Toshiba acquires LT Plastics Machinery

(Plastopedia) -- Japan’s Toshiba Machine Co. Ltd. is buying one of India’s largest injection molding machine producers, L&T Plastics Machinery, which makes injection presses for a variety of markets and enjoys strong brand recognition in India.

The investment is part of a significant expansion into developing markets by Toshiba, which is opening an injection press factory in Thailand and has a facility in China, in addition to Japan.

The sale was announced on August 27 by L&T’s parent company, Indian conglomerate Larsen & Toubro. Terms were not disclosed.

Japanese manufacturers, including the country's plastics machinery sector, have been investing heavily outside the country in the last few years, to escape Japan’s higher costs and build business in emerging markets like India.
MRC

Reliance to shut Jamnager diesel unit for maintenance

(Reuters) - Reliance Industries Ltd will shut a diesel hydrotreater at its 660,000 barrels per day (bpd) Jamnagar refinery in Gujarat from Tuesday for about two and a half weeks for routine maintenance, the company said in a statement.

"This opportunity will also be utilised to carry out other maintenance and inspection jobs during this shutdown," the company said.

The refinery's remaining units, including its crude processing units and the other diesel hydrotreater, will operate at normal levels, Reliance said. The company did not specify the capacity of the diesel hydrotreater.

Reliance also operates a 580,000 bpd export-focused refinery which is next to the older refinery.

Reliance Industries Ltd is engaged in petrochemicals, refining, and oil and gas-related industries in India and internationally. The company also engages in textile, retail business, telecommunications, petroleum, polyester, retail, insurance, SEZ. It produces polyester fibre and yarn, paraxylene, polypropylene, purified terephthalic acid and mono ethylene glycol in the world. The company was established in 1966.
MRC

Iran Kordestan petrochemical plant completed by 54%

(zawya) -- The construction of Kordestan Petrochemical Plant, in west of Iran, is completed by 54%, the IRIB reported.
The plant is projected to produce 312,000 tons of polyethylene per year.

Some EUR247 million plus 814 billion rials (about USD66 million) are required to be invested in the project.

According to the plan, some 2,000 direct jobs will be created. The plant will come on stream by March 2014.
Iran's petrochemical production is 54 million tons per year.
MRC

Yule Catto rises as profit and dividend pledge buoys sentiment

(investorschronicle) -- Yule Catto, a historic British chemicals company presented a mixed picture with its half-year results, with a hefty dividend hike having been accompanied by eurozone-related pressures, over-capacity worries and aggressive competition in Asia. Despite this, management stuck to its guidance of full-year pre-tax profit of GBR96m, with cost savings helping the performance - savings should boost operating profit by GBR16m this year and by GBR6m in 2013. While, after sliding heavily since March, the shares are now looking too cheaply rated.

The nitrile latex business came under particular pressure with tough Asian markets pushing profits at the Asia and rest of the world unit down 42 per cent to GBR11m, on sales that dropped 11 per cent to GBR165m. Market share was mostly unaffected, though, and Yule Catto controls 30 per cent of the global nitrile market. Meanwhile, sales in the US and Europe were hit by eurozone worries, which helped volumes to slide 11.5 per cent, with sales down 9 per cent to GBR438m. However, cost-savings from the PolymerLatex acquisition, which made a similar range of rubber-based products to Yule Catto, boosted divisional operating profits by 22 per cent to GBR55.7m.

Yule Catto business is built around a comprehensive range of emulsion polymer dispersions and lattices based on vinyl acetate homo and co-polymers, pure and styrene acrylics, styrene and nitrile butadiene. In addition, Yule Catto produces a range of low hydrolysis polyvinyl alcohol materials and a range of speciality products based on poly vinyl acetate. In Asia, we are also active in the manufacture of natural rubber dispersion and alkyd and polyester resins.
MRC

Venezuela to restart refinery after 4-day fire

(Bloomberg) -- Venezuela is carrying out an “exhaustive” inspection of its biggest refinery before attempting to restart processing after extinguishing a four-day fire yesterday caused by an explosion that killed 48 people.

State-owned Petroleos de Venezuela SA is “in no hurry” to restart the Amuay refinery and will allow “at least 24 hours” as a cooling down period before beginning normal operations, Oil Minister Rafael Ramirez told.

PDVSA, as the company is known, continues to export oil and petroleum products stored at Amuay’s dock and sees no disruption to its internal or external shipping obligations, Ramirez said. New York gasoline futures retreated yesterday after nearing a four-month high Aug. 27 amid concern the shutdown threatened product supplies as U.S. Gulf Coast plants halted operations with Tropical Storm Isaac heading toward the region.

Production may restart in two to three days once the area that caught fire has cooled down, Jesus Luongo, head of the Paraguana refining complex said.
MRC