Saudi Industrial Investment Group posted USD 117.5m profits

(Arabian Oil and Gas) -- Saudi Industrial Investment Group (SIIG) has posted USD 117.5m profits during the first seven months on 2011, a 188% increase compared to the USD 40.85m posted during the same period last year.

The company also said that it posted USD 16.13m profits during the month of July, compared to USD 4.03m losses for the same period year ago.

SIIG has three nearby operational downstream projects in joint venture with Chevron Philips including Saudi Chevron Philips which produces Benzene and Cyclohexane, Jubail Chevron Phillips which includes an olefins cracker that is integrated with world-scale Ethyl Benzene and Styrene production facilities, in addition to the National Petrochemical Company (Petrochem), which is under construction and set to produce 1,165 million tonne of ethylene and other olefins and polyolefins.

In addition, the company announced plans to establish a USD 533.3m joint venture with Arabian Chevron Phillips to produce nylon 6.6 slated for completion by 2013.

MRC

(Arabian Oil and Gas) -- Integrated oil giant Shell and Emerson Process Management have signed a five-year Enterprise Framework Agreement that makes Emerson the single-source supplier of on/off valve actuators to Shell and its affiliates.

Under the agreement, Emerson will provide products from its broad portfolio of valve automation technologies, including Bettis pneumatic and hydraulic actuators and EIM electric and electro-hydraulic actuators. In addition to new actuators for both new and existing facilities, Emerson will also provide ongoing support of Shell's previously installed actuators.

The relationship builds on an existing agreement under which Emerson serves as a Main Automation Contractor for Shell capital projects. Shell also recently selected Emerson as a global strategic supplier of pressure, temperature and flow field instruments.

MRC

(MRC) -- In July, Ukrainian companies increased PP imports to 8.2KT that was by fourth more than in June, according to MRC DataScope. The main growth of imports fell at propylene. Over the seven months, imports of PP to the Ukrainian market made about 41 KT, which was slightly less than in 2010.

Significant imports of the polymer in June-July was stipulated be a long shutdown for maintenance in May-June of the Ukrainian Linik (ТNК-ВР Group) as well as technical problems in July-August.

Last summer Ukrainian companies purchased PP in the Middle East (Teldene H03BPM raffia by Saudi company NatPet).

This July, significant volumes of Egyptian polymer appeared in the domestic market (raffia and IM PP-homo Orientene FB552R and Orientene RF550 by Egyptian Propylene Chemical).

At the expense of price politics, PP from Middle East and Africa is actively substituting domestic material. Also supplies of PP-homo from Russia (Stavrolen) are growing - PPG 1035-08 raffia.

Detailed interpretation of analytics on Ukrainian market of PP by grades, technologies, converters is available in MRC DataScope for May, June and July 2011.

MRC

(ICIS) -- North American chemical stocks tumbled on Wednesday as the Dow Jones Industrial Average plummeted by nearly 520 points, wiping out gains made during Tuesday's short-lived rally.
The Dow Jones Industrial Average closed at 10,719.94, down 4.62%. The decline followed a huge 430-point gain on Tuesday, during which several chemical stocks outperformed the Dow Jones Industrial Average.

As on Tuesday, many chemical stocks on Wednesday performed better than the Dow Jones Industrial Average, with base-oils producer Calumet actually rising, gaining 4.86%.
Among Wednesday's losers, specialty-chemicals producer Ferro dropped the most, falling by 11.14%.

For the majors, Dow Chemical dropped by 4.22%% and DuPont fell by 4.02%.
Industrial gasses producer Praxair declined by 2.17% and fertilizer producer PotashCorp nosed down by 2.59%. Despite those declines, a relative optimism in the nation's chemical industry stems in part from the feedstock advantage in the US.

MRC

(ICIS) -- Naphtha prices in Asia are expected to be range-bound, with players waiting for direction as the tumult in the equity markets this week sparked off fears of a global economic slump and lower demand for plastics, traders said on Thursday.

Naphtha, the feedstock for all petrochemicals, closed at USD 896.50-898.50/tonne (EUR 627.55-628.95/tonne) CFR (cost & freight) Japan on Wednesday, the lowest since 28 June when prices were at $877.50-879.50/tonne CFR Japan, ICIS data showed.

Prices were hit amid a global oil slump over the past few days, but crude oil futures bounced higher on Wednesday and dropped again in Asian trading on Thursday, beset by woes of the European debt crisis.

MRC