Tecnimont S.p.A. inks ┬100M contract with Novy Urengoy Gas Chem Complex

ROME (Maire Tecnimont) -- Maire Tecnimont S.p.A. announces that its main operating company Tecnimont S.p.A. has signed a contract with C.S. Construction Solutions Ltd for End User Novy Urengoy Gas Chemical Complex (NUGCC), a Company controlled by Gazprom Group.

The contract, which has a value on a cost plus fee basis of about ┬100 million, foresees the provision of equipment and raw materials, with associated facilities of procurement services and site assistance, for a 400 KTY ⌠Low Density Polyethylene (LDPE) Plant in Novy Urengoy (Western Siberia). The completion of the contract activities is expected by end of 2012. For the same project in 2007 Maire Tecnimont already performed basic engineering services and in 2009 was awarded a detailed engineering contract, which is currently in execution.

⌠Today's contract is a great result for Maire Tecnimont because it confirms once again the excellence of our Group in the polymers business and its long tradition in the market of the former USSR, where we have been present for many decades, stated Fabrizio Di Amato, Chairman and CEO of Maire Tecnimont S.p.A..

MRC

(Bloomberg) -- Billionaire Mukesh Ambani's Reliance Industries Ltd. may start work on a multibillion-dollar chemical plant this year, reviving a project to meet India's surging demand for the raw materials for plastics, drugs and textiles.

Reliance is close to deciding the final configuration of the plant, which will be capable of producing as much as 1.6 million metric tons a year of chemicals such as ethylene and propylene, said a person familiar with the project, who declined to be identified because the information isn't public.

The plant will get its feedstock from gases and other byproducts produced at Reliance's Jamnagar facility, the world's largest oil-refining complex, and will take about four years to build, the person said.

Reliance is restoring a project originally slated to start in 2011 as refiners, including Exxon Mobil Corp., Royal Dutch Shell Plc and Saudi Basic Industries Corp., add petrochemical capacity to meet demand from Asia's fast-growing economies. Cracking margins for ethylene, which fell to about $100 a ton in 2008, recovered to more than $400 in the first quarter.
⌠This will come at a good time. We are oversupplied right now but beyond 2011, there's a sharp drop-off in terms of new capacity, said Sriharsha Pappu, a Dubai-based analyst with HSBC Bank Middle East Ltd. ⌠In the next 3 to 4 years, we could very easily be undersupplied.

Manoj Warrier, a Reliance spokesman, didn't respond to emails and phone calls requesting comment.

MRC

(prw) -- Hartlepool-based electronics manufacturer Stadium Group is negotiating to sell its plastics division in Highams Park, north east London, and complete a focus on its core business which began eight years ago.
Stadium began to concentrate more on electronics with the sale of its main plastics business, also in Hartlepool, to Jeremy Stoke in 2002. The operation made automotive parts, largely for Nissan.

The Highams Park operation consists of Stadium Building Products, making plastic ventilation and other construction-related products, and Quest Consumer Products, making branded plastic products for high street retailers in the consumer baby care market.

The two concerns, which employ around 120 permanent staff, contributed GBP11.2m to Stadium last year and made a profit of GBP800,000. The whole group saw an operating profit of GBP2.76m on revenues of GBP46.58m.

On 28 May Stadium confirmed that a preferred bidder is a market leader in plastics products manufacture, that employees' rights would be protected in any transfer to a new owner, and that a further statement would be issued when discussions are concluded.

MRC

FREILASSING (prw) -- Germany-based thermoforming machinery maker Kiefel has set up a cooperation agreement with Teisendorf-based Rudholzer, a supplier of custom engineering systems, to develop new business opportunities.

Both companies are active in the packaging and automotive industries. However, while Kiefel is specialised in series production thermoforming and welding machines, Rudholzer has expertise in the designs and construction of special machines for similar applications. It also supplies specialist machines for the semiconductor industry.

In a statement, the companies said the purpose of the cooperation agreement is to ⌠make efficient use of both organisations' respective strengths.

Kiefel is part of the Bruckner Group, a leading supplier of plastics machinery for cast film and sheet production with around 1,000 employees worldwide.

MRC

(plastemart) -- United Petrochemical Co is to build two petrochemical plants at the cost of US$700 mln in Kuwait. The new entity has been formed by Kuwait's Qurain Petrochemical Industries Co and United Industries Co in a 90:10 venture. The two plants will be the country's first for producing purified terephthalic acid (PTA), and polyethylene terephthalate (PET). All relevant licenses have been received by the company to go ahead with the project. Other details have not been disclosed.

MRC