Deceuninck secured a bank loan for five years

(Reuters) - Belgian PVC window frame maker Deceuninck said on Tuesday it had secured 140 million euro (USD171 million) of financing from a syndicate of banks to cover the next five years.

"This agreement finally concludes one of the most challenging chapters in the 75 year history of Deceuninck," Chief Executive Tom Debusschere said in a statement.

The new five year funds will replace credit facilities put in place in September 2009, consisting of a syndicated bank facility expiring in September 2013 and senior secured notes maturing in September 2014.

The new financing consists of a 100 million euro multi-currency revolving credit facility and a 40 million euro three-and-a-half year term loan.

Deceuninck, which has suffered from declining or stagnant construction markets and rising raw material costs, said the conditions had eased compared with the existing loans and that it was now allowed to pay a dividend.

Deceuninck, which also makes a range of PVC-based products for the construction industry and also acoustic walls out of recycled PVC, such as along highways, is active across Europe, in Turkey and in the United States.

As per MRC analysts, in 2011, market share of Deceuninck in the Russian market amounted to 4,8% for rigid compound. Drop in sales of rigid compound in the Russian market made 85,3% in 2011. The average drop in sales in the Russian market made 51% over the past three years. The main grade of Deceuninck's production is Decom.

However, as it was mentioned earlier by MRC, Deceuninck on Thursday posted an increase in second-quarter sales, aided by strong demand in Russia, Turkey and the United States.
MRC

(hydrocarbonprocessing) -- Vietnam National Chemical Group, or Vinachem, will likely sell its stake of over 11% in the USD4.5 billion Long Son petrochemical plant in southern Vietnam to Thai partners in the project, a company official said Tuesday.

"We want to focus on our core business of producing non-oil chemicals and fertilizers," the official, who didn't wish to be names, said.

"It is now at the auditing and evaluating process and I think the sale will likely be completed within this year," the official said, but didn't mention the value of the sale.

Siam Cement PCL, Thai Plastic and Chemicals PCL, Qatar International Petroleum Marketing Co., or Tasweeq, and state-run Vietnam Oil and Gas Group, or PetroVietnam, own stakes in the project.

The non-Thai partners in the project are also interested in buying the stake, the official added, but didn't elaborate.

Vietnamese state media said earlier that the plant in Ba Ria Vung Tau province is scheduled to start commercial production in 2017.

It will produce 1.4 million tpy of products, most of which will be sold in Vietnam.
MRC

(saharapcc) -- Sahara Petrochemicals company announced the preliminary financial results for the six months.

Net profit for the second quarter of year 2012 reached an amount of SAR 54.32 million, compared with SAR 209 million for the same period in the previous year with decrease of 74%, and compared with SAR 42 million for previous quarter, with a an increase of 29 %.

Gross profit for the first second amounted to SAR 6.05 million compared with SAR 161 million for the same period in the previous year with a decrease of 96%

Operational loss during the second quarter reached SAR (13.23) million compared with a profit of SAR 135 million for the same period in the previous year.

Net profit for the six month reached SAR 96.25 million compared with SAR 309 million for the same period in the previous year with a decrease of 68%

Decrease of the second quarter of 2012 compared to the same period in the previous year as well as the first 6 months of this year compared to the same period of the previous year is mainly attributed to the decrease of the products selling prices average besides the prices escalation of the products cost because of the rise in the feedstock prices in the first quarter in addition to the decrease of the production volume and sales in the second quarter of 2012 due to the plant Turn around shutdown of Al Waha, an affiliate of Sahara to perform the periodic scheduled maintenance as announced on 02/06/2012.

Net profit increase of second quarter of 2012 compared with the first quarter this year is mainly attributed to the reduction of the feedstock prices in the second quarter which resulted in the decrease of the sold products cost.

Sahara Petrochemicals was established in 2004 and used Saudi Arabia as a location for its projects and production processes.
MRC

(upstreamonline) -- Russian-focused Alliance Oil is set to acquire GeoInvestService, the exploration licence holder for the West-Osoveiskoye Block in the Timano-Pechora region of Northern Russia, for USD30 million.

Covering 670 square kilometres on the eastern side of the Kolvinskoye oilfield, the block has been estimated to contain 87.7 million barrels of oil resources, under the Russian reserve classification D1 + D2.

The prospective oil-bearing Perm and Devonian formations have been located at depths of 2500 and 3900 metres, Alliance stated.

The company said it planned to integrate the licence into its Kolvinskoye oilfield operations and development plans.

“We continue to increase the company’s resource base in Timano-Pechora and extend the reach of the Kolvinskoye field operations,” Alliance managing director Arsen Idrisov said in a statement.

Under the current development plans, Alliance anticipated that oil production at the West-Osoveiskoye Block could begin in 2014 or 2015, and be processed and transported through the Kolvinskoye oilfield infrastructure.

The company stated that additional seismic studies would be carried out and an exploration well was planned to be drilled this year.

Alliance has estimated the Kolvinskoye oilfield to have proven and probable reserves of more than 253 million barrels.
MRC

(sibur) -- In line with a decision made earlier, the company has announced gradual shutdown of its chlorine production at the former Kaprolaktam factory, which is now integrated into Sibur-Neftekhim, a subsidiary of Sibur.

The equipment at the production lines is worn-out and outdated, and has no more resource for accident-free and economically feasible operation; and replacing it with new equipment would be economically unfeasible.

The company will fully comply with its obligations under the employment law on allowances to the personnel and offer them employment options at the Sibur facilities in the Nizhny Novgorod Region and other regions of Russia.

The Company will meet its obligations under the existing contracts for the sale of goods and services in full.
Sibur is a co-founder of the RusVinyl plant currently under construction in Kstovo. Polyvinyl chloride (PVC), which used to be the key product of the shutdown lines, will be made by the new plant employing a cutting-edge and environmentally-friendly technology of Solvay, Belgium.

MRC