Petron Corp. reported more than double profits in H1-2011

(Plastemart) -- Petron Corp. reported more than double profits in H1-2011 on account of substantial revenue growth. Petron earnings spiked P6.04 bln from P2.96 bln in H1-2010, mainly due to its diversification into petrochemicals.

"While Petron continues to show strong results from its core businesses, we are now reaping the benefits from the production of higher-margin petrochemical feedstocks," Ramon Ang, Petron chairman and chief executive officer, said. Exports primarily of petrochemicals jumped by 54% to 3.14 mln barrels. Overall revenues however were partly offset by the drop in domestic volumes of 1.9 mln barrels amid reduced domestic demand for fuel.

MRC

(Celanese) -- The Metroplex Technology Business Council, the largest technology trade organization in Texas, has named Celanese Corporation, a global technology and specialty materials company, a finalist in the ⌠Innovator category as part of the 11th Annual Tech Titans and Titan Fast Tech Awards. Tech Titans are recognized as outstanding technology companies and individuals in the North Texas area who have made significant contributions to their industries during the past year.

Celanese has been named a finalist for its technical advancements in the production of industrial and fuel-grade ethanol. Celanese has developed an advanced process to produce ethanol from non-food sources. The new process, known as TCX, integrates elements of Celanese's leading acetyl technologies with new advancements to manufacture ethanol from basic hydrocarbon sources such as natural gas, coal and pet coke.

MRC

(Tetra Pak) -- Tetra Pak achieves a significant milestone towards its goal of producing 100% renewable packaging with Nestle Brazil's launch of two popular milks brands in carton packaging featuring caps made with green polyethylene (PE).


The first ever use of plant-based polyethylene in carton packaging further strengthens Tetra Pak's renewability credentials, nudging still higher the average 73% of renewable material used to manufacture the company's broad portfolio. Over time, as the company increasingly adopts plant-based plastics, it expects to be able to offer a carton range that is 100% renewable.


The green polyethylene has been developed by Braskem, Brazil's largest petrochemical company, and is made out of sugar cane derivatives, which are polymerized in plastics for cap production.


Tetra Pak is the world's leading food processing and packaging solutions company, providing safe, innovative and environmentally sound products that each day meet the needs of hundreds of millions of people in more than 170 countries around the world.

MRC

MOSCOW (MRC) -- The Ukrainian market of PET packaging continues to grow. In July, imports of PET-granulate increased more than twice and made about 26 KT, according to MRC DataScope.

July appeared quite productive for converters of PET-granulate. Following the results of the month, deliveries of granulate to the Ukrainian market made nearly 26 KT, while in June about 12 KT of PET feedstock was imported.

One of the main reasons for such a significant increase in supply was quite an attractive price at which converters and traders contracted in May-June.

There were notable changes in the structure of supplies. Ukrainian tend to orient at purchasing of cheap materials in China. The share of Chinese PET made about 20 KT of the total supply. Shanghai Hengyi Polyester and Jiangsu Sanfangxiang were main suppliers for Ukrainian companies.

MRC

(ICIS) -- The turmoil that swept through global stock markets and the resulting slump in crude futures stalled trades in the Asian polyethylene terephthalate (PET) bottle chip markets this week, industry sources said on Wednesday.

Several northeast Asian producers maintained price ideas at around USD 1.700/tonne (EUR 1,190/tonne) FOB (free on board) Asia on Wednesday, similar to Friday's levels, with market players at a loss on where prices are headed.

Spot PET trading in Asia came to a virtual standstill by Tuesday afternoon as the slump in crude futures curbed firm discussions between producers such as South Korea's SK Chemicals and Taiwan's Far Eastern Group and their customers in the main export markets.

Several PET producers were reluctant to revise down price ideas because they had settled their raw material prices prior to the global stock market rout.

MRC