Aramco to take Jizan refinery project bids early

(Arabian Oil and Gas) -- In February, Aramco awarded KBR the FEED contract for the Jizan project. Saudi Aramco may invite bids earlier than planned for the contract to build a $7 billion refinery at Jizan in the Kingdom's southwest.


Aramco's original plan was to invite bids for the EPC contracts by the end of 2012, but they are now looking to bring this forward by six months, according to an unnamed source speaking to the Dow Jones Newswire.


Jizan is slated to produce 400,000 barrel per day on completion, and will supply the burgeoning local market.


It is not clear why the tendering process is being expedited. The project was initially due to be implemented by the Saudi government as a private sector initiative but, after generating limited interest, was handed over to Aramco.


MRC

Styron filed registration statement as Trinseo for IPO

(Styron) -- Styron, a leading global materials company established in June 2010, today announced that it filed a registration statement on Form F-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering of its common stock. The filing is under the company name Trinseo S.A. In April, Styron announced plans to change its name to Trinseo, which will take effect globally later this year.


The offering may consist of newly issued shares sold by Trinseo S.A as well as shares sold by selling stockholders. The number of shares to be offered and the price range for the offering have not yet been determined. The company will likely use the net proceeds from the proposed public offering for debt repayment and other general corporate purposes.


The previously referenced registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.


MRC

US spot offers for some grades of PE emerged 19% below May contract prices

(ICIS) -- US spot offers for some grades of polyethylene (PE) have emerged 19% below May contract prices, suggesting that falling feedstock costs and pressure from overseas imports will cause PE contracts to settle lower in June, buyers said on Friday.


Prime low density PE (LDPE) was offered in the secondary market at 72-74 cents/lb (USD 1.587-1.631/tonne, EUR 1.111-1.142/tonne) FOB (free on board) Houston for bagged material, while linear low density (LLDPE) butene was offered at 63-65 cents/lb FOB Houston for bagged material.
By comparison, LDPE film was assessed at 89-91 cents/lb DEL (delivered), and LLDPE butene was assessed at 78-81 cents/lb DEL for May contracts, according to ICIS.


Negotiations for June contracts are expected to continue through the end of the month, with some producers continuing to fight decreases, sources said.


Even with the lower prices, the US export market is hampered by prices in Asia that are 15-20 cents/lb lower than in North America, sources said.


MRC

China's import of petrochemical products mostly declined in May

(ICIS) -- China's import volumes of petrochemical products mostly declined in May as domestic demand continued to shrink, industry sources said on Monday.


Its naphtha imports fell 29% year on year to 107.201 tonnes, while propylene imports only reached 73,580 tonnes, down 32% compared to the same period last year, according to data from China Customs.


The country took in 55% less butadiene (BD) product in May at 7,269 tonnes from the previous corresponding period because of rising import prices, according to the data.

Its benzene imports were halved to 11,745 tonnes, while toluene imports fell by more than quarter to 47,194 tonnes, official data showed.

MRC

Spot polypropylene prices 8% fell for July cargoes in the Middle East

(ICIS) -- Spot polypropylene (PP) prices have tumbled by around $140/tonne, an 8% fall for July cargoes in the Middle East from June, as producers in the Gulf Cooperation Council (GCC) region slashed offers after the recent price fall in the China market, industry sources said on Tuesday.


On Tuesday, prices for PP raffia were discussed at USD 1.510-1.530/tonne (EUR 1.057-1.071/tonne) DEL (delivered) Dubai and at USD 1.470-1.480/tonne DEL Saudi Arabia, regional players said.


PP prices have fallen by nearly 12% since a downturn began in mid-May from a 10-month high.
GCC producers have had to reduce offers in a bid to attract buyers in a bearish market, and to reduce mounting inventories.


Regional makers said that they had no plans to reduce operating rates, but instead aimed to seek more outlets for their products, such as Africa.


MRC