LG Chem reports earnings record in Q2

(Joong Ang Daily) -- LG Chem recorded its highest ever quarterly earnings in the second quarter of this year in sales, operating profit and net profit, the company reported yesterday.

Sales reached 5 trillion won ($4.2 billion), up 31.3 percent on-year, while operating and net profits hit 827.9 billion won and 645.7 billion won (increasing 31.6 percent and 36 percent), respectively.

Petrochemicals showed improvements, with great contributions from higher plant and equipment sales. Also, increasing demand for polyvinyl chloride in new markets such as India and the Middle East helped in petrochemical profits.

MRC

(Tomskneftehim) - Tomskneftehim has suspended its facilities for scheduled maintenance. Tomskneftehim started repairs after shutdowns had ended at SIBUR crackers in Perm, Nizhniy Novgorod Oblast.

In terms of production upgrade repairs are going to consist of a number of improvements. A new modern automatic control system on compression line B will be introduced at polyethylene production. Production of monomers will undergo general modernization of interior devices of ethane-ethylene K - 11 tower, which is to improve the quality of produced ethylene greatly. Polypropylene production capacity will be expanded to 130.000 tpa. Modernization of packing and shipping line will help improve packaging quality; whereas palleting with ⌠Stretch hood system will increase speed and flexibility of shipping.


MRC

In July PE production was suspended at Stavrolen due to technical problems. Also Salavatnefteorgsyntez was forced to shut down HDPE and LDPE production due to accident at ethylene supply at the beginning of the month. However, improvement is expected in the Russian market next two weeks. Kazanorgsyntez and Nizhnekamskneftehim are going to increase domestic shippings, Stavrolen and Salavatnefteorgsyntez are going to resume the production. Current price offers for small available film-grade HDPE volumes fluctuate depending on a region in the range of RUB 55.500 - 57.000/mt, including VAT, FCA. Price for future volumes is on the average level RUB 53.500 - 54.500/mt.

MRC

For more information please refer to MRC ⌠Polyethylene in Russia Price reports.

(RBC) -- LUKOIL board of directors has approved the administration staff where vice-president and head of main petrochemicals sales coordinating administration Vadim Vorobyev together with vice-president and head of strategy and economics administration Gennadiy Fedotov made the debut.

They took places of vice-president, head of main technical administration Jevan Cheloyants and vice-president, head of main control and internal audit Vagit Sharifov.

MRC

(prw) -- Engel has delivered its first Ecodrive model in the UK to Agentdraw, the Leicester based design specialists with in-house toolmaking and moulding.

The 400 tonne tiebarless machine is equipped with Engel's new energy saving Ecodrive system, which was showcased at the PDM10 exhibition in May.

Agentdraw specified a large 90mm plasticizing unit, giving a shot weight capability of over 2.5 kg, and it selected the largest platen size available.

MRC