Oxea begins constructing new Chinese specialty derivative plant

MOSCOW (MRC) -- Oxea Advanced Derivatives has started the construction of its first oxo derivatives facility in Nanjing Industrial Chemical Park, China, following successful completion of the planning stage, said Chemicals-technology.

The new Nanjing-based manufacturing plant is expected to help the company to meet the fast-growing demand for oxo derivatives in China and Asia.

Oxea executive board member for marketing and sales, Miguel Mantas, said the country is the main growth engine for the Asia-Pacific region.

"Thanks to the favourable strategic location of our new plant, we will be able to better serve our customers in the region and at the same time further strengthen Oxea's leading global market position," Mantas added.
"Initially the Oxea Nanjing plant will produce specialty esters, phthalate-free plasticizers and other oxo derivatives for the local market."

The company is also planning to make new investments into the facility, along with sufficient space and resources to carry out future expansions at the Nanjing site, according to Mantas.

Oxea oxo derivatives marketing vice president Cristobal Ascencio said the new plant will allow the company to service the booming Asian market for plasticised PVB film, which is used in safety glass laminates for automotive, architectural and decorative glass.

"And, among others, our specialty esters are important building blocks for the production of ecoefficient lubricants for compressors," Ascencio added.

As MRC wrote earlier, Oxea is in the final stages of completing a feasibility study on additional downstream plant expansion projects at its site in Bay City, Texas.

The plant is expected to be mechanically complete by the end of 2013. Oxea produces oxo intermediates and oxo derivatives, namely alcohols, polyols, carboxylic acids, specialty esters and amines used to manufacture high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavourings and fragrances, printing inks and plastics.

MRC

MOSCOW (MRC) -- Sri Lankan Government has given its approval to allow the Singapore based Peak Energy to build a Polyethylene Terephthalate Manufacturing plant in the port city of Hambantota, said News360.

The Singaporean firm has already registered a new firm in Sri Lanka under the name of Hambana Petrochemicals Private Limited, which will bring in an initial investment of USD135 million.

The company, which plans to export Polyethylene terephthalate (PET) is expected to provide 400 job opportunities to the local population.

According to Agil Hewageeganage, SLPA is expected to sign the agreement with the Petrochemical firm very soon.
"Few clauses of the agreement has to be re-worked and once done, we will sign the agreement", Hewageegana told.

Government will lease out 5 hectares in the Hambantota Port city to the Singaporean firm to build the proposed PET Plant.

As MRC wrote earlier, another petrochemical complex for purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester staple fiber (PSF) production is planned to be built by Indo Rama Synthetics (India) in India with Government of Tamil Nadu.
MRC

MOSCOW (MRC) -- There is a need in Turkey to build at least four more petrochemical complexes similar to Petkim,
said Trend.az.

SOCAR Turkey Energy head, board member of the Petkim Petrochemical Complex, Kenan Yavuz encouraged other large holdings in Turkey to start working in the sphere of petrochemicals, as there is no competition in this market.

As for the partnership of the State Oil Company of Azerbaijan (SOCAR) with the Turkish Ramsey company in fuel distribution, Yavuz said that the company is fairly successful in the domestic market of Turkey, and therefore SOCAR decided to cooperate with this company.

Earlier, on Jan.10, 2013, the Energy Market Regulatory Authority of Turkey (EPDK) has issued a license to SOCAR for distribution of fuel in the domestic market.

Also on March 30, SOCAR Turkey Enerji A.S and SOCAR International DMCC OGG acquired 10.32 per cent stake in Petkim, increasing its stake to 61.32 per cent. Some 38.67 per cent are in free circulation on the Istanbul Stock Exchange.

As MRC wrote earlier, Fitch has withdrawn the ratings as Petkim has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings or analytical coverage for Petkim.

The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.
MRC

MOSCOW (ICIS-MRC) - European producers aimed to increase prices of PVC for the CIS counries by EUR30-40/tonne, following the rise of European contract price of ethylene for March by EUR50/tonne from February, according to ICIS-MRC Price Report.

The rising costs of ethylene resulted from the growing oil quotations in the second half of February. European producers announced such a serious increase in export prices of PVC for the CIS markets on the back of high cost of the main feedstock (ethylene) and low margins.

European producers began to talk about the increase in export prices of PVC for delivery in March in the end of last week. The negotiations on the March price will continue this week. Many market participants hope to limit increase in the price of European PVC in the range of EUR20-30/tonne.

European PVC prices for delivery in February were agreed at EUR750-810/tonne, FCA.

MRC

MOSCOW (MRC) -- France-based Technip will form two jointly-owned companies with State Corporation Russian Technologies (Rostec) , reported Rostec in its press release.

On the part of Russia, RT-Khimkompozit and Rusteheksport, which are part of Rostec, wil be involved in cooperation with Technip.

Under the agreement, one joint venture - between RT-Khimkompozit and Technip - will produce equipment for the oil and gas industry, in particular, flexible composite pipes as per Technip's technology.

Another joint venture - between Technip and Rusteheksport - with set up an engineering center to provide engineering, design, and turnkey construction for oil refinery, petrochemical and gas chemical production projects in Russia.

"Cooperation with Rostec offers new business development opportunities for Technip in the Russian oil and gas market," said Technip CEO Thierry Pilenko. "We are delighted to reinforce a long-term industrial footprint in the country."

As MRC reported previously, RT-Khimkompozit and the Belarusian producer of polyester yarn and man-made fibers "SvetlogorskHimvolokno" plan to establish high-tech production in the field of polymeric and composite materials.
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