(plastemart) -- In a bid to meet rising demand for petroleum and petrochemical products, Indian Oil Corporation (IOC) is considering the option of setting up another greenfield refinery with a capacity of 14-15 mln tpa at an investment outlay of Rs 15,000-20,000 crore. The proposed refinery is likely to be located on the West Coast.
Resin oversupply in the Russian market has given hope of stable resin supply in August to converters. Sterlitamak-based Kaustik shut down PVC facilities for repairs on Wednesday. Production is expectedly to be resumed early in August. At the same time, Russian producers have already contracted August PVC volumes.
According to some market players, oversupply of imported resin and sufficient PVC feedstocks of some Russian producers will contain rise of prices in the Russian market in the near future. During the first ten-day period of the month, over 11 kt of suspension were imported into Russia: at the same time, there are incomplete deliveries of Chinese acetylene-based PVC. Some converters, contrariwise, are sure that Russian producers will cut down August prices. By mid-July prices for imported and Russian PVC had been fixed within the range RUB 46.000 - 48.000/mt, including VAT, CPT Moscow.
More detailed information about Russian PVC market is available in MRC Price reports.
(plastemart) -- Rabigh Refining and Petrochemical Co has recorded a second-quarter net profit but is 55.1% below Q1 earnings. The joint venture of state-owned oil company Saudi Aramco and Japan's Sumitomo Chemicals made SR 121.8 mln in the three months to end-June against a net loss of 236 mln a year ago, and Q1 net profit of SR 271.5 mln. The quarter-to-quarter net profit drop was due to non-recurring gains the firm made during the first quarter of 2010.
(plastemart) -- The PTT Group's plan to merge its refining and petrochemical units to create synergy and improve cost efficiency has been on the planning board for over a year. Plan for consolidation is facing further delays as a number of legal issues need serious discussion. The first phase is expected to focus on PTT Aromatics and Refinery, the country's largest integrated aromatics refinery, which is 49% owned by PTT, and IRPC, 36% owned by PTT.
The merger would create Asia's eighth-largest oil refiner, but is faced with concern related to outstanding lawsuits lodged by Prachai Leophairatana, the founder of Thai Petrochemical Industry, which PTT acquired in a debt restructuring.
(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.
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