Ineos Group Holdings to switch focus to establishing ventures in Asia and Middle East

(Plastemart) -- Ineos Group Holdings Plc, the world's sixth-largest chemical company, is switching its focus to establishing ventures in Asia and Middle East from disposals after reducing debt, Group Director Tom Crotty said. "Debt ratios are falling "very fast" and there is no financial need to sell a stake. We are down to around 4.5 times leverage. There's nothing serious in terms of an equity sale." The company is looking to expand its derivatives business, and disposals have been struck off the agenda.


Ineos, which owns a refinery in Grangemouth, Scotland, is still in talks with PetroChina Co. about cooperation. It is also planning to build and operate a 400,000 ton phenol plant with partner Sinopec Yangzi Petrochemical Co. Ltd. Ineos agreed to sell a fluoro-chemical unit to PVC pipe and resin maker Mexichem SA in February for US$350 mln. Ineos moved its headquarters to Switzerland to cut tax expenses. It had debt of ┬8.6 bln (US$11.9 bln) as of June 30.

MRC


Meager impact of recently imposed duties by EU on Lotte Pakistan's PTA sales

(Plastemart) -- The recently imposed duties on PET (Polyethylene Terephthalate) by the European Union, is not likely to have any sizeable impact on Lotte Pakistan's PTA sales, according to The Express Tribune. Over 30% of Purified Terephtalic Acid (PTA) production is sold to the PET sector, while the rest goes to others. Any drop in demand from the PET sector is expected to be soaked by the PSF (Polyester Staple Fibre) segment which remains well in demand as Pakistan is a net importer of almost 100,000 tpa.


The European Union (EU) imposed countervailing duties of ┬44/ton on PET imports from Pakistan, in addition to imposing the same on Iran and UAE. The three together account for about 39% of total PET imports into the EU.

MRC


Taiwan's Nan Ya starts 45-day safety checks at Chiayi plants

SINGAPORE (ICIS) -- Nan Ya Plastics, an affiliate of Taiwan's petrochemical giant Formosa Plastics, has launched on Wednesday a comprehensive safety checks of its facilities in Chiayi county after Sunday's fire damaged its 48,000 tonne/year synthetic paper plant.

⌠We have started to look at all the machinery in detail to see if there is anything that needs to be maintained or replaced, said company spokesperson David Tsou, adding that the whole process would take 45 days to complete.

Inspections would be conducted at Nan Ya's 174,000 tonne/year polyvinyl chloride (PVC) pipe plant, its 56,400 tonne/year PVC sheeting facility and its construction materials plant in the county in southern Taiwan. The plants would continue operating during the safety checks.

The move was meant to prevent a similar incident on 3 October, when a 17-hour blaze damaged Nan Ya's synthetic paper plant and razed a warehouse.

MRC


Dow names new global manager for performance materials

SINGAPORE (ICIS) -- Dow Chemical has appointed John Buckley as global general manager of its performance materials unit and president of its specialty chemicals subsidiary ANGUS Chemical Co (ANGUS), the company said late on Tuesday.

ANGUS is a wholly-owned subsidiary of Dow Chemical, the company said in a statement.

Buckley most recently served as president of Dow's wholly-owned subsidiary AgroFresh Inc. He has been with Dow Chemical for 25 years.

MRC


South Korea's LG Chem buys 200,000 tonnes naphtha for 2011

SINGAPORE (ICIS) -- South Korea's LG Chem has awarded a term import tender for 200,000 tonnes of naphtha for delivery between January and December 2011, traders said on Wednesday.

The cargoes were done at a discount of $4/tonne (┬2.90/tonne) to Japan quotes CFR (cost & freight), they said.

LG Chem runs two crackers in Daesan and Yeosu, with nameplate capacities of 760,000 tonnes/year and 1m tonnes/year, respectively.

MRC