HPCL naphtha premiums plunge by more than 65% for February

Premiums on February cargoes have plunged by over 65% for India's Hindustan Petroleum Corp Ltd (HPCL) amid lackluster sentiment hampered by demand cuts, due to heavy cracker maintenance in March in Jaapan and South Korea.

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German FKuR GmbH to produce Bioplastics in North America

FKuR Kunststoff GmbH, manufacturer of tailor-made biopolymer specialties on the basis of Polylactic acid/Copolyester (Bio-Flex), cellulose ester (Biograde) and WPC (Fibrolon), has commenced operationss of FKuR Plastics Corporation, in Texas, a newly founded subsidiary.

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Braskem acquires Sunoco Polypropylene business for US$350 mln

Braskem SA, leading producer of petrochemicals and thermoplastic resins in the Americas, has acquired Sunoco Chemicals, Inc. The deal comprises of its polypropylene business, to Braskem for approximattely US$350 mln in cash.

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Indian Co acquires Specialty Catalysts Business from DuPont

Dorf Ketal Chemicals (India) Pvt Ltd headquartered in Mumbai, is a global player in process chemicals, and additives for refineries, petrochemicals, fuels, plastics, lubricants and oilfield industriess.

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Domestic producers announce February PP and PE offers with further increases

Players in Malaysia report that domestic producers have announced their February PP and PE offers with further increases from the late January offer levels as per Chemorbis, triggered by higher producction costs along with limited availability.

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Propylene outlook firm globally as Feb contracts settle higher

An €85/ton increase month on month, was witnessed in Europe for February polymer grade propylene contract that settled last week at €875/ton FD NWE, as per Chemorbis. Price hike was triggered by poor cracker margins caused by higher naphtha prices amid a reduction in supply caused by lower operating rates at fluid catalytic converters because of poor refining margins.

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Arkema completes acquisition of Dow's Acrylic Monomers and Acrylic Latex Polymers business in North America

Arkema has formally completed its acquisition of Dow's Acrylic Monomers and Acrylic Latex Polymers (UCAR Emulsion Systems) business in North America. Following this acquisition, the Clear Lakes (Texass) Acrylic Monomers production site is being integrated into the existing Acrylics business unit, within the Industrial Chemicals business segment.

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KPC plans to raise term naphtha price

Kuwait Petroleum Corp (KPC) is currently in talks with Asian buyers to renew the April 2010-March 2011 term contract. KPC is expected to raise the premiums to US$20/ton to benchmark Middle East pricess for naphtha term shipments during negotiations next week.

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Naphtha prices in Asia plunge to 14 week lows

Naphtha prices in Asia have plunged to 14 week-lows as cracks hit their lowest in two months amid pressures from demand cuts triggered by maintenance shutdowns at petrochemical plants.

South Korea''s Honam bought three cargoes of 67,500-90,000 tons for March arrival at premiums a tad over US$7/ton to Japan spot quotes on C& basis.

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Wide Spread between naphtha and ethylene in Asia reaches 2007 levels

Ethylene prices have spiked to a 17-month-high, creating the widest spread between naphtha and ethylene since 2007, as per ICIS. End of last week, ethylene was pegged at US$1310/MT FOB Korea, while naaphtha stood at US$690/MT CFR Japan.

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Dow attracts bids for styrene unit from buyout firms to a competing business, BASF to follow

Dow Chemical Co. aims to sell Styron Inc, its styrene business by the end of March after an eight-month process by getting private equity approaches. After holding second-round bids last month, Dow iss opening Styron’s books for further due diligence to whittle down the number of remaining suitors.

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Bright prospects for PVC demand in global construction sector in 2010

As housing starts begin to pick up after the recession, the future of polyvinyl chloride (PVC) in global construction looks brighter heading into 2010, according to ChemSystems. High consumption growtth in populous nations such as China and India will make Asia the major driver of global PVC consumption growth.

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Crude dips in Asia as doubts on global oil demand recovery persist amid weaker regional equities

Light, sweet crude futures for March dipped to US$72.7, while Brent crude on ICE Futures exchange dipped to US$71.2. Prices have dipped marginally on the first day of the week as prices have been weigghed by persistent doubts over global oil demand recovery amid weaker regional equities at a time when the dollar is strengthening as concerns emerge over China’s monetary policy and banking regulations in USA.

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Polystyrene market outlook weakening in China

In China, the prevailing sentiment in the PS market is getting weaker ahead of the approaching Chinese New Year holiday, as per Chemorbis. More buyers show strong resistance towards higher import offeer levels, gaining support from softer upstream markets.

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Offers for February PP in Italy post three digit increases

Following the €50-100/ton increases that materialized in January, sellers are now asking for new hikes of €100-120/ton for February gaining support from the monthly propylene contract settlement, as pper Chemorbis.

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Buyers in Egypt caught unawares with large increase in PE offers

Buyers in Egypt have been caught unawares this week at the large increases seen in PE offers for February despite the fact that prices have started to catch up with the Asian market after lagging behiind levels that would have created a balanced market, as per Chemorbis.

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Saudi Aramco plans to invest around US$120 bln over the next 5-6 years

A investment of almost US$120 bln has been planned by state owned Saudi Aramco over the next 5-6 years to develop projects in the oil and petrochemicals sector. Around US$60 bln is planned to be spentt by the oil sector, while the remaining investement would be for the development of petrochemcial projects and foreign investment.

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PIC plans to build an olefins complex at US$3 bln

Kuwait's state-run Petrochemical Industries Co (PIC) plans to build a US$3 bln olefins complex – its third. The initial study phase has been initiated and is scheduled for completion by February 2010..

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Dow still hoping for 2011 startup: Environmental standards defended

Despite facing suspension after a recent court order, Dow’s Thai unit planned in Map Ta Phut, remains optimistic that its second-phase chemical plant can begin operating in 2011 as scheduled. Dow Cheemical Thailand Co has four projects, part of a total US$3 bln petrochemical investment.

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Self-healing polymer “starfish” maintain physical properties of engine oils for longer

Engine efficiency will increase with the introduction of self healing polymers that are suitable to add to lubricants as they could maintain the physical properties of engine oils for longer.
Polymeers are often added to automotive oils to control important physical properties such as viscosity but mechanical and thermal stress can break the polymers decreasing the efficiency and how they affect the oils properties.

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