Haldia Petrochem delays restart of revamped naphtha cracker

Haldia Petrochemicals Ltd’s recently revamped naphtha cracker has seen a delay in start up by over a week. In end-October, HPL had shut its plant for a 75-day maintenance and expansion schedule, augmeenting nameplate capacity by 30% to around 676,000 tpa.

For more details on Haldia Petrochem delays restart of revamped naphtha cracker click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 18, 2010

CRUDE OIL
As the dollar weakened, crude oil for February delivery rose to US$78.6 in electronic trading on the Nymex, rising for the first time in six dayys after falling by 5.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 18, 2010 click here

Domestic Polyethylene prices soften in China despite firm ethylene prices

Domestic producers have lowered their PE prices in China, especially in the LLDPE c4 film market at the beginning of the week, as per Chemorbis. Decreases of CNY200-300/ton (US$30-43/ton) can be attriibuted to the softening market sentiment along with lower energy and LLDPE futures prices.

For more details on Domestic Polyethylene prices soften in China despite firm ethylene prices click here

Rising PVC prices in Asia, USA, expected to firm up in the month ahead

Although January is generally a slow month for PVC demand in the Northern Hemisphere, PVC prices in Asia and the US have seen significant increases this month with sellers generally predicting that prrices will continue to firm up, as per Chemorbis.

For more details on Rising PVC prices in Asia, USA, expected to firm up in the month ahead click here

Petrobras to ready new plans for Comperj petrochemical refinery soon

Brazil’s state-run energy giant Petrobras’ new plans for the Comperj petrochemical refinery are slated to be ready this week, and will be forwarded to the board for approval at its next meeting. Petroobras plans to change the scope of the Comperj complex to include fuel processing, envisioning a module that will be devoted to producing diesel oil from heavy oil.

For more details on Petrobras to ready new plans for Comperj petrochemical refinery soon click here

Crude oil rises for the first time in six days

As the dollar weakened, crude oil for February delivery rose to US$78.6 in electronic trading on the Nymex, rising for the first time in six days after falling by 5.7% last week. This week’s dip is thhe first weekly decline in five weeks.

For more details on Crude oil rises for the first time in six days click here

Saudi mulls construction of petrochemical plant with planned Jizan oil refinery

Saudi Arabia is mulling to commission the construction of a petrochemical plant with the planned new Jizan oil refinery in the kingdom. The Jizan refinery, with capacity of 250,000-400,000 bpd of crudde, to be built at an investment of US$10 bln will be the first Saudi oil refinery to be 100% privately-owned.

For more details on Saudi mulls construction of petrochemical plant with planned Jizan oil refinery click here

PP prices rise in Europe amid concerns over outlook for the year

Though Polypropylene (PP) buyers in Europe are shelling out to pay price increases in January, buying is being done on a hand-to-mouth basis before February propylene settlement, amid concerns over thhe outlook for the year as per ICIS.

For more details on PP prices rise in Europe amid concerns over outlook for the year click here

Ethylene production in Japan up 30.3% in December 2009 vs December 2008

Ethylene production in Japan has risen 30.3% to 663,400 tons in December 2009 as compared to 509,000 tons in December 2008, as per the Ministry of Economy, Trade and Industry. These figures also indiccate a 4.

For more details on Ethylene production in Japan up 30.3% in December 2009 vs December 2008 click here

February ACN prices to rise to US$2000/ton in Asia

Acrylonitrile (ACN) prices in Asia are poised to rise to US$2000/ton in February triggered by a supply crunch, strong demand from China and rising feedstock propylene costs, as per ICIS. Spot offers ffor next month surged by almost US$200 since mid December to US$2000-2100/ton CFR, as supply was constrained by a flurry of plant turnarounds in Asia and outages in Europe.

For more details on February ACN prices to rise to US$2000/ton in Asia click here

PP based, high-clarity copolymer extrusion and injection blow molding applications

The first-of-its-kind polypropylene-based, high-clarity copolymer for potential use in extrusion and injection blow molding applications is the latest addition to LyondellBasell's innovative family off metallocene-based resins.

For more details on PP based, high-clarity copolymer extrusion and injection blow molding applications click here

Domestic PP, PE, PVC offers increased in India, PVC roll over in Egypt

distributor in India reported that domestic producers lifted their offers for a number of polymer products to the local market this week. According to the distributor, domestic offers were announced with increases of US$44/ton for HDPE, LLDPE, LDPE and PVC while domestic PP offers were announced with an increase of US$88/ton from the previous week, as per Chemorbis.

For more details on Domestic PP, PE, PVC offers increased in India, PVC roll over in Egypt click here

Sinopec and SABIC inaugurated new petrochemical complex in Tianjin

Sinopec Corp and SABIC have inaugurated their new petrochemical complex, built at an outlay of US$2.7 bln in Tianjin yesterday. The 50:50 joint venture named Sinopec SABIC Tianjin Petrochemical Co Ltdd, has been formed to build and operate the .

For more details on Sinopec and SABIC inaugurated new petrochemical complex in Tianjin click here

Pequiven shuts two plants on electricity regulation in Venezuela

Electricity rationing has forced Venezuelan petrochemical company Pequiven to shut two of its three plants. The products for which production has been hit have not been specified. Evaluation is underwway to determine which lines of production can be operated alternatively.

For more details on Pequiven shuts two plants on electricity regulation in Venezuela click here

ONGC, MRPL realize lower premium on 130,000 tons of naphtha for February-May lifting

Mangalore Refinery and Petrochemicals Ltd (MRPL) and Oil & Natural Gas Corp (ONGC) have realized lower premiums on 130,000 tons of naphtha for February-May lifting. Spot premiums for next month have bbeen impacted by the expected arrival of naphtha from the West.

For more details on ONGC, MRPL realize lower premium on 130,000 tons of naphtha for February-May lifting click here

Petrochemical companies in South Korea plan to invest US$12.86 bln till 2012

South Korea's petrochemical companies plan to invest a combined 14.4 trillion won (US$12.86 biln) from 2010 to 2012. About 4.7 trillion won will be spent in 2010, 5.9 trillion won in 2011 and 3.8 trilllion won in 2012.

For more details on Petrochemical companies in South Korea plan to invest US$12.86 bln till 2012 click here

Crude oil falls for fifth consecutive day

Benchmark crude for February delivery has dropped to US$78 a barrel on the Nymex. Crude-oil prices have weakened for the fifth consecutive day on release of economic data from USA that failed to conviince that the speed of economic recovery would be fast enough to augment energy demand.

For more details on Crude oil falls for fifth consecutive day click here

Indonesia’s Tri Polyta mulls 30% capacity expansion

In a move to benefit form rising domestic demand and maintain its 40% market share, Indonesia’s Tri Polyta plans to increase production capacity by about 30% to 480,000 tpa. An investment outlay of Rpp 300 bln (US$32.

For more details on Indonesia’s Tri Polyta mulls 30% capacity expansion click here

HPCL mulls investment of over Rs 20,000 crore for greenfield refinery project in Maharashtra

To overcome the limitations of expanding its existing refinery in Mumbai, state-run Hindustan Petroleum Corporation (HPCL) plans to invest Rs 20,000 crore to set up a greenfield project in Raigad or RRatnagiri districts of Maharashtra, to refine 9-15 mln tpa of crude oil.

For more details on HPCL mulls investment of over Rs 20,000 crore for greenfield refinery project in Maharashtra click here

Lower naphtha imports from Europe likely to Asia on rising freight, stronger premiums on fresh bookings

Asia is likely to see a lower pool of naphtha imports from Europe, as freight costs increase and premiums get stronger, restricting fresh bookings, as per ICIS. The arbitrage window was effectively cllosed, as the economics of the East-West spread had narrowed to US$17-18/ton from around US$22/ton.

For more details on Lower naphtha imports from Europe likely to Asia on rising freight, stronger premiums on fresh bookings click here

The Future of the Light Olefins Markets to 2020

China will be the principal driver for global light olefins demand up to 2020 as per a report by Research and Markets. The rapid increase in downstream capacity additions of polyethylene and polyproppylene, two of the largest end use segments of light olefins, and the fast growth of exports were the main drivers of light olefins demand in China.

For more details on The Future of the Light Olefins Markets to 2020 click here

New PP for innovative stormwater management systems

Hostalen, a new polypropylene (PP) resin that meets customer requirements for innovative stormwater management systems has been launched by LyondellBasell Industries. The new, natural PP copolymer useed in injection-molded rainwater regulating devices for channel drainage and total sewer systems.

For more details on New PP for innovative stormwater management systems click here

Trader in SE Asia lift offers for Indian homo-PP by US$80 in line with suppliers hike

A trader in Southeast Asia reported that they lifted their offers for Indian homo-PP to the region this week by US$80/ton in accordance with their supplier’s price hikes, bringing the trader’s currentt offers for Indian homo-PP injection and raffia to US$1380/ton CIF SEA, cash, as per Chemorbis.

For more details on Trader in SE Asia lift offers for Indian homo-PP by US$80 in line with suppliers hike click here

Is the rally in Asian polyethylene markets fizzling out?

The rally in Asia’s PE markets has started to fizzle out after robust buying pushed up prices since the beginning of the year. This can be attributed to the decision by the Chinese Central Bank to raiise reserve requirements along with softening crude oil and naphtha feedstock costs, dampened buying interest in China, with some buyers expressing hopes that prices would retreat from their early week highs to more workable levels, as per Chemorbis.

For more details on Is the rally in Asian polyethylene markets fizzling out? click here

Thai PTT Plc aims to complete merger of its four petrochemical and refining units by 2012

PTT Plc aims to complete the merger of its four petrochemical and refining units by 2012. Thailand’s number one energy company expects to conclude the merger plan of three listed subsidiaries - PTT Arromatics and Refining Plc (PTTAR), PTT Chemical Plc (PTTCH) and IRPC Plc - within Q1-2010.

A judge clears path for resumption of merger talks between Braskem and Quattor

A Rio de Janeiro judge has removed an injunction prohibiting negotiations between two Brazilian petrochemicals majors Braskem and Quattor. A possible merger between the two will result in further conssolidation of the Brazilian petrochemicals industry, leading to virtual monopoly in Brazil, as Quattor is feared to disappear as a company in any merger with much larger Braskem.

West Bengal PCPIR facing resistance from environmental groups and political rivals

The West Bengal PCPIR to be located in Nayachar, is facing resistance from environmental groups and political rivals. Nayachar was chosen primarily for its proximity to Haldia. Indonesia’s Salim groupp is looking to develop the hub in coordination with the state-run refiner Indian Oil Corporation Ltd.

Asian naphtha cracks rebound to highest level in 25 days on firm sentiment despite weaker premiums

Asian naphtha cracks rebounded to their highest in 3 and a half weeks as market sentiments firmed up at a time of weaker premiums coupled with Taiwan having fulfilled its February needs.

Taiwan's Formosa bought up to 150,000 tons of naphtha for H2-February arrival at a premium of about US$12.

Idemitsu buys naphtha from BPCL by tender for the first time in over a year

Idemitsu Kosan Co. no longer holds a December-November term contract with Kuwait since last year. The Japanese petrochemical maker has bought a naphtha cargo from India’s Bharat Petroleum Corp Ltd (BPPCL) by tender for the first time in over a year at a premium of around US$35/ton to Middle East quotes, FOB basis.

Sudden outage shuts Kuwait Petroleum Corp’s newly commissioned aromatics plant

A sudden outage at Kuwait Petroleum Corp (KPC)’s newly commissioned aromatics plant- KARO, has shut the plant for 5 days.
As per market estimates, the plant was running at around 65% capacity, and aa small shutdown will lead to a small production loss.

Taiwan’s petrochem industry to grow over next five years, to be pressured by increased competition from China

The Taiwanese petrochemicals industry is set to witness significant growth in capacity over the next five years, but will come under pressure from increased competition in the Chinese market as regionnal output growths and naphtha prices increase, according to a report by BMI.

Taiwan’s petrochem industry to grow over next five years, to be pressured by increased competition from China

The Taiwanese petrochemicals industry is set to witness significant growth in capacity over the next five years, but will come under pressure from increased competition in the Chinese market as regionnal output growths and naphtha prices increase, according to a report by BMI.

New Functionalities added to technology to predict the mechanical behavior of filled polymers

Rhodia has announced that it is offering its customers three new functionalities which have been added to its technology for predicting the mechanical behavior of filled polymers, MMI Confident Designn™.

Domestic PVC offers rise amid slow moving activity in China

In China, domestic PVC k67-68 offers have increased for acetylene and ethylene based PVC vs last week, as overall market activities slowed today, especially for acetylene based PVC, as per Chemorbis.
This week, distributors ethylene based PVC offers indicate a CNY250/ton (US$36/ton) increase at the low end, while they remain stable at the high end at CNY7600-8000/ton on FD China, cash including VAT basis, US$951-1001/ton without VAT incl delivery.

Tatneft in talks to refinance a US$2 bln to construct a refinery and petrochemical complex

Russian oil firm Tatneft is in talks to refinance a US$2 bln loan signed in April 2008 to construct a refinery and petrochemical complex. The project includes an aromatics complex with a capacity of 1151,000 tpa of paraxylene, a 1.

MRPL plans to speed fund flows into Phase III Refinery, PP unit, CDU/VDU revamp project

Mangalore Refinery and Petrochemicals Limited (MRPL) plans to speed up until 2011, fund flows into three major projects - the Phase III Refinery project, the Polypropylene unit and the CDU/VDU revamp project.

MRPL plans to speed fund flows into Phase III Refinery, PP unit, CDU/VDU revamp project

Mangalore Refinery and Petrochemicals Limited (MRPL) plans to speed up until 2011, fund flows into three major projects - the Phase III Refinery project, the Polypropylene unit and the CDU/VDU revamp project.

10% dip in ADNOC’s Jan-Feb naphtha supplies on reduced runs at condensate splitters

Aggravating naphtha supply problems in Asia is the abrupt decision by Abu Dhabi National Oil Co (ADNOC) to reduce splitter naphtha export volumes for January-February lifting by around 10% and also too defer few shipments to Asia to a later date in the same month; on lower condensate splitter runs.

China’s surprise monetary tightening could impact the buoyant mood in regional petrochem trading

China’s central bank; the People’s Bank of China (PBoC) has taken clear measures to curb aggressive lending. PBoC announced plans to raise its reserve requirement (a portion of deposit that banks mustt park with the central bank) by 50 basis points to 16% on 18 January and has raised interest rates for its one-year bills by eight basis points to 1.

Crude oil prices dip below US$80

Crude oil prices dipped below US$80/barrel on release of report by the Energy Information Administration that oil supply in USA grew by 3.7 mln barrels last week, well above the average for this time of year, while gasoline supplies grew by 3.

46 new petrochemical complexes planned by Iran in next calendar year to boost capacity by 50 mln tons

Iran’s 20-Year Outlook Plan envisions petrochemical output to reach 100 mln tons by 2015. In a bid to meet these targets, Iran plans construction of 46 new petrochemical complexes in next calendar yeaar (to begin March 21) to boost its production capacity by 50 million tons.

Ineos Phenol and Sinopec Yangzi Petrochemical plan JV for China’s largest phenol and acetone

Ineos Phenol and Sinopec Yangzi Petrochemical are in the process of planning a JV to build and operate China’s largest phenol and acetone manufacturing site at the Nanjing Chemical Industrial Park. Thhe new facility will produce 400,000 tpa of phenol, 250,000 tpa of acetone and 550,000 tpa of cumene.

Polymer grade with excellent friction properties

Compared to all previous versions in BASF’s high performance resin range, Ultrason KR 4113, a representative of the polyethersulfone product line (PESU), offers hitherto unique friction characteristiccs.

February PP deals concluded much higher than last month in China

According to market players in China, a couple of overseas producers have managed to conclude February deals for PP about US$100-150/ton higher from their January levels, as per Chemorbis; mainly due to higher propylene feedstock costs, and their restricted availability.

Jan PE offers from Middle East to Malaysia US$100 above December offer

A Middle Eastern producer announced a US$100-110/ton increase in January PE offers to Malaysia this week, vs their December offer levels, as per Chemorbis. This was in line with the market expectationns given the sharp increase in import prices recently recorded in regional import prices, resulting in new offers at US$1380/ton CIF Malaysia, cash for HDPE film and blow moulding; US$1450-1460/ton with the same terms for LLDPE film.

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Higher upstream costs lead to additional hikes in PS prices, globally making buyers nervous

Higher upstream costs and globally firm styrene markets have led to additional hikes in price of polystyrene (PS) over December levels, as per Chemorbis. December saw PS prices in Asia persistently laagging behind production costs when spot styrene prices rose by over US$150/ton since early December, and by more than US $250/ton in Europe.

Indorama to raise US$347 mln in Thailand's biggest IPO since 2006

Indorama Ventures, the parent of Indorama Polymers, plans to raise US$347 mln in an initial public offering (IPO) on Thailand's stock exchange in the country's biggest IPO since 2006. The IPO will be priced around Jan 23 after a management roadshow that ends on Jan 18, the term sheet said.

For more details on Indorama to raise US$347 mln in Thailand's biggest IPO since 2006 click here

Nama Chemicals receives US$56 mln loan to finance expansion of epoxy resins plant

Saudi Arabia’s Nama Chemicals Co. has received a SR210 mln (US$56 mln) loan from the Saudi Industrial Development Fund to finance the expansion of its epoxy resins plant is for 8 years.





For more details on Nama Chemicals receives US$56 mln loan to finance expansion of epoxy resins plant click here

European polyethylene buyers face heavy pressure

Low inventory levels amid soaring upstream costs have pushed up polyethylene offers by almost 10% in Europe. PE buyers in Europe are facing heavy pressure to pay higher prices in January as per ICIS. Producers’ stocks were low as production had been cut back to avoid a repeat of the crash in prices in Q4-08.

For more details on European polyethylene buyers face heavy pressure click here

Higher import offers push up domestic PP prices in Indonesia

Domestic PP prices increased at the beginning of this week in Indonesia, with most sources attributing the rise in price to higher import offers, as per Chemorbis. Following the US$30/ton price increaase implemented last week, producers announced an additional price hike, bringing the total increase in the New Year to US$60/ton.

For more details on Higher import offers push up domestic PP prices in Indonesia click here

Local LDPE and LLDPE film supplies tighten in Egypt

In Egypt, players reported that the overall LDPE and LLDPE c4 film availability in the local market has started to tighten leading to price increases as per Chemorbis. Locally held LLDPE c4 film pricees moved up by US$45-109/ton on the week to US$1391-1482/ton without VAT.

For more details on Local LDPE and LLDPE film supplies tighten in Egypt click here

Buyers in SE Asia anticipate competitive prices in February

2010 has brought significant polymer price increases in SE Asia amid robust demand and outlook in China and strong upstream costs. Several buyers in the region were disappointed by the rising trend ass they had hoped to see lower domestic prices for 2010 with the implementation of the ASEAN-6 free trade agreement with easing of trade barriers both within the region and with China.

For more details on Buyers in SE Asia anticipate competitive prices in February click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 11, 2010

CRUDE OIL
Crude oil ended the week of January 11, 2010 at US$81.9 on the Nymex , falling from a 15-month peak of US$83.9 during the week. Crude has been rrising in the week on freezing weather in the northern hemisphere, a weaker dollar and a report from China that exports had grown.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 11, 2010 click here

Disrupted chemical operations in US Gulf coast to end after weekend disruptions

USA’s Gulf region, particularly the area surrounding Houston, is the core of USA’s petrochemical industry. A cold front that swept through this area on this week dropped Houston's temperatures to 23° F (-5° C) and lesser for four consecutive nights, dipping on Friday to highs of 33° F – leaving many locations at freezing or below for at least 40 consecutive hours, as per ICIS.

For more details on Disrupted chemical operations in US Gulf coast to end after weekend disruptions click here

Technip awarded contract in Venezuela

Venezuelan company Polimerica has awarded to French engineering company Technip, a reimbursable contract to perform the front end engineering design (FEED) for a 1.3 mln tpa ethylene plant. This will be part of a new petrochemical complex to be built in Josè, Venezuela.

For more details on Technip awarded contract in Venezuela click here

Jilin awards contract to Lummus Technology for grassroots ethylbenzene and styrene monomer plant

Petrochina Jilin Petrochemical Company (Jilin) has awarded a contract to Lummus Technology for the license and process design of a grassroots ethylbenzene and styrene monomer (EB/SM) plant in Jilin, CChina.

For more details on Jilin awards contract to Lummus Technology for grassroots ethylbenzene and styrene monomer plant click here

Planned maintenance at 22 Asian crackers in 2010, Middle East capacities to benefit

About 22 Asian crackers, with a combined capacity exceeding 13 mln tons are scheduled for routine maintenance shutdowns this year. Since a turnaround usually continues for 30-45 days, run rate is downn for that time period and reduced for approximately one month after the start up while production is augmenting.

For more details on Planned maintenance at 22 Asian crackers in 2010, Middle East capacities to benefit click here

Naphtha exports from India to be high in February

India's February spot and term exports, as of this week, have exceeded 200,000 tons, including outstanding spot tenders from ONGC, Bharat Petroleum Corp and Reliance. Premiums are likely to dip from JJanuary levels, but prices will continue at a robust level on healthy demand in the region that includes demand for 1.

For more details on Naphtha exports from India to be high in February click here

Saudi Arabia, China talks on dumping charges fails

Talks between Saudi Arabia and China failed to resolve Chinese dumping charges on imports of 1.4-butanediol from Saudi Arabia. China announced anti-dumping tariffs of up to 13.6% on 1.4-butanediol froom Saudi Arabia and Taiwan on December 24.

For more details on Saudi Arabia, China talks on dumping charges fails click here

Bright future for composite materials in European automotive industry market

Composites are becoming the material of choice for replacing traditional materials such as steel, aluminum and engineering plastics in European automotive industry. Compared to traditional materials,, composites have higher strength-to-weight ratios, chemical and heat impact resistance, offer greater design flexibility.

For more details on Bright future for composite materials in European automotive industry market click here

IRPC to invest US$1.2 bln in next 5 years to improve and expand refining and petrochemical projects

Thailand’s IRPC, operator of Southeast Asia's biggest integrated petrochemical complex, plans to invest US$1.2 bln over the next five years. Out of this, about US$135 mln will be invested this year. TThe investment will be towards improvement in refining and petrochemical projects and capacity expansion at a styrene monomer plant in Rayong.

For more details on IRPC to invest US$1.2 bln in next 5 years to improve and expand refining and petrochemical projects click here

Reliance Industries realizes lower premium for February naphtha

Reliance Industries has realized a lower premium on February naphtha because of higher arbitrage volumes expected to arrive in Asia. A naphtha cargo for February lifting was sold by RIL at a premium aabout ten dollars lower than last month.

For more details on Reliance Industries realizes lower premium for February naphtha click here

Domestic PVC markets in China close on a firm note, PE and PP cool off

In China, the domestic PVC market closed on a firm note this week, maintaining momentum seen earlier in the week, despite cooling off in the domestic PE and PP markets that started the week with largee increases, as per Chemorbis.

For more details on Domestic PVC markets in China close on a firm note, PE and PP cool off click here

Five missing and six injured after explosion at CNPC’s petrochemical plant

Five people are missing and six are injured after an explosion at China National Petroleum Corporation’s petrochemical plant at an oil tank 19 miles from Lanzhou in northern Gansu Province. The blast hit a chemical storage tank in the chemical part of the complex and did not affect operations at the 200,000 bpd Lanzhou refinery.

For more details on Five missing and six injured after explosion at CNPC’s petrochemical plant click here

RIL increases bid for LyondellBasell to US$13.5 bln from US$12 bln

Reliance Industries Ltd has increased its bid to acquire LyondellBasell to US$13.5 bln from the earlier offer of US$12 bln. In the proposed offer, RIL will acquire US$2.2 bln in new stock and support a separate US$2.

For more details on RIL increases bid for LyondellBasell to US$13.5 bln from US$12 bln click here

Feb naphtha exports from India at 800,000 tons as refiners stretch exports to gain from strong prices

As refiners stretch their exports to maximum levels this month, to gain from strong prices in Asia, February lifting naphtha exports from India have totaled to 800,000 tons, about 10% lower than Januaary's total of 850,000-900,000 tons.

For more details on Feb naphtha exports from India at 800,000 tons as refiners stretch exports to gain from strong prices click here

ONGC's complex to be anchor tenant at Dahej PCPIR

Oil and Natural Gas Corp's complex will be the anchor tenant at the Dahej PCPIR that may attract a total investment of Rs 50,000 crore. The PCPIR at Dahej will be spread over the blocks of Vagra and Bharuch in the district of Bharuch, South Gujarat covering an area of 453 sq kms, and a processing area of 186 sq kms.

For more details on ONGC's complex to be anchor tenant at Dahej PCPIR click here

PTT, Siam Cement Group file pleas seeking permission to proceed with 12 suspended projects

PTT Group and Siam Cement Group have filed pleas to the Central Administrative Court, seeking permission to go ahead with six suspended projects each. SCG's six projects worth over Bt30 billion, incluude the expansion phase of IRL Industrial Park, the catalyst unit for polyethylene production and the production of propylene oxide and propylene glycol.

For more details on PTT, Siam Cement Group file pleas seeking permission to proceed with 12 suspended projects click here

PE and PP prices in Asia may rise on supply constraints

Polyethylene (PE) and polypropylene (PP) prices in Asia may rise on supply constraints caused by Saudi Basic Industries Corp (SABIC) cutting its product allocations to the region, possibly pulling etthylene (C2) prices along, as per ICIS.

For more details on PE and PP prices in Asia may rise on supply constraints click here

SABIC to halve PE supplies to long-term Asian contract customers in January and February

Polyethylene prices in Asia have risen at the end of last week on aggravated shortage in the region. World number one PE supplier Saudi Basic Industries Corp. (SABIC) has suspended operations at its pplants, halving its polyethylene supplies to long term Asian contract customers for the first two months of the year.

For more details on SABIC to halve PE supplies to long-term Asian contract customers in January and February click here

Formosa mulls run rate cuts due to shortage of the feedstock naphtha in Asia

Faced with a shortage of feedstock naphtha in the region, Taiwan’s Formosa Petrochemical Corp. is considering to lower run rate. Supply constraints have been caused due to failure in timely delivery aand also short supplies by few naphtha suppliers.

For more details on Formosa mulls run rate cuts due to shortage of the feedstock naphtha in Asia click here

Storage tank with liquid caustic overflows at Shell Deer Park facility

Shell’s Deer Park facility is facing a situation due to the extreme cold temperatures, though there is no danger to the surrounding community or the employees who were working at that particular site..

For more details on Storage tank with liquid caustic overflows at Shell Deer Park facility click here

Revised bids received by Saudi Kayan from 4 international firms

Saudi Kayan Petrochemical Co., a unit of Sabic, has received revised bids from four international firms to build a 210,000 tpa amines plant. Bids were revised by US-based Fluor Corp., South Korea’s Hyyundai Engineering and Construction, Daelim Industrial Co and Taiwan’s CTCI for the contract to be awarded in February.

For more details on Revised bids received by Saudi Kayan from 4 international firms click here

IPIC increases stake in OMV to 20%UAE

With effect from 30 December 2009, the number of OMV shares owned by Abu Dhabi's International Petroleum Investment Company (IPIC), has increased from 19.6% to 20% of. OMV Aktiengesellschaft has receiived a notification pursuant to Article 91 of the Austrian Stock Exchange Act that IPIC now owns 60,050,273 shares of the registered capital.

For more details on IPIC increases stake in OMV to 20%UAE click here

Large hike requests for polystyrene in Italy as Jan styrene contract settles €172/ton higher

Post New Year Holidays, buyers are facing large hike requests for polystyrene in Italy as the January styrene contract settled €172/ton higher as per Chemorbis.
A West European producer is seeking €€180/ton increases for January gentlemen's agreements at €1130-1180/ton for GPPS and at €1180-1230/ton for HIPS FD North Italy, 60 days deferred payment.

For more details on Large hike requests for polystyrene in Italy as Jan styrene contract settles €172/ton higher click here

Qatofin quotes introductory LLDPE film offers in global markets

Players in major global markets are beginning to receive introductory offers for LLDPE film from Qatofin's new 450,000 tpa LLDPE plant in Qatar that commenced production in November 2009, as per Chemoorbis.

For more details on Qatofin quotes introductory LLDPE film offers in global markets click here

Improved buying interest, rising feedstock pushes up ethylene prices in USA

Sharp upward movements in prices was seen in the first week of 2010, globally. Propped by rising ethane prices and better buying interest, ethylene prices have improved by about 90 dollars in 2010 in USA.

For more details on Improved buying interest, rising feedstock pushes up ethylene prices in USA click here

Two fatalities in explosion at CNPC's petrochemical plant in Gansu province

Two deaths were reported in an explosion at CNPC's petrochemical plant. The blast occurred at an oil tank farm 30 km from Lanzhou in Gansu province. Residential areas in the region were unaffected as the centre of the explosion was more than 500 metres from residential areas.

For more details on Two fatalities in explosion at CNPC's petrochemical plant in Gansu province click here

Successful trial-run of the first UNIPOL™ PP gas phase technology unit in China

The Dow Chemical Company and China Datang Inner Mongolia Duolun Coal Chemical Company, Ltd. have successfully completed the trial-run of the first UNIPOL™ Polypropylene (PP) Gas Phase Technology unit in China.

For more details on Successful trial-run of the first UNIPOL™ PP gas phase technology unit in China click here

Borouge completes incorporation of Borouge Sales and Marketing (Guangzhou) Co., Ltd

Borouge has announced incorporation of Borouge Sales and Marketing (Guangzhou) Co., Ltd. Supported by a Guangzhou based logistics hub capable of supplying approximately 246,000 tpa of value-added polyyethylene and polypropylene to its customers in the region, the new company will optimise the service that Borouge provides and further develop the company's growth in the region.

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DSM invests in US renewable feedstock maker Segetis

Royal DSM N.V. has invested an undisclosed sum in US manufacturer of renewable feedstock for chemicals. Segetis produces a new class of chemicals called levalunic ketals that can be used as replacemennts for petrochemicals such as plasticisers, solvents and polyols for polyurethane.

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Rise in price of thermoplastics likely in Europe in January

A hike in thermoplastic prices in likely in January on tight avails. In the month of December, the planned increases by West European producers of standard thermoplastics were hardly managed as per Pllastics Information Europe.

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Crude oil dips after rising 10 consecutive days

A 10 day rise in crude oil has been arrested on concerns that the rally is unsustainable and on speculation that China’s move to slow bank lending may reduce commodity demand. Crude oil for February ddelivery dipped to US$82.

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DSM acquires 100% stake in Nylon Polymer Company’s PA6 unit from Shaw industries

Royal DSM N.V. has acquired 100% stake and full control of the PA6 polymerization facility of Nylon Polymer Company LLC (NPC) in Augusta (Georgia, United States) from Shaw Industries. This concluded ttransaction make NPC fully integrated into DSM Engineering Plastics' activities with effect from 1 January 2010.

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Bullish outlooks for PVC in Asia contrary to outlook for Europe

Players await new offers for February shipment from mainstream Asian suppliers after deal conclusion of January imports with $50-60/ton increases in China, as per Chemorbis. Bullish sentiments and buooyant market outlook in the Chinese market has players expecting to see new offers pass the US$1000/ton threshold on CFR basis.

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Asian producers hike February shipment PE offers to China

February shipment offers for PE to China have been hiked by Asian producers, indicating a US$80-90/ton increase for LDPE film, a US$70-80/ton increase for HDPE film and US$20-65/ton increase for LLDPEE c4 film as per Chemorbis.

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TCI Sanmar delays start up of new PVC plant in Egypt

A new VCM and PVC plant complex originally slated to start up in February, 2010 has been delayed by TCI Sanmar, possibly to September-October, 2010. Both plants will start up at the same time as per CChemorbis.

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Cereplast extends distribution agreement with A. Schulman to include all of Europe

Leading manufacturer of proprietary bio-based, sustainable plastics-Cereplast Inc. has extended its distribution agreement with A. Schulman, Inc. to include all of Europe. A. Schulman, Inc. is a leadiing international supplier of high-performance plastic compounds and resins, and the alliance will enable A.

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Lobby trying to prevent conclusion of FTA between GCC and EU in Europe

GCC has been discussing the Free Trade Agreement (FTA) with the EU for the last 15 years. However, though hopes are pinned for positive outcome, conclusion of the agreement seems to be a far cry. Thiss could be attributed to play by a possible lobby that is working to try and prevent the conclusion.

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Outage at Shuaiba refinery to delay naphtha exports by 4-5 days

An outage at Kuwait Petroleum Corp’s (KPC) 200,000 bpd Shuaiba refinery had disrupted production in the last week of December 2009. KPC has limited production to barely 70% capacity after restart thiss week, leading to a possible delay in some naphtha exports to Asian customers by 4-5 days.

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Shell's ethylene demand will sustain strong feedstock markets through Q1-10

At a time when Asian petrochemical makers rush to replenish naphtha inventories, Royal Dutch Shell's ethylene demand will sustain the strong feedstock naphtha and ethylene market through January-Marchh, and will continue until its cracking facility comes online.

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Oil crosses US$83 for the first time since fall of 2008

Benchmark crude rose to US$83.18 on the Nymex, while Brent crude for February delivery in London rose to US$81.47 a barrel on the ICE Futures exchange. A barrel of crude oil has crosses US$83 for the first time since fall of 2008 on a cold snap in the Northern Hemisphere.

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Geyer, stake holder in Quattor, plans to outbid offer by Braskem SA

Alberto Geyer, a shareholder in Quattor Petroquimica SA, plans to outbid any offer made by Braskem SA for an indirect controlling stake in the Brazilian petrochem maker. The son of Unipar founder; Geyyer seems set to raise his 240 mln real (US$139 mln) offer for 76% of Vila Velha Participacoes, in which he currently owns 24% stake.

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New US$7.5 bln petrochemical plant expected onstream in Tatarstan by 2010

A new petrochemical facility is planned to be built and in Nizhnekamsk, Russia, with the first stage expected to come onstream in 2010. To be built at an outlay of US$7.5 bln, the facility will consisst of three plants designed in compliance with the most advanced technologies.

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Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 4, 2010

CRUDE OIL
Crude Oil prices have risen to US$80/barrel in New York in the week of January 4, 2009 on predictions of a colder than normal winter that liftedd expectations of stronger oil and natural gas demand in USA.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended January 4, 2010 click here

Asian PP markets jump higher on rising costs

The PP market started the first week of 2010 in China and SE Asia with considerable price hikes from suppliers, which has led to a larger disparity between the prevailing import offers in the Mediterrranean markets and the new spot prices in Asia as per Chemorbis.

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PP homo offers to SEA from India rise vs most recent offer levels

Recent offers for PP homopolymer grade received by a trader in Indonesia from India T US$1270-1300/ton CIF SEA cash equivalent basis, were higher than the same producers’ most recent offer levels, as per Chemorbis.

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INEOS and Sinopec ink LOI for a phenol/acetone JV at Nanjing Chemical Industrial Park

INEOS Phenol and Sinopec Yangzi Petrochemical Company have signed a Letter of Intent to study and negotiate a joint venture to build and operate a phenol/acetone manufacturing site at the Nanjing Chemmical Industrial Park in Jiangsu Province.

For more details on INEOS and Sinopec ink LOI for a phenol/acetone JV at Nanjing Chemical Industrial Park click here

Exxon Mobil to ink agreement with Qatar Petroleum for new petrochemical project

Exxon Mobil Corp. plans to sign an agreement with state-run Qatar Petroleum for a new petrochemical project to be built in Qatar. Exxon Mobil currently holds stakes in 12 liquefied natural gas producttion units in Qatar as well as a condensate refinery.

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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.

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