Strong performance by PTA strengthens spot paraxylene prices in Asia

After two weeks of stagnancy, spot paraxylene (PX) values for February delivery spiked by about fifteen dollars to US$1125-1135/MT CFR China Main Port (CMP) as per ICIS. News from China, Taiwan and Soouth Korea point to strong performance by key downstream purified terephthalic acid (PTA) that has boosted regional PX prices.

For more details on Strong performance by PTA strengthens spot paraxylene prices in Asia click here

RIL raises Rs 2675 crore by selling 25.85 mln treasury stocks to LIC

Reliance Industries has raised Rs 2,675 crore by selling 25.85 mln treasury stocks to state-owned Life Insurance Corporation, which is the largest institutional shareholder in the company with a 6% sttake.

For more details on RIL raises Rs 2675 crore by selling 25.85 mln treasury stocks to LIC click here

LG Chem's deployment of aspenONE Advanced Process Control leads to US$4 mln annual operational savings

LG Chem's deployment of aspenONE Advanced Process Control has resulted in US$4 mln of annual operational savings, while also helping the chemical company achieve its operational excellence goals.
Att the Daesan ethylene facility, the AspenTech Services team's implementation of aspenONE APC delivered a 2% increase in ethylene and propylene production, and reduced total NCC energy consumption 1.

For more details on LG Chem's deployment of aspenONE Advanced Process Control leads to US$4 mln annual operational savings click here

Naphtha and petrochemical feedstock markets open on a high note in 2010

Naphtha prices in Asia have opened on a high note in 2010. Strengthened by robust petrochemical demand from China, prices are expected to climb higher this week. Additionally, Asia is also faced with low arbitrage supply as frigid temperatures in Europe hamper shipments to the East.

For more details on Naphtha and petrochemical feedstock markets open on a high note in 2010 click here

Polimerica awards reimbursable FEED contract for ethylene plant to Technip

Technip SA has been awarded by Polimerica, a reimbursable contract to perform the front end engineering design (FEED) for a new ethylene plant, planned with a capacity of 1.3 mln tpa. The ethylene uniit will be part of a new petrochemical complex to be built in Jose, Venezuela, at an investment of US$3.

For more details on Polimerica awards reimbursable FEED contract for ethylene plant to Technip click here

Domestic Chinese PVC makers hike offers for acetylene and ethylene based PVC in New Year

Post New Year holidays, domestic Chinese PVC producers have increased offer levels for both acetylene and ethylene based PVC in China, as per Chemorbis. These producers point to the better market senttiment, tight supply situation, their lack of inventory pressure and higher production costs have been the reasons cited for the increase amid severe weather conditions that caused by a heavy snowfall.

For more details on Domestic Chinese PVC makers hike offers for acetylene and ethylene based PVC in New Year click here

First trading day of 2010 brings price hikes to Asia’s local PE markets

In line with market expectations, domestic price increases were witnessed in markets of China and Southeast Asia on the first trading day of 2009, as per Chemorbis. In addition to bullish market sentiiments, factors such as persistently firming upstream costs, expectations of supply constraints and reports of better end product demand from the packaging sector have all contributed to the recent price hike.

For more details on First trading day of 2010 brings price hikes to Asia’s local PE markets click here

BASF restarts ethylene cracker at Antwerp, Ludwigshafen cracker due onstream shortly

Germany's BASF has restarted operations at its 1 mln tpa ethylene cracker located at Antwerp, Belgium. Shut since December 20th on account of a fire, the cracker has commenced at the start of the neww year.

For more details on BASF restarts ethylene cracker at Antwerp, Ludwigshafen cracker due onstream shortly click here

UAE's total polyolefin capacity to rise to 4.5 mln tpa by end-2013

Abu Dhabi Polymers Company (Borouge) is pressing ahead with its plans of a third phase of development that should boost the emirate's total polyolefin production capacity to 4.5 mln tpa by end-2013, mmaking it one of the world's top 10 polyolefins producers.

For more details on UAE's total polyolefin capacity to rise to 4.5 mln tpa by end-2013 click here

Crude oil futures start the New Year above US$80

Light, sweet crude futures for delivery in February traded at US$80.09 a barrel on the Nymex. Weather forecasters predict that the winter of 2010 may be especially cold. Crude oil futures rose above $$80 on the first trading day of 2010 as an anticipation of a colder-than-expected winter lifted expectations of stronger oil and natural gas demand in USA.

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Lack of adequate feedstock, poor business atmosphere weaken recovery in Indonesian polymer output

Lack of adequate feedstock and a poor business environment are undermining the recovery in Indonesian polymer output, according to a report by Business Monitor International (BMI).
In 2009, the Indoonesian petrochemicals industry had olefins production capacities of 620,000 tpa ethylene and 655,000 mln tpa propylene.

For more details on Lack of adequate feedstock, poor business atmosphere weaken recovery in Indonesian polymer output click here

LDPE from West Europe offered at almost €1000/ton in Turkey

West European producers have spiked January LDPE offers to Turkey as compared with the last reported price levels to €970-1000/ton CFR Turkey, cash as per Chemorbis.
A source at one West European prroducer reported a hike in prices to €1000/ton, that was met with resistance from Turkish buyers for now.

For more details on LDPE from West Europe offered at almost €1000/ton in Turkey click here

Domestic PE producers increase prices in China on last day of 2009

Following price hikes implemented earlier this week triggered by rising crude oil futures, further increases were reported inside China from domestic producers, as per Chemorbis. In the south, Sinopecc raised LDPE film by CNY550-700/ton (US$81-103/ton) and LLDPE by CNY200/ton (US$29/ton).

For more details on Domestic PE producers increase prices in China on last day of 2009 click here

January offers for South European LDPE film into Egypt higher

January offers by a trader for South European LDPE film into Egypt are being heard at US$1450-1470/ton CIF Alexandria as per Chemorbis. This is a much higher offer as compared with the same material tthat was offered for the same port last month at US$1350-1380/ton, 90 days deferred payment basis for December.

For more details on January offers for South European LDPE film into Egypt higher click here

Tight supplies in Asia for LLDPE film grade

Over the past few weeks, Polyethylene prices have been on the rise in Asia amid tight supplies and higher upstream costs as per Chemorbis. Restricted avails, particularly for LLDPE film have been wittnessed, as several major Asian producers claim to have no LLDPE to offer currently, as several buyers are raising complaints of a lack of availability.

For more details on Tight supplies in Asia for LLDPE film grade click here

New bypass grafts from nano polymers mimic pulsing of blood vessels, deliver nutrients to tissues

London's Royal Free Hospital researchers have developed a strong, flexible, and resistant to blood clotting artificial artery that pulses rhythmically to match the beat of the heart. The new bypass grrafts, made from nano polymers can imitate the natural pulsing of human blood vessels, thus delivering nutrients to body tissues.

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South Korea's reliance on naphtha could cause problems over the medium term

South Korea's reliance on naphtha could cause further problems over the medium term as lower cost ethane-fed crackers come online in the Middle East, the Chinese economy moderates over the forecast peeriod and petrochemicals prices stabilise, as per a report by BMI.

For more details on South Korea's reliance on naphtha could cause problems over the medium term click here

First stage of Russia’s biggest petrochem facility to be commissioned in Nizhnekamsk in 2010

The first stage of Russia’s biggest petrochemical facility will be commissioned in Nizhnekamsk in 2010. Installation and setting-up of the technological equipment will be completed by October 2010, too prepare the facility for commissioning.

For more details on First stage of Russia’s biggest petrochem facility to be commissioned in Nizhnekamsk in 2010 click here

Massive increase in capacities in Singapore over next two years

The Singaporean petrochemicals industry is set to witness a massive increase in capacities in 2010 and 2011, but over-supply in the Chinese market may put pressure on margins and sales in the near terrm, according to a report by Business Monitor International (BMI).

For more details on Massive increase in capacities in Singapore over next two years click here

A 25 month, US$200 mln loan secured by Oman Refineries

In a move to refinance its working capital needs, state-run Oman Refineries & Petrochemicals Co. (ORPC) has secured a US$200 mln loan from Oman's Bank Muscat. The maturity of the loan will be in 25 yeears.

For more details on A 25 month, US$200 mln loan secured by Oman Refineries click here

Chinese self-sufficiency to impact France Petrochemicals market

France is shedding petrochemicals capacity as the recession bites deep into revenue, forcing plant closures. As a result, BMI's report forecasts a 15-20% drop in petrochemicals output, which is more tthan twice the 7% decline forecast by France's chemical industry association, Union des Industries Chimiques (UIC).

For more details on Chinese self-sufficiency to impact France Petrochemicals market click here

China could become dependent on petrochemicals import in the long run

China may become dependent on petrochemicals import in the long run as it plans short term measures to curb over-capacity, as per Business Monitor International (BMI).
In H1-09, ethylene output was down 6.

For more details on China could become dependent on petrochemicals import in the long run click here

Effort to close parts of key Midwest waterway could hurt the US economy

A multi state effort to close a Midwest waterway prevent the invasive species Asian carp from reaching Lake Michigan, could hurt the US Economy, as per a business-lobby group. Michigan's attorney geneeral, backed by Ohio and Wisconsin, has filed a suit calling for the closure of two locks in a system that links the lake to the Mississippi River on rising concerns that if the Asian carp reach the lakes, the annual US$7.

For more details on Effort to close parts of key Midwest waterway could hurt the US economy click here

GSCSF switches to polypropylene bags for packing sugar as jute mill workers strike continues

At an annual general body meeting, Gujarat State Federation of Cooperative Sugar Factories (GSCSF) has decided to use polypropylene bags for packing sugar. This decision was prompted by a prolonged sttrike by jute mill workers since December 14, in West Bengal that has led to a shortage in the supply of jute bags in Gujarat.

For more details on GSCSF switches to polypropylene bags for packing sugar as jute mill workers strike continues click here

African polymer producers keen to return to margins of early 2008

African polymer producers are keen to return to early-2008 margin levels in 2010, and most are resolute that price rise is necessary to recoup losses. They continue to face several major hurdles in 20010 as they try to recover “unsustainable” margins in an uncertain market as per ICIS.

For more details on Africa polymer producers keen to return to margins of early 2008 click here

India-S Korea trade agreement to eliminate tariffs on 7,044 goods including naphtha, polycarbonate

A trade agreement between Asia's third- and fourth-largest economies- India and South Korea will eliminate tariffs on 7,044 goods traded between the two countries with effect from Jan 1, 2010. Under tthe pact, India is to eliminate or phase out duties on 71.

For more details on India-S Korea trade agreement to eliminate tariffs on 7,044 goods including naphtha, polycarbonate click here

Cracker maintenance shutdown delayed by PTT Chemical by two months to February

PTT Chemical PCL has delayed by two months, plans to shut for maintenance, its 461,000 tpa ethane cracker to February. Currently, the company is focused on trial runs at its new 1 mln tpa cracker scheeduled to start up in early 2010.

For more details on Cracker maintenance shutdown delayed by PTT Chemical by two months to February click here

Crude oil rises by 79% in 2009 – the biggest annual gain since a decade

Crude oil for February delivery rose to US$79.85 a barrel on the Nymex. Rising for the seventh consecutive day, crude oil prices have increased to just below US$80/barrel, and seems set for the largesst annual price gain since a decade.

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Braskem and Petroleo Brasileiro could be close to acquisition of Quattor

Brazilian petrochemicals producer Braskem SA and Petroleo Brasileiro SA (Petrobas) could be close to the acquisition of Quattor Petroquimica SA. Braskem is likely to acquire 51% stake with the balancee being taken by Petrobras.

For more details on Braskem and Petroleo Brasileiro could be close to acquisition of Quattor click here

Despite lull, PVC prices likely to remain firm at the start of 2010 on high feedstock costs

Asian polyvinyl chloride (PVC) prices are likely to remain firm at the start of next year due to high feedstock costs despite a seasonal lull in demand as per ICIS. Asian PVC prices have increased by around 7.

For more details on Despite lull, PVC prices likely to remain firm at the start of 2010 on high feedstock costs click here

EMMBI Polyarns to launch IPO in January 2010

Flexible packaging maker EMMBI Polyarns plans to raise Rs 45-crore through an initial share sale next month, the proceeds of which will be used to augment its production capacity. The company plans too utilise the proceeds from the proposed issue to set up a new polymer processing plant in Silvassa besides to scale up the production capacity of the two existing plants.

For more details on EMMBI Polyarns to launch IPO in January 2010 click here

Further closure of petrochem plants likely in USA amid competition from Middle East and Asia

The US petrochemicals industry will emerge from recession leaner than before following a string of plant closures, but further closures may be in the offing as producers struggle with competition fromm Asia and the Middle East.

For more details on Further closure of petrochem plants likely in USA amid competition from Middle East and Asia click here

Large South Korean conglomerate Kumho Asiana faces shortage of cash

Faced with a cash crunch, Kumho Asiana Group, one of the biggest conglomerates in South Korea, has decided to sell a controlling stake in its construction business to a state-owned bank for US$2.5 blnn.

For more details on Large South Korean conglomerate Kumho Asiana faces shortage of cash click here

Worries that inflation could derail economic growth in India, China in 2010

The year 2009 was an unexpectedly strong year for the chemical industry in Asia. A strong recovery in Chinese consumption resulted in record-high petrochemical and polymer imports coupled with a boomiing Indian market that is currently much more self-supplied as per ICB in ICIS.

For more details on Worries that inflation could derail economic growth in India, China in 2010 click here

Oil prices spike past US$79, rising for the sixth consecutive day

Oil prices have risen for the sixth consecutive day in Asia, rising past US$79 a barrel, but briefly traded lower after an American Petroleum Institute report of an increase in US inventory levels by 1.

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Oil Refineries concludes acquisition of Carmel Olefins

Israel's largest oil refiner Oil Refineries Ltd. (ORL) has completed the acquisition of balance shares of Carmel Olefins. The companies have completed the transaction announced in October 2009 regardiing the signing of an agreement with Israel Petrochemical Enterprises Ltd.

For more details on Oil Refineries concludes acquisition of Carmel Olefins click here

China-SE Asia’s FTA to open market of 1.7 bln consumers – making it the world’s largest FTA

With effect from January 1, 2010, China and Southeast Asia will embark on a free trade agreement (FTA) that will rival the EU-North American FTA in terms of value and surpass those markets in terms off population.

For more details on China-SE Asia’s FTA to open market of 1.7 bln consumers – making it the world’s largest FTA click here

South Korea posts a US$4.3 bln current-account surplus on increased exports of petrochem, semiconductors

In November, South Korea has posted a current-account surplus of US$4.3 bln for the tenth month, on increased exports of petrochemicals and semiconductors. The current account is the broadest measure of trade in South Korea, tracking the flow of goods, services and investment income.

For more details on South Korea posts a US$4.3 bln current-account surplus on increased exports of petrochem, semiconductors click here

Naphtha prices in Asia at a four-week high

Naphtha prices in Asia have peaked to a four-week high as strong fundamentals continue to boost sentiments. Demand for polymers continues to be strong in China and has kept crackers in Asia running att high rates despite additional capacities coming onstream in China.

For more details on Naphtha prices in Asia at a four-week high click here

Crude oil prices on the rise on signs of economic recovery and cold weather

Crude oil futures rose to US$78 per barrel on the Nymex on encouraging signs of an economic recovery, a cold wave and unrest in Russia and Iran. Climbing by over 75% this year so far, crude oil is esttimated to peak past US$80 by year end.

For more details on Crude oil prices on the rise on signs of economic recovery and cold weather click here

Firm start for global polyolefin prices in 2010 with bullish feedstock costs

A firm start is expected for polyethylene in global markets amid persistently rising feedstock costs. Softer demand in Southeast Asia has been seen in the last few weeks of the year. This is because oof the impending implementation on January 1, of the ASEAN-6 free trade agreement, which will largely eliminate duties/tariffs on polymers.

For more details on Firm start for global polyolefin prices in 2010 with bullish feedstock costs click here

SABIC teams up with state fund for US$2.67 bln bond issues

Saudi state-controlled petrochemicals giant SABIC is opting for its first private bond placement to raise 10 bln riyals (US$2.67 bln) to boost its finances and fund expansion plans. Proceeds from the bonds, which will carry maturities of seven years, will help raise financing performance, boost competitiveness and contribute to achieve the company's expansion strategy.

For more details on SABIC teams up with state fund for US$2.67 bln bond issues click here

Bankruptcy Court approves Tronox's alternate plan to Huntsman proposal

Leading producer and marketer of titanium dioxide pigment- Tronox Incorporated has cancelled the auction in connection with its proposed sale of assets to Huntsman Corp. and, received an interim orderr from the U.

For more details on Bankruptcy Court approves Tronox's alternate plan to Huntsman proposal click here

Linde to build two olefin plants in Western Siberia

The Linde Group has won several key contracts for plant engineering and gas supply projects in Russia. Under the terms of these unrelated deals, Linde is building two olefin plants for two chemical cuustomers in Western Siberia.

For more details on Linde to build two olefin plants in Western Siberia click here

Middle Eastern and Indian polyolefin producers margins could erode in 2010

The massive petrochemicals capacities due onstream in 2010 in the Middle East are likely to lead to a supply glut, leading to erosion of margins for polyolefins players in the Middle East and India coompared to 2009 as per ICIS.

For more details on Midddle Eastern and Indian polyolefin producers margins could erode in 2010 click here

Chemtura to sell global PVC additives business to SK Capital

Chemtura Corporation, has entered into a definitive agreement with SK Capital Partners to acquire Chemtura's global PVC Additives business. SK Capital is a New York-based private equity firm focusing on the specialty materials, chemicals and healthcare industries.

For more details on Chemtura to sell global PVC additives business to SK Capital click here

Plantic to set up manufacturing in USA in collaboration with National Starch LLC

Plantic Technologies Limited and National Starch LLC have announced a collaboration to establish a site for the manufacture of Plantic products in the USA. This covers the relocation of one of Planticc's existing proprietary manufacturing lines from Australia to USA, and a new manufacturing facility in USA.

For more details on Plantic to set up manufacturing in USA in collaboration with National Starch LLC click here

Polyone acquires specialty healthcare engineered materials provider

PolyOne Corporation has acquired substantially all of the assets of specialty healthcare engineered materials provider New England Urethane, Inc. (NEU). The purchase price of US$12 mln includes an earrn-out payable in 2011.

For more details on Polyone acquires specialty healthcare engineered materials provider click here

Sinopec completes construction of 1 mln tpa ethylene project at Zhenhai refinery

Sinopec has completed construction on an ethylene project at the Zhenhai refinery in Ningbo, Zhejiang Province. The project will have capacity to produce 1 million tpa of ethylene and has been built aat a total investment outlay of of RMB 23.

For more details on Sinopec completes construction of 1 mln tpa ethylene project at Zhenhai refinery click here

Thai PTT to complete plan to consolidate refining, petrochemical businesses by Q1-10

PTT PCL is on the verge of conclusion of a closely watched plan to consolidate its refining and petrochemical businesses by Q1-2010. Since November 2009, Thailand's top energy firm’s consolidation plaan has been on hold due to a court order to suspend 65 projects at the Map Ta Phut industrial estate, Rayong.

For more details on Thai PTT to complete plan to consolidate refining, petrochemical businesses by Q1-10 click here

Improved outlook for polymers in Europe but run rates to remain low

Plants and production sites across Europe have been running significantly below capacity in a bid to cope with lower demand. Improvement in demand is anticipated in 2010, but utilisation is expected tto remain below pre-economic-slowdown levels as per ICIS.

For more details on Improved outlook for polymers in Europe but run rates to remain low click here

Polyethylene prices to have firm start in 2010 with bullish feedstock costs

Majority of market players anticipate a firm start for polyethylene in global markets amid persistently rising feedstock costs.
Softer demand in Southeast Asia has been seen in the last few weeks off the year.

For more details on Polyethylene prices to have firm start in 2010 with bullish feedstock costs click here

Naphtha prices to remain strong in 2010

Demand from the Asian petrochemical sector remained strong with cracker operators running their plants at high rates amid improved margins for downstream polymers driven by strong demand from China ass per ICIS.

For more details on Naphtha prices to remain strong in 2010 click here

Saudi Kayan inks preliminary agreement with Daelim for petrochemical plant in Jubail

Saudi Kayan Petrochemical Company has signed a letter of intent with South Korea's Daelim Industrial Company to build a petrochemical plant in Jubail. The plant will have the capacity to produce 300,0000 tpa low density polyethylene, and will be part of Kayan's giant petrochemical complex.

For more details on Saudi Kayan inks preliminary agreement with Daelim for petrochemical plant in Jubail click here

Thai govt supports appeal to lift suspension of 19 projects in Rayong

In a bid to shake off the negative sentiment in the market, the Thai national government has supported the appeal to lift suspension on some of the 65 major projects in Mab Ta Phut, Rayong province, aas per ICIS.

For more details on Thai govt supports appeal to lift suspension of 19 projects in Rayong click here

RIL raises cash component almost threefold for LyondellBasell acquisition offer

Reliance Industries Ltd has raised by three fold, its cash component for its acquisition offer for LyondellBasell. The cash component of RIL’s US$12 bln non-binding proposal for the acquisition of thee bankrupt LyondellBasell has been increased from US$2 bln to US$5-6 bln.

For more details on RIL raises cash component almost threefold for LyondellBasell acquisition offer click here

Formosa to continue to expand to improve competitiveness in 2010

Taiwan's sole privately run oil refiner - Formosa Petrochemical Corp., plans to improve company competitiveness in preparedness for the anticipated robust demand for its petrochemical products throughh the middle of 2010.

For more details on Formosa to continue to expand to improve competitiveness in 2010 click here

Oil prices rise on larger-than-expected drop in US energy stocks, OPEC oil output unchanged

Oil prices ended the previous week on an optimistic note, rising by over a dollar as energy stockpiles showed a larger than expected drop amid an intense cold wave in USA. New York's main futures conttract, light sweet crude for delivery in February, rose by US$1.

For more details on Oil prices rise on larger-than-expected drop in US energy stocks, OPEC oil output unchanged click here

LyondellBasell creditors seek to expand examiner's probe to ensure fair evaluation of proposals from potential suitors

Creditors of bankrupt Lyondell Chemical Co asked a US judge to expand an investigation by a court-appointed examiner to ensure the petrochemicals company is fairly evaluating proposals from potential suitors.

For more details on LyondellBasell creditors seek to expand examiner's probe to ensure fair evaluation of proposals from potential suitors click here

Power outage affects operations at Yanbu, deliveries unaffected

A power outage caused by storm and heavy rains in Yanbu has affected operations at Saudi Basic Industries Corp's (SABIC) petrochemicals plants in Yanbu. Deliveries, however remain unaffected. Operatioons at Yansab, Ibn Rushd and Yanpet plants were halted temporarily.

For more details on Power outage affects operations at Yanbu, deliveries unaffected click here

Formosa Petrochemicals mulls collaboration with Sinopec

As relations between Taiwan and the Mainland begin to thaw, Taiwan's Formosa Petrochemical could consider cooperation with China's Sinopec. The tie up will be for the manufacturing business with the TTaiwanese anticipating a majority control.

For more details on Formosa Petrochemicals mulls collaboration with Sinopec click here

Fire at second cracker at BASF’s European facilities

BASF has shut down it’s second European steam cracker after a blaze broke out at the smaller of its two ethylene crackers in Ludwigshafen broke out. The fire has been doused and no injuries have been reported.

For more details on Fire at second cracker at BASF’s European facilities click here

BASF’s Antwerp cracker goes offline after fire

BASF has shut down the 1.08 mln tpa cracker at Antwerp temporarily after a fire over the weekend at BASF Antwerpen. A blaze touched off by a leak in a naphtha feed line triggered the fire Sunday morniing and was brought under control in early afternoon.

For more details on BASF’s Antwerp cracker goes offline after fire click here

Saudi Kayan receives four bids in a retender to build petrochem plant in Jubail

Saudi Kayan Petrochemical Co has received four bids in a retender to build a petrochemical plant at its complex in Jubail. These four tenders for the 210,000 tpa plant are from South Korea's Hyundai EEngineering and Construction as well as Daelim Industrial Company, Taiwan's CTCI and U.

For more details on Saudi Kayan receives four bids in a retender to build petrochem plant in Jubail click here

Daelim Industrial Co awarded contract by Maaden for preliminary work on Jubail petrochemicals project

Saudi Arabian Mining Co (Maaden) has shortlisted South Korea's Daelim Industrial Co for preliminary work on its Jubail petrochemicals project. Construction of the project, a joint venture with Sahara Petrochemicals Co, is expected to be completed in Q3-2012.

For more details on Daelim Industrial Co awarded contract by Maaden for preliminary work on Jubail petrochemicals project click here

KPPC’s aromatics complex officially commences commercial operations

Equate Petrochemical Company has announced that the Aromatics Complex of Kuwait Paraxylene Production Company (KPPC) has officially commenced commercial operations. The US$2 bln state of the art compllex, which is located in Kuwait’s Shuaiba Industrial Area, is to produce paraxylene (PX) and benzene.

For more details on KPPC’s aromatics complex officially commences commercial operations click here

Indian Oil Corp fetches very high premiums for naphtha for Q1 lifting to Itochu

Indian Oil Corp (IOC) has fetched a very high premium on 90,000 tons of naphtha sold for Q1-2010 lifting to Itochu. The premium is six times higher than what it had fetched from Malaysia for parcels llifting in September-December on robust demand and limited supplies.

For more details on Indian Oil Corp fetches very high premiums for naphtha for Q1 lifting to Itochu click here

Celanese Acquires Long-fiber Thermoplastics Business of FACT

Texas based leading global chemical company Celanese Corporation has acquired the long-fiber reinforced thermoplastics (LFT) business of FACT GmbH (Future Advanced Composites Technology) of Kaiserslauutern, Germany, a business unit of The Ravago Group.

For more details on Celanese Acquires Long-fiber Thermoplastics Business of FACT click here

Borealis to stop production of rotomolding resin grades

End of March 2010 will witness the last production of all rotational molding resin grades by polyolefins giant Borealis AG. A large chunk of Borealis rotational molding resin portfolio is produced in company’s high density polyethylene plant in Beringen, Belgium, which is also scheduled for shutdown at the same time.

For more details on Borealis to stop production of rotomolding resin grades click here

Len Blavatnik promoted Access Ind terms US$12 bln offer by RIL for LyondellBasell too low

Access Industries, promoted by Russian-born billionaire Len Blavatnik, feels that the US$12 bln at which RIL has valued LyondellBasell is too low, and lacks merit. It seems that Reliance Industries (RRIL) will have to rethinks its initial offer, as it’s bid fails to factor in the potential turnaround gains of the bankrupt petrochemicals-maker.

For more details on Len Blavatnik promoted Access Ind terms US$12 bln offer by RIL for LyondellBasell too low click here

Crude oil rises amid optimism of demand rise on recovery of global economy

Crude oil for January delivery rose to US$73.43 in electronic trading on the New York Mercantile Exchange. Crude oil prices have risen to levels of US$73 amid optimism of demand increase as the globall economy recovers.

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Limited options for petrochem makers in SE Asia to defer or block the implementation of zero-tariff

Petrochemical producers in Southeast Asia have limited legal options to defer or block the implementation of a zero-tariff regime that will take effect next year, as per ICIS.
It was earlier reporteed that Singapore, Indonesia, Malaysia, the Philippines, Thailand and Brunei are the six members of the Association of South East Nations (ASEAN) that agreed, under a free trade pact to remove import duty for a range of products, including polyolefins, starting 2010.

For more details on Limited options for petrochem makers in SE Asia to defer or block the implementation of zero-tariff click here

An economical new ecological and organically sourced polyamide

Rhodia is introducing a new environmentally friendly polyamide; the organically sourced 6.10 range – as a complement to its polyamide range. In keeping with its commitments as a responsible chemical ccompany, Rhodia is developing a polyamide 6.

For more details on An economical new ecological and organically sourced polyamide click here

Eastman files suit against Indorama to protect IntegRex Technology

Eastman Chemical Company uses the the innovative IntegRex technology for the production of PET. This technology developed by the company is protected through a solid patent portfolio. Eastman has fileed a lawsuit against Indorama companies located in the United States, Europe, and Thailand in connection with their unauthorized use of IntegRex technology.

For more details on Eastman files suit against Indorama to protect IntegRex Technology click here

Antidumping duties on Thai imports of plastic shopping and grocery bags

Thai Companies Master Packaging Co. Ltd. and Thai Plastic Bags Group (TPBG) have been exporting polyethylene retail carrier bags to US. Importers in USA of this merchandise had paid negligible antidummping duty cash deposits at the time of entry will be liable for substantial additional antidumping duties.

For more details on Antidumping duties on Thai imports of plastic shopping and grocery bags click here

Nod from Korean Export Import credit agency to fund JG Summit’s P 34 bln cracker project

Korean Export Import credit agency that is the majorly funding the proposed P34.38 bln naphtha cracker in Batangas, has given the nod of approval for the project financing. As global economies recoverr, the Gokongwei Group has received the nod from the Korean Import-Export Bank, but continues to be in discussion about the financial requirements, leading to delays in project implementation.

For more details on Nod from Korean Export Import credit agency to fund JG Summit’s P 34 bln cracker project click here

Govt to boost increase economies of scale of Indian plastic industry

Help has come for the Indian plastic processing industry from the government. To make the Indian plastic industry increase economies of scale to become globally competitive as compared to processors ffrom USA, China and other countries, the Centre plans to set up plastic clusters or parks across the country.

For more details on Govt to boost increase economies of scale of Indian plastic industry click here

Sentiment in China's local PE market recover on rallying crude

Polyethylene prices in Asia, particularly China were depressed in the previous week, falling by about US$10 for HDPE, US$30 for LDPE, US$20 for LLDPE. Price of all polyethylenes has softened in Asia oon lackluster trading.

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New top coat and adhesive polyolefin materials for 3 layer steel pipe coating systems

Dow Chemical Company has introduced a new top coat and adhesive polyolefin materials for 3 layer steel pipe coating systems. DOW HDPE 12110G, a black high density polyethylene top coat material and AMMPLIFY GR 320 Functional Polymer, a grafted adhesive resin will contribute to the long term corrosion protection of oil and gas pipelines.

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Increasing competitiveness of US polyethylene terephthalate prices

US polyethylene terephthalate (PET) prices are becoming increasingly competitive globally even as contracts rise in December, as per ICIS. The lacklustre market is shrouded by slack demand and squeezeed profit margins.

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Polymer-ceramic nanocomposite for pressure and temperature sensing electronic skin

A flexible active-matrix cells with selectively poled bi-functional polymer-ceramic nanocomposite for pressure and temperature sensing skin has been developed in a joint research by the Universities oof Cambridge, Linz and Princeton along with the Joanneum Weiz and the University of Applied Science Jena.

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Nanocapsules with thin polymer shell find use in protein therapeutics

Delivery of healthy proteins directly into human cells to replace malfunctioning proteins, called protein therapy, is considered one of the most direct and safe approaches to treat diseases. Low stabiility causes the proteins to be frequently broken down and digested by cells' protease enzymes before they reach their target in the body.

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Despite yo-yoing crude oil prices, ethylene prices in Asia strengthen

Crude oil prices markets have been volatile in the month of December, swinging between US$68 and US$72. Naphtha prices also reacted in line with crude price movement sashaying between US$720 and US$6880 in the same time frame.

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Arkema's production process to be used by 1,000,000 ton PVC plant in China

Anhui Hwasu Co, Ltd, a subsidiary of the Chinese group Huaibei Mining, has opted for Arkema's production process for its new 1,000,000 ton PVC production plant in Luquiao, Anhui Province. The licensinng agreement covers the operation of the Arkema technology, basic engineering, and technical assistance for the plant's startup.

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Dollar at 3 month high vs Euro : crude falls

After climbing up by almost two dollars on the previous day, crude oil for January delivery dropped by a dollar to US$71.6 on the Nymex. A report by the Energy Department that US crude inventories decclined to the lowest since the week ended Jan.

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Polymer prices in Europe to rise on feedstock cost increases

Polyethylene producers have witnessed better than expected sales and notations in the month of December as per European Plastics News. These figures have risen beyond the increase in feedstock costs. As compared to November, PE prices were €20-30/ton higher in December as compared with the €7/ton increase in C2 costs.

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Force majeure on C2, C3 declared by Ineos at German plant

Ineos Group has declared force majeure on ethylene and propylene produced at CologneKöln plant in Germany, following the unplanned closure of Cracker 4. The unresolved technical glitch has interruptedd production since the cracker at Koln on Dec.

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Breakthrough in field of flexible memory for use in flexible screens, printed electronics

Several obstacles crowd the way to make electronic devices that are completely flexible. One of the hurdles in making distinctly inflexible and fragile electronic components bend and still function. WWork on flexible screens and printed electronics is progressing and the University of Tokyo looks to have made a significant breakthrough in the area of flexible memory.

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IRP mulls investment in PET facility in Europe

Despite the economic slowdown, Europe continues to imports about 1 mln tpa of PET. In a bid to address the substantial shortfall in Europe's PET demand, Indorama Polymers Plc is mulling an investment there.

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Maintenance shutdown planned by Mitsui Chem in 2010

Japan's Mitsui Chemicals Inc has planned a maintenance shutdown at one of its two naphtha crackers in 2010. Its cracker at Osaka will be shut in third week July for period of 5 weeks, while it will sskip maintenance at its Ichihara cracker.

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China to stick to WTO commitment: to cut import tariffs on 600 commodities in 2010

China will impose low import tariffs on more than 600 commodities in 2010 to meet its World Trade Organisation (WTO) commitment it made upon joining the organization in 2001 as it strives to restructuure its economy.

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Plans to double capacity at Thai monomer JV SCG Chemicals on hold by Mitsubishi Rayon

Of the upcoming projects at Map Ta Phut (the world's eighth-biggest petrochemicals hub) that have been stalled since September, 11 major projects have been allowed by a Thai court to resume on Wednesdday.

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January naphtha cracks in Europe turn buoyant

Driven by increased exports to Asia and cuts in refinery run rates, January naphtha cracks in Europe turned positive trading at US$1.50 a barrel. The robust surge in exports to Asia is propelling naphhtha prices.

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Increasing ethylene capacity in China will entail additional crude oil imports

Guided by the fact that 50% of China's ethylene demand has to be satisfied by imports, China's largest petrochemical producer Sinopec Corp. plans to augment its ethylene capacities. Its parent, The Siinopec Group has recently accelerated the building of ethylene capacities with a decision to build another 800,000 tpa ethylene project in Wuhan, central Hubei province; a 1 mln tpa ethylene project in Tianjin with Saudi Arabia; and a 1 mln tpa project in Zhanjiang with Qatar.

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Maintenance shutdown at Chevron Phillips’ ethylene units at Port Arthur, Texas

Chevron Phillips Chemical is shutting down ethylene units at its Port Arthur, Texas, plant, for maintenance until Dec. 24. The maintenance activities will be associated with the regeneration of converrters FA-426 A/B.

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Zero tariff within ASEAN could divert Middle Eastern PE supplies to alternate regions

Singapore, Indonesia, Malaysia, the Philippines, Thailand and Brunei are the six members of the Association of South East Nations (ASEAN) that agreed, under a free trade pact to remove import duty forr a range of products, including polyolefins, starting 2010.

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Polyethylenes weaken in Asia

Price of all polyethylenes has softened in Asia this week on lackluster trading. Market movement has been slow on preparation of accounts during end of year; and on hand-to-mouth buying in many countrries.

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Novomer, Kodak in bioplastics manufacturing JV with grant from State of New York

Novomer and Kodak are to partner in bioplastics manufacturing partnership with a grant from the State of New York to commercialize the use of catalysts in the manufacturing of polypropylene carbonate (PPC).

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Crude prices dip for ninth straight session

Falling to its lowest level in over two months; light, sweet crude for January delivery dipped to US$69.5 on the Nymex while Brent crude on the ICE futures inched up to US$71.8. Oil fell for the ninthh consecutive day despite gains in equity markets and a lower dollar as growing concerns over crammed US oil inventories persisted.

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Formosa declares force majeure on PE and PP at Point Comfort plant

Formosa Plastics Corp. USA is operating under force majeure conditions for polyethylene and polypropylene at its plant in Point Comfort, as per Plastics News. The force majeure was declared on Dec. 5,, one day after a site-wide power outage.

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