Sinopec-SABIC JV to use Dow process for EO/EG plant in Tianjin

(plastemart) -- Sinopec, SABIC JV in China; Sinopec-SABIC (Tianjin) Petrochemical Co., Ltd (SSTPC) is using METEOR process technology from Dow Chemical Co. to produce ethylene oxide (EO) / ethylene glycol (EG) at its recently started Sinopec Tianjin complex - the largest single EO reactor in China. METEOR EO/EG process uses a single-reactor design and a unique EO catalyst, which combines both high activity and high selectivity to offer an efficient route to EO/EG production. Commercialised in 1994, the technology is said to allow manufacturers to produce ethylene oxide and ethylene glycol with fewer steps, less equipment and smaller plot size.

MRC

MRC Reference

Sabic. The share in the Russian market in 2008:
PE - 0.2%;
PP - 0.4%;
PS - 0.2%.

Annual sales growth in Russia over the last 5 years:
PE - 33%;
PP - 62%.

Chemtura completes sale of PVC additives business

(chemie.de) -- Chemtura Corporation, debtor-in-possession, completed the sale of its PVC Additives business to Galata Chemicals ("Galata") on April 30, 2010 for cash consideration of $16.2 million and the assumption by Galata of certain liabilities, including certain pension obligations and environmental liabilities. Advertisement


"This divestiture was the best way for us to maximize the value of the PVC Additives business and is in the best interests of Chemtura and of the business itself," said Craig A. Rogerson, Chairman, President and CEO of Chemtura. "It is part of our plan to focus on maximizing the total value of our portfolio of businesses as we continue working to strengthen the Company and position it for long-term success."



Galata is a partnership between Aterian Investment Partners, a New York-based private equity firm, and Artek Surfin Chemicals Ltd., a Mumbai, India, family-owned company whose business includes textiles, metal finishing and chemicals.



As previously disclosed, the sale is the result of an auction pursuant to Section 363 of the Bankruptcy Code involving a number of qualified bidders held in February 2010 in New York under the auspices of the U.S. Bankruptcy Court. This is a customary process for companies selling businesses or assets while operating in Chapter 11. The sale includes Chemtura's ownership interest in Chemtura Vinyl Additives GmbH and certain assets used in the manufacture and distribution of PVC additives.



The transaction will provide all full-time employees of the PVC Additives business with the opportunity to continue in their current positions under new ownership.

MRC


Bayer raises outlook with recovering plastics industry

(adsalecprj) -- Bayer AG raised its 2010 earnings growth forecast as demand for plastics offset a slowdown in crop chemicals and lower sales of medicines.



Bayer expects more than 15% growth in core earnings per share, compared with an earlier forecast of 10%. Net income increased to 693 million euros (US$916.7 million) from 425 million euros a year earlier.



Sales at the MaterialScience plastics unit climbed 36% to 2.22 billion euros as demand from the automotive and manufacturing industries helped Bayer emerge from the chemicals-industry slump that had followed the global economic downturn, the company said.



On the other hand, the company lowered its sales forecast for the drug unit after revenue from the Yaz family of birth-control pills, Bayer's top-selling prescription medicines, dropped 10%.

MRCMRC Reference

The share in the Russian market in 2008:
PS - 0.7% (ABS - 7.2%).

Annual sales growth in Russia over the last 5 years:
PS - (-10%).

Polymers processing technologies:
injection molding.

IOC plans capacity expansion at Panipat by October to meet growing demand

(plastemart) -- Indian Oil Corp (IOC) plans to augment capacity at Panipat by 25% to meet growing fuel demand. Capacity will be raised to 300,000 bpd by October at an investment of US$226 mln. A 120,000 bpd crude distillation unit, a hydrocracker unit, and a delayed coker unit will be shut for 45 days for the requisite alterations. IOC plans to shut down the refinery during the lean monsoon period of August.

MRC

Braskem and Pequiven to assess new model for Venezuelan petrochemical projects

(plastemart) -- Braskem and Pequiven had planned an investment outlay of US$1 bln, for petrochemical projects in Venezuela. In a bid to adjust project facets to the new global market scenario, the two companies plan to assess a new model for Venezuelan petrochemical projects through the joint ventures Propilsur and Polimerica. To meet this end, the two have signed a memorandum of understanding (MOU) in Brasilia, during a meeting between the presidents of Brazil and Venezuela. The polypropylene project under the purview of Propilsur will see changes in location as well as production capacity. These changes will allow the JV to maintain the project's schedule and reduce investment required by approximately 60%. In December 2009, Venezuela's PDVSA presented an alternative feedstock source, the Paraguana Refinery Complex in the state of Falcon, leading to a change in PP plant location. Capacity has also been altered to 300,000 tpa, eliminating the need for investment in an intermediate propane dehydrogenation unit. This will bring down total investment to approx. US$500 mln. Studies of the new configuration for the Propilsur project will begin in 15 days, with the plant still expected to start up operations in 2013, provided the conditions proposed by Pequiven, PDVSA and the Venezuelan government are ultimately confirmed.

As a result of this, the future supply of ethane gas and/or other feedstock sources coming from PDVSA's Refinery Complex in Paraguana will be impacted. Hence the two partners have agreed to postpone by one year, developments related to the Polimerica project, which initially was planned for the Jose Industrial Complex. The project envisages the construction of three polyethylene production units with combined production capacity of 1100000 tpa, integrated with an ethylene production unit with capacity of 1300000 tpa, for investment of approximately US$3 bln. The units could start up operations by early 2015.

MRC