Goodyear declared force majeure on styrene butadiene rubber

(ICIS) -- US-based tyre producer Goodyear declared force majeure on styrene butadiene rubber (SBR) and other butadiene (BD) derivatives because its supplier is short of the monomer, the company said on Friday.

BD is a key feedstock for styrene butadiene rubber (SBR), used to make tyres, belts, hoses and numerous other products.

Domestic BD supply is tight because of an ongoing turnaround by one producer that is expected to last until the middle of June.

Other factors are the sales control from another producer following production issues earlier in the year and limited crude C4 exports from Libya in the first quarter. Crude C4 is the feedstock for BD.

The shortage has driven BD spot prices to the USD 2/lb (USD 4.409/tonne, EUR 3.130/tonne) mark, while contract nominations for the June BD settlement were USD 1.50-1.65/lb, according to ICIS.

MRC

(Plastemart) -- Hindustan Petroleum Corporation (HPCL) in talks with various entities in a bid to revive plans to set up a USD 10 bln refinery-cum-petrochemical project in Vizag. This project had been put on hold by a HPCL-led consortium in 2007. The company is presently in talks with Oil India Limited (OIL) and GAIL (India) and is also open to taking in a foreign partner to implement the project. The company plans to invest Rs.45.000 crore, mostly in refinery capacity additions, in six years beginning 2011-12.

HPCL's Vizag refinery capacity is being expanded while a new unit is being planned in Maharashtra. The company's 9 mln tons Bhatinda refinery in Punjab will be mechanically completed in August/September and will be fully commissioned by year-end.

MRC

(Bloomberg) -- Oltchim SA has made an offer to buy OMV Petrom SA (SNP)'s Arpechim refinery as Romania attempts to increase the company's appeal before selling its stake in the PVC maker. Oltchim is seeking to get cheaper raw materials for its petrochemical operations and boost investors' interest in the chemical company before its privatization, Chief Executive Officer Constantin Roibu said by phone today.

The company aims to conclude the deal before the government sells its majority stake in loss-making Oltchim by the end of the year, Deputy Economy Minister Karoly Borbely said in an interview.

Petrom, Romania's largest oil and gas company, said in March that it will permanently close Arpechim and convert the site into a crude oil and fuel storage facility after it failed to find a buyer for the outdated refinery. Oltchim already bought Petrom's petrochemical assets at the Arpechim refinery last year for EUR 13 million (USD19 million) and an undisclosed amount of debt restructuring.

Oltchim, which is based in Ramnicu-Valcea in southern Romania and has reported annual losses since 2007, would reduce raw materials costs by as much as 35 million euros a year after the refinery purchase, according to the CEO.

MRC

(Arabian Oil and Gas) -- Total announced that it has signed an agreement with CNOOC Middle East (Qatar) Limited, a wholly-owned subsidiary of CNOOC International Limited, to acquire a 25% interest in Qatar's Block BC (pre-Khuff) exploration license. CNOOC Middle East (Qatar) Limited will continue to be the operator with a 75% interest.

Located 130 kilometers east of the Qatari coast, the offshore block covers an area of 5,649 square kilometers, with water depths ranging from 15 to 35 meters.

Commenting on Total's participation in the Block BC EPSA, His Excellency Dr. Mohammed Bin Saleh AI-Sada, Qatar's Minister of Energy and Industry said ⌠We would like to welcome our long time partner, Total, into the Block BC EPSA, and we wish them and CNOOC all success with the exploration activities, which we believe are always enhanced when quality companies such as Total and CNOOC join efforts.

MRC

(PlasticsToday) -- Arkems launched a new acrylic impact modifier to boost impact strength and flowability in PC/ABS and other select PC formulations, helping the alloys fend off increasing competition from compounded TPOs and PPs. Arkema's (Philadelphia, PA) Durastrength 410 is the second additive in the Durastrength acrylic impact modifier family, joining Durastrength 410, which launched several years ago, with the newest addition already commercially applied.

Connie Lo, commercial development manager for Arkema's Sustainability Additives Group, told PlasticsToday that a small amount of Durastrength 410 impact modifier incorporated into certain PC formulations eases processing and results in more durable end-use properties in injection molded or extruded parts by improving the alloy's impact and flow behavior-end results that align with the group's goals.

Additional products are in the works for Durastrength line, with a new grade to possibly launch by the end of 2011. Arkema said in launching Durastrength 410 it hoped to introduce a cost-effective impact modifier for PC/ABS applications that can tailor the melt flow in PC applications while also offering improved performance at equivalent loadings compared to the competition.

MRC