SABIC and Sinopec to build USD5.3 bln methanol complex

(nasdaq) -- Saudi Basic Industries Corp., or Sabic, and China Petrochemical and Chemical Corp. (SNP), or Sinopec, have agreed to start negotiations with Trinidad and Tobago to possibly build a USD5.3 billion methanol complex in that country, according to the world's largest petrochemical maker by market value.

Sabic and Sinopec together were selected by Trinidad and Tobago over other international bidders, Sabic said in a statement posted on the Saudi bourse website Saturday.
The approval is for the start of negotiations on establishing the complex, and is not binding for either side, the statement added.
Last month Sabic signed a protocol of cooperation with Sinopec to explore new business opportunities.

Sabic is 70 percent owned by the government of Saudi Arabia.

MRC

(noodls) -- INEOS Technologies is pleased to announce that it has licensed its Innovene PP process to Zhong Tian He Chuang Energy Company Limited. Located in Ordos City, Inner Mongolia Autonomous Region, the 350kta plant will manufacture a full line of polypropylene resins, including homopolymers, random copolymers, and impact copolymers,.and will serve the rapidly growing Chinese PP markets.

Zhong Tian He Chuang is a joint venture between China's largest petrochemical company-Sinopec, and China's largest coal company-China Coal Energy Group Co.,Ltd. The final selection of Innovene PP in their Methanol -To- Olefin complex demonstrates a growing appreciation for Innovene PP in the Chinese coal industry.

Peter Williams, CEO of INEOS Technologies, commented: "INEOS is very proud to be selected as partner for this project in the growing Chinese coal chemical industry. INEOS licensed over 2 million tons of petrochemical capacity in China during 2011 and looks forward to participating further in the growth of the Chinese petrochemical industry."

MRC

(chemmonitor) -- Existing weather conditions negatively impact production rates of European manufacturers. Some of them were forced to declare force majeure.

For instance, SolVin with headquarters in Belgium made relevant announcement concerning all commodity grades of Belgium facility and K57and K70 PVC grades of France one.

Solvay is a leading global producer of innovative plastics that Achieve More in addressing the world's most pressing environmental and societal needs.

Solvay Plastics comprises two product groups, Specialty Polymers and Vinyls, whose vast array of materials consistently surpass the highest standards for sustainability, durability, chemical and temperature resistance, weatherability and transparency.

MRC

(chemmonitor) -- Initially projected in June 2013, the launch of the first phase of the 72,000 metric tons per annum ethylene vinyl acetate (EVA) plant by Taipei-based (Taiwan) Formosa Plastics Group, one of Asia's major EVA producers, is moved to the last quarter of the same year in light of existing problems with equipment provision.


The surging demand from the downstream sector - photovoltaics - gave rise to EVA production ramp-ups from pole to pole, which, in its turn, provoked stiff competition for costly high-pressure equipment. The foundation and construction of the facility, located in Ningbo, northeastern Zhejiang province, China, started as early as last year's July.

MRC

(chemonitor) -- The Chinese company based in Maoming shut its polypropylene (PP) unit at Maoming site (Guangdong province) last week on Thursday for maintenance, which is expected to last till late February of 2012. The annual output of the plant is 170,000 tonnes.

This maintenance resulted from the shutdown of the company's naphtha cracker for two weeks.

The PP plant's shutdown is predicted to reduce the supply of the product in the China market.

It may be difficult to inspire buying in the PP market if China kept to its tight monetary policy, capping any possible price gains for the polymer, they said.

PP prices are currently being supported by high values of feedstock propylene, market sources said.

MRC