Indorama to build PTA-PET plant in India

(ivl) -- Indorama Company (IVL), Thailand's largest polyester producer, announced its plan to construct a world-class, state-of-the-art and integrated facility in India containing PTA (Purified Terephthalic Acid), PET (Polyethylene Terephthalate) and PSF (Polyester Staple Fiber) plants fully-integrated with a third party Paraxylene producer. A Memorandum of Understanding was signed with Indorama Synthetics (India) Limited to enter into a joint venture that would construct and utilize the offtake of the plants.

Mr. Aloke Lohia, Group CEO and founder of Indorama Ventures said, "India today is a fast-growing market that is demanding attention from the world's fast moving consumer goods companies, who are our customers. It is imperative that we are there to serve these customers and the emerging local producers who will be consuming more and more PET and PSF over the next decade. We are looking at the long term double digit growth in demand for such products and feel this is the right time to move into the market. "

The large-scale project is expected to cost around USD 700 million. Details of the capacity and location are expected to be made public once formal negotiations have been completed.

Indorama Ventures Public Company Limited, listed in Thailand is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company's main products are PTA, PET and Polyester fibre, which are distributed across the world. IVL has approximately 8,920 employees worldwide and last 12 months consolidated revenue of USD 5.5 billion.

MRC

(chemmonitor) -- Japan-based petchem makers are heard to lose the market competitiveness. This comes as s result of the foreign exchange trends.

Local makers expect fixed costs of units to become larger. However, their utility costs are currently at a comparatively high level.

Some naphtha cracker plants are expected to be closed this year. This will negatively impact downstream units. For instance, the ones employed in synthetic rubber production.

The demand for petchem products is set to stay relatively slow this year in China, especially from the downstream construction sector.

MRC

(chemmonitor) -- The Iranian petrochemical industry is now under pressure of sanctions imposed against it by Europe.

For instance, the European government banned imports of petroleum and crude oil products from the country. Besides, Europe-based makers are prohibited to sell their equipment and technologies to Iranian companies.

This will lead to postponements of polyethylene (PE) and polypropylene (PP) projects launched in the country.

The Europe manufacturers are also forbidden to make any investments in petrochemical projects of the country and form any joint ventures with Iranian firms.

MRC

(styron) -- Styron Europe GmbH and its affiliate companies in Europe announced price increases for all CALIBRE≥ polycarbonate and EMERGE≥ polycarbonate compound & blends products. Effective February 15, or as existing contract terms allow, the price for these products will rise by EUR 250 per metric ton to offset the continued increases in key raw materials, energy and freight costs associated with the manufacturing of CALIBRE≥ and EMERGE≥.

Styron is a leading global materials company, dedicated to innovate and deliver for its customers. Styron's unique and balanced product portfolio brings together plastics, rubber and latex businesses that share feedstocks, operations, customers and end users. The company benefits from global scale, a long-standing tradition of unrivaled customer relationships and a robust innovation pipeline. Styron has approximately USD 5 billion in revenue, with 20 manufacturing sites in all geographies.

Styron's 2100 employees are committed to listen to customers' needs and provide them with innovative and sustainable solutions in markets such as appliances, automotive, building and construction, carpet, commercial transportation, consumer electronics, consumer goods, electrical and lighting, medical, packaging, paper and paperboard, rubber goods and tires.

MRC

(gulfnews) -- Saudi Arabian Oil Co (Saudi Aramco) is seeking to begin producing natural gas from shale rock in the country before the end of the decade as domestic power demand climbs.

"If we can get it by 2020, that will be good," General Manager of Exploration Ebrahim Assa'adan said . "We are in the reconnaissance phase, shooting regional seismic programmes and drilling all over the country."

At least three to five rigs are being used to evaluate the resources, Assa'adan said. Saudi Aramco, the world's largest crude exporter, had about 100 rigs in operation last year and will employ a similar number in 2012, he said, adding that low gas prices remain a "major issue" in developing the prospects.


Saudi Arabia sells gas locally at a subsidised price of 75 cents a million British thermal units, a third of international market rates.

The country needs to examine the way it regulates tariffs to make unconventional gas extraction attractive, Assa'adan said.

MRC