BASF announces EUR 60 Europe ethanolamines hike on feedstock

(basf) -- BASF is targeting a EUR 60/tonne hike across all ethanolamines grades in Europe following soaring feedstock costs, the Germany-based chemicals major said on Monday

With immediate effect, or as existing contracts permit, BASF is increasing its European sales prices for ethanolamines (EOA) as follows:

Monoethanolamine (MEOA) + 60 EUR/ mt
Diethanolamine (DEOA) + 60 EUR/ mt
Triethanolamine (TEOA) + 60 EUR/ mt

or by the equivalent amounts in local currency.

The price increase will also apply to current supply agreements as soon as and to the extent permitted by their terms and conditions.

Ethanolamines are high-class intermediates used in the manufacture of agrochemicals and wood protectants, surfactants for detergents and cleaning products, process chemicals for gas treatment, lubricants and cement additives as well as active pharmaceutical ingredients.


BASF produces EOA at its Verbund sites in Ludwigshafen, Germany; Antwerp, Belgium; and Nanjing, China.

MRC

(oxea-chemicals) -- Germany-based chemical producer Oxea has announced a EUR100/tonne (USD132/tonne) increase for its butyl acetate (butac) offers in Europe, the company said on Monday.

Oxea is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines.


These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavorings and fragrances, printing inks and plastics.


In the 12 months ending September 2011, Oxea generated revenue of about EUR 1.5 billion with its approximately 1,400 employees in Europe, the Americas and Asia.

MRC

(klesch) -- The Klesch Group is interested in acquiring the Petroplus refineries in Petit-Couronne, France, in Coryton in the UK and Ingolstadt in Germany, founder of the group Gary Klesch said on Friday.

Petroplus filed for insolvency on Wednesday after it was unable to reach an agreement with its lenders and unable to continue to fund its subsidiaries.

Last week, Petroplus had announced plans to sell its refinery in Petit Couronne, France, and said it was evaluating the potential sale of its refineries in Switzerland and Belgium.

Founded in 1990 and headquartered in Geneva, the family-owned Klesch Group is one of Europe's leading operators of industrial and commodity-related business.
With combined revenue in excess of USD 5 billion, The Klesch Group employs more than 3,000 people across four principal business units with locations in Germany, The Netherlands, Russia, Switzerland and the United Kingdom.

MRC

(eastman) -- Eastman Chemical Company and Solutia Inc. announced that they have entered into a definitive agreement, under which Eastman will acquire Solutia, a global leader in performance materials and specialty chemicals.

Under the terms of the agreement, Solutia stockholders will receive USD 22.00 in cash and 0.12 shares of Eastman common stock for each share of Solutia common stock.

Based on yesterday's closing prices, Solutia shareholders will receive cash and stock valued at USD 27.65 per Solutia common share, representing a premium of 42 percent and a total transaction value of approximately USD 4.7 billion, including the assumption of Solutia's debt.

"The acquisition of Solutia is a significant step in our growth strategy and one that I am confident will strengthen Eastman as a top-tier specialty chemical company with strong, stable margins," said Jim Rogers, chairman and chief executive officer of Eastman.

"The addition of Solutia will broaden our geographic reach into emerging geographies, particularly Asia Pacific, establish a powerful combined platform with extensive organic growth opportunities, and expand our portfolio of sustainable products, all of which are consistent with our growth strategy", said Rogers.

MRC

(sinopec) -- China's Qilu Petrochemical, a subsidiary of Sinopec, is planning to start up its 250,000 tonne/year high density polyethylene (HDPE) plant at Qilu in Shandong province in November 2012, a company source said on Monday. The HDPE plant is still under construction and production is expected to start in November, the source said.
The company will expand the capacity of its naphtha cracker at the same site from 800,000 tonnes/year to 1,000,000 tonnes/year in 2013, the source added.


Officials from Qilu Petrochemical were not immediately available to comment.
Sinopec Qilu Company, located in Zibo city, Shandong province, with 24.8 square kilometers area, is a super large scale refining, chemical, chemical fiber enterprise of petroleum/salt/coal/natural gas chemical.

MRC