SABIC announced interim consolidated financial results for the first quarter

(SABIC) -- Saudi Basic Industries Corporation (SABIC) has announced the interim consolidated financial results for the quarter ended March 31, 2011. The net income for the quarter ended March 31, 2011 was SR 7.69 billion compared to the net income of SR 5.43 billion for the same quarter in 2010 representing an increase of 42%, and compared to the net income for the fourth quarter of 2010 of SR 5.75 billion representing an increase of 34%.


The increase in net income for the quarter ended March 31, 2011 compared to the same period in 2010 is attributable to the increase in production and sales volumes and improvement in sales prices for most of the products, and compared to the fourth quarter of last year is mainly due to the improvement in prices for most of the products as well as improved operating performance in SABIC's overseas affiliates.

MRC

(ICIS) -- Japan's economy is expected to slow significantly this year on the back of the devastating earthquake and tsunami which struck the country's northeast last month, the Organisation for Economic Co-operation and Development (OECD) said in a report on Thursday.

Japan's GDP will expand by 0.8% in 2011, down sharply from a 1.7% growth forecast made in a November report last year, the Paris-based OECD said.

Damage to electricity shortages and the disruption of supply chains is projected to significantly reduce output in the second quarter of 2011, although it is likely to be relatively mild compared with the 20% year-on-year drop following the 2008 global financial crisis, the OECD said.

Material damage from the disasters alone could top USD 300 bln, according to government estimates.

Output is expected to rebound sharply from the third quarter of 2011, driven by reconstruction-related fixed investment, but private consumption could remain subdued for the remainder of the year as a result of weak consumer sentiment, the OECD added.

MRC

MOSCOW (MRC) -- April didn't bring serious activity to the market of pipe HDPE, demand is still weak. Difference in price for colored and uncolored pipe PE grew to record RUB 7.000 - 10.000/t, according to ICIS-MRC Price report.

The price offer for the Russian colored PE 80 is within the range RUB 67.000 - 68.500/t, including VAT, FCA, while colored PE 100 is offered on average for RUB 68.000 - 69.000/t, including VAT, FCA Kazan.

A distinctive feature of this year is a serious increase of production of uncolored pipe PE. Only in March Russian producers manufactured uncolored PE100 almost twice as much as colored. Price offer for the Russian uncolored PE100 is within the range RUB 57.500 - 61.500/t, including VAT, FCA. The difference in price compared to colored material is RUB 7.000 - 10.000/t (USD 250 - 350/mt), which is a considerable argument for many producers when choosing a feedstock for PE pipes production.

MRC

(Plastemart) -- Sibur, Russia's largest petrochemical group, may hold an initial public offering (IPO) in H2-2012. The company "is currently considering options for an IPO," as per Ilya Rogol, project manager at Sibur Holding. "It is the company's size that matters when you decide on floating the stock. There is no sense to go public with small sales volumes. In December 2010, Leonid Mikhelson, head of Russia's largest independent gas producer Novatek, had planned the company's IPO, but it must be preceded by the large-scale reorganization of the company's business. Mikhelson increased his stake in Sibur Holding to 50% in March 2011.

MRC

(BASF) -- Fascinating close-up views and animated graphics, xtraordinary perspectives, and interesting information - these features distinguish two new BASF films on wind energy. They highlight the opportunities, benefits and challenges of wind power as one of the major climate-friendly sources of energy for the future. The role that specifically developed BASF products play in making wind turbines even more efficient is discussed in the films by means of specific examples. One of the two films, which last about eight minutes each, deals with the production of rotor blades from a novel type of epoxy systems, while the other examines innovative rotor blade coatings.

⌠We want these films to convey the fascination of having chemistry contribute to enhancing efficiency in the production of modern wind energy plants and making them more profitable to use, said Dr. Martin Jung, spokesman of BASF's Wind Energy Industry Focus Group, and added: ⌠If you want to simplify current wind rotor production processes and achieve equipment life cycles of more than twenty years, you need intelligent chemistry - such as BASF's novel coating and epoxy systems. The company also supplies grouting solutions and concrete additives for the construction of high-strength foundations and towers for modern wind turbines.

MRC