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(Domain-b) -- BP signed an agreement with JBF Petrochemicals to licence its latest generation purified terephthalic acid (PTA) technology.
JBF Petrochemicals, a wholly-owned subsidiary of Mumbai-based polyster producer JBF Industries Ltd, plans to build a 1.25 million tonnes per annum (tpa) unit at the special economic zone in Mangalore, India, to produce PTA, the primary feedstock for polyesters used in textiles and packaging. JBF expects the Mangalore plant to come on stream at the end of 2014.
Nick Elmslie, chief executive of BP's global petrochemicals business, this is the first third party, non-affiliate, licence agreement that BP has signed.
''Our PTA technology has significantly lower capital and operating costs compared with conventional PTA plants and is more energy efficient, uses less water, and produces less solid waste than its competitors. We have invested significantly in our proprietary technology and there are two routes to monetise this; one is through investment and one is through licensing. We have decided that the maximum value to BP will come both from investing in projects such as our Zhuhai 3 project in Guangdong, China and through licensing.''
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BP licences latest generation PTA technology
Ukraine increased production of polymers by 42%
MOSCOW (MRC) -- In June, the total production of large volume polymers in Ukraine decreased to 25,750 tonnes. In the first half of the year Ukrainian producers have gained about 180,000 tonnes of polymers, up 42% year on year, according to MRC analysts.
In June, the total production of large volume polymers (polyethylene, polypropylene, polyvinyl chloride and polystyrene) in Ukraine has decreased to the level of 25,750 tonnes, down 9% from May.
Linik’s capacities of polypropylene still stay idle, Karpatneftekhim also reduced the production of PVC in June.
Since late last year Karpatneftekhim (Lukoil Group) keeps a high level of capacity utilization (100%) for the production of high-density polyethylene (HDPE). In June, the production of HDPE slightly exceeded 9,000 tonnes.
In general, over the six months the company produced about 55,000 tonnes of high-density polyethylene. In early August, the company stops its capacities on a monthly turnaround.
Last month Karpatneftehim reduced the output of suspension PVC to 14,700 tonnes. In January - June, the total output of PVC in Ukraine exceeded 92,600 tonnes.
Capacities for the production of polypropylene of Linik remains idle.
State officials aimed to start the work of the oil refinery in the near future, while at the same time by representatives of companies did not give any comments. According to unofficial information the refinery will be soon bought by a new owner.
In June, the production of polystyrene at the facilities of a single Ukrainian maker - Concern Stirol (Gorlovka) amounted to about 2,000 tonnes.
Last month the output of expandable polystyrene (EPS) grew to 1,100 tonnes, general purpose polystyrene - about 900 tonnes. In general, over the first six months the production of polystyrene in Ukraine made 8,740 tonnes of material, down 8% year on year.
In January - June, the total production of large volume polymers in Ukraine amounted to 180,000 tonnes, up 42% compared to the same period a year ago.
EPS prices in Ukraine are still falling down
MOSCOW (MRC) -- In early July, Ukrainian price quotations of expandable polystyrene (EPS) continue to fall, as per MRC analysts.
In June, the prices of Asian EPS were at hryvnya (UAH) 19,300-19,800/tonne, CPT Kiev. By the end of the month, traders had cut the prices of Asian EPS to UAH19,000-19,400/tonne on the back of the new cargoes, contracted by lower prices.
At the present price quotations of imported Asian EPS are at $1,630-1,640/tonne, FOB or at $1,770-1,780/tonne, CIF Odessa.
In June, the price of Russian Alphapor for Ukrainian consumers was at $1,800-1,825/tonne FCA. Sibur-Khimprom decreased prices of EPS to $1,710-1,730/tonne for July.
This week Perm polystyrene in Ukraine was offered at about UAH18,000-18,500/tonne. Trading companies expect Russian EPS prices to be cut to UAH17,400-17,700/tonne on new deliveries in July.
Prices of the European EPS from Polish producer Synthos, are going down too. In June its prices in Ukrainian market was at €1,411/tonne FCA. In early July the producer decreased price of EPS by €40/tonne to €1,372/tonne FCA. The price was cut in line with falling contract prices of styrene-monomer to €1,232/tonne FD NWE, down €115/tonne from June.
Ukrainian producer of EPS Stirol (Gorlovka) settled price at UAH17,450-17,600/tonne, down UAH400-500/tonne from June.
MRC
Husky plans to build new manufacturing plant in China
(Husky) -- Husky Injection Molding Systems Ltd. has announced plans to build a new facility in China to meet growing demand for its beverage packaging and hot runner systems.
The area of land is located in the Suzhou New District and is a Greenfield site that has significant opportunity for further expansion beyond the existing land area. The site, to be built on 53,000 square meters of land, is expected to be fully operational in 2014.
"Husky has enjoyed longstanding relationships with many customers throughout China. Strong increase in demand for plastics in the region has helped fuel customer growth and we have been fortunate enough to grow with our customers. Today, Asia Pacific represents one of the largest and most dynamic markets the company serves,” John Galt, Husky’s president and CEO, said in a statement.
"Our investment in Suzhou is a step toward ensuring we are able to meet the growing expectations of customers in this region. Our goal is to be increasingly nimble and agile to provide the best, most responsive service and support – not only to China, but to markets globally."
Husky Injection Molding Systems is the world's largest brand name supplier of injection molding equipment and services to the plastics industry. With one of the broadest product lines in the industry, Husky equipment is used to manufacture a wide range of plastic products such as bottles and caps for beverages, containers for food, medical components and consumer electronic parts.
MRC
Formosa Petrochemical and FCFC both posted losses
(Plastemart) -- Units of Formosa Group-Formosa Petrochemical Corp. and Formosa Chemicals & Fibre Corp. have both posted unexpected Q2-2012 losses after a drop in oil and chemical prices drove down their inventory values.
A decline in oil prices cut the value of stockpiles held by Formosa Petrochemical, which imports all its crude needs.
Crude oil in New York dropped 18% between April and June on concern demand would be hurt by the global economic slowdown and Europe’s debt crisis.
Formosa Petrochemical reported a pretax loss of NT USD15.6 bln (USD523 mln) for the three months ended June 30. Formosa Chemicals posted a pretax loss of NT USD6.14 bln.
Plastics processor Nan Ya Plastics Corp. reported a loss of NT USD2.72 bln. Polyvinyl chloride maker Formosa Plastics Corp. posted a pretax profit of NT USD270 mln in the second quarter.
Formosa Petrochemical halted its No. 2 and No. 3 naphtha crackers on June 20 because of a power failure. The incident affected 42 of the group’s 66 plants at Mailiao.
MRC
A decline in oil prices cut the value of stockpiles held by Formosa Petrochemical, which imports all its crude needs.
Crude oil in New York dropped 18% between April and June on concern demand would be hurt by the global economic slowdown and Europe’s debt crisis.
Formosa Petrochemical reported a pretax loss of NT USD15.6 bln (USD523 mln) for the three months ended June 30. Formosa Chemicals posted a pretax loss of NT USD6.14 bln.
Plastics processor Nan Ya Plastics Corp. reported a loss of NT USD2.72 bln. Polyvinyl chloride maker Formosa Plastics Corp. posted a pretax profit of NT USD270 mln in the second quarter.
Formosa Petrochemical halted its No. 2 and No. 3 naphtha crackers on June 20 because of a power failure. The incident affected 42 of the group’s 66 plants at Mailiao.
MRC