pet
Jun 24th, 2009
Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia
CRUDE OIL
Crude oil prices dipped by over a dollar to US$71 per barrel in the week of June 22, 2009. Weak fuel demand despite data indicating a recovery in the global economy has kept crude oil pegged at US$71 per barrel. This marks a stop to four consecutive weeks of oil price hike. The weakening...
Jun 24th, 2009
KOREA KUMHO PETROCHEMICAL COMPLETES PLANT CONSTRUCTION IN CHINA
South Korean chemical producer Korea Kumho Petrochemical Co. (KSE:011780) said Wednesday it has completed the construction of a US$40 million plant in Shandong Province, China.
The plant will produce 150,000 tons a year of SB-Latex for paper coating, the company said in a statement.
Kumho established a 50:50 joint venture named Rizhao Kumho Jinma Chemical Co....
Jun 24th, 2009
Japan’s JGC Awarded Contract for Feasibility Study for Petro Rabigh Complex
Japan’s JGC Corporation has been awarded a project to conduct a feasibility study for expansion of the refinery and chemicals complex in Rabigh by Saudi Aramco and Sumitomo Chemicals. The study for expansion of the US$10 bln (SAR 37.5 mln) Rabigh Refining and Petrochemical Company (Petro Rabigh) is to be concluded by Q3-2010. Investment outlay...
Jun 23rd, 2009
China’s Largest Integrated Oil Refinery and Petrochem Project to Come Onstream Q3-08
China’s largest integrated oil refinery and petrochemical projects at Dushanzi, including 10 mln ton crude oil refineries and 1 mln tons of ethylene will come onstream in a couple of months. When supply begins from Dushanzi, it will significantly increase market supply; particularly to lower reaches of the Northwest region. China National Petroleum Corporation started...
Jun 22nd, 2009
China to Continue as Attractive Market for Polypropylene
Over the past decade, China has emerged as the principal manufacturing and export location for low value plastic products in the world due to low manufacturing costs and significant government support as per Global Markets Direct. Rapid increase in downstream processing capacity additions, primarily geared towards export markets, will be the main driver of polypropylene...
Jun 22nd, 2009
China Will Be the Principal Driver of Polyethylene Demand Till 2020
The Chinese polyethylene market size was US$$13,865 million in 2008 and is forecast to grow by more than 8%, accounting for nearly 17% of the global polyethylene demand in 2020 as per Global Markets Direct. China has emerged as the principal manufacturing and export location for low value plastic products in the world due to...
Jun 22nd, 2009
India Slaps Anti-dump Tax on Polypropylene Sales
India’s commerce ministry are to initiate anti-dumping taxes on polypropylene imports from Saudi Arabia, Oman and Singapore, claiming that they are selling the product at prices lower than production costs in the sub-continent.
Indian Reliance Industries and Haldia Petrochemicals filed an application before the Indian commerce and industry ministry for initiation of anti-dumping duty in February....
Jun 22nd, 2009
‘Time Right to Enter China Petrochemicals’
Petrochemicals producers in the Middle East who are looking for export opportunities in China should act now or risk being left out, global energy analysis firm PFC Energy has warned in its new report.
China intends to take a fully integrated investment approach, targeting all segments of the petrochemicals sector and plans to build about 20...
Jun 19th, 2009
India Petrochemical Industry to Fare Better than Competitors
The Indian polyolefins market is expected to slow in Q2 ‘09 and Q3 ‘09 due to a decline in demand from industrial consumers, while some proposed projects have been thrown into doubt as financing difficulties and a deteriorating market environment have hit the petrochemicals industry, according to BMI’s latest India Petrochemicals Report.
The completion of Reliance...
Jun 18th, 2009
Polyester is the New Favourite
Once a poor man’s clothing, cotton has now become a luxury mainly for the rich. And polyester, the manmade fibre that was associated with images of wrinkle-free shirts on the well-heeled executive, has now become the choice of the masses.
According to experts, the politicisation of cotton over minimum support price (MSP) has pushed the fibre...
Jun 16th, 2009
GAIL’s Petrochemicals Plan on a Slow Wicket
State-run GAIL India may have put its mega petrochemicals plan on the backburner because of falling global demand.
GAIL had planned to set up two new mega petrochemicals plants - one overseas and one in India — but the fall in demand for polymers may have slowed the process.
“Economic slowdown is affecting and naturally we are...
Jun 15th, 2009
Huntsman and Laffans Join Forces for Specialty Chemicals Manufacturing in India
Huntsman Corporation (USA) and Laffans Petrochemicals Ltd. (India) have signed a Letter of Intent to finalize a collaboration agreement to share know-how, expertise and resources for specialty chemicals. The parties intend to leverage each other’s capabilities and resources for surfactants and amines manufacturing in India. Laffans’ responsibilities would include manufacturing and raw material sourcing, while...
Jun 12th, 2009
Petrochemical Firms Hiking Prices
Petrochemical companies are raising product prices in the face of rising crude oil prices, at a time when automakers and other users are struggling with falling demand amid a recession, industry officials said Thursday.
Companies affiliated with Mitsui Chemicals Inc and Mitsubishi Chemical Corp will raise prices of polyethylene and polypropylene by more than 20 yen...
Jun 12th, 2009
Korean Refiner to More than Double Paraxylene, Benzene Capacity by 2011
S-OIL Corporation, one of the leading oil refiners in Korea, has announced plans to invest 1.4 trillion won to complete its Onsan refinery expansion project in Ulsan by June 2011. Under the project, the company will construct facilities for producing 900,000 tpa of paraxylene and 280,000 tpa of benzene. The facilities are built on an...
Jun 11th, 2009
Lanxess China Sales Improve, Full-yr Outlook Murky
German specialty chemicals maker Lanxess AG (LXSG.DE) has seen its sales in the Greater China area improving in the past few months, but the outlook for the rest of the year remains murky, a senior executive said on Thursday.
Like most other players in the chemicals industry, Lanxess has been affected by the global financial crisis,...
Jun 10th, 2009
LANXESS Makes First Acquisition in India
The subsidiary of specialty chemicals group LANXESS AG, LANXESS India Private Ltd., will acquire the chemical businesses and assets of stock-market-listed Indian company Gwalior Chemical Industries Ltd. for EUR 82.4 million, including debt. A corresponding agreement was reached with the company. The transaction is subject to formal approval by Gwalior’s shareholders and clearance by the...
Jun 10th, 2009
Korean Joint Venture Sets Production of MMA and MAA Underway
Mitsubishi Rayon recently announced that Daesan MMA Corp., a member of the Mitsubishi Rayon Group, commenced commercial production of methyl methacrylate (MMA) monomer and methacrylic acid (MAA) monomer in May. Daesan MMA Corp. is a 50:50 joint venture established in South Korea in August 2006 with Honam Petrochemical Corporation for the purpose of meeting the...
Jun 9th, 2009
LANXESS Acquires Polyol Specialist in China
The specialty chemicals company LANXESS AG is strengthening its market presence in the important Asia region by acquiring the business and production assets of Jiangsu Polyols Chemical Co. Ltd. in Jiangsu province, China. Both parties have agreed not to disclose the purchase price. Closing is expected in the third quarter of 2009.
Jiangsu Polyols mainly produces...
Jun 8th, 2009
Tronox Announces TiO2 Price Increases in Asia and Latin America
Tronox Incorporated (Pink Sheets: TRXAQ, TRXBQ), on behalf of its subsidiary companies, today announced the following price increase for all TRONOX(R) titanium dioxide (TiO2) grades:
Increase Amount
Asia Pacific - $50 per tonne*
Latin America - $100 per tonne*
* Prices will become effective as noted or as contracts allow.
Demand continues to improve and this and other previously announced...
Jun 5th, 2009
Mitsubishi Chemical Announces Restructuring of Petrochemicals Businesses
Mitsubishi Chemical Corporation (”MCC”; Head office; Minato-ku, Tokyo; President: Yoshimitsu Kobayashi) announced today that MCC has decided to withdraw from caprolactam and styrene monomer businesses in the course of restructuring petrochemicals businesses. MCC will further strengthen competitiveness in petrochemicals businesses by focusing on core businesses. As for the details, please refer to the attached sheet.
The...