Indorama profit decreased in Q1

(ivl) -- Indorama Ventures PCL (IVL.TH) said its first-quarter net profit fell 84.8% from a year earlier, as an increase in expenses took a toll on the company's bottom time.

In the three months ended March 31, the world's largest producer of polyethylene terephthalate, which is used by bottlers and textile manufacturers, recorded a net profit of THB1.69 billion (USD 54.3 million), down from THB11.15 billion a year earlier, it said in a filing to the Stock Exchange of Thailand.

Total income rose to THB53.66 billion from THB47.35 billion, while expenses surged to THB51.78 billion from THB35.99 billion.
MRC

Qatar looks to buy stakes in oil giants Shell, Eni

(hydrocarbonprocessing) -- Qatar's sovereign wealth fund, continuing its recent splurge on overseas assets, is eyeing stakes in Anglo-Dutch energy group Royal Dutch Shell and Italy's Eni. Qatar is in "very advanced talks" to buy 3-5% of Shell, a major investor in Qatar, and a 3% stake in Italian oil giant Eni.

Qatar's sovereign wealth fund, continuing its recent splurge on overseas assets, is eyeing stakes in Anglo-Dutch energy group Royal Dutch Shell and Italy's Eni, the Middle East Economic Survey reported Friday.

A spokeswoman for Shell confirmed Qatar was a shareholder but didn't say when the Gulf state acquired the stake or how large it was.

"We are delighted to welcome the Qatar Investment Authority as a long-term and major shareholder in Shell, and particularly given our excellent strategic relationship with the Qatari state," the spokeswoman said in an emailed statement.

Qatar is in "very advanced talks" to buy 3-5% of Shell, a major investor in Qatar, and is also negotiating taking a 3% stake in Italian oil giant Eni.
MRC

China aims to double textile output in a decade

(polyestertime) -- Chinese textile producers aim to more than double the country's textile output by 2020 from the 2010 level, according to a 10-year plan from the textile industrial association.

The textile industry is planning to increase textile and clothing exports by an annual rate of about 7 percent and boost the export value of fiber products to 400 billion U.S. dollars by 2020, said a 10-year development plan approved by China National Textile and Apparel Council(CNTAC).

Rising demand for fiber products will accelerate the upgrading and transformation of the textile industry, and further boost innovation and branding to drive high-end industrial development, said the CNTAC.

The CNTAC expected Chinese urban citizens' average spending on clothing to grow by an average 12.5 year-on-year in the 2011-2020 period, while that of rural residents will increase by 15 percent annually.
MRC

EU consortium to develop packaging

(polyestertime) -- A group of European companies and researchers from five different countries have joined together to develop a new material to tackle food waste.

Called ISA-Pack, the EUR 3.9 million (USD 5 million) project is funded by the European Commission (EC) Seventh Framework Program (FP7). European companies and research organizations will collaborate during a three-year period to develop fully sustainable packaging for fresh foods to extend shelf life, improve quality, and reduce
waste.

UK-based Biopac, a sustainable packaging design and development company, is participating in ISA-Pack. John Bright, managing director at Biopac through extension of shelf life, the ISA-Pack project seeks to reduce retailer supply chain wastage of fresh food produce, which includes meat, fish, fruit and vegetables, by about 75%.
MRC

India to remove excise duty on recycled polyester fiber

(polyestertime) -- The government of India is planning to remove excise duty on recycled polyester fiber soon to provide some relief to the manufacturer of Recycled polyester staple fiber (PSF).

The exemption would be granted only if PSF was recycled from plastic waste, and not plastic. In the Union Budget 2012-13, it is declared that the excise duty rate on recycled PSF be pegged at 10 percent, in line with other textile fibers such as polyester fiber and yarns and its raw material, purified terephthelic acid and mono ethylene glycol. In fact, the Budget preferred to make the said modification with retrospective effect from June 29, 2010.

According to the proposal, duty in respect of clearances already made to be recovered from the manufacturers of these goods within a month of the date of enactment of the Finance Bill, 2012, or else it would draw an interest penalty of 24 percent. At the same time, the manufacturers are being permitted to take into account credit of duty
paid on inputs, input services and capital goods.
MRC