Chemical stocks plunged as the Dow Jones Industrial Average fell by 3.68%

(ICIS) -- Chemical stocks plunged on Thursday as the Dow Jones Industrial Average fell by 3.68%.
The Dow Jones US Chemicals Index fell 6.07% on Thursday as the index's total industrial average fell by almost 420 points.


The chemical index closed at 304.17, down 19.66 points. Based on percentage, it did worse than the Dow Jones Industrial Average, which closed at 10,990.58.


The plunge followed a report released by the US Department of Labor, which showed that 408,000 people filed for jobless claims for the week ended 13 August, up 9,000 from the previous week.
Also, US sales of existing homes fell by 3.5% in July from June, a drop attributed to overly tight lending standards. The report was the latest in a series of gloomy statistics released this week about the nation's struggling residential market.


MRC

S.Korea S-Oil gets much higher price

(Reuters) -- South Korea's S-Oil sold 33 KT of light naphtha for Sept. 15-27 loading from Onsan to a Japanese trader at premiums of around USD 3.50 a tonne to Japan quotes on a free-on-board (FOB) basis, traders said on Thursday.


This was in sharp contrast to a discount of USD 2.50 a tonne it had previously secured for similar volumes lifting Aug. 21-31.


Naphtha sentiment has firmed due to tighter supplies caused by healthy demand but limited European cargoes arriving.


Cracks, the premiums/losses obtained from refining Brent crude into naphtha, were at a 3-1/2 month high on Thursday at USD 129.25 a tonne premium.


MRC

HPCL is in talks with BP Plc and Total SA to revive petrochem project

(Plastemart) -- In a bid to revive the delayed USВ10 bln refinery cum petrochem project planned at Vizag, Hindustan Petroleum Corp Ltd (HPCL) is in talks with BP Plc and Total SA of France. Both the foreign partners seem to have renewed interest in the project, and the Mittal group is likely to return.


As per original plans the HPCL-led consortium included steel billionaire LN Mittal's group, Total of France, state-owned Oil India and GAIL. However, demand too weak to justify investment led to suspension of the project in 2009. It is likely that success of Rs 18.919 crore Bhatinda refinery, which has been built by an equal joint venture of HPCL and Mittal Investment Sarl in flat three-and-a-half -years, has renewed interest in the Vizag project.


MRC

BASF to increase production capacity for copper and copper-chrome catalysts

(BASF) -- BASF, the global leader in catalysis, has announced a new round of capital investment projects to increase its production capacity and further enhance its global manufacturing operations for copper and copper-chrome catalysts.


These investments are aimed at improving catalyst manufacturing efficiency to meet increased global demand. They follow an earlier round of process improvement and capacity enhancement projects for the copper-chrome product line that were completed earlier this year.


BASF produces a wide variety of base-metal catalysts, which are primarily used in petrochemical and oleochemical processing. Typical catalyst applications include guard beds; hydrogenation processes, such as solvent and gasoline dearomatization; dehydrogenation processes; monomer production; and manufacturing of specialty and detergent alcohols.

MRC

BASF to invest in production of acrylic acid, butyl acrylate and SAP in Brazil

(BASF) -- BASF will invest in a world-scale production site for acrylic acid, butyl acrylate and superabsorbent polymers (SAP) in Camacari, Bahia, Brazil. It will be the first acrylic acid and superabsorbents plant in South America. With an investment volume of more than EUR 500 million, it is the largest investment in BASF's century-long history in South America.


In addition, BASF will start to produce 2-ethyl-hexyl acrylate, an important raw material for the adhesives and special coatings industries, in its existing chemical complex in Guaratingueta, Sao Paulo . This will be the first plant for this product in South America.


With the new acrylic acid complex, BASF aims to ensure the supply for important products as: superabsorbents for diapers, acrylic resins for coatings, textiles and adhesives and products for civil construction.


The construction of the new acrylic acid complex will start in 2011 employing about 1,000 individuals during construction. Production is expected to begin in the fourth quarter of 2014, generating 230 direct and 600 indirect jobs. The production for 2-ethyl-hexyl acrylate in Guaratingueta is expected to start in 2015 on the basis of Acrylic Acid produced in Camacari.

MRC