Reliance Industries cancels investments into petrochemicals project in Jamnagar

(plastemart) -- Reliance Industries is reported to be mulling an investment of US$3 bln to expand its petrochemicals unit in Jamnagar. A 2 mln tpa plant is being planned in Jamnagar with feedstock that will be sourced from its refining operations.

MRC

(plastemart) -- A polypropylene plant at Dung Quat Economic Zone has commenced trial runs this month. Under construction for three years, the refinery will have a capacity to produce 150,000 tpa. It has been built at a cost of US$232 mln by the Vietnam Oil and Gas Group. Feedstock propylene will be sourced from the Dung Quat Oil Refinery Plant.

MRC

MOSCOW (MRC) - Temporary absence of production of several HDPE grades in conditions of permanent demand has led to deficit in the market. To the end of last week prices for film-grade 273 HDPE went up to the level RUB 55.000 - 56.000/mt - according to MRC Price reports.

Lack of film-grade and 273 HDPE appeared due to Russian PE producers' production plans for May - June and growing demand in the market. Also the situation was aggravated by temporary technical problems at Stavrolen. As a result, on Friday some companies suspended sales of film-grade HDPE.

Prices for film-grade material in Moscow have reached the level RUB 55.000 - 55.500/mt, including VAT, FCA. Some market participants expect further price increase.

The situation in 273 HDPE market is more serious. Production of 273-83 PE grades in June at Kazanorgsyntez capacities isn't expected. Temporary technical problems at Stavrolen have led to delay of terms of HDPE supplies into the domestic market. Price offers have reached the level RUB 55.000/mt, including VAT, FCA Kazan, or RUB 56.000/mt, including VAT, FCA Moscow.

MRC

For more information about Russian HDPE market please refer to MRC Price reports.

(SIBUR) - SIBUR is considering a possibility of NPP Neftehimia Ltd. (Moskovsky NPZ associate) reconstruction and development of polypropylene production capacities.

In early June 2010 Russian FAS (Federal Antimonopoly Service) announced about a permission to purchase 50% stake of NPP Neftehimia Ltd. given to SIBUR. The deal is scheduled with an investment into authorized capital stock for creation of a JV on an equal footing with Moskovsky NPZ.

Scientific production enterprise Neftehimia Ltd. Is a fully integrated unit with Moskovsky NPZ; it uses self-produced propane-propylene fraction. The capacity is 100.000 tpa of polypropylene. Stock holders: GAzprom-neft Ltd. And Moscow Government.

MRC
MRC Reference

Sibur Holding is the largest Russian petrochemical group.

Shareholders:
Gazprombank (70% minus 1 share);
Gazfond (25% plus 1 share);
5% reserved for option program.

(prw) -- Polish plastics profile moulder Elmark Tarnow plans to expand its production operation in Krakow Technology Park in Poland.

The family-run company, which has been operating in the park since 2003, has been granted a new business activity consent to extend its manufacture of plastics and rubber based products there.

Tarnow, Poland-based Elmark which employs 40, extrudes cable ducting and pipe for electrical, telecoms, computer and TV networks. It also operates injection and blow moulding lines.

The company is reported to be investing the equivalent of ┬242,000 in the expansion project which will create an unspecified number of additional jobs.

MRC