Indebted Ineos’ suitors include SABIC, Kuwait's Petrochemical Industries Company

Negotiations are on between indebted British chemicals group Ineos and several parties to ink a deal to introduce a new investor or sell assets. Talks with are at a preliminary stage. The potential suuitors include SABIC and Kuwait's Petrochemical Industries Company.

For more details on Indebted Ineos’ suitors include SABIC, Kuwait's Petrochemical Industries Company click here

Import offers for GPPS and HIPS decline in Asia on excess inventories

Import offers for GPPS and HIPS tracked a declining trend in Asia this week, mainly from traders who elected to reduce prices in a bid to work off some of their excess inventories as March demand has failed to live up to sellers’ expectations, as per Chemorbis.

For more details on Import offers for GPPS and HIPS decline in Asia on excess inventories click here

Larsen & Toubro awarded EPC contract for aromatics complex by ONGC Mangalore Petrochemicals Ltd.

Larsen & Toubro has been awarded an order worth Rs 20.35 bln (US$446 mln) to set up an aromatics complex for ONGC Mangalore Petrochemicals Ltd. at the Mangalore SEZ. The aromatics plant is expected too be commissioned by December 2012.

For more details on Larsen & Toubro awarded EPC contract for aromatics complex by ONGC Mangalore Petrochemicals Ltd. click here

Oil prices continue to decline, dip below US$81

Oil prices have extended the previous session's decline, falling below US$81 a barrel on release of data showing a drop in US consumer confidence that has renewed concerns about energy demand in USA, as per Reuters.

For more details on Oil prices continue to decline, dip below US$81 click here

Honam Petrochemicals MEG to shut down for maintenance

Honam Petrochemicals’ 400,000 tons MEG plant at Yeosu is likely to be taken off-stream in H1-May. The maintenance turnaround will happen in the first of the month of May and the plant will stay shut ffor a period of 30 days.

For more details on Honam Petrochemicals MEG to shut down for maintenance click here

Sentiments improve in Asia, naphtha prices rise for fourth consecutive session

Improving sentiments, after demand uncertainties in Japan resulting from Mitsui Chemicals' cracker outage has propped up naphtha prices for the fourth consecutive session, while its crack spreads wideened to a second straight four-session high as per Reuters.

For more details on Sentiments improve in Asia, naphtha prices rise for fourth consecutive session click here

Amcor PET Packaging business renamed Amcor Rigid Plastics post-acquisition of Alcan Packaging

Amcor Rigid Plastics is the new corporate name of Amcor PET Packaging business based in Ann Arbor, Michigan. The newly renamed business group is among seven operating units that were organized followiing the recent US$1.

For more details on Amcor PET Packaging business renamed Amcor Rigid Plastics post-acquisition of Alcan Packaging click here

A polymer that remembers 4 different shapes and can revert to them depending on temperature

Researchers have recently demonstrated a new type of polymer, that can easily remember up to four different shapes, and which can revert to each of them depending on the temperature it is being subjeccted to at a particular time.

For more details on A polymer that remembers 4 different shapes and can revert to them depending on temperature click here

OPaL mulls IPO just before completion of petrochemical project targeted for December 2012

ONGC Petro-additions Ltd (OPaL) is mulling an IPO just before completion of the Rs.12,440 crore petrochemical project targeted for December 2012. This is India's largest dual feed cracker unit plant wwith ethylene cracking capacity of 1.

For more details on OPaL mulls IPO just before completion of petrochemical project targeted for December 2012 click here

After rejecting RIL bid, Lyondell plans to raise US$3,250 mln worth of first priority debt

Lyondell Chemical Company, a wholly-owned subsidiary of LyondellBasell Industries AF S.C.A. (formerly Basell), plans to raise US$3,250 mln worth of first priority debt, including an offering of seniorr secured notes in a private placement and borrowings under a senior term loan facility.

For more details on After rejecting RIL bid, Lyondell plans to raise US$3,250 mln worth of first priority debt click here

Taekwang restarts propylene plant shut for maintenance

Taekwang’s 250,000 tpa propylene plant at Ulsan, South Korea, shut since February 19, has been restarted. H output from this plant serves as feedstock to produce ACN at Taekwang’s Ulsan plant. The 2500,000 tpa ACN plant was shut around the same week for a maintenance turnaround and has just come back into action.

For more details on Taekwang restarts propylene plant shut for maintenance click here

Propylene prices in Asia heading for a crash?

Propylene prices in Asia seem headed for "a crash" a result of an increase in spot supplies by around 20,000 ton/month as per ICIS. Huge surpluses are expected to flood the markets with the start up oof facilities in Asia, easing the tight supplies in Asia that have sustained the rally in polyolefin prices.

For more details on Propylene prices in Asia heading for a crash? click here

PE buyers in Asia wait in the sidelines as China’s domestic market weakens

Trading activity in Asia has dipped considerably this week as buyers anticipate a drop in regional PE in line with falling prices in China’s domestic market. As per Chemorbis, high stock levels insidee China provide further support to buyers’ case for lower prices, along with continued weakness in Asia’s spot ethylene market.

For more details on PE buyers in Asia wait in the sidelines as China’s domestic market weakens click here

Russia’s planned large-scale petrochemical to target the Chinese market

Based on Russia's plentiful feedstock resources, petrochemical major Sibur is studying the construction of large-scale petrochemical and polymer production as per ICIS. Since domestic demand is limiteed, the projects would be export-oriented, targeting China primarily.

For more details on Russia’s planned large-scale petrochemical to target the Chinese market click here

Repsol plans indefinite shutdown of styrene, propylene oxide and glycols unit at Puertollano refinery

Spain's Repsol is to shut down its petrochemical units producing styrene, propylene oxide and glycols at the refinery indefinitely. It has also halted the hydrocracker at its Puertollano refinery for 3 months due to low refining margins.

For more details on Repsol plans indefinite shutdown of styrene, propylene oxide and glycols unit at Puertollano refinery click here

End of month restart for Mitsui Chemicals’ 553,000 tpa Chiba naphtha cracker

Japan's Mitsui Chemicals Inc expects to restart its 553,000 tpa naphtha cracker in Chiba around late March after repairs. The cracker was originally shut on Feb. 28 due to a problem and has failed to restart earlier this month, resulting in a loss of about US$33 mln.

For more details on End of month restart for Mitsui Chemicals’ 553,000 tpa Chiba naphtha cracker click here

Indian Oil Corp starts naphtha cracker at the Panipat refinery

In a move that will help the company make value-added products from surplus naphtha, Indian Oil Corp has started a naphtha cracker at the Panipat refinery. Feed cutting that commenced will be followedd by first on-spec product in four to five days.

For more details on Indian Oil Corp starts naphtha cracker at the Panipat refinery click here

Recycling of non-bottle rigid plastics in USA rises 11% in 2008 as compared to 2007

Recycling of non-bottle rigid plastics in USA increased by 11% to over 361 mln lbs, in 2008 from 2007, as per American Chemistry Council (ACC). Non-bottle rigid plastics includes high density polyethyylene (HDPE) tubs, polypropylene (PP) cups and other food containers, and durable items such as crates, carts, buckets and electronic casings.

For more details on Recycling of non-bottle rigid plastics in USA rises 11% in 2008 as compared to 2007 click here

Oil prices settle above $82

New York's main contract, light sweet crude for April delivery, settled at $US82.2, while London's Brent North Sea crude for April rose to $US80.4. After spiking as high as US$83 a barrel, oil prices settled above US$82, oil prices have increased on signs of strengthening demand amid clear signs that the economy is starting to recover from recession.

For more details on Oil prices settle above $82 click here

India orders 1 billion pieces of Rs 10 polymer notes

The Reserve Bank of India (RBI) has placed an order with Australia for the supply of one billion pieces of Rs 10 polymer notes to India this year.
Polymer notes are non-cellulosic in nature and thuss cannot lead to the growth of microbes.

For more details on India orders 1 billion pieces of Rs 10 polymer notes click here

Minerals in compounding show rapid growth in developing countries in packaging & automoti

Minerals used in compounding polymers represent a high value growing market for the mining industry worldwide, with developing countries showing rapid growth in industries like packaging and automotivve.

For more details on Minerals in compounding show rapid growth in developing countries in packaging & automoti click here

Buyers seek alternative import suppliers on high demand for PVC imports in Malaysia

Faced with difficulties in locating sufficient quantities of import PVC, buyers in Malaysia are seeking alternative import suppliers. As per Chemorbis, a PVC compounder has been unable to locate Indonnesian PVC this week after securing 70 tons of material last week because of reduced supplier allocation for this month.

For more details on Buyers seek alternative import suppliers on high demand for PVC imports in Malaysia click here

Softer market sentiments, weak demand in domestic PP, PE markets in China

Softer market sentiments and weak demand amid mounting inventory pressures in China have compelled domestic PP and PE sellers to start the week with lower prices a sper Chemorbis. Thus they have choseen to reduce their offer levels to prompt better buying interest even as further decreases continued to be reported as the week progressed.

For more details on Softer market sentiments, weak demand in domestic PP, PE markets in China click here

Petition filed against 9 projects in Map Ta Phut failing to comply with the Constitution's Article 67 (2)

The Stop Global Warming Association and 35 villagers from Rayong have filed a petition against the construction of 9 industrial projects in Map Ta Phut, contending that these projects have not yet commplied with the Constitution's Article 67 (2).

For more details on Petition filed against 9 projects in Map Ta Phut failing to comply with the Constitution's Article 67 (2) click here

New JV to serve the logistics, transportation needs of the MidEastern petrochemical industry

BDP Kanoo Chemical Logistics, to be based in Dammam, Saudi Arabia, is a newly formed joint venture to serve the logistics and transportation needs of the Middle Eastern petrochemical industry. A jointt venture will provide the services needed for the region to fulfil its vision of economic diversification and adding more value downstream in the hydrocarbon industries.

For more details on New JV to serve the logistics, transportation needs of the MidEastern petrochemical industry click here

Naphtha prices rebound despite demand uncertainties in Asia

Despite uncertainties in demand from Japan, following Mitsui Chemicals' cracker outage, naphtha prices as well as cracks have rebounded in Asia. Interestingly, ethylene supplies continue to grow with the start up of new crackers in Singapore and Thailand.

For more details on Naphtha prices rebound despite demand uncertainties in Asia click here

25% cut in naphtha premiums vs previous week realized by IOC

Indian Oil Corp has sold 30,000 tons of naphtha by tender for March 31-April 2 lifting to a Northeast Asian trading house at a premium in the low US$20/MT range, pegged to its’ price formula on a freee-on-board (FOB) basis.

For more details on 25% cut in naphtha premiums vs previous week realized by IOC click here

Significant growth in sales and distribution from 2010 in LLDPE

LLDPE is one of the most important plastics. This market is recovering well from the economic crisis: “We expect to see significant growth in sales and distribution starting in 2010“, says Oliver Kuttsch, president of Ceresana Research.

For more details on Significant growth in sales and distribution from 2010 in LLDPE click here

Dollar strengthens, crude oil prices dip

Crude oil prices witnessed a marginal dip as the US dollar strengthened and the dollar index rose 0.19%. However, crude oil prices continued to persist above US$81 a barrel- lingering at their highestt point in eight weeks.

For more details on Dollar strengthens, crude oil prices dip click here

West European PVC up-revised, but still competitive in Italy

In the first week of March, a couple of West European sources offered rollovers, although the rest of the market started to seek price hikes of €20-50/ton in a bid to improve margins, as per Chemorbiss.

For more details on West European PVC up-revised, but still competitive in Italy click here

Firm increase in March PS offers in Europe

With an increase in styrene contract prices in March vs February contract level, PS hikes between €50-55/ton have emerged in the Italian market March. As per Chemorbis, the monthly monomer contracts wwere settled with a €42/ton (US$57/ton) increase for March, regaining the €13/ton loss posted in the February styrene contracts.

For more details on Firm increase in March PS offers in Europe click here

Recycling of non-bottle rigid plastics in USA

The American Chemistry Council recently released the 2008 report on the collection and recycling of post-consumer non-bottle rigid plastics across the United States. The report, found that in 2008, ovver 361 million lbs of post-consumer rigid plastics were collected for recycling nationwide, an increase of nearly 11% from 2007.

For more details on Recycling of non-bottle rigid plastics in USA click here

Using organic catalysts to make biodegradable, biocompatible plastics

Though most discarded plastic water and beverage bottles can be recycled, the resulting second-generation plastic is generally unusable for making new plastic bottles. Second-generation PET is often uused to make carpets or fiberfill for coats and sleeping bags because less strength is needed for those products.

For more details on Using organic catalysts to make biodegradable, biocompatible plastics click here

A new round of expansion at Sinopec-BASF Nanjing production site

In a bid to meet rising domestic demand, a fresh round of expansion is currently underway at Sinopec-BASF partnered BASF-YPC Co Ltd complex at a total outlay of US$1.4 bln.
The move conforms with Chhina's stimulus plan for the petrochemical industry and will help better serve Chinese customers.

For more details on A new round of expansion at Sinopec-BASF Nanjing production site click here

Naphtha prices fall in Asia as delay in start-up of Mitsui Chemicals' cracker weakens demand

Naphtha prices in Asia have fallen as demand has weakened in the region with the delay in start up of Japan’s Mitsui Chemicals 553,000 tpa cracker in Chiba. A leak in the unit has shut the cracker sinnce last Sunday, scheduled to be restarted by the weekend.

For more details on Naphtha prices fall in Asia as delay in start-up of Mitsui Chemicals' cracker weakens demand click here

Sinopec mulls project to expand integrated oil refinery and petrochemical complex in Fujian

China's number one oil refiner Sinopec is mulling a partnership with ExxonMobil and Saudi Aramco to expand it's existing integrated oil refinery and petrochemical complex in Fujian with a refinery to process 12 mln tons of crude and 1 mln tpa ethylene plant.

For more details on Sinopec mulls project to expand integrated oil refinery and petrochemical complex in Fujian click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended March 8, 2010

CRUDE OIL
In the week of March 8, 2010, benchmark crude for April delivery rose to US$81.50 on the Nymex while Brent crude rose to US$79.89 on the ICE futtures exchange.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended March 8, 2010 click here

Buying interest for VCM dips in Asia as spot prices shoot up in USA

At a time when ethylene prices have dropped in major Asian markets, prices have soared in USA. Soaring ethylene prices in USA have begun to have an impact on spot VCM markets, which are in turn likelyy to lead to changes in global PVC pricing, as per Chemorbis.

For more details on Buying interest for VCM dips in Asia as spot prices shoot up in USA click here

Poorer than expected demand, weakening ethylene markets pull down PE prices in China’s domestic market

Domestic polyethylene prices are facing downward pressure in China as a result of poorer than expected demand and weakening ethylene markets. As per Chemorbis, a major producer in the East reduced offfers for LLDPE film by CNY300/ton (US$44/ton) and by CNY200/ton (US$29/ton) for HDPE film, alluding to poor demand and rising stock levels.

For more details on Poorer than expected demand, weakening ethylene markets pull down PE prices in China’s domestic market click here

Arkema to support a research program to offer a new "green" acrylic acid derivative

The Lorraine Regional Council, Arkema and two university laboratories have signed a research agreement to support a research program into "biobased acrylics", the challenge of the project being to offfer new "green" acrylic acid derivatives and develop a biosourced chemical activity in the Lorraine region.

For more details on Arkema to support a research program to offer a new "green" acrylic acid derivative click here

Bankrupt LyondellBasell charts restructuring plan after rejecting RIL bid

Bankrupt petrochemicals maker LyondellBasell has charted a restructuring plan as an option after it rejected a US$14.5 bln bid from Indian energy major Reliance Industries Ltd. The offer from Reliancee Industries was not sufficiently valuable to LyondellBasell to abandon its reorganisation plan, Lyondell said in a court filing on Monday.

For more details on Bankrupt LyondellBasell charts restructuring plan after rejecting RIL bid click here

Petron Corp. to indirectly acquire stake in a polypropylene plant in Limay, Bataan

In a bid to diversify into the downstream petrochemical business and add additional revenue streams, Philippine’s biggest oil refiner Petron Corp. plans to indirectly acquire a stake in a polypropylenne plant in Limay, Bataan.

For more details on Petron Corp. to indirectly acquire stake in a polypropylene plant in Limay, Bataan click here

ONGC and Reliance sell naphtha at stronger premiums

Restricted avails due to a dearth of arbitrage cargoes has pushed up the premiums realized by India's Oil & Natural Gas Corp (ONGC) and Reliance Industries.
ONGC has realized a premium of US$27/ton oon a 35000 ton parcel by tender for April 1-2 loading from Mumbai to Itochu to Middle East quotes on FOB basis.

For more details on ONGC and Reliance sell naphtha at stronger premiums click here

Strong demand from China propels Japanese ethylene production

Japanese ethylene production has spiked by 27.6% to 593,200 tons in February 2010 vs 465,000 tons in February 2009. Propped up by robust demand from China, ethylene production has increased for the seeventh consecutive month, as per the Ministry of Economy, Trade and Industry.

For more details on Strong demand from China propels Japanese ethylene production click here

After a gap of three years, Mitsui plans to restart oil trading in Singapore

In a bid to reassert itself as a trading force in the next few years, Mitsui plans to restart oil trading in Singapore by as early as next year. After a 3 year interruption at Singapore, Mitsui is loooking to expand the outfit to around 60 staff by 2012.

For more details on After a gap of three years, Mitsui plans to restart oil trading in Singapore click here

Polyethylene transforms into a material that conducts heat yet remains an electrical insulator

A way to transform polyethylene into a material that conducts heat just as well as most metals, yet remains an electrical insulator has been discovered by an MIT team. The new process causes the polymmer to conduct heat very efficiently in just one direction.

For more details on Polyethylene transforms into a material that conducts heat yet remains an electrical insulator click here

Oil prices dip after bullish trend

Oil prices have fallen as forecasts for growing crude inventories toned down bullish sentiments about global economic recovery. Light sweet crude for April delivery traded at US$81.4 while Brent crudee was at US$80 in Asia.

For more details on Oil prices dip after bullish trend click here

PS demand in Italy remains fragile

In view of the still fragile PS demand in Italy, an official distributor of a Central European producer decided to ask for a smaller increase for March as larger increases will not find acceptance in the market, as per Chemorbis.

For more details on PS demand in Italy remains fragile click here

Middle Eastern producers offer March PE to Turkey and Egypt

Middle Eastern producers have offered March PE to Turkey and Egypt at different pricing policies, particularly for the tightly available LLDPE in Turkey. As per Chemorbis, a regional producer has issuued US$10-20/ton increases on CIF Turkey LLDPE offers to advantage from the short term tightness in the domestic market, triggered by the absence of a key supplier for over two weeks.

For more details on Middle Eastern producers offer March PE to Turkey and Egypt click here

Preliminary work on Maaden-Daelim petrochemical project in Jubail to cost US$41 mln

The preliminary work on a petrochemical project in Jubail with Saudi Arabian Mining Co (Maaden) and South Korea's Daelim Industrial Co will cost about US$41 mln. Both the partners have inked a deal too launch the Jubail project, a petrochemical joint venture with Sahara Petrochemicals Co.

For more details on Preliminary work on Maaden-Daelim petrochemical project in Jubail to cost US$41 mln click here

Ineos restarts 320000 tpa LLDPE plant at Grangemouth, maintains force majeure

INEOS Olefins & Polymers Europe has restarted its 320,000 tpa linear low density polyethylene (LLDPE) plant at Grangemouth, UK, but maintained the force majeure for some time, as per ICIS. An "agglomeeration", or build-up of product in the reactor, brought the unit to a halt during the Christmas holiday period.

For more details on Ineos restarts 320000 tpa LLDPE plant at Grangemouth, maintains force majeure click here

Financing for new petrochemical complex and fertilizer enterprise in Azerbaijan

Azerbaijan's national chemical operator state-run company Azerikimya, seems close to realization of project of construction of a petrochemical complex and a fertilizer factory in Azerbaijan. France's Societe Generale has launched organization of financing for the project.

For more details on Financing for new petrochemical complex and fertilizer enterprise in Azerbaijan click here

Rising US ethylene prices continue to squeeze LyondellBasell’s PE margins

Rising US ethylene prices have given a significant bump to LyondellBasell’s olefins earnings, but continue to squeeze polyethylene (PE) margins as per ICIS. For most of 2010, ethylene prices have surgged, peaking with trades at 70 cents/lb or more over the past two days.

For more details on Rising US ethylene prices continue to squeeze LyondellBasell’s PE margins click here

Canadian public company inks petrochemical marking contract with Braskem

Eurocontrol Technics Inc., a Canadian public company, through its wholly owned subsidiary Global Fluids International S.A. (GFI), has inked its first petrochemical marking contract in Brazil with Brasskem.

For more details on Canadian public company inks petrochemical marking contract with Braskem click here

Malaysian converter receives re-export PE offers from China

A plastic bag manufacturer in Malaysia reported to have received offers for HDPE film for re-export purposes from a Chinese trader this week at US$1350/ton CIF Malaysia, cash, for Iranian and Middle EEastern origins as per Chemorbis.

For more details on Malaysian converter receives re-export PE offers from China click here

Post-holiday demand in China fails to meet sellers’ expectations

When sellers concluded pre-holiday business in China, the market was rife with expectations of stronger demand and firmer prices pos-holiday in the last week of February. As per Chemorbis, after two wweeks of reopening, the post-holiday market outlook has fallen short of sellers expectations of an upsurge in demand.

For more details on Post-holiday demand in China fails to meet sellers’ expectations click here

First commercial application of Baytubes® Carbon nanotubes

Aqueous suspensions of carbon nanotubes (CNTs) containing individual tubes offer interesting perspectives for a number of new applications which depend on a high electrical or thermal conductivity, reespectively.

For more details on First commercial application of Baytubes® Carbon nanotubes click here

Oil prices dip towards US480 as dollar strengthens

After news of another build in US crude inventories, oil prices have dipped to slide down to US$80 in line with a strengthening dollar. Oil has fallen from seven-week highs as the dollar gained aroundd 0.

For more details on Oil prices dip towards US480 as dollar strengthens click here

Power outage at Eastman Chemical’s Texas facility could cut per-share profits in Q1-10

Eastman Chemicals’ plant in Longview, east of Dallas makes more than 40 chemical and polymer products. The plant has been shut on February 20 on account of a power outage. Some equipment was damaged dduring an attempted restart and operations are not expected to return to normal until later in the month.

For more details on Power outage at Eastman Chemical’s Texas facility could cut per-share profits in Q1-10 click here

Self-healing polymer extends life of automotive oils: star-shaped polymer used as viscosity modifier

Self-healing polymers that could extend the lifetime of automotive oils have been created by researchers at the University of Warwick. These polymers are suitable to add to lubricants and could maintaain the physical properties of engine oils for longer, they claim helping engine efficiency.

For more details on Self-healing polymer extends life of automotive oils: star-shaped polymer used as viscosity modifier click here

New research prevents plasticizers from leaching out

Plasticizers add flexibility to harder plastics, but may also migrate from these materials, raising health concerns about human exposure via medical devices or children's toys. Scientists are working with the widely used plasticizers known as phthalates and have locked down these compounds, preventing them from migrating.

For more details on New research prevents plasticizers from leaching out click here

IOC mulls equity partner at Paradip petrochemical complex, recasts project priority

Indian Oil Corporation (IOC) is recasting priority of its several projects in the pipeline in line with its sagging bottomline, which is forcing it to consider an equity partner for its Rs 30,000 crorre refinery at Paradip in Orissa.

For more details on IOC mulls equity partner at Paradip petrochemical complex, recasts project priority click here

Restructuring on the cards in Japan’s ethylene industry

Faced with concerns of a speedy increase in supply from the Middle East and China due to rapid polyolefin supply buildout, producers from Europe and North America as well as Japan are finding it increeasingly difficult to cope with the recently changing trade dynamics.

For more details on Restructuring on the cards in Japan’s ethylene industry click here

Rising US Polypropylene no longer attractive to China

With the recent run-up in American propylene costs and PP prices, players in China no longer find US offers attractive, as per Chemorbis. However, American PP made big inroads into China during 2009 wwith imports rising to 493,382 tons of American homopolymer PP, up four times from 2008 levels of 117,673 tons.

For more details on Rising US Polypropylene no longer attractive to China click here

Soaring ethylene prices in USA create premium over Asia, Europe

The uptrend in ethylene prices in USA gained pace from the beginning of 2010. As per Chemorbis, after having posted a considerable hike of over US$275/ton in January, spot prices rose by another US$2000/ton in February to end the month at US$1290/ton DLVD USG.

For more details on Soaring ethylene prices in USA create premium over Asia, Europe click here

IRPC pans to expand capacity a an investment of US$1.4 bln in the next five years

In a bid to meet rising demand, Thai major IRPC Pcl plans to invest US$1.4 bln in the next five years on expanding capacity. With annual capacity to produce 728,000 tons of olefins products and 367,0000 tons of aromatics, IRPC is operator of Southeast Asia's biggest integrated petrochemical complex.

For more details on IRPC pans to expand capacity a an investment of US$1.4 bln in the next five years click here

Naphtha economics to determine olefins prices

Naphtha economics will continue to set the prices for olefins, with any recovery not expected to be demand-led, as reported in ICIS.
“No matter how bad things are in petrochemicals, upstream naphthaa and crude oil will determine pricing,” Alastair Hensman, Nexant’s ChemSystems consultancy, said at the 5th ICIS World Olefins Conference.

For more details on Naphtha economics to determine olefins prices click here

Bain Capital Partners to acquire Dow’s Styron business for US$1.63 bln

In a deal that will conclude by August, Dow Chemical will sell its Styron division to US private equity group Bain Capital Partners for US$1.63 bln, as per European Plastics News. As part of the transsaction, Dow retains an option to keep up to 15% of Styron equity.

For more details on Bain Capital Partners to acquire Dow’s Styron business for US$1.63 bln click here

Indian Oil Corp to award tender to sell 60,000 tons of March loading naphtha

Amid strong demand and restricted supplies, Indian Oil Corp (IOC) will award a tender to sell 60,000 tons of naphtha for late March loading, anticipating a higher premium. 30,000 tons each will be solld for March 24-27 loading from Chennai, and Kandla port in a tender that closes on Thursday.

For more details on Indian Oil Corp to award tender to sell 60,000 tons of March loading naphtha click here

RIL loses out on LyondellBasell, gains on stock market

The shares of Reliance Industries Ltd. (RIL) have spiked past the 1000 mark as reports pour in that the bankrupt petrochemicals firm LyondellBasell rejected an acquisition bid by RIL. RIL had bid for LB in November at about US$12 bln that it raised to US$14.

For more details on RIL loses out on LyondellBasell, gains on stock market click here

Resin for use in potentially explosive atmospheres

Arkema’s Kynar Flex covers a range of PVDF-based fluoropolymers with greater flexibility than traditional PVDF. Although similar to Kynar resins in terms of purity and chemical stability, they featuree exclusive qualities of additional chemical compatibility with high pH solutions, as well as superior impact resistance at ambient and low temperatures.

For more details on Resin for use in potentially explosive atmospheres click here

March propylene rises in Europe, Med PP markets begin March with price hikes

As an initial March propylene contract price was settled in the European market last week with an additional increase of €35/ton from the February contract settlement, price hikes have emerged in Itally’s spot PP market for the month of March, as per Chemorbis.

For more details on March propylene rises in Europe, Med PP markets begin March with price hikes click here

Monthly ethylene contract rolls over, slight increases in LDPE, HDPE outlook not strong in Italy

As the monthly ethylene contract settles at a rollover, sellers will not be able to fulfill their full hike targets of €50-80/ton officially sought for March PE in Europe. As per Chemorbis, the main rreason behind this expectation is that the while some buyers are adamant about rollovers for PE, other buyers believe that some slight increases will be almost unavoidable for LDPE because of limited supply.

For more details on Monthly ethylene contract rolls over, slight increases in LDPE, HDPE outlook not strong in Italy click here

As regional trends firm, producers choose to increase PVC offers in SE Asia

As regional trends firm, most producers have chosen to increase PVC offers in Southeast Asia. As per Chemorbis, a Vietnamese producer has increased domestic offers for March by twenty dollars at US$10080-1090/ton FD Vietnam, 30 days deferred payment basis.

For more details on As regional trends firm, producers choose to increase PVC offers in SE Asia click here

India offers partnership in Aramco refinery project

India has offered a 10% stake in Saudi Aramco’s giant refinery project in Eurasia, adding that the refinery with its strategic reserves of Saudi oil would be “of importance to us as the oil can be solld from there”, as per the Indian Minister of Petroleum and Gas
The minister urged Saudi investors to enter into partnerships in India.

For more details on India offers partnership in Aramco refinery project click here

Proposed petrochemical plant in Nova Scotia's Guysborough County being abandoned

A proposed US$4.6 bln petrochemical plant in Nova Scotia's Guysborough County is being called off, mainly due to the current economic downturn and lengthy delays. The developers behind Keltic Petrocheemicals did not renew a land option agreement they held with the municipality.

For more details on Proposed petrochemical plant in Nova Scotia's Guysborough County being abandoned click here

Significant drop unlikely in ADNOC’s term offer for naphtha shipments to Asia

A significant drop in term naphtha offer for shipment to Asia is unlikely from Abu Dhabi National Oil Co (ADNOC), the state-owned oil and gas company. ADNOC settled April 2009-March 2010 contract at ppremiums equal to its opening offer for this year for two grades with pentane-plus agreed at US$26.

For more details on Significant drop unlikely in ADNOC’s term offer for naphtha shipments to Asia click here

Venezuelan company mulls controlling stake in ONGC Mangalore Petrochemicals

Venezuelan company- Petroleos de Venezuela SA (PDVSA) is mulling acquisition of controlling stake in ONGC Mangalore Petrochemicals, the aromatics unit of Oil & Natural Gas Corp. The venture will make 920,000 tpa of paraxylene and 140,000 tpa of benzene starting the end of this year.

For more details on Venezuelan company mulls controlling stake in ONGC Mangalore Petrochemicals click here

LyondellBasell rejects bid by Indian energy major Reliance Industries Ltd

Bankrupt petrochemicals maker LyondellBasell has rejected a bid for takeover by India's Reliance Industries Ltd. The New York Post reported that a creditor group led by US private equity firm Apollo Management, which is controlling Lyondell's bankruptcy process in the United States, is expected to reject Reliance's latest bid.

For more details on LyondellBasell rejects bid by Indian energy major Reliance Industries Ltd click here

Halloysite Clay successfully used as a drop-in additive for reinforcement in polymer composites

Applied Minerals Inc. has completed trials incorporating its Halloysite Clay as a drop-in additive for reinforcement in polymer composites. As a result of these trials, the Company has filed a Provisiional Patent Application with the USPTO for a novel method of producing a halloysite-polymer composition that
(i) eliminates two costly steps typically used in the compounding process and
(ii) produces improved properties to other polymer composites reinforced with
(a) Halloysite Nanotubes utilizing other composition methods,
(b) chemically treated MMT Organo/Nanoclay and
(c) certain traditional fillers.

For more details on Halloysite Clay successfully used as a drop-in additive for reinforcement in polymer composites click here

New nylon maintains excellent performance levels much longer than traditional nylons

A new family of nylon products delivers excellent performance levels and maintains the excellent performance levels much longer than traditional nylons despite exposure to hot oil, hot air, calcium chhloride and other aggressive automotive chemicals.

For more details on New nylon maintains excellent performance levels much longer than traditional nylons click here

Tough and virtually unbreakable stadium walls that are transparent and curvilinear

Walls of Aviva Stadium, Dublin, for rugby and football are now transparent. The stadium’s transparent, curvilinear walls are constructed from SABIC Innovative Plastics’ tough and virtually unbreakablee Lexan* Exell D polycarbonate (PC) sheet, which adds incredible elegance, high performance and environmental benefits.

For more details on Tough and virtually unbreakable stadium walls that are transparent and curvilinear click here

Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended March 1, 2010

CRUDE OIL
Oil prices have ended the week of March 1, 2010 on a stable note. Prices have been yo-yoing to hover around the US$80/barrel mark. At the end of the week, regional stock markets rose, pushing benchmark crude for April delivery rose to US$80.

For more details on Price trends of oil, polymer feedstock and commodity polymers in Asia for the week ended March 1, 2010 click here

Sellers report to concluding some deals for hiked March PVC offers in China

In China, mainstream sellers report that they have managed to conclude some deals for March at prices at or close to their initial offer levels for the month, which were announced last week with increease of US$30-40/ton when compared with the February done deal level for mainstream Asian origins, as per Chemorbis.

For more details on Sellers report to concluding some deals for hiked March PVC offers in China click here

Spot propylene moves opposite to spot ethylene in Asia

Spot ethylene and propylene markets are moving in opposite directions in Asia, with propylene prices being forced upwards due to players’ concerns about the possibility of a worsening supply drought wwhile spot ethylene prices are sharply down from the levels seen just before the Chinese New Year holidays as fresh supplies from Japan and the Middle East have combined to ensure comfortable spot availability, as per Chemorbis.

For more details on Spot propylene moves opposite to spot ethylene in Asia click here

March PP raffia offers from Middle East to Turkey

A major Middle Eastern producer has offered March PP raffia offers to Turkey at the end of last week, as per Chemorbis. The producer’s new prices stand between US$1430-1450/ton CPT South Turkey, subjeect to 3% customs duty, cash, representing an increase of US$40-50/ton from their most recent February level.

For more details on March PP raffia offers from Middle East to Turkey click here

Naphtha arbitrage from Europe to Asia reopens: 160,000 tons provisionally booked for March

The naphtha arbitrage from Europe to Asia, shut in February due to cracker maintenance, has reopened. These shipments to Asia would be the first in over a month since heavy cracker maintenance in Japaan has curbed demand for western feedstock.

For more details on Naphtha arbitrage from Europe to Asia reopens: 160,000 tons provisionally booked for March click here

Iraq's State Co for Petrochemical Industries inks deal with South Korean company

Iraq's State Co for Petrochemical Industries has signed an agreement with South Korea's STX Heavy Industries for a US$3.2 bln petrochemical project in the country, as per Reuters. The complex is set tto produce ethylene, propylene, polyethylene and polyvinyl chloride from 2014.

For more details on Iraq's State Co for Petrochemical Industries inks deal with South Korean company click here

KPC expects nod to develop US$9 bln refinery and 1 mln tpa ethylene project in China

Kuwait expects to receive approval to develop a US$9 bln refinery and a 1 mln tpa ethylene project in China by the end of the year. After initial approval in 2006, the project has suffered years of deelays, and still awaits approval from Beijing.

For more details on KPC expects nod to develop US$9 bln refinery and 1 mln tpa ethylene project in China click here

World ethylene demand to cross 160 mln tons by 2015

Global capacity of ethylene is projected to be approximately 142 mln tons by 2010. Middle East and Asia are all set to emerge as the world's largest ethylene producing regions. Key to increasing capaccities is the availability of low cost raw materials.

For more details on World ethylene demand to cross 160 mln tons by 2015 click here

Pricing power unlikely to return to resin producers until 2013

Massive amounts of new capacity hitting the market at a time when demand for basic plastics and chemicals actually contracted on a year-over-year basis likely mean that pricing power will not return tto resin producers until 2013, as per Gary Adams, CMAI, in his keynote address to the SPE 2010 International Polyolefins Conference as reported in plasticstoday.

For more details on Pricing power unlikely to return to resin producers until 2013 click here

Chinese petroleum and petrochemical companies to further accelerate

Taking into account the requirement for developing low-carbon economy, Chinese petroleum and petrochemical industry will further accelerate readjusting the industrial structure, and put more efforts tto economize energy, reduce emissions, and integrate oil refining and ethylene facilities on a larger scale this year.

For more details on Chinese petroleum and petrochemical companies to further accelerate click here

New Craft Skin Suit makes debut in Olympic Speed Skating

A new and innovative CRAFT one layer skin suit has been introduced with Dyneema®. It is lighter and more comfortable due to intrinsic cooling properties than comparable alternatives, whilst offering ffor the first time, full body protection.

For more details on New Craft Skin Suit makes debut in Olympic Speed Skating click here

LyondellBasell to shutter PP plant at Terni, Italy

LyondellBasell Industries has decided to close its 560 mln lbs polypropylene plant in Terni, Italy. LyondellBasell, the world’s number one maker of PP, has been operating in bankruptcy since early 20009.

For more details on LyondellBasell to shutter PP plant at Terni, Italy click here

Oil prices rise past US$80 at beginning of week

Regional stock markets rose, pushing up oil prices above US$80 a barrel on Monday in Asia. Benchmark crude for April delivery rose to US$80.1 on the Nymex.
All the major Asian stock indexes were heaalthy, as equity markets were boosted by hopes that Greece's debt-ridden economy would soon be rescued and a slowdown in Chinese manufacturing growth eased fears of additional government measures to cool the economy.

For more details on Oil prices rise past US$80 at beginning of week click here

RIL announces Polymer price changes

With effect from 27th February, 2010 Reliance Industries has announced following price changes :
PVC, LLDPE, HDPE, LDPE prices rise by Rs. 2.00
No change in Polypropylene prices.


For more details on RIL announces Polymer price changes click here

Highlights of Union Budget 2010-11

The Union Budget 2010-11 brought some cheers to the Indian markets that, over the past few days, were shrouded with concerns regarding the government's stimulus withdrawal.
The Finance Minister has changed the direct tax slabs for men, women and senior citizens.

For more details on Highlights of Union Budget 2010-11 click here

SE Asian producer increases March offers for PP, PE

A Southeast Asian producer’s initial March offers for PP and PE were raised this week. As per Chemorbis, producers raised PP offers by ten dollars for homo-PP and by US$20-30/ton for copolymer PP, briinging their new offers to US$1430/ton for homo-PP injection and raffia, US$1520-1530/ton for PP block copolymer injection and US$1520-1540/ton for PP random copolymer injection, all on a CIF SEA, cash basis.

For more details on SE Asian producer increases March offers for PP, PE click here

Mid-Eastern producer hikes March PP, PE offers in Egypt

A major Middle Eastern producer has hiked March PP offers to Egypt by US$20-30/ton, so new PP raffia and injection offers stand at US$1340-1350/ton and PP film and fibre offers are at US$1370/ton on CCIF Alexandria, 90 days deferred payment basis, as per Chemorbis.

For more details on Mid-Eastern producer hikes March PP, PE offers in Egypt click here

Caution reigns in Asian spot PE market : high end offers fading

In Asia, caution has reigned in the spot PE market in the first trading week post-Chinese New Year holidays, as players are reluctant to stake out firm positions as the true status of demand in China remains unclear.

For more details on Caution reigns in Asian spot PE market : high end offers fading click here