Fluor Corp. to serve as BASF's engineering partner in Asia and Europe

(Plastemart) -- Engineering and construction company Fluor Corp. has been chosen to serve as BASF's engineering partner to serve as BASF's engineering partner in Asia and Europe. Fluor, which will work on chemicals and petrochemicals projects across both regions, received service agreements tied to its BASF selections. Terms were not disclosed.

BASF has awarded Fluor umbrella services agreements in these regions for undisclosed contract values. The partnering agreements will cover capital investment projects with separate service orders throughout Asia and Europe. Services provided on projects covered by the agreement will include front-end engineering and design (FEED), project management services and/or detailed engineering, procurement and construction management services.

Fluor Corp. designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management.

MRC

MOSCOW (MRC) -- Over the six months, import supplies of suspension PVC to the Russian market grew by 113% compared to the same period last year and reached 250 KT, according to MRC analysts.

Expectedly, import supplies of suspension PVC to the Russian market in June reduced 6 KT compared to May and made 49.2 KT. Over the six months, PVC-S import to Russia made about 250 KT. It became the most imported plastic in Russia.

Still suspension produced in USA prevails in the imports. In June, North American resin supplies to the Russian market decreased 10 KT to 25.5 KT.

The second week of July was marked by insignificant growth of import prices for PVC from USA after a serious fall in June. Some suppliers of American resin left July import prices for August.

Import supplies of acetylene PVC from China grew to 18 KT. Before that Russian companies used to contract resin from producers in North China. In June, resin was supplied from producers in the country's seaside.

Despite June reduction of imports, there is still an excessive offer of suspension PVC in the Russian market.


MRC

(ICIS) -- Asian polycarbonate (PC) prices may continue falling for the rest of the year because of sluggish demand and plummeting values of feedstock bisphenol A (BPA), industry sources said on Friday.


Spot PC prices have shed USD 200-300/tonne (EUR 142-213/tonne) since early April to USD 2.950-3.050/tonne CIF (cost, insurance and freight) Hong Kong for general purpose (GP)-moulding grade and at USD 2.900-2.950/tonne CIF Hong Kong for optical grade on 13 July, according to ICIS data.

In the key China market, monetary tightening measures implemented to curb inflation have been taking a toll on PC derivative demand. End-users are being forced to cut operating rates because of tight cash flow.

China imported 969 KT of PC last year, accounting for 88% of its total consumption at 1.1m tonnes, according to Chemease, an ICIS service in China.

MRC

(ICIS) -- Spot ethylene prices are cautiously firmer this week, on the back of higher euro-based naphtha costs and more positive sentiment in the key Asian market, market sources said on Friday.
Spot pipeline prices bottomed out two weeks ago in the low EUR 800s/tonne (USD 1.120s/tonne) FD (free delivered) NWE (northwest Europe). Prices had weakened considerably on lengthening supply, because of slowing derivative demand. While no trade has been openly reported this week, sources are now indicating prices at or above EUR 900/tonne. The July contract price settled at EUR 1.090/tonne.

⌠Ethylene is more balanced now, at least we are getting more [buying] interest, another major producer said.

A third producer said cracker rate reductions are playing their part in re-balancing ethylene supply with demand, but some unexpected shorts meant that perhaps the cutbacks had been overdone.

MRC

(ICIS) -- The supply of benzene may tighten in the near term as several hydrodealkylation (HDA) producers in northeast Asia have trimmed production or are considering shutting down units, said traders and producers on Friday.

Several producers in Japan and South Korea have shut, or are planning to shut, their HDA units as margins are in the negative territory, they added. As a result, benzene supply in northeast Asia is tighter compared with June and could remain limited in the near term, said traders. Production margins have been squeezed severely in the past few weeks as feedstock toluene values are almost on a par with benzene.

Spot toluene prices have risen by as much as USD 90/tonne (EUR 64/tonne) since 1 July and were at USD 1.130-1.145/tonne FOB (free on board) Korea on Friday morning, according to ICIS pricing. Toluene prices have spiked in the past two weeks as a result of sudden demand from regional buyers and an upsurge in WTI crude futures, said traders. Benzene values have jumped up by USD 95/tonne since 1 July to USD 1.145-1.155/tonne FOB Korea on Friday.

MRC