German state delegation visited SABIC and viewed joint petrochemical projects

(Sabic) -- A high-level German delegation, led by Dr. Niels Schmidt, Deputy Premier and Minister of Finance and Economy in the State of Baden - Wurttemberg, visited the Saudi Basic Industries Corporation (SABIC) in Riyadh on December 18 to discuss various aspects of cooperation between SABIC and major German companies in the petrochemical sector, existing investment opportunities, and other topics of common interest.
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The delegation, which comprised two members of the state parliament, and 30 political, economic and media personalities, was received by Prince Saud bin Abdullah bin Thenayan Al-Saud, Chairman of SABIC and the Royal Commission for Jubail and Yanbu, in the presence of Mohamed Al-Mady, SABIC Vice Chairman and CEO, and the company's executive vice presidents and vice presidents.

SABIC operates several industrial complexes in Europe, including Germany

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MOSCOW (MRC) -- In November, imports of linear polyethylene (LLDPE) to Russia grew to 14.6 thousand tonnes. In general, over the 11 months, the total import volume of LLDPE to Russia increased by 30% and made 131.4 thousand tonnes, according to MRC DataScope.

In November, Russian companies, despite resumed LLDPE production at Nizhnekamskneftechem, increased volumes of linear polyethylene imports to 14.6 thousand tonnes, which was by 10% more than in October. About 46% of the total volume fell at polyethylene from Middle East.

Recently, a significant share in the Russian market has been won by Sabic, a producer from Saudi Arabia, on the back of cooperation with the largest Russian producers of stretch films.

The demand for linear polyethylene keeps growing quite dynamically. Following the 11 months results, the total import volume of LLDPE to the Russian market grew by 30% year on year and made 131.4 thousand tonnes. Over the 10 years, the demand for linear polyethylene grew by 40 times.

Unfortunately, capacities available in Russia are unable to reduce the dependence on imports. Nizhnekamskneftechem is the only Russian producer of LLDPE. At 2011 year end, the total production amounted to slightly more than 55 thousand tonnes, which is comparable to the 2010 index.

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(Plastemart) -- Preparations are underway by Maruzen Petrochemical Co to restart its 480,000 tpa naphtha cracker in Chiba, as per Reuters. The cracker was shut a week ago after a fire at a control panel. The fire had no impact on the cracker itself. A definite schedule of restart has not been disclosed by the company.

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(ICIS) -- India's spot polyethylene (PE) and polypropylene (PP) import prices are likely to fall for January shipments as buyers hesitate to stock up on the material while the country's currency - the rupee - is being battered in the foreign exchange market, industry sources said on Monday.

In the week ended 16 December, average low density polyethylene (LDPE) film spot prices were assessed at USD1,380/tonne (EUR,063/tonne) CFR (cost and freight) Mumbai, down USD5/tonne from the previous week; linear low density polyethylene (LLDPE) at USD1,250/tonne CFR Mumbai, down USD25/tonne, according to ICIS.
High-density polyethylene (HDPE) film average prices were at USD1,315/tonne, down by USD5/tonne from the previous week, while PP raffia average spot prices were assessed at USD1,340/tonne CFR Mumbai, USD25/tonne lower week on week, ICIS data showed.

A much weaker Indian rupee against the US dollar translate to much higher prices of polymer imports compared to domestic material, they said. The rupee fell to a record low of Rs54.30 to the US dollar on 15 December, representing a more than 18% decline from the highs hit in July, on concerns about the country's slowing economic growth, according to Reuters.

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