The price of the Russian polystyrene grew in March

MOSCOW (MRC) -- Russian producers increased the quotation of polystyrene (PS) by rouble (Rb) 1,000-2,000/tonne fro March deliveries, according to MRC analysts. From the year start, there has been a stable demand from converters in the Russian market of PS. In January the market players fulfilled their inventories as required while in February the fears appeared as for a probable serious price hike following the European producers. Converters made additional inventories.

In the European market PS price had grown twice - in January and February hat was caused by the growth of feedstock. Over the two months, the European producers' price quotation for PS
grew by EUR160-200/tonne.

Within January-February 2012, Russian producers kept the price quotation at the level of the end of 2011 with insignificant changes. As of late February 2012, the price for Nizhnekamsk GPPS made Rb64,000-66,000/tonne, VAT included, СРТ Моscow, and the price for HIPS was within Rb67,000-68,000/tonne.

The price for March deliveries of Nizhnekamsk PS grew on average by Rb2,000/tonne, as a result GPPS price reached Rb66,000-68,000/tonne, and HIPS price made Rb69,000-71,000/tonne, VAT included, СРТ Моscow.

The price quotation for PS produced by Gazprom neftekhim Salavat grew on average by Rb1,000/tonne: GPPS is offered for Rb61,500-62,000/tonne, VAT included, СРТ Моscow, natural HIPS is traded for Rb62,000-63,000/tonne, VAT included, СРТ Моscow.

PGProf set the price quotation fro GPPS starting from Rb66,000/tonne, FCA Кirishi. The offer of the material in spot is still low, since the main volumes of the material are processed at Penoplex.

MRC

Lukoil recorded an impairment charge of USD955 million in the fourth quarter at its OOO Narianmarneftegaz venture with ConocoPhillips. (COP) Fourth-quarter operating cash flow dropped 56 percent to USD2.2 billion, with capital expenditure rising 33 percent to USD2.7 billion, the company said.

The company's stock on Moscow's Micex Index added 0.9 percent to 1,909.20 rubles, or the equivalent of USD65.05. One Lukoil ADR is equal to one ordinary share.

MRC

Under the terms of the HOA, the partners have agreed to form a new entity (BASF 60%; PETRONAS 40%) to jointly own, develop, construct and operate production facilities for isononanol, highly reactive polyisobutylene, non-ionic surfactants, methanesulfonic acid, and plants for precursor materials. These world-scale facilities will become an integral part of PETRONAS' RAPID project.

The chemicals to be produced at the new facilities will directly contribute to the sustainable development of the Asia Pacific region, especially in ASEAN. For example, nonionic surfactants are used in almost all cleaning applications, particularly in environmentally friendly laundry detergents as well as in technical processes, including as ingredients for auxiliaries in the textile and leather industry.

MRC

(peopledaily) -- China Petrochemical Corporation (Sinopec), one of China's oil giants, announced Monday that the group has prospected an oilfield in Brazil with a daily output of 5,000 barrels of oil and 810,000 cubic meters of natural gas.

The well site called Pao de Acucar lies in the BM-C-33 oilfield zone in Campos Basin, Brazil. The well was drilled from Aug. 8, 2011, to Jan. 10, 2012, and subsequent testing finished on Feb. 18, 2012.

The prospecting work was operated by Sinopec and Repsol, a Spanish oil giant.
MRC

Ethylene prices rebounded on the last day of the week in Asian markets after two flat days of trade, propelled by tightening of supplies and higher crude and naphtha prices. In Europe, ethylene spot prices touched new highs, bolstered by rallying naphtha prices and various production issues in the European cracker system.

MRC