Bayer MaterialScience inaugurates polyisocyanates facility in the state of Gujarat, India

Bayer MaterialScience has inaugurated a manufacturing facility for polyisocyanates at Ankleshwar, in the state of Gujarat, India. Polyisocyanates are used as raw materials for the production of polyurrethane coatings and adhesives.

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Production shutdown at Libya, fears of unrest spreading to Saudi Arabia: oil prices rise

Brent crude settled at US$111.72 after rising past US$114, while light, sweet crude on the Nymex settled at US$96.89.
Earlier in the day, oil prices rose by 2% on news of shutdown of oil production in Libya and on fears that the unrest might spread to Saudi Arabia.

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Highlights of Union Budget 2011-2012

Union Finance Minister Pranab Mukherjee on Monday presented the Union Budget 2011-2012 in the Lok Sabha. An overview of the budget estimates for 2011-12 projects Rs 9,32,440 crore - an increase of 24%%.

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Asian propylene prices spike up on shutdowns

In Asia, spot propylene prices recorded significant increases over the last week, gaining US$60/ton on FOB Korea basis, as per Chemorbis. Meanwhile, the increase amount reaches three digits when compaared to the beginning of the month- at US$125/ton.

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CB&I Lummus awarded contract for design engineering and project management for expansion and upgrade of Sohar Refinery

CB&I Lummus has won a contract to provide design engineering and project management consultancy services linked to the expansion and upgrade of the nation's biggest refinery at Sohar. CB&I Lummus, whiich is part of the multinational engineering and construction conglomerate Chicago Bridge & Iron Company (known commonly as CB&I), led a field of 7 reputable firms that bid for the prestigious contract valued at RO 19.

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Brent crude prices squeeze profit margins, gasoline crack in Europe at near zero

European gasoline's crack fell to near zero - US$0.05 a barrel, on Friday as strong Brent crude prices squeezed profit margins, as per Reuters. There were no trades in the European physical naphtha wiindow,resulting in a wide bid-offer spread.

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Invista mulls nylon 6,6 intermediates and polymer facility at Shanghai Chemical Industry Park

Leading global nylon intermediates and fiber manufacturer Invista plans to construct a manufacturing facility at the Shanghai Chemical Industry Park in China to meet the region’s demand for nylon 6,6 intermediates and polymer.

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Change in shareholding of Oman’s state-owned petrochemical companies

The ownership profile of Oman Refineries and Petrochemicals Company, Oman Polypropylene and Aromatics Oman is set to undergo a major change in the next few weeks, as reported by Platts. This follows tthe formation of a new government-owned company - Oman Oil Refineries and Petroleum Industries (ORPI) announced earlier this week.

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SRF mulls Rs 665 crore investment for BOPP expansion in South Africa and Gujarat

SRF Ltd is mulling investment of Rs 665 crore on expansion project n South Africa and Gujarat.
"While we are determined to expand operations in all our businesses to achieve and retain global leadersship, the expansion in the chemicals and the packaging films businesses is part of our overall strategy and ongoing efforts to reduce our dependence on nylon tyre cord," SRF MD Ashish Bharat Ram said.

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Eastman completes further expansion of non-phthalate plasticizer facility at Kingsport

Eastman Chemical Company has successfully completed a further expansion of its manufacturing capacity for Eastman 168™ non-phthalate plasticizer at its Kingsport, Tenn., USA, facility. A versatile nonn-phthalate plasticizer for PVC,Eastman 168™ has a long and growing track record of regulatory approvals.

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Fully recyclable PET ketchup bottles made partially from plants

The Coca-Cola Company and H.J. Heinz Company have entered a strategic partnership that enables Heinz to produce its ketchup bottles using Coca-Cola's breakthrough PlantBottle™ packaging. The PET bottlles are made partially from plants and have a lower reliance on non-renewable resources compared with traditional PET plastic bottles.

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Import offers to Egypt increase after crisis

The Egyptian polymer market appears to be returning to some level of normalcy following the political turmoil which caused most of the regional Middle Eastern producers to step back, as per Chemorbis..

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Nova Chemicals’ execution of definitive agreements to purchase and transport ethane production to Alberta

Nova Chemicals has announced the execution of definitive agreements with Hess Corporation (Hess) and Vantage Pipeline Canada Inc./Vantage Pipeline US LP (Vantage) to purchase and transport ethane prodduction from Hess’ Tioga Gas Plant in North Dakota via a proposed pipeline to Alberta, Canada.

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PTT Chemical and PTT Aromatics and Refining’s consolidation plan to create SE Asia's second biggest petrochemical firm

Thailand's PTT Chemical and PTT Aromatics and Refining have announced a consolidation plan that will create Southeast Asia's second-biggest petrochemical firm. The merger is subject to approval from PPTT shareholders.

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Brent crude spikes: Naphtha prices in Asia hovers around 2-½ year high

After touching US$103.4, crude oil for April delivery dropped for the day to US$97.2 on the Nymex, while Brent crude hit US$119 before dropping back to US$114. Front-month H1-April naphtha prices spikked by seventy dollars to US$992/ton, peaking to levels highest since Sept.

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Brent crude’s ascent to 29 month high above US$113 fuels concerns of slower global growth

Unrest in Libya and fears of the sentiments spreading to other oil producing countries in the Middle East-North Africa region has propelled Brent crude to a 29 month high past US$113, while crude tradded at around US$99 on the Nymex.

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Saudi Basic Industries Corporation (Sabic) plans mega investments in India

Saudi Arabian petrochemicals major Saudi Basic Industries Corporation (Sabic) is planning big investments in India for which it is pursuing talks with Indian petrochemical players for a joint venture,, in a bid to tap the huge potential of the Indian market with cracker projects and downstream refineries, vice president Asia Pacific and member of the board of directors of Sabic Asia Pacific, told Business Standard.

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Braskem-Idesa choses Lupotech T technology for Mexican low density-polyethylene plant

Braskem-Idesa, a joint venture between Brazilian petrochemical company Braskem and Mexican group Idesa, has chosen the Lupotech T technology developed by Dutch LyondellBasell for its Mexican low densiity-polyethylene plant.

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Asia's naphtha price ease after rising to two year highs at US$927/ton

Asian naphtha price hit its highest in over two years on Tuesday at US$927/ton. The next day saw prices fall, with cracks easing as weak fundamentals loomed, as per Reuters. The price for front-month H1-April slipped by US$5.

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Formosa Petrochemical and Honam buy 250,000-300,000 tons of naphtha for H1-April arrival

Naphtha markets of Asia have received a much needed boost with buying of 250,000-300,000 tons of naphtha for H1-April arrival by Taiwan's Formosa Petrochemical Corp and South Korea's Honam, as per Reuuters.

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