Saudi Arabia Petrochemical and Turkey's Bayegan to launch new project

(chemmonitor) -- The Jubail-based Saudi Arabia polymers producer Advanced Petrochemicals Co and the Turkish, based in Istanbul, trading company Bayegan Group, inked a MoU. According to the agreement, the two companies will develop a new unit, which is assessed at about USD 1 billion.

The new PDH and PP facility will be able to generate around 500,000 tons of PP annually. The unit will be situated in Turkey.

Advanced Petrochemicals Co will possess a 70% interest in the new project, while the Turkey-based producer will own a 30% stake.

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(bloomberg) -- Tosoh Corporation started its Yokkaichi ethylene plant on April 27, Ryo Higashihara, a company spokesman said. The facility, which can process 493,000 metric tons a year, had been closed for maintenance since March 15.

Tosoh is a diversified global chemical company active in inorganic chemicals, petrochemicals and specialty products. It is organised in three groups; Petrochemical, Basic, and Specialty.
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(Reuters) -- Oil price reporting agencies Platts, Argus and ICIS have launched a draft price reporting code to avoid conflicts of interest and ensure transparency, moving to head off increased scrutiny proposed by international regulators.

The proposal comes as the International Organisation of Securities Comissions (IOSCO) decides whether to increase oversight of the agencies, whose prices are used for the world's biggest traded commodity.

Price assessments for over-the-counter oil trade and derivatives produced by industry reporters are used to settle billions of dollars worth of physical oil deals and to help settle trade on benchmark futures exchanges.

The draft independent price reporting organisations, or IPRO, code "provides for robust monitoring and compliance", the companies said on Monday. They believe the code will keep regulators at bay.

"This is a serious piece of work that really codifies what we've put in place over the years," said Adrian Binks, Chairman and Chief Executive of privately held Argus Media.

"Many of our customers are telling us they do not want to see us regulated - they are vehemently opposed to it. And it's essential that we be seen as completely neutral in the work that we do."

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(borealis) -- Borealis offers the infrastructure pipe industry a range of innovative polyethylene (PE) and polypropylene (PP) materials through its BorSafe and BorECO product ranges.

For hot and cold water pipes, Borealis has a long track record with its BorPEX product range as a supplier of crosslinked polyethylene (PEX).

BorPEX is a PE-based material cross-links automatically at ambient temperatures which avoids the need for a post-treatment stage, thereby offering considerable savings for pipe producers. The stability of the material ensures a smooth production process, resulting in an excellent surface finish.

Borpeel WD955CF and Steripeel WE950CF provide superior optics, high transparency and a broad processing window. The innovations complete Borealis' high performance portfolio of peelable solutions for lidding film on PP trays and peel against itself for standard peelable film, sterilisable applications, medical applications and anti-fogging films.

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(hydrocarbonprocessing) -- PFB Corp. has agreed to acquire performance styrenics business of Canada's NOVA Chemicals, including the expandable polystyrene (EPS) and ARCEL resin products. PFB says the acquisition will underpin a vertically-integrated, construction-materials focused product offering in the US.

PFB Corp. has agreed to acquire performance styrenics business of Canada's NOVA Chemicals, including the expandable polystyrene (EPS) and ARCEL resin products, the companies said late Wednesday.

NOVA says it will acquire an equity stake in PFB and hold two seats on PFB's Board of Directors following closing. Financial terms were not disclosed.

NOVA Chemicals and PFB said they expect definitive agreements to be executed during the second quarter, and closing to occur during the second half of 2012.

The acquisition is subject to the definitive agreement being entered into, regulatory approval, and other customary conditions, including the NOVA board of directors' approval, and PFB's board and shareholder approval.
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