In January-April, PVC imports to Russia exceeded demand

MOSCOW (MRC) -- During the four months of 2011, PVC imports to Russia exceeded needs of the market. Only in early June demand for the resin reached the level of offer, according to MRC DataScope.


2010 appeared considerably successful for the Russian market of suspension PVC. Overall consumption made 877 KT which was 18 KT more compared to record 2008. Growing public utilities rates, accommodation exhaustion, low defense of buildings in terms of cold winter in 2010 forced population to use energy saving technologies. In most cases, households realized postponed plans in improvement of their housing conditions which resulted in serious growth of PVC demand in Russia in 2010 and stipulated rapid growth in 2011. Some converters estimate growth of demand at the level of 10-15%.


In the beginning of the year Russian companies started active purchases of suspension in external markets. Over the four months of 2010, overall imports of suspension PVC made more than 53 KT, while this year the same parameter exceeded 144 KT. But the beginning of the year was different. Low demand for finished goods from PVC in many sectors of consumption in March - May limited demand for the resin. Indirectly it is proved by statistics of impact modifiers supplies. This year imports of PVC impact modifiers grew by 55% (by producers of window profiles - by 42%), while the resin imports grew by 177%.


At the end of May - beginning of June, the market situation changed. Demand for PVC is growing, converters in the South actively replenish their stocks and producers of window profiles increase processing.


MRC

Petro Rabigh to collaborate with DuPont on assessment of current state of safety

(Ame Info) -- Petro Rabigh- a joint venture between Saudi Aramco and Sumitomo Chemical - and one of the competitive petrochemical companies in the world, has begun to collaborate with DuPont Sustainable Solutions (DSS) to assess the current state of safety and define a path for further improvement.


DuPont Sustainable Solutions is a partner of choice for key industries throughout Europe and the Middle East. Using its own experience in implementing effective safety programs as an owner/operator, DuPont Sustainable Solutions is in a unique position to help others in their journey to safety excellence. DSS has been operating in the region for over 10 years, and have successfully assisted companies with safety, operations and environmental challenges.


While Petro Rabigh is already deeply committed to the safety of its employees, the company would like to achieve world-class safety performance. To achieve this, Petro Rabigh will work with DuPont to evaluate its safety culture and safety management system to establish a baseline. Upon completion of the assessment, a comprehensive implementation plan to improve safety outcomes will be developed.


MRC

Saudi arabian Ma'aden to send first DAP shipment to India

(Arabian oil and gas) -- The Saudi arabian mining company Ma'aden has signed the first contract to sell 200 KT of diammonium phosphate (DAP) to the Indian company Zuari Industries Limited. The first shipment will be exported sometime between August 2011 and March 2012. The cost of the first shipment was USD 612 per tonne including the cost of shipment to India, which is equal to USD 590-USD 597 per tonne with Ras Tanura delivery.


The contract was signed on the sidelines of the International Fertilizer Conference in Montreal, in Canada. SABIC was in charge of the marketing. Ma'aden has declined to announce the commercial start-up of its complex located in Ras Ezzour, but company officials revealed that they expect the official start up in August.


The DAP project is developed in joint venture between Ma'aden which controls 70% of the project, and 30% for SABIC.


MRC

ExxonMobil announced two major oil discoveries and a gas discovery in Gulf of Mexico

(Arabian oil and gas) -- ExxonMobil Corporation announced two major oil discoveries and a gas discovery in the deepwater Gulf of Mexico after drilling the company's first post-moratorium deepwater exploration well. The drilling was ExxonMobil's first since US President Barack Obama imposed a six-month moratorium on further drilling following the Deepwater Horizon disaster and subsequent oil spill in 2010.


The world's largest publicly-traded oil & gas comapny struck a second oil accumulation in Keathley Canyon block 919, around 250 miles southwest of New Orleans in approximately 7,000 feet of water.


The well encountered more than 475 feet of net oil pay and a minor amount of gas in predominantly Pliocene high-quality sandstone reservoirs.


MRC

ADNOC offered 75 KT of July spot naphtha

(Reuters) - Abu Dhabi National Oil Co (ADNOC) offered 75 KT of July spot naphtha, while Tasweeq is expected to issue a spot tender for July volumes on Thursday or Friday this week, and these came shortly after the two sellers had sealed term deals, traders said on Tuesday.


They added the spot offers could have weighed on sentiment, which has remained weak as Asia's top buyer Formosa's cracker remains offline after it was shut following a fire at a pipeline on May 12.


Adnoc offered the spot cargo for July 1-15 loading, and will likely conclude the deal by late in the week. "They may sell more than 75 KT, but exactly how much more they have is not clear," said a trader.


It had in late May concluded term deals for three naphtha grades lifting July 2011 to June 2012 loading at premiums of USD 20.50-USD 24.50 a tonne to its own price formula on FOB basis.


MRC