Revised cost estimates of the Assam Gas Cracker Project approved by Cabinet Committee

(Plastemart) -- The Cabinet Committee on Economic Affairs on Wednesday approved the revised cost estimates of the Assam Gas Cracker Project to the tune of Rs 8,920 crore (on as-built-basis). The project schedule has also been revised with mechanical completion by July 2013 and commissioning by December 2013. This would be funded by capital subsidy of Rs 4,690 crore as well as debt and equity of Rs 2,961 crore and Rs 1,269 crore respectively. In case, the planned loans do not materialise, the same would be picked up as additional equity by the promoters. According to an official statement, the revised capital subsidy would be sought by the Department of Chemicals and Petrochemicals from the Ministry of Finance, Planning Commission in the current fiscal and the next by way of additional budgetary support.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(Trend) -- The State Oil Company of Azerbaijan (SOCAR) on Wednesday signed agreement with Exxon Mobil over acquisition of its Swiss division, Esso Schweiz GmbH, the SOCAR reported at its Website. The agreement was signed between SOCAR and Exxon Mobil Central Europe Holding GmbH in Zurich, Switzerland. As reported, SOCAR Energy Switzerland, a recently founded company, intends to continue commercial activity on the provision of high-quality services at the expense of acquisition of Esso.

The company will work under the Esso brand within 12 months after change of the owner. De-branding of business related to aviation, trucks, and oil storage tanks will be carried out 30 days after the completion of the transaction.

Following the acquisition of Esso Switzerland, the SOCAR has taken over a retail network consisting of 170 filling stations, a division specialized in fuel marketing for industry and wholesale clients (this division is responsible for household fuel and balloon gas sale to independent suppliers throughout Switzerland), gas filling station Wangen-Olten, filling stations, joint ventures specialized in aircraft fuelling at the Airports of Geneva and Zurich, and the Swiss Provision and Supply Company that controls joint ventures managing terminals and pipelines.

Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(ICIS) -- US October contract prices for styrene butadiene rubber (SBR) were assessed on Wednesday down 24 cents/lb ($529/tonne, ┬391/tonne) from September on lower feedstock costs and demand. ICIS assessed October contract prices for non-oil grade 1502 at 154-161 cents/lb, while oil-extended grade 1702 prices were at 132-140 cents/lb.

Spot prices were also assessed down. The spot prices are now 15 cents/lb lower as feedstock costs and demand have driven down prices. Spot prices were assessed at 145-160 cents/lb for non-oil grade 1502 and 130-140 for oil-extended grade 1702.

October contract prices, which trail a month behind the calendar, fell because feedstocks costs for butadiene (BD) and styrene dropped.

BD contract prices were 30 cents/lb lower in October than September, while styrene contract prices decreased an average of 7.5 cents/lb. The October SBR contract price drop was the second consecutive monthly decrease.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(Plastemart) -- Asahi Kasei Plastics North America, Inc. and Penda Corp. shared the stage in Livonia, Mich. at the Society of Plastics Engineers (SPE) Automotive Innovation Awards Gala with Chrysler Group LLC, winning the "Most Innovative Use of Plastics" award in the Body Exterior category for the Dodge RamBox assembly. The RamBox storage system sports the industry's largest twin-sheet thermoformed lid and is also the largest, most versatile, lockable, waterproof storage and cargo management system available in a pickup truck. Now in its 41st year, the SPE Automotive Innovation Awards Competition & Gala is the largest and oldest recognition event in the automotive and plastics industries.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC

(PlastEurope) -- Gazprom subsidiary interested in takeover / Production cuts continue in November
Even before the sales process for the government-owned stake of petrochemicals group Oltchim officially began, Romanian Economics Minister Ion Ariton was holding talks with a Russian delegation. According to a report from Bucharest, the managers of utilities company Tise (Moscow) "are interested in a takeover and in continuing the business". Ariton pointed to the invitation to tender which was about to be opened, saying that Tise could participate. The government wants to complete the sale of the 54.8% share package by the end of April 2012.

Tise was founded in 2003 by several Russian companies, including Tehnopromexport, Zarubejneft and Zarubejneftegaz. At least the latter is a wholly owned subsidiary of oil and gas giant Gazprom.

In the meantime, General Director Constantin Roibu has once again decreed technical unemployment due to a lack of working capital and a shortage of raw materials. As a result, 1,000 employees will stay at home from 15-30 November - with 80% remuneration.

Over the first nine months, although Oltchim managed to lift sales by 38% to a good EUR 296m, the net loss of EUR 41m is comparable with the figure for the same period last year.


Perspectives of development of polymer markets, pricing issues and other important aspects will be discussed at The Polymers Summit-2011, which will be held in Moscow on November 30, 2011 at the Ritz Carlton Hotel. The Summit will be organized by MRC with the support of ICIS. The main idea of the Summit is to find a "the golden mean" between producers and converters. When producers receive exactly such margin of production, which helps them to invest in production expansion in order to substitute polymers imports, and the converters receive such price of feedstock that helps them to compete imported finished products. The Summit site gives an access to the live video of the Summit, speakers" presentations, as well as opportunities to ask questions or make appointments to any Summit partcipant.

MRC