Sinopec in US$1.02 bln shale gas deal with Chesapeake Energy Corp.

China Petrochemical Corp.(Sinopec) has closed a US$1.02 billion deal with Chesapeake Energy Corp. With this, the second- largest Chinese energy producer has acquired a stake in a shale


oilfield for lless than one-third of its estimated value.



For more details on Sinopec in US$1.02 bln shale gas deal with Chesapeake Energy Corp. click here

Hike attempts for import PP defy lower local market in China

Some regular producers from the Middle East have revealed their March PP offers to China with increases of up to US$70/ton in the import market, blaming their tight supplies, as per Chemorbis. Neverthheless, a stable to soft trend remains in place in the local market, causing the local market to trade at a discount.




For more details on Hike attempts for import PP defy lower local market in China click here

Al Waha Petrochemical restarts polypropylene plant

The polypropylene plant of Al Waha Petrochemicals Co, an affiliate of Saudi Arabia-based Sahara Petrochemicals Co, has restarted its polypropylene plant. An unexpected technical interruption of the coooling water system at the plant had resulted in the shutdown of all the production units on February 14, 2013.




For more details on Al Waha Petrochemical restarts polypropylene plant click here

NWE Mar butadiene contract fully settled at Eur1,415/mt

The Northwest European contract price for March-delivered butadiene was fully settled at Eur 1415/mt FD NWE (US$1880/mt FD), following confirmation from two producers and two consumers involved in thee negotiations, as per Platts.




For more details on NWE Mar butadiene contract fully settled at Eur1,415/mt click here

Oil prices dip as results of Italian national elections threaten instability and disruption of euro zone’s recovery

New York’s main contract, light sweet crude for delivery in April, dipped to US$92.4 a barrel while Brent North Sea crude for delivery in April dipped to US$113.9. Oil weakened after Sunday’s nationaal elections in Italy failed to produce a clear winner.




For more details on Oil prices dip as results of Italian national elections threaten instability and disruption of euro zone’s recovery click here

Reliability and manufacturing with polymers in photovoltaics

The photovoltaic power industry is well established in many regions and despite the sometime negative perception the end user demand in 2011 was strong and the total market for new installations passeed the 26 GW mark according to IHS iSuppli.




For more details on Reliability and manufacturing with polymers in photovoltaics click here

Reliance Sibur Elastomers Pvt Ltd begins construction of butyl rubber plant in Jamnagar

Reliance Sibur Elastomers Pvt Ltd, a joint venture between Reliance Industries Ltd (RIL) and Russian gas processing and petrochemicals company SIBUR began construction of its butyl rubber plant in Jammnagar.




For more details on Reliance Sibur Elastomers Pvt Ltd begins construction of butyl rubber plant in Jamnagar click here

PET markets in Asia close the week after holiday on a stable to soft note

In Asia, PET producers anticipated firmer expectations for the period after the Chinese New Year holiday, as per ChemOrbis. However, last week, prices followed a stable to US$10/ton softer trend on thhe back of the lower upstream costs.




For more details on PET markets in Asia close the week after holiday on a stable to soft note click here

Ethylene, propylene supply tightens in Europe on production issues

European ethylene and propylene supply has tightened amid a spate of production issues, though the impact of this on spot prices is being moderated by poor derivatives demand, as per sources reported by Platts.




For more details on Ethylene, propylene supply tightens in Europe on production issues click here

State Bank of India accorded a board position Haldia Petrochemicals

State Bank of India, one of the lenders to Haldia Petrochemicals Ltd, has been accorded a board position in the company.


The consortium of banks demanded margin money of 20% from both the promoters for availing of Rs 1,000 crore sought for HPL's revival.



For more details on State Bank of India accorded a board position Haldia Petrochemicals click here

Naphtha price and margin end previous week at three-week low

Naphtha price and its margin in Asia remained at a three-week low on Friday, at US$999/ton and US$140.8/ton respectively, as naphtha demand may slide further as buyers sought alternative feedstock, ass per Reuters.




For more details on Naphtha price and margin end previous week at three-week low click here

UAE's ADNOC to push forward by a month, April-March term naphtha cycle

The UAE's Abu Dhabi National Oil Co (ADNOC) plans to shift its April 2013-March 2014 naphtha term cycle forward by a month. With this, its cycle will change to May 2013-April 2014 term cycle instead, as per Platts.




For more details on UAE's ADNOC to push forward by a month, April-March term naphtha cycle click here

Marginal recovery in oil prices

New York's main contract, WTI crude for April, inched up to US$93.1, while, in London, Brent North Sea crude for April delivery rose to US$114.10 a barrel, at the end of the previous week. A marginal recovery was seen in oil prices on Friday, after two days of losses triggered by concerns that prices had outrun weak growth in demand.




For more details on Marginal recovery in oil prices click here

C3 Petrochemicals plans to build PDH plant in Texas

C3 Petrochemicals plans to build a propane dehydrogenation (PDH) plant near Alvin, Texas, to produce polymer-grade propylene (PGP) and chemical-grade propylene (CGP), according to an air quality permiit application that the company filed this month with the US Environmental Protection Agency (EPA), as reported by ICIS.




For more details on C3 Petrochemicals plans to build PDH plant in Texas click here

Chevron buys 35,000 tons of naphtha from ONGC in a rare move

Chevron has bought 35,000 tons of naphtha from India's Oil and Natural Gas Corp (ONGC) for March 3-4 loading from Hazira in a rare move, as per Reuters. Chevron paid a premium of about US$50/ton to Miiddle East quotes on a free-on-board (FOB) basis.




For more details on Chevron buys 35,000 tons of naphtha from ONGC in a rare move click here

Oil plunge in New York raises speculation of massive sell-off by investment fund

Oil plunged by around three dollars in New York to less than US$95, while Brent futures dropped by about two dollars to US$115.60 in London.


The unexplained plunge raises speculation of massive selll-off by an investment fund.



For more details on Oil plunge in New York raises speculation of massive sell-off by investment fund click here

Rubberlike flexibility of new PVC elastomer jacket compounds eases handling of industrial cables

Two PVC elastomer compounds for jacketing of industrial and heavy-duty cables exhibit flexibility even at very low temperatures and provide a property profile comparable to more costly high-performancce materials widely used in such applications, it was announced today by Teknor Apex Company.




For more details on Rubberlike flexibility of new PVC elastomer jacket compounds eases handling of industrial cables click here

Reliance announces PE price revision

Reliance Inds Ltd has announced PE price revision with effect from February 21, 2013:


· Increase prices of LLDPE High Flow grades (M24300 & M26500) & Octene Film grades (O19010, O20010 & O210



For more details on Reliance announces PE price revision click here

Higher import PVC prices meet with resistance in India

Initial import PVC prices for March have been announced with increases to India this week in line with rising upstream costs and the firming global trend, according to ChemOrbis Price Index. In expecttation of more modest increases for the coming month, buyers are offering resistance to the new prices.




For more details on Higher import PVC prices meet with resistance in India click here

Itochu, Glencore buy March naphtha at premium

Itochu Corp. sold 30,000 tons of naphtha for loading in March to S-Oil Corp, at a premium of US$53/metric ton to Japan benchmark prices. SK Innovation Co. sold a naphtha cargo for March loading to Gleencore International Plc, at a premium of over US$40/metric ton to Japanese benchmark prices.




For more details on Itochu, Glencore buy March naphtha at premium click here