on account of planned annual maintenance turnaround at several VCM plants in the region. Sellers indicated prices at least US$40-50/MT lower versus buyer bids at US$460/MT.

POLYMER FEEDSTOCK - VCM

VCM price spiked to US$860/MT level in Asia in the week of Sep 3, 2007. Stringent supplies in the region have led to a 10-20 dollar hike in the price of VCM for the week. Deficient inventories have caused Japan's Tosoh to defer VCM exports for September. Offers for the rest of the month were pegged higher at US$870-880/MT, but buying interest from downstream PVC manufacturers in China waned and caused VCM prices to linger around US$840-850/MT. It seems that the sellers will prevail in this situation of “who will relent first” as they seem unwilling to lower their offers because of limited cargoes.

NAPHTHA

Strong crude oil prices have led to robust naphtha prices in Asia in the week of Sep 3, 2007. Naphtha prices in the Asian market for second half of October delivery closed at USD667/MT this week. Earlier this week, naphtha prices strengthened to US$680/MT levels, but prices closed much weaker at the end of the week.

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

SUMMARY Crude oil futures spiked to a four week high, rising to US$74.04 a barrel for October delivery in the week of Sep 3, 2007 on the New York Mercantile Exchange, on account of a sudden drop in inventories. Naphtha rose in line with robust crude prices. Ethylene prices dropped sharply as the market continued to maintain a downbeat mood. Propylene prices rose marginally . S tyrene monomer (SM) prices stagnated despite a drop in benzene prices. EDC prices stagnated at last weeks' level, while stringent supplies in the Asian region have supported a hike in VCM prices . All the polyethylenes, PP and ABS. PVC prices rose in line with higher VCM prices and GPPS prices rose marginally.
CRUDE OIL Spiking by almost 4%, c rude oil for October delivery rose to its highest closing price in over 4 weeks to US$74.04 a barrel in New York, in the week of Sep 3, 2007. A larger than expected drop in US oil and gasoline inventories, reported by the Energy Department, has led crude oil market to a bullish trend. Crude oil strength was also bolstered by concerns about a storm in the Atlantic Ocean- Felix. Felix has rapidly strengthened into a dangerous Category 5 hurricane and churned through the Caribbean Sea on a path toward Central America, where it is forecast to become a "potentially catastrophic" storm.

Oltchim to commence negotiations for acquisition of Petrochemicals Arges

Oltchim Ramnicu Valcea is to commence negotiations for the acquisition of Petrochemicals Arges.Petrochemicals Arges encompasses petrochemical operations of Romanian oil firm Petrom's Arpechim Pitesti refinery.

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Canadian export credit agency lends US$100 million to RIL

Export Development Canada, a Crown corporation that acts as an export credit agency, has announced its US$100 million participation in a 10-year, US$2 billion syndicated loan for petrochemical company Reliance Industries Limited (RIL) of India.

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GE completes sale of plastics business

General Electric Co. has completed the US$11.6 bln sale of its plastics division to Saudi Basic Industries Corp. (SABIC). In recent years, GE Plastics' performance results have afflicted by the rising costs of natural gas and raw materials since 2004. Profits for the division fell by 22% to US$674 mln in 2006.

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Active and intelligent packaging demand in the US forecast to grow at 13% pa

Active and intelligent packaging demand in the US is forecast to grow by 13% pa to US$1.1 bln in 2011, as per a report by Freedonia Group.

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USA to see an uptrend in demand for flame retardants

Demand for flame retardants in USA is to rise by 3% pa to 1.2 billion pounds in 2011, at a market value of just over US$1 bln, as per a report by Freedonia.

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Ineos removes force majeure on LDPE from Cologne

Ineos Polyolefins has removed force majeure (FM) on its LDPE production at Cologne, Germany, after repairs have successfully carried out. The force majeure was declared in May 2007 after one of the lines faced problems caused by a minor ethylene leakage at the same time that the other line was undergoing maintenance.

Conference on Fire Resistance in Plastics

AMI is pleased to announce the second edition of Fire Resistance in Plastics, to take place from 19-21 November 2007 in Cologne, Germany. This unique business conference and exhibition is for all companies involved in flame retardancy and offers the opportunity to learn about the latest developments that will influence the industry.

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Antimicrobial acetal copolymers for injection molding and extrusion

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

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Enterprise to expand polymer grade propylene capacity 73,000 bpd

Enterprise Products Partners L.P. has successfully installed its fourth propylene fractionator at the partnership's Mont Belvieu, Texas complex that is now in service.

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Daewoo to build HDPE plant for a unit of PTT PCL

South Korean company- Daewoo Engineering Co has been awarded a US$130 mln order to build a high density polyethylene (HDPE) plant for a unit of PTT PCL , Thailand's biggest energy firm. Daewoo will build the 250,000 tpa HDPE plant in an industrial complex about 200 kms southeast of Bangkok. The project is scheduled for completion by October 2009.

Indian Oil Corp. (IOC) sells naphtha from Kandla and Dahej

State-run Indian Oil Corp. (IOC) has sold 180,000 tons of naphtha to be loaded from Kandla between October 2007 and March 2008 to Emirates National Oil Co (ENOC) at an US$8/ton premium to its price formula, free-on-board (FOB) basis, as per a trading source.

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Oil prices rise to US$73

Oil prices, that steadied at lower levels in the previous session on slower than expected economic growth figures and profit-taking, have moved up marginally to US$73. Light, sweet crude for October delivery inched up to US$73.47 a barrel in Asian electronic trading on the New York Mercantile Exchange, early morning in Singapore.

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Huntsman and Lignol in MOU to develop applications for high purity lignin HP-L ™

Huntsman has reiterated its continuing commitment to explore the use of bio-renewable components both for feedstock and for product applications. In pursuit of its belief that lignin, an agricultural by-product has significant potential in the chemical industry, Huntsman has signed an MOU with Lignol.

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Cosmetic packaging concept embodies complex technologies

The latest luxury cosmetics packaging concept developed by RPC Beauté has highlighted its expertise in complex project management and technologies.

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India could emerge as regional petrochem hub

Tata Strategic Management Group expects India to emerge as a regional petrochemical production hub in next five to seven years, leading to increase in availability of base petrochemical products for downstream applications coupled with increased supply of organic chemical raw materials like olefins and aromatics at globally competitive costs.

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PKN Orlen to invest 1 bln eur in new petrochem facility

PKN Orlen , Poland's largest oil company, plans to invest 1 bln euro in several petrochemical units projected to come onstream in 2010. 60% investment will be for PTA unit and 40% for PX.

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Royal Dutch Shell in talks with Dow to develop petrochemical plant in Iraq?

Anglo-Dutch oil company Royal Dutch Shell is reportedly to be in talks with Dow Chemical to develop an Iraqi petrochemical plant for US$2.1 billion. The plant is to be based in the southern city of Basra, and would therefore rely on the city's 120,000 bpd refinery for its feedstock.

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Malaysian plastic manufacturers pass part of rising resin costs to users

Rising prices of major types of plastic resins, both local and imported, have had an adverse effect on plastics processors in Malaysia.

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Bayer MaterialScience to transfer 50% share in EXATEC

In a decision to carry out independent development of polycarbonate automotive glazing, Bayer AG plans to transfer its share in EXATEC.

EXATEC was founded in 1998 as a 50-50 joint venture between Bayer and GE with the aim of developing technologies to produce automotive glazing systems from polycarbonate. Bayer MaterialScience AG will transfer its 50% shareholding in EXATEC to partner GE Plastics.

Datang plans to invest US$2.14 bln in coal-to-chemicals project

Chemical prices, that have been hovering at robust rates, do not seem to waning. Prices seem set to remain strong on the back of healthy economic growth in Asia, particularly China. China's second-largest listed electricity producer - Datang International Power Generation Co. Ltd., plans to invest US$2.14 bln in a coal-to-chemicals project currently under development in northern China.

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New technology recovers high-purity PP from appliance waste

A new technology to separate and recover high-purity polypropylene (PP) from waste plastic components collected from four appliances - TVs, air conditioners, refrigerators and washing machines, has been developed by Sharp Corporation. Sharp will first adopt this technology for the exterior components of refrigerators in September 2007.

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GCC and EU to sign FTA deal by November 2007

The six-member Gulf Cooperation Council (GCC) is expected to sign the long-awaited free-trade agreement (FTA) with the European Union by October or November this year. However, the next round of negotiations in Brussels would be crucial to the conclusion of this vital accord.

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