Braskem reports fall in profit in Q2 2010

(plastemart) -- Braskem has witnessed halving of its profits in Q2-2010 due to the positive impact the Brazilian real's appreciation had against the US dollar on last year's results. The Brazilian petrochemical company's Q2-2010 profit fell from R$1.1 bln in Q2-2009 to R$45 mln, while Q2 net revenue rose to R$6.5 bln from R$3.6 bln. Ebitda rose 43%, to R$1.040 bln from R$566 mln, while the Ebitda margin rose to 16% from 15.3%.

The company posted a R$78 mln loss in H1-2010 against a R$1.1 bln profit in H1-2009. Net income tumbled 96% in Q2 because of a surge in financial expenses. Despite a surge of 77 percent in net revenue fueled by higher resin prices, Braskem's debt-servicing swelled after the company paid off some tax and other liabilities.The difference between income from financial operations and financial expenses including debt servicing yielded a shortfall of R$575 mln, compared with a surplus of R$1.2 billion a year earlier.

MRC

(plastemart) -- Sinopec and the Hebi municipal government have inked an agreement to jointly develop a 1.8 mln tpa methanol-to-olefins project. Investment outlay in the first phase of the project will total CNY17 billion (US$2.5 bln). The JV will be formed by the end of the next month, and a feasibility study and environmental impact assessment for the project are to be completed before the end of the year.

MRC

MOSCOW (ANGI) -- Tomskneftehim Ltd. recently launched its 300.000 tpa ethylene unit after the modernization. During the modernization one of the key unit part - ethan-ethylene fraction column - was equipped with new internal devices made by Sulzer.

The modernization helped develop rectification characteristics, increase ethylene quality and made for 20% potential increase in ethylene output.

MRC

(prw) -- Chemtura plans to offer ⌠$450 million in aggregate principal amount of unsecured senior notes due 2018, said the company.

The proposed offering is part of Chemtura's exit financing package in line with its Chapter 11 plan of reorganization, if the plan is confirmed by the US bankruptcy court. A hearing is scheduled for 16 September.

MRC

(prw) -- Executives with Eastman Chemical said in a recent conference call that they believe they will find a buyer for their PET resin business by the end of the year.

During the firm's second-quarter conference call with stock analysts on 29 July, CFO Curt Espeland said that US-based Eastman has had ⌠strong interest in the PET unit since announcing it was open to a sale in late April.

MRC