Braskem plans investment of USD100 mln in green PP plant

(plastemart) -- Braskem has confirmed plans for a USD100 mln expansion in Brazil in a move that will ramp up the company's efforts to curb its environmental footprint. Braskem, the world's first producer of green plastic produced from 100% sugar cane derivatives, plans to fund a new plant to produce 30,000 tpa of polypropylene, dubbed Green PP, from ethanol.

The new plant will be built adjacent to Braskem's existing 200 tpa green PE facility, at it's 60 km sq site in Rio Grande de Sul, and is expected to be completed in 2013.

Currently, green PE is available at a premium of about 20% compared to conventional PE, but reduces the carbon impact by 2.3 kilo tons of CO2 per ton, vs gas or naphtha based PE.

MRC

(polyestertime) -- Profits dropped by more than two thirds at Artenius PET Packaging UK (APPE) in 2011 as the
container maker was hit by decreased sales volumes and shrinking margins.

APPE supplies containers and preforms to the food and beverage sector and to the personal care and healthcare sector. Despite turnover increasing from GBR164.5m to GBR170.8m in the year to 31 December 2011, APPE reported pre-tax profit of GBR2.4m, down from GBR8.5m in 2010.

The company said the increased turnover reflected the high price of PET (polyethylene terephthalate) resin but underlying volumes declined. Overall sales volumes fell by 13 %.

"2011 was a challenging year, arising from the current difficult economic situation and in particular, the significant increase in raw materials prices," said Chris Brown, APPE's business unit director for UK & Ireland.

APPE is part of Catalan parent group La Seda de Barcelona

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(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.

MRC

(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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