Egypt and India plan USD 160 mln PET plant in Ain Sokhna

(Daily News Egypt) -- A joint Indian-Egyptian venture will see the construction of a polyethylene terephthalate (PET) plant in Ain Sokhna at a cost of USD160 million, officials said. The factory's production capacity will reach 1,200 metric tons per day producing about 420 KT of PET plastic chips per year. These plastic products will include bottles, food containers, bottled water, bottled drinks, shampoos and cosmetics.

The Egyptian-Indian Polyester Company (SAE), a joint venture with Dhunseri Petrochem and Tea LTD, will own 70 percent of the shares, while the Egyptian Holding Company for Chemicals, will own 23 percent, and Egyptian-owned petroleum and chemicals company, Enppi, will own 7 percent of shares.

Representatives of the Indian business community were quick to lay the foundation of the planned plant, which will be located in the private free zone area of Ain Sokhna, just northwest of Egypt's Suez Gulf.

MRC

(Solvay) -- Solvay announced today it has launched a project to build a specialty polymers production plant for SOLEF Polyvinylidene Fluoride (PVDF), TECNOFLON Fluoroelastomers (FKM) and their essential monomer VF2 in China to satisfy the growing demand for these high value-added specialty polymers in Asia.

The plant will be built at Solvay's industrial site in Changshu in the province of Jiangsu and is scheduled to become operational at the beginning of 2014. It requires the investment of EUR 120 million and will significantly boost Solvay's global production capacity for these specialty polymers.

The TECNOFLON FKM product family is used for demanding sealing applications in aggressive chemical and high heat environments where high purity and long service life are essential such as those found in the automotive, aerospace, oil & gas and energy markets.

SOLEF PVDF can withstand heat and pressure, aggressive chemicals, mechanical stress and abrasive particles in varied applications and is widely used in Lithium-ion batteries, the chemical industry, membranes for water purification and oil & gas extraction.

The new plant in Changshu will be built next to the compounding plant under construction for Amodel polyphthalamide (PPA), Ixef polyarylamide (PARA) and Kalix (modified PARA) which is scheduled to become operational in the last quarter of 2012.


MRC

(CityBizList) -- Sterling Chemicals has entered into a definitive merger agreement pursuant to which Eastman Chemical Company will acquire all of the outstanding equity of Sterling Chemicals for USD 100 million in cash, subject to certain adjustments as provided in the merger agreement. Under the terms of the transaction, the holders of Sterling Chemicals' common stock, par value USD 0.01 per share, will receive USD 2.50 per share in cash, representing a 63% premium over the most recently reported market price of USD 1.53 and a 94% premium over the 90 day volume-weighted average trading price.

John V. Genova, Sterling's President and Chief Executive Officer, stated that, "We believe that we are an excellent strategic fit for Eastman, especially given our existing plasticizer manufacturing assets. The many other quality attributes of our Texas City site has the potential of adding further future value. We look forward to working with Eastman to ensure a smooth and effective transition."

MRC

(Arabian Oil and Gas) -- Oil & gas supermajor BP is eyeing a possible USD 15 billion investment in Oman, and plans to make a decision on whether to proceed in spring 2012. "Today we have just three wells, with plans to have 300, and this will be one of the largest projects, could be, in BP's portfolio," CEO Bob Dudley told the World National Oil Companies Congress, as reported by Reuters.

Last month, Nasser al-Jashmi, the undersecretary of the Oman oil and gas ministry said BP would start early production from the three test wells in August.

Since the Deepwater Horizon disaster BP has divested itsself of western hemisphere assets and is looking east, with massive investments in the Middle East and Caspian.

MRC

(Arabian Oil and Gas) -- Hitachi Ltd has signed a deal with Saudi Aramco to supply compressors to the state-owned company's oil and gas plants, the Nikkei Business Daily reports.

Under the agreement, Japanese firm Hitachi Plant Technologies Ltd will suggest compressor technology to Aramco at the planning stage of the project and the Japanese company's engineering unit will also be granted access to information necessary for maintenance, the paper said.

Saudi Aramco has similar deals with three European and U.S. compressor manufacturers, including General Electric Co and Siemens AG, the Nikkei reported.

Saudi Aramco's oil and natural gas plants use around 10 compressors, with a single order expected to bring in 10-20 billion yen (USD 125-249 million) in sales for Japan's largest industrial services firm.

MRC