Supreme Petrochem declares force majeure for its PS exports

(plastemart) -- India's number one polystyrene maker Supreme Petrochem, has declared force majeure for its exports after Mumbai port was closed due to collision of two ships. Up to 100 containers of polystyrene targeted for export markets remain stranded at the port. This backlog of cargo will take 2-3 weeks to clear from the port. Though the port is expected to reopen this week, priority will be given to facilitating imports of essential fuel oil and coal for the state of Maharashtra's power generation requirements.

Transfer of PS export shipments is being considered to Kandla port or Mundra port in the event of further delays from Mumbai. Kandla is at a distance of 800 km from Mumbai and Mundra is 400 km away, hence, surface transfer of cargo will result in time delay as well as further transportation costs.

MRC

(prw) -- Electronics contract manufacturer Flextronics is closing its automotive components plant in Mor, Hungary with the loss of around 340 jobs.

Work at the Flextronics Automotive plant, which was acquired by the company earlier from the Alcoa subsidiary AFL Stribel, is set to be moved to another Hungarian Flextronics operation at Zalaegerszeg, and to China.

The company has offered the workforce jobs at Zalaegerszeg which is 200km away to the west, but local press reports that only a fraction of the redundant employees are likely to take up this option. The Mor layoff is planned to take place in staged before March 2011.

MRC

(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