Kuwait and China held a groundbreaking ceremony for a refinery and petrochemical complex

(Arabian oil and gas) -- Kuwait and China held a groundbreaking ceremony for a US$9 billion refinery and petrochemical complex in the southern Chinese city of Zhanjiang, with completion scheduled for late 2014, Kuwait News agency reported. "The project is a major pillar that helps spur investments, trade, and the oil industry between the two countries," KUNA quoted Kuwaiti Consul General in Guangzhou Abdulwahab Al-Sager as saying. "At the ceremony, leaders across the province have expressed happiness in realizing their dream to start this important project, which is vital in the field of energy, and have also shown their interest in future cooperation with Kuwait in other mutually-beneficial projects," the diplomat added.


Perspectives of development of the polymers 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 is 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

Arkema to divest its Vinyl Products activities

(Arkema) -- Arkema presented to the Central Works Council a plan for the spinoff and divestment of its Vinyl Products activities. By refocusing on its specialty activities, namely Industrial Chemicals and Performance Products, Arkema would continue to implement its growth strategy in innovative solutions dedicated to sustainable development and in emerging economies. Accordingly, our Group should assert its place as a major world player in specialty chemicals, explains Thierry Le Henaff, Arkema Chairman and Chief Executive Officer.


Since its creation, Arkema has developed world-leading positions in Industrial Chemicals and Performance Products. At the same time, the Group has initiated a major program to improve the competitiveness of its Vinyl Products business segment.


At the end of 2010, the Group reaffirmed this strategy, and announced its firm ambition for accelerated growth in the specialty chemicals within its Industrial Chemicals and Performance Products business segments, while continuing to boost the competitiveness of its Vinyl Products segment. The pursuit of this strategy in the coming years requires significant investments to secure the long-term success of each of these activities.


Perspectives of development of the polymers 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 is 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

European PP prices are at their lowest level since February 2010

(ICIS) -- European polypropylene (PP) prices are flat, at their lowest level since February 2010, and market players do not see any significant upturn in the weeks to come, several sources said on Thursday. ⌠Inventories are currently at 840,000 tonnes/year in Europe, said one player who considered a normal sales month to be around 700,000 tonnes/year.


⌠Production is reduced and will be for some time, said another source, adding; ⌠but even at reduced levels, say 85%, there will be 31 producing days in December and only 17 days of sales. We will be going out of the year with high stocks.


One producer gave its vision for the weeks to come: ⌠December will be flat and we can expect a ┬10/tonne ($13/tonne) increase in January, followed by another ┬20/tonne in February.
⌠We don't expect much improvement in the market before quarter two 2012, said another producer.


Spot sales are currently the domain of producers, as traders cannot get hold of the prices they need to compete with them. Homopolymer injection prices are now at ┬1,030/tonne FD (free delivered) NWE (northwest Europe) on a net basis. The November propylene contract price stands at ┬1,013/tonne FD NWE.


Monthly prices are at higher levels as many are propylene or index-linked. Discussions over 2012 business are now taking place and several buyers are attempting to move away from linked business which has proved to be to their detriment in 2011.


Perspectives of development of the polymers 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 is 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

Asian ethylene prices appeared to have bottomed out

(ICIS) -- It is still unclear whether Asian petrochemical demand will rebound in the next three months amid rising ethylene and butadiene (BD) prices, traders said on Thursday. Ethylene prices in the region appeared to have bottomed out, rising by $10-20/tonne (┬7.5-15/tonne) in the week ended 18 November to $1,020-1,050/tonne CFR (cost and freight) NE (northeast) Asia, ICIS data showed.


Downstream styrene butadiene rubber (SBR) prices in Asia ended a three-month slump on restocking activities by traders/end-users, and on the back of rising values of feedstock BD.
Average spot prices of non-oil grade 1502 SBR rebounded $50/tonne week on week to $2,725/tonne (┬2,017/tonne) CIF China on 23 November, after shedding 45% since early August, according to ICIS.


BD prices were assessed at $1,700-1,750/tonne CFR NE Asia in the week ended 23 November, up by 9.5% from the previous week. Until the rebound in prices this week, BD values had been falling for four months. The rebound in BD prices led to expectations that SBR values will increase further, market sources said. BD is a major feedstock in the production of SBR, making up more than 70% of SBR's composition and cost.


Perspectives of development of the polymers 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 is 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

BP and Indian Oil Corporation to set up a 50:50 joint venture for a 1 mln tpa acetic plant

(Plastemart) -- UK-based British Petroleum (BP) and Indian Oil Corporation have signed a memorandum of understanding (MOU) to set up a 50:50 joint venture for a 1 mln tpa acetic plant in Gujarat. The plant will come up with associated gassification facilities for production of synthesis gas.
The two companies await results of the feasibility report to confirm the exact details of the project, which is expected to be commissioned in 2015. The joint venture will derive its technical prowess from the latest Cativa XP from BP while petroleum coke feedstock will be used from Indian Oil.


Perspectives of development of the polymers 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 is 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