Hubei Yihua to acquire the remaining 50% stake of its parent firm

(China Knowledge) -- Hubei Yihua Chemical Industry Co Ltd on Aug. 5 announced that it will spend a total of RMB 510 million to purchase the remaining 50% stake in two chemical firms from parent Hubei Yihua Group Co Ltd.

The target assets, which are located in Hubei Province and Guizhou Province, are involved in business of fertilizer and other chemical products. Upon the completion of acquisition, Hubei Yihua Chemical will wholly own the two target firms.

On Aug. 5, the Shenzhen-listed acquiror also posted RMB 5.02 billion-operating revenue for the first half of this year, reflecting a year-on-year increase of 20.96%, and its net profit skyrocketed 199.84% to RMB 328 million.

Reportedly, Hubei Yihua Chemical Industry has decided to cancel the plan of purchasing a 48.94% stake in Qinghai Liming Chemical Co Ltd, which principally produces rocket fuel, to focus on its polyvinyl chloride project in Qinghai province.

MRC

(plastemart) -- A new polypropylene technology: Thermylene P8 specialty compounded polypropylene resin has been launched by Asahi Kasei Plastics North America Inc. This is a material innovation that gives customers superior creep resistance at room temperature and comparable creep resistance at elevated temperatures when compared to long glass filled PP. Thermylene P8 materials build upon the strengths of Asahi Kasei's polypropylene portfolio opening the door to applications traditionally specified in long glass PP while providing the economical benefits of short glass polypropylene. It is a world-class polymer formulated for optimized interfacial adhesion between matrix and reinforcement and to balance impact and strength. Available in varying glass levels and endless colors, Thermylene P8 can be used in Automotive, Electronics, Furniture, Bath & Spa, Building and Construction

MRC

(plastemart) -- Nan Ya's No. 3 unit, which was idled on June 30 for a three-week maintenance, has been forced to stay shut. Taiwan's Nan Ya Plastics has been unable to restart its 350,000 tpa No. 3 monoethylene glycol (MEG) unit at Mailiao this week due to a continued shortage of ethylene feedstock

The Taiwanese MEG maker sources its feedstock ethylene from affiliate Formosa Petrochemicals, that has a dearth of ethylene after a fire at it's No. 1 steam cracker, with capacity to produce 700,000 tpa of ethylene.

MRC

(plastemart) -- Industries Qatar plans to run its 1.3 mln tpa ethane cracker in Ras Laffan at a reduced capacity until next year because of ⌠technical issues. The Ras Laffan Olefins Co's cracker, which began operating in Q2-2010, will reach full capacity by the middle of 2011. The cracker, run at 64% capacity in May, was scheduled to reach full output by September, and has been further delayed by technical issues expected to be gradually rectified from the end of 2010.

The cracker is designed to supply ethylene to Qatar Chemical Co's new high-density polyethylene plant and to Qatofin Co's linear low-density polyethylene plant.

The Qatofin plant, which started operation last year, will also reach full output by the middle of 2011.

MRC

(Bloomberg) -- The alarms sounded at Chevron Phillips Chemical Co.'s Cedar Bayou chemical plant in Baytown, Texas, after a ⌠small leak was detected in a process unit. The leak has been brought under control and has had no impact to the community.

The Cedar Bayou plant is the largest owned by the Chevron Corp. and ConocoPhillips JV, and has eight process units including two olefins units.

MRC