PCL plans to raise USD 300 mln to fund expansion

(Plastemart) -- In a bid to primarily fund expansion activities at existing and new refinery projects, Hindustan Petroleum Corporation (HPCL) plans to raise USD 300 mln in the second half of the current fiscal. Bank of Tokyo-Mitsubishi UFJ, State Bank of India and SumitomoMitsui Banking have been appointed as advisors.

HPCL is planning to build a new 9-15 mln tpa greenfield refinery project in Maharashtra for which it has identified 3,000 acres in the Lote-Parshuram industrial area and awaits state government clearances for land allocation. It is also in the process of reviving its USD10 bln refinery-cum-petrochemical project in Visakhapatnam and is in talks with various firms such as Mittal Energy to enter into a joint venture partnership.

MRC

(Reuters) -- PetroChina will further delay the startup of a planned maintenance of its 200.000 barrel-per-day (bpd) Dushanzi refinery by two to three weeks to late August, an industry source said on Wednesday.

PetroChina had initially planned to shut down the largest refinery in northwestern Xinjiang in June or July, but it postponed the 50-day overhaul to begin in early August, as its 210.000-bpd Lanzhou refinery in neighbouring Gansu province started a partial turnaround from June 20. It was not clear why the repair plan in Dushanzi was further delayed.

Dushanzi, processing mainly Kazakhstan crude oil, was fully commissioned in September 2009 after replacing several old crude oil units with a new 200.000-bpd unit and adding a 1-million-tonne-per-year ethylene cracking unit.

MRC

(Plastemart) -- The European Commission cleared on 26 July, under the EU Merger Regulation, the proposed acquisition of the Suspension Polyvinyl Chloride ("S-PVC") business of the Belgium-based Tessenderlo Group by the Swiss-based company Ineos. The transaction involves two vertically integrated manufacturers of S-PVC, which is used in pipes, window profiles and other industrial applications.

Besides S-PVC, both Ineos and the business to be acquired have a sizeable presence in the production and supply of liquid caustic soda and sodium hypochlorite. Moreover, Ineos supplies ethylene and ethylene dichloride and also vinyl chloride monomer which is also supplied by the acquired business. They are all inputs for S-PVC. Ineos is also active in the market for compounded S-PVC, which is downstream of S-PVC.

MRC

(ICIS) -- US speciality chemicals producer WR Grace raised its earnings predictions for 2011 on Tuesday as the company mulled an end to more than a decade of bankruptcy proceedings. The company expects to record earnings before interest and tax (EBIT) of USD 465m-480m (EUR 326m-336m) in 2011, it said in its second-quarter earnings report, released on Tuesday. This marks a significant increase from the USD 365-385m it forecast in an earlier outlook for 2011, published in February.

The company wants to exit Chapter 11 bankruptcy proceedings ⌠as quickly as practicable after making a presentation to the Bankruptcy Court for the District of Delaware on 28-29 June, according to the report. Grace filed to reorganise under US bankruptcy laws in April 2001 because of concerns over thousands of asbestos-related legal claims filed against the firm.


MRC

(ICIS) -- Taiwan's Formosa group may face further delays in restarting several of its plants at its Mailiao complex following a fire at the site late on 26 July, sources said on Wednesday.
The fire, the fifth such incident at the complex this year, broke out at a section of a hydrogen pipeline in the vicinity, sources said.

⌠There was a small fire, but it did not damage any plants, a spokesperson from Formosa Petrochemical Corp (FPCC) said, adding that the firm's 1.03m tonne/year No 2 and 1.2m tonne/year No 3 crackers at the complex are running at full capacity.

However, Formosa Plastics Corp (FPC) had to shut its polyethylene (PE) and ethylene vinyl acetate (EVA) units at the complex as a cautionary measure, an FPC source said.

The affected facilities comprise a 264 KTa linear low density PE (LLDPE) plant, a 350 KTa high density PE (HDPE) unit and a 240 KTa low density PE (LDPE)/EVA swing plant, the source added.

MRC