South Korean YNCC posts 40% fall in Jan-Sep net profit to USD133.5 million

(chemnet) -- South Korea's largest ethylene producer, Yeochun Naphtha Cracking Center, said its net profit dropped 40% year on year to Won 144.7 billion (USD133.5 million) for the first nine months of the year, compared with Won 241.3 billion a year earlier.

Operating profit also fell 39.5% year on year to Won 207.9 billion for the first nine months, from Won 343.8 billion recorded in the same period last year. But revenue rose 5.2% year on year to Won 5.90 trillion during the January-September 2012 period, compared with Won 5.61 trillion. The company did not disclose its third quarter earnings results.

YNCC has a production capacity of 1.91 million mt/year of ethylene, accounting for 24.9% of South Korea's production capacity. The company is also able to produce 970,000 mt/year of propylene, 240,000 mt/year of butadiene and 780,000 mt/year of benzene.

Meanwhile, fellow petrochemical maker, Korea Petrochemical Industry Company, posted a slump in its third quarter net profit of 97.1% year on year to Won 339 million, from Won 11.7 billion a year earlier.

KPIC is South Korea's largest producer of HDPE with a capacity of 530,000 mt/year, accounting for 24% of the country's total production capacity. The company also has the capacity to produce 470,000 mt/year of ethylene and 350,000 mt/year of polypropylene.
MRC

(packaging europe) -- Demag Plastics Machinery, the French subsidiary of the German-Japanese machine manufacturer Sumitomo (SHI), presents a hybrid El-Exis SP high-speed machine. The new machine is IntElect 100-340 with 1,000 kN clamping force, producing the 130 ml containers made of polypropylene (PP) in a 2-cavity mould from Rouxel S.A.

The IntElect smart, with its high performance and availability, larger tie bar spacings and linear guides for high-volume and heavy moulds, is ideally geared to the needs of the market. Its excellent reproducibility with outstanding processing capability values forms the basis for zero-error production. Drives specifically developed for injection moulding contribute towards ensuring high efficiency and dynamism. The linear guides for the movable sheet as well as further optimised kinematics of the 5-point double knee lever ensure a high level of smooth running.

Like all of its electric injection moulding machines, Sumitomo (SHI) Demag manufactures the IntElect smart in its centre of competence for electric machine technology in Wiehe, Thuringia. It is programmed with eight clamping forces ranging from 500 to 4,500 kN.

Sumitomo Demag Plastics Machinery is a specialist company for the manufacturing of injection moulding machines for plastics processing. Sumitomo (SHI) Demag together with its Japanese parent group ranks among the leading companies in this industry worldwide. At 5 production locations in Germany, Japan and China more than 3,000 employees develop and manufacture a range of all-electric, hybrid and hydraulic injection moulding machines
with clamping forces ranging from 180 kN to 40,000 kN.
MRC

(plastemart) -- SK Capital Partners, a U.S.-based private investment firm, has signed a asset purchase agreement to acquire the antioxidant and UV stabilizer solutions business of Chemtura Corporation. The business is a leading global supplier of a comprehensive portfolio of additives including antioxidants, antiozonants, intermediates and inhibitors, polymer modifiers, and UV stabilizers used by customers to improve the production and performance properties of polymers, rubbers and plastics. The transaction is valued at approximately USS200 mln.

With a disciplined focus on the specialty materials, chemicals and healthcare sectors, SK Capital has significant relevant experience gained through both previous and current portfolio companies in the polymers, plastics and associated additives sectors, as well as deep knowledge of the end markets served by the business.

The acquisition is consistent with SK Capital’s strategy of acquiring niche market leaders with strong brands, technologies and underlying growth trends and actively supporting management in building thriving businesses with sustainable competitive advantages. The transaction is expected to close at the end of 2012 or early 2013.
MRC

(plastemart) -- In a bid to meet rising domestic and regional demand, Bahrain is investing heavily in the production of plastic polymers. Annual plastics consumption growth in the Gulf region is expected to grow 22% by 2015, as per Press Trust of India.

Al Fajer, organisers of Arabplast 2013, said that a large number of Bahraini investors, including banks, manufacturers and funding companies, are investing into the rapidly growing GCC polymers industry. According to Satish Khanna, General Manager, Al Fajer Information and Services, Bahrain is increasing its share of production of petrochemicals which is becoming a key driver of the Kingdom's economy and which enhances its economy diversification drive.

"Even though just 20% of the GCC petrochemical products are plastics, they account for 70% in terms of value. It had become a well known fact that the region will emerge as the second highest per-capita consumer of plastics in the world by 2020," Khanna said.

We remind, as MRC wrote earliet, that the Indian government forecasts domestic polymer consumption reaching 11 mln tonnes in 2015, up from 5.8 mln tonnes in 2008. The main concern going forward is India's ability to meet growing demand.
MRC

(Reuters) -- Now that a surge in drilling has made the USA one of the world's fastest-growing producers, the country is going to revise its rules on exporting natural gas, U.S. Senator Ron Wyden said on Thursday. The countries which have free trade agreements with the U.S. are no exception.

Advanced drilling techniques have allowed energy companies to tap vast shale gas reserves, opening the door to U.S. exports after years of projections that the United States would have to rely on foreign gas to meet its energy needs. Thus, as MRC informed earlier, chemicals major Ineos had signed an agreement to secure ethane from the U.S. that it will use as a feedstock to operate its steam crackers in Europe. It has agreed a long-term deal with Range Resources Corp. for the lifting of ethane from the Marcus Hook facility, located near Philadelphia, from 2015.
MRC