Total's adjusted net operating income in the first quarter of 2011 surged 52%

(ICIS) -- Total's adjusted net operating income for its chemicals business in the first quarter of 2011 surged 52% year on year to EUR 238 mln (USD 355 mln) on the back of higher demand and margins, the French oil and gas major said on Friday.

Chemical sales for the first quarter rose 21% year on year to EUR 5.1bn, the company said in a statement.

Sales of base chemicals rose 31% to EUR 3.32bn in the first quarter of 2011, from EUR 2.53bn in the same period a year earlier, while revenues from specialty chemicals rose 6% to EUR 1.79bn.

Overall, Total's adjusted net income rose 35% year on year to EUR 3.1bn, as sales climbed 22% to EUR 46bn, the company said.

Looking ahead, Total is looking to invest in improving the energy efficiency and competitiveness of its Normandy plant and to increase its production capacity in South Korea and Qatar, the company added.

MRC

(ICIS) -- China has set higher capacity requirements on new petrochemical projects as part of its effort to restructure the industry and improve its competitiveness, analysts said on Friday. The National Development and Reform Commission (NDRC), China's regulatory body that approves major investment projects, issued an "Industrial Restructuring Catalog" early this week containing the raised minimum capacities for specific plants that will take effect on 1 June. The government body last issued the industry catalogue in 2005. Plants with very small capacities will be weeded out for a more efficient use of energy and resources. Production at these plants must be as centralised as possible given their high potency to pollute the environment. New refineries must at least have a 10m tonne/year capacity, up from the 8m tonne/year minimum set in 2005, according to the NDRC catalog.

MRC

(BASF) -- BASF and Cognis - which is now part of the BASF Group - will together present their latest Newtrition concepts and finished products at Vitafoods in Geneva at stand 741. The newly-formed BASF Human Nutrition Group combines the two complementary nutrition businesses, offering customers the benefits of an extended product range, enhanced market strengths and expertise, technical skills and resources.

The Newtrition └Eat.Feel.Live.⌠ campaign has been shortlisted in the Most Effective Marketing Campaign category of the new Nutraceutical Business & Technology Awards, being launched at Vitafoods Europe.

MRC

(Arabian Oil and Gas) -- Saudi International Petrochemical Company (Sipchem) signed a partnership agreement with Korea's Hanwha Chemical Corporation to establish a polymers plant in Saudi Arabia, Sipchem said in a statement. Sipchem said that the plant will be established in Jubail industrial city on the eastern coast of Saudi Arabia, at an estimated cost of USD 60 mln.

The project is slated for production during the second quarter of 2013, as part of the Sipchem's third expansion project. ⌠We will create a 50/50 company to market the product in the Middle East and Europe, the statement read.

Feedstock for the project will be mainly low density polyethylene and Ethylene Vinyl Acetate (EVA), which will be provided by International Polymers Company (IPC), one of Sipchem's affiliates.

MRC

(Arabian Oil and Gas) -- National Industrialization Company ⌠Tasnee and Saudi Advanced Industries Company ⌠SAIC have signed a joint venture agreement to establish a project to produce 120 KTa of polyether polyol, a product used in the production of polyurethane. The two partners said that the total investment of the project worth USD 122.65m (SAR460m), and 70% of the project financing will be from bank loans.

The project is slated to start commercial operations in the fourth quarter 2013, and will be owned 50/50 basis between the two partners.

Tasnee and SAIC signed last February a technology licensing agreement with the US based Carpenter Company.


In July 2010, Tasnee and SAIC signed a deal with Petro Rabigh to procure 100 KTa of propylene oxide, the feedstock for the production of the polyether polyol, which is the precursor of polyurethane, it is used in various industries such as furniture, automotive as well as in manufacturing construction materials.

MRC