India's second largest PE maker to invest in SBR production

(Plastemart) -- In a bid to come out of its financial crisis, India's second largest PE maker Haldia Petrochemicals Ltd (HPL) plans to invest in plants to produce Butiene-1 and Styrene-Butadiene-Rubber (SBR).

The cash-starved company, co-promoted by the West Bengal government, may float a request for a proposal from global firms for project Butiene-1 by Friday, as per a company official. HPL managing director Partha S. Bhattacharyya told IANS that the total investment for the project will be Rs.200 crore.

MRC

(MRC) -- Following September results, Ukrainian companies reduced the import volumes of expanded polystyrene (EPS) by 25% compared to August, according to MRC DataScope.


EPS shipment to the Ukrainian market in September exceeded 2,000 tonnes that was by 25% less then in the previous month. In August, import made 2,800 tonnes, which was a year's high record. Over the nine months, the Ukrainian companies supplied more than 17,500 tonnes of EPS that was 14% more year on year.

The main reason for the decline in September import of EPS was the high export quotations in July, the period of materials contracting. In July, the Asian producers increased export prices to nearly $1,800/tonne FOB, in the late July, which was by $100/tonne more than in June.

Excess offer from producers resulted in a significant reduction of purchases by the Ukrainian companies. Low EPS market activity in the first half of the year also affected the purchases in July.

Over September, demand for EPS in the Ukrainian market was high. The decline in imports resulted in a shortage of the material in early October. Available EPS volumes covered contract obligations of the trading companies, while the spot market was practically still. Following October results, the price of the Asian material in the domestic market increased by UAH1,000/tonne.

MRC

(MRC) -- Chinese producers cut export prices for shipment in November under the pressure of weak demand for PVC in the external markets. The suppliers of the North American PVC left prices at rollover from October, according to ICIS-MRC Price report.

Slumping demand in the foreign markets, as well as a notable drop in export quotations of the resin from the U.S. forced Chinese producers to cut back prices further. Chinese producers of the acetylene PVC, traditional for the Russian market, cut export prices for November, on average, by $50/t.


In August, many Russian companies refused to buy PVC in China. As a consequence, August imports of acetylene resin to Russia exceeded 17,000 tonnes, whereas in September it dropped to 3,300 tonnes. A bigger share of this volume was delivered by July contracts.


Suppliers of the North American PVC left export prices for shipment in November at rollover from October. In October, some producers decreased export quotations of the resin by $120/t compared to September. Under the pressure of a weakening demand in key markets, particularly in Asia, some market players are expecting decline in export prices of PVC from the U.S. in November.

MRC

(Trend) -- A ceremony laying the foundations of a petrochemical complex Petkim, in which the Azerbaijan State Oil Company of the Azerbaijan Republic (SOCAR), has a share, took place today in the Turkish city of Izmir, Petkim told Trend over phone on Tuesday.

JV "SOCAR-Turcas", in which SOCAR has a 75 per cent stake, owns 51 per cent of the shares in this, the largest Turkish petrochemical complex Petkim. The new refinery will be primarily focused on providing raw material.

The amount of investment needed to build the oil refinery will hit $5.5 billion, and the total capacity, 10 million tons. Oil products produced at the plant will be used to meet Petkim and the Turkish domestic market's needs, as well as countries of the Mediterranean region.


MRC

(Sabic) -- At Plastimagen Mexico 2011, SABIC's Innovative Plastics business unit announced an industry first: new one-piece, reusable concrete forms made from the company's high-performance LNP Verton long glass fiber-reinforced composite. The new corrosion-resistant composite forms were developed by SABIC and Meccano de Mexico, a top Mexican construction supply company, to replace heavy traditional multi-piece steel forms, reducing weight by up to 40 percent, cutting cycle times from three hours to only a few minutes and helping to reduce overall construction costs for more-affordable housing. Today's announcement is a building & construction industry milestone for both Meccano and SABIC that showcases SABIC's commitment to working side-by-side with customers to help them achieve business success.

MRC