Oxea reports 25% earnings increase in Q1

(bizjournals) -- Oxea, a leading global supplier of Oxo Intermediates and Oxo Derivatives, today announced a significant earnings increase for the first quarter of 2012 compared to the fourth quarter of 2011. Net sales of EUR372 million were up by 13% and Adjusted EBITDA amounted to EUR45million reflecting an increase of 25% from the fourth quarter of 2011.

After a challenging fourth quarter of 2011 which was affected by the softening of the world economy and destocking activities along the value chain in the entire industry, Oxea was able to significantly increase revenues and EBITDA during the first quarter of 2012. This positive trend was recognized across the entire product portfolio.

Despite the difficult macroeconomic environment still affected by the financial turbulence stemming from the European debt crisis, Oxea's Adjusted EBITDA of EUR45 millionclearly outperformed the expectations for the first quarter of 2012.

MRC

In April import of suspension PVC to Russia decreased by 14%

MOSCOW (MRC) -- In April, the import volume of suspension PVC to the Russian market expectedly decreased. Last month, imports fell by 14% to 33,000 tonnes, according to a MRC DataScope.


In April, Russian companies reduced their imports of suspension PVC to 33,000 tonnes, which was down 14%, compared with the March level. Russian companies expectedly reduced their purchases of PVC due to several reasons.

Firstly, it resulted from high export prices of PVC in the U.S. and the low solvency of Russian converters amid high volatility of the rouble against the dollar. As a consequence, over the last two months, the purchases of North American PVC were significantly reduced. In April, the imports of resins from the U.S. fell to 8,700 tonnes.

Secondly, due to the April rise in prices and limited volumes of Ukrainian PVC last month, the imports of resin from the Ukraine declined.

At the same time, considering attractive export prices of PVC in China and easy logistics, the imports volumes of acetylene resin have been growing significantly from the beginning of the year. By April, the imports of PVC from China had exceeded 13,000 tonnes.

Over the four months of this year, the imports of suspension PVC to the Russian market made about 117,000 tonnes, which was down 19% year on year.


MRC

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