China oil giant to set up logistics hub in Dubai

(ecfchina) -- China National Petroleum Corporation is planning a logistics hub in Dubai to minimize possible disruptions from geopolitical risks in the Mena.

CNPC, state owned parent of PetroChina, plans to build an industrial park of 200,000 square meters in Dubai's Free Zone with production lines for engineering equipment.

CNPC source said that the company would use the park as an equipment store in the event of an emergency withdrawal from the Mena. CNPC has a strong presence in the region, developing large oilfields from Iraq to Sudan.

When unrest emerged in Libya early last year, CNPC halted production, sealed equipment in the North African country and evacuated its 391 Chinese employees after some project camps and operating sites were attacked.

MRC

(keyplastics) -- Key Plastics, L.L.C. (Key), a tier one global supplier of automotive components, today announced the completion of a transaction whereby Key sold a portion of its European operations in a management buy-out. Effective February 16, the newly-formed Innovative Components Technologies GmbH (ICT) of Germany became the owner and operator of the following Key facilities: Wachtersbach, Germany; Lennestadt, Germany; Kierspe, Germany; Tachov, Czech Republic; and Borja, Spain.

Key retains operations, tied to its core businesses, at 12 locations in seven countries. Key's operations in Europe now consist of manufacturing and engineering facilities in Leiria and Vendas Novas, Portugal; Lohne, Germany; and Janovice, Czech Republic. Key also operates from locations in the United States, China, Japan and Mexico. Key's core businesses include the engineering and production of automotive handles, bezels and clusters, mechanisms and air registers, highly decorated trim components, and select precision-molded engine compartment products.

MRC

(textination) -- In 2011, the global output of chemical fibers is reported to reach 49 million tons, representing a year-on-year growth of 8.3%.

China contributed 32 million tons (+13.8%), Taiwan produced 2.2 million tons (-6.9%), ASEAN 2.7 million tons (-2.3%), Western Europe 2.3 million tons (-0.7%) and the USA 1.8 million tons (-0.7%).

The growth in China was the major driving force for the rising global production output in chemical fibers, making up for 66% of the global total.

MRC

(basf) -- BASF significantly surpassed the record levels of 2010 in sales and earnings, and thus again earned a high premium on its cost of capital in 2011. Compared with 2010, sales increased by 15% to EUR73.5 billion. All regions contributed to this increase. Income from operations (EBIT) before special items improved by 4% to EUR8.4 billion and EBIT increased almost 11% to EUR8.6 billion.

At the Annual Press Conference, Dr. Kurt Bock, Chairman of the Board of Executive Directors of BASF said: "2011 was another very successful year for BASF. Thus we are continuing our ambitious dividend policy and will, therefore, again propose a higher dividend of EUR2.50 at the Annual Meeting. This is an increase of EUR0.30 or 13.6% compared with the previous year."

At around EUR18.1 billion, sales in the fourth quarter of 2011 were higher than in the fourth quarter of 2010, as well as in the third quarter of 2011. However, the slowing of the economy over the course of the year was reflected in the EBIT before special items, which at EUR1.5 billion was 14% below the fourth quarter of 2010. The trend that the company observed at the beginning of the second half of the year continued. Customers were more cautious in their ordering, reduced their inventories and put off orders in expectation that the economy would decline and prices could possibly soften.

MRC

(chemmonitor) -- The Perstorp-headquartered (Sweden) company Perstorp restarted its toluene di-isocyanate (TDI) and chlor-alkali plants at Pont-de-Claix site (France) last week at the weekends. The producer is increasing the manufacturing rates of the facilities.

Perstorp's chlor-alkali plant was brought off stream in early February on the back of the strike, what influenced the TDI unit.

A force majeure declaration, which came into effect in early February for both TDI and chloralkali products at the site, is expected to remain in place until the end of the month, with a strict allocation likely to be implemented in March.

On 4 February, Perstorp was forced to stop production at its chlor-alkali unit because of the strike and this affected its downstream TDI facility. This resulted in force majeure declarations for both products.

Perstorp's nameplate capacity at the site is 126,000 tonnes/year for TDI and 170,000 tonnes/year for chlorine, according to a company source.

MRC