Nabucco project realisation depends on EU

(en.rian) -- Hungary's oil and gas firm MOL and other project participants have not confirmed their withdrawal from the Western-backed Nabucco gas pipeline project, European Commission energy spokesperson Marlene Holzner said.
Hungarian Prime Minister Viktor Orban said earlier on Monday that MOL was leaving the Nabucco project.

MOL has not confirmed the report of its withdrawal from Nabucco, Holzner told reporters. "The Nabucco shareholder in Hungary is FGSZ, a MOL subsidiary, and we have not had any indication that this will change," the Nabucco Consortium said on Tuesday afternoon.

Nabucco, which is intended to pump 31 bcm of natural gas, is part of the EU's effort to diversify its natural gas supplies and reduce the region's dependence on Russian gas.

MRC

(Reuters) -- Fears that a shortage of a nylon resin used in auto manufacturing will cut deeply into production worldwide are easing some, but there is still a danger that output may be curtailed, according to an industry executive.

The shortage stems from a March 31 blast at a German chemical plant owned by Evonik Industries AG. The explosion killed two workers and shut production of a key material used to produce PA-12. Evonik is a leading producer of both P-12 and the material used to produce it, called cyclododecatriene, or CDT.

Two auto suppliers, Eaton Corp and Delphi Automotive , on earnings calls this week said the shortage of PA-12 has not hit their production and company executives were optimistic that auto output will not be greatly affected.World supplies of nylon 12, constrained by a plant explosion, may last for four to six weeks, a US-based automobile group said.

In response to the potential shortage in PA 12 supply, AIAG facilitated a critical multi-stakeholder workshop
to fast-track the approval process for replacement materials for use in multi-layer tubing assemblies, metal
tubing and other automotive applications.

MRC

(chemicals-technology) -- Belgian chemical company Solvay is planning to construct a new fluorinated polymers plant in Changshu, Jiangsu, China.

Solvay Specialty Polymers growth and development head Maurizio Gastaldi was quoted by China Daily as saying that the project needs an investment of EUR120m and is scheduled to be operational in 2014.

"It will significantly boost Solvay's global production capacity and meet the growing demand for high value-added specialty polymers in Asia," Gastaldi added. "Our focus is to manufacture products for end-use markets such as photovoltaic and lithium batteries, contributing to wider global demand."

Solvay's investment also includes EUR 21m to build a compounding plant in Changshu, Jiangsu, China, which is expected to start up in the summer of 2012.

"The facility will be fully adaptable for future expansion for both overall capacity and for other high performance engineering and fluorinated polymers," Gastaldi added.

MRC

(hydrocarbonprocessing) -- First-quarter profits of US integrated oil companies are expected to rise year-over-year mainly thanks to higher Brent crude prices, which traded at more than USD118/bbl during the quarter, or about 12% higher than the same period a year earlier.

ExxonMobil, however, is likely to be the exception, as the world's largest publicly traded oil company is expected to report lower profits due to its large exposure to low natural gas prices, which during the first quarter tumbled 40.5% to USD2.50 per million BTUs compared with a year earlier.

US oil majors' quarterly results are expected to benefit also from a rebound in refining and marketing profits, which are expected to see a boost from a year earlier thanks to improved refining margins.

"Two factors are going to boost oil majors' earnings: higher crude prices and improved refining margins," says Alan Good, an analyst with Morningstar. "In Exxon's case, its unwavering focus on natural gas is going to hold it back."

MRC

(ei.wtin) -- The German speciality chemicals group Evonik has invested over EUR100m (GBR131m) in a new hydrogen peroxide plant in Jilin, China.

The plant is scheduled to be completed by the end of 2013 where it will annually produce 230,000 tons of hydrogen peroxide, which is mostly used as a bleaching agent in the textile and pulp industry.

Recently, Evonik founded Evonik Specialty Chemicals to run the new production facility in Jilin. The company will then supply H202 from the site directly to the adjacent propylene oxide plant run by Jishen Chemical via a pipeline that connects the two.

A long-term agreement is in place between the two companies and Jishen will use the new HPP0' process to make propylene oxide from the hydrogen peroxide.

Propylene oxide is mainly used in the manufacturing of polyurethane intermediates, with the polyurethanes then going into making things like upholstery for car seats or furniture.

MRC