ICIS-MRC issued a new price report on polypropylene

(ICIS-MRC) -- ICIS and specialist Russia-based benchmark price provider Market Report Company (MRC) continue to work together to bring you reports placing emphasis on the Commonwealth of Independent States (CIS). As such a weekly polypropylene (PP) price report has been launched.

The report combines MRC knowledge of local CIS markets and ICIS expertise on European and Asian markets, giving local and global insight.

The PP price report includes an aggregated price for the product that can be used for settling contracts, as well as detailed information by brand.

The report covers domestic and import prices, market news, report methodology, 12 month price history for Russia and Ukraine, market commentary on each CIS market Europe and Asia.

The report is available in both English and Russian, with domestic and import price assessments provided by locally-based editors in touch with all key players in the market.

Reports can be used to understand price drivers and fluctuations in domestic CIS markets, and on a global scale, as well as the resulting impact on the CIS market; tegotiate deals and to develop detailed analysis from price history, data and graphs.

The joint portfolio of ICIS and MRC also includes: PE, PVC and PS.

MRC

(Arabian Oil and Gas) -- Australian independent Beach Petroleum has struck oil in two wells in the Egyptian Abu Sannan concession. The wells are drilled under a joint venture between Beach (22), Dover Petroleum (28%) and Kuwait Energy (50%). Kuwait Energy is also the operator at the concession.

"GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash ⌠G Member. An extensive testing program of these formations is currently underway," said the company in a statement.

"The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash ⌠G Member and the Abu Roash ⌠E Member. Hydrocarbon zones highlighted by the wireline logging and testing will be followed up with a significant cased hole testing program."

The company expects that there will be an expeditious tie-in of the wells due to the location of the wells being within 10 kilometres of existing pipeline infrastructure. Details regarding the outcomes of flow testing from the wells will be advised in due course.

MRC

(Arabian Oil and Gas) -- Six years into their production sharing agreement with Oman's PDO, India's Reliance Industries has abandoned plans to develop an offshore oil exploration block in the Sohar basin in Oman, an oil and gas ministry official has told Reuters.

"Reliance has informed us that it was withdrawing from block 18 because the company said its discovery there does not justify the effort they put in the last six years," the ministry source told Reuters.

Reliance now plans to concentrate on its other concession in Oman, Block 41, in the eastern part of the sultanate, the official added.

Oman has signed many production sharing agreements in recent years in a bid to increase it's oil production output from

MRC

(Plastemart) -- As part of its global growth strategy, US based Eastman Chemical Company has opened a new subsidiary, Eastman Chemical India Pvt. Ltd. in Mumbai, as per Chemical Weekly.
Commenting on the move, Mr. Edwin Williamson, Vice President and MD, Asia Pacific, said "Over the past few years, China has been our primary growth market but we need, now, to enhance also our presence in India. We are already present in Mumbai with local employees and technical support, but this new legal status will better enable the company to pursue our growth objectives in India."

"Eastman Chemical India Pvt. Ltd. represents Eastman's renewed commitment to India and will serve as a platform for adding new talent and pursuing organic growth," noted Chandrasekharan Krishnan, Country Manager for India.

MRC

(Plastemart) -- Alfa Laval - a world leader in heat transfer, centrifugal separation and fluid handling - has received an order for compact heat exchangers for phenol plant in China. The order value is about SEK 50 million and delivery is scheduled for 2012. The Alfa Laval heat exchangers will be used in the condensation phase in the production of phenol.

"This is the second order from the process industry in Asia in a short time. The order confirms that our compact heat exchangers have a leading position for energy efficient solutions in the refinery and petrochemical industry", says Lars Renstrom, President and CEO of the Alfa Laval Group.

MRC