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Oct 10th, 2008
Chemical giants moving to unite
Hexion ending long efforts to scuttle deal with Huntsman
More than a year after it was announced, the mega-merger between chemical giants Hexion and Huntsman finally appears to be heading toward the finish line.
Hexion Specialty Chemicals said Thursday that affiliates of its private equity parent Apollo Management have agreed to kick in $540 million to help...
Oct 9th, 2008
Asian acetic acid hits 21-month lows
Spot acetic acid prices in northeast Asia slumped to a 21-month low as buy-sell price ideas dwindled to $570-590/tonne CFR (cost and freight) northeast (NE) Asia due to depressed downstream markets, key producers said on Thursday.
Selling indications fell to $590/tonne CFR China Main Port (CMP), down $50/tonne from levels a month earlier following...
Oct 8th, 2008
Ticona: Construction of the New Hostaform Polyacetal and Celstran Plant Begins
Today’s cornerstone-laying ceremony in Hochst Industrial Park marked the official start of construction of Ticona’s new polymer works. Representatives from politics and industry took part in the ceremony, where the speakers included the Hessian ministerpresident, Roland Koch, and Frankfurt’s mayor, Petra Roth. The plant will replace the existing polymer production unit in Kelsterbach in 2011.
“The...
Oct 7th, 2008
Oil Rises as Traders Buy Crude Amid Speculation of OPEC Cut
Crude oil rose as traders took advantage of the cheapest prices in eight months to buy oil, amid speculation OPEC will cut output.
Oil increased as Libya’s top oil official called for a production cut, and Qatar’s oil minister said the country is cutting output in line with quotas. OPEC President Chakib Khelil said the...
Oct 6th, 2008
Crude Oil Falls Below $90 on Concern Slowing Global Growth May Curb Demand
Crude oil fell for a fourth day as the credit crisis deepened in Europe, adding to concern that global economic growth will slow and reduce demand for fuels.
Oil dipped as low as $88.89 a barrel after European leaders pledged to bail out troubled banks and protect depositors. OPEC President Chakib Khelil said today the...
Oct 3rd, 2008
Oil Heads for Biggest Weekly Drop Since 2004 Before Jobs Report
Crude oil was little changed in New York, poised for the biggest weekly drop since 2004, before a U.S. employment report expected to reinforce signs of recession in the world’s biggest energy user.
Oil has declined 12 percent this week as higher borrowing costs and reports showing a worsening economy spurred skepticism that the U.S....
Oct 1st, 2008
Oil Rises a Second Day on Signs U.S. Will Revive Bailout Plan
Crude oil rose for a second day after U.S. lawmakers said they intend to salvage a $700 billion bank- rescue package that may avert an economic slowdown.
The U.S. Senate plans to vote on a revised bailout plan tonight. Oil gained and U.S. equities jumped the most in six years yesterday, recovering after the failure...
Sep 30th, 2008
Indian Oil’s Crude Import Costs May Increase 70% to $45 Billion This Year
Indian Oil Corp., the nation’s biggest refiner, said its oil import costs may climb as much as 70 percent to $45 billion this year, adding to increased borrowings and revenue losses from selling fuel below cost.
The New Delhi-based refiner is paying $110 to $115 for every barrel of oil it buys from overseas, compared...
Sep 29th, 2008
Oil below $104, financial troubles spread to Europe
Oil fell more than $3 a barrel on Monday, pressured by gains in the U.S. dollar as well as signs the financial crisis is spreading beyond the United States to Europe.
Benelux governments stepped in to rescue Belgian-Dutch banking group Fortis and Britain nationalized lender Bradford & Bingley. In Washington, Congress prepared to vote on a...
Sep 26th, 2008
Crude Oil Declines on Concern U.S. Bailout Plan May Be Delayed
Crude oil fell after a Congressional plan to rescue the financial industry was delayed, adding to concern that economic growth in the world’s biggest energy consumer is under threat.
Negotiations on the $700 billion rescue of the U.S. financial system stalled as House Republicans rejected the plan and left it to congressional leaders to hammer...
Sep 25th, 2008
Crude Oil Falls as Concern Grows About U.S. Fuel-Demand Outlook
Crude oil fell for a third day on concern that U.S. fuel consumption will drop further because of risks to economic growth.
Oil fell as much as 2.4 percent after President George W. Bush’s statement yesterday that the nation may “slip into a financial panic” if Congress doesn’t pass a $700 billion bailout program. U.S....
Sep 24th, 2008
China tainted melamine scandal spreads to Europe
The Chinese melamine scandal spread to Europe on Wednesday as leading UK grocer Tesco announced it would withdraw a range of children’s confectionery from stores over fears they contained the toxic chemical.
The supermarket chain recalled its White Rabbit Creamy Candies due to reports it could contain melamine, a chemical which has contaminated formula milk...
Sep 23rd, 2008
Oil futures give up some ground after historic leap
Crude-oil futures dropped nearly 2% early Tuesday, giving up a bit of ground after soaring more than $16 in the previous session, as traders worried that the proposed bailout plan for the U.S. financial sector may not be enough to avert an economic recession.
Crude for November delivery slipped $1.83 to $107.51 a barrel in...
Sep 22nd, 2008
U.S. Crude Oil Prices May Fall 8% Next Year, Australia Says
U.S. crude oil prices may fall 8 percent next year, a bigger decline than predicted three months ago, because of slowing demand, the Australian government’s commodities forecaster said.
West Texas Intermediate, the U.S. benchmark crude variety, may average $97.95 a barrel in 2009, down from a projected $107.11 this year, the Australian Bureau of Agricultural...
Sep 19th, 2008
Price war forces petrol prices down
Petrol prices fell across the UK today as a price war brought a hint of relief to motorists struggling to fill their cars.
Supermarkets led the way last night as they followed Morrisons in announcing cuts in fuel prices – and today BP and Shell say they have followed suit reducing their prices on the...
Sep 18th, 2008
Crude Oil Rises Above $100 as Dollar Drop Boosts Hedging Appeal
Crude oil rose above $$100 a barrel as the dollar extended its slump against the euro, enhancing the appeal of commodities as a currency hedge.
Crude has rallied more than $10 a barrel from its seven- month low of $90.51 two days ago. The U.S. Energy Department reported yesterday that crude oil stockpiles dropped the...
Sep 17th, 2008
Goldman Sachs Slashes Oil Forecast on Credit Concern
Goldman Sachs Group Inc. slashed its forecast for crude oil prices in New York, saying the market has “overshot to the downside” because of concern the global credit crisis may lead to weaker demand.
The most profitable U.S. securities firm cut its three-month benchmark West Texas Intermediate crude oil estimate to $115 a barrel from...
Sep 16th, 2008
BASF Makes Offer to Acquire Ciba
LUDWIGSHAFEN, Germany — BASF plans to acquire Ciba Holding AG, Basel, Switzerland, [CIBN], a leading specialty chemical company, and will make a public takeover offer to Ciba’s shareholders. BASF will pay CHF 50.00 in cash for each nominal share in Ciba. BASF and Ciba have reached a transaction agreement in which the Board of Directors...
Sep 12th, 2008
Huntsman Opens New Asia Pacific Technology Centre In Shanghai, Providing World-Class Innovation Locally
SHANGHAI, PR China - Huntsman Corporation, a leading global manufacturer and marketer of differentiated chemicals, announced the official opening of its Asia Pacific Technology Centre (ATC) in Shanghai’s Minhang Development Zone, giving regional customers direct access to a world-class technology innovation resource.
The new Centre will initially accommodate research and technical experts from Huntsman’s Polyurethanes...
May 28th, 2008
UK researchers claim TiO2 process breakthrough
According to the scientists, the process gives an average yield of up to 97% TiO2, compared with the current industry average of 85%. This level of purity will reduce production costs of pigment grade materials and waste disposal costs. In addition, the process also recycles waste CO2 and heat. Furthermore, research team believe that the process can be further refined to yield 99% pure TiO2....