INEOS licensed its Innovene PP Process to Chinese chemical enterprises

(Ineos) -- INEOS Technologies confirmed it had licensed its Innovene PP Process for the manufacture of homopolymers, random copolymers and impact copolymers to the Shaanxi Yanchang Petroleum Yanan Energy and Chemical Company Limited in Shaanxi, China. The 300 KTA Innovene PP plant will produce a wide range of polypropylene products to serve the growing demand in China.

Peter Williams, CEO of INEOS Technologies, commented: "INEOS Technologies is proud of the fact that Yanchang Petroleum Group Co. has again chosen INEOS technology platform for development of its polypropylene business. In 2009 Shaanxi Yanchang Petroleum Group chose Innovene PP and Innovene S for its expansion of their Yulin site.

MRC

(CNA) -- The Taiwan-based Formosa Plastics Group (FPG) is not considering investing in a petrochemical venture in the Gulei Development Zone in southern China's Fujian Province, a senior executive with the group said Monday.

According to Hong Fu-yuan, president of group subsidiary Formosa Chemicals and Fibre Corp., the conglomerate will maintain its focus on its styrene acrylonitrile plant in Ningbo, Zejiang Province, and is not thinking about joining a reported petrochemical venture initiated by Taiwanese investors in Gulei.

It was reported earlier by local media that Taiwanese petrochemical companies have sought investment destinations outside the country after a plan to build a petrochemical complex along the coast of Changhua County was abandoned over environmental concerns.

MRC

(Eastman) -- Eastman Chemical Company announced that it has acquired Scandiflex do Brasil S.A. Industrias Quimicas, a manufacturer of plasticizers located in Maua, Sao Paulo, Brazil. The acquired Scandiflex plasticizer business and manufacturing capabilities are now part of Eastman's Performance Chemicals and Intermediates (PCI) segment. Terms of the transaction were not disclosed.

With 2010 sales revenue of $54 million, Scandiflex's manufacturing capabilities and customer relationships in Brazil will enable Eastman to accelerate growth of its PCI segment's non-phthalate plasticizer business in the Latin America region. In addition to regional diversification of both sales and manufacturing, Scandiflex also brings several complimentary non-phthalate products to Eastman's broad portfolio of plasticizer products.

MRC

(Solvay) -- Solvay and Rhodia announced the success of Solvay's tender offer on Rhodia for EUR 31.6 per share and American Depositary Share or ADS (equivalent in USD) and EUR 52.32 (after adjustment) per bond convertible into and / or exchangeable into new or existing shares (OCEANE).

The French financial markets authority (AMF) published the results of the tender offer which show that on 24 August 2011, the closing date of the tender offer, 100,267,068 shares and voting rights of Rhodia (including 102,782 ADS equivalent to as much Rhodia shares) had been tendered, representing 94.25% of the share capital and of the voting rights of Rhodia. 12,063,999 OCEANEs had also been tendered, equivalent to 97.51% of the outstanding OCEANEs.

Taking into account the 907.604 own shares held by Rhodia (0.85% of the share capital), the number of Rhodia shares that have not been tendered represents 4.89% of the share capital and voting rights. The number of shares that can be created by converting the non-tendered OCEANEs, when added to the non-tendered shares, represent 4.63% of the share capital and the voting rights of Rhodia, on a diluted OCEANE basis.

MRC

(ICIS-MRC) -- Russian producers have announced increase of September prices for polystyrene in the domestic market, according to ICIS-MRC Price Report. In July-August prices of high-impact polystyrene (HIPS) and general-purpose polystyrene (GPPS) remained unchanged.
A number of scheduled maintenance stops in Nizhnekamsk and Salavat reduced polystyrene supplies to the Russian market, but it had insignificant impact on prices.

Last month European producers increased polystyrene export prices nearly by EUR 80 - 100/mt. Prices of domestic products in the Russian market remained RUB 60.000 - 64.000/t, including VAT, CPT Moscow, for GPPS, and RUB 64.000-66.000/t, including VAT, CPT Moscow, for HIPS.

According to many Russian market players, high demand for polystyrene in late August as well as quite high prices of imported feedstock had to result in growing price of Russian polymer nearly by RUB 2.000 - 3.000/t. In early September, the largest producer of GPPS and HIPS Nizhnekamskneftechem increased material costs nearly by RUB 2.000/t for September deliveries.
Current prices are RUB 65.000-67.000/t, including VAT, CPT Moscow, for GPPS, and RUB 67.000-69.000/t, including VAT, CPT Moscow, for HIPS.

GPPS of Gazprom neftechem Salavat is traded for RUB 60.000-61.000/t. Market players expect the producer to increase prices to RUB 62.000-62.500/t, which will keep the difference between Salavat and Nizhnekamsk materials within RUB 4.000/t. HIPS production at Gazprom neftechem Salavat restarted only last week. Now consumers may buy only natural HIPS for RUB 61.000-62.000/t. Production of white HIPS is expected to restart shortly.

GPPS by PG Prof is still poorly presented in the commercial market. Main volume of the material is processed at Penoplex, which is a producer of construction and decorative finishing materials. The rest of the material provide contract deliveries. Quotation of material remains at RUB 67.000-68.000/t.

MRC