South Korea September petrochemical exports up 7.42% at $2.75bn

(ICIS) -- South Korea's petrochemical exports in September grew by 7.42% year on year to $2.75bn (┬1.98bn), with a further rise expected in October as a result of higher product prices and low base-year figures, an analyst said on Wednesday.

Last month, for example, South Korea's export price of naphtha rose 6% year on year to $674/tonne, while the propylene export price grew by 13% to $1,150/tonne, he said.

Exports in October could also be boosted by a higher number of working days, as compared with the same month last year, as the three-day-long Chuseok public holiday - also known as Korean Thanksgiving Day - was this year celebrated in September.

Shipments of low density polyethylene (LDPE) in September surged 35% year on year to 22,485 tonnes, while exports of high density polyethylene (HDPE) fell 8% to 92,009 tonnes, the data showed.

The country's overall exports in September grew 17.2% year on year to $39.75bn, boosted by exports of semiconductors, according to a report Korea's Ministry of Knowledge Economy.

MRC

(Plastics News) -- China's coal-based PVC producer Xinjiang Tianye Co. Ltd. announced the addition of new capacity and a hike in net profit.

The publicly listed company said its new 400,000-metric-ton PVC project came on stream on Oct. 6 and passed product quality test. The company now claims annual capacity of 1.1 million metric tons of PVC.

The company employs the calcium carbide process in its PVC production.

In an Oct. 25 filing, Xinjiang Tianye reported that the first nine months of this year saw net profit increase more than ten fold, compared to the same period of 2009, to 110 million yuan (US$16.5 million).

The rapid growth was attributed to rising product price and export. The company expects the growth to continue into the four quarter.

MRC

(Plastemart) -- Saudi Arabia has praised steps taken by India's Commerce Ministry, that have led to the agreement between the two sides on freezing the anti-dumping duties on imports of polypropylene.

The step is a prelude to its final settlement, and comes within the framework of the policy pursued by the Saudi government for the protection of the country's industry based on the distinguished relations it shares with other countries.

MRC

(Plastemart) -- Within the framework of strengthening its solid presence in China, Qatar Petrochemical Co. (Qapco), Qatofin have signed a logistic services agreement with Kerry Talke Chemical Logistics (Shanghai) Limited for Qapco's and Qatofin's Products handling and warehousing in China.

Mr. Abdulrahman Ali Al-Abdulla, Qapco's Group Manager, Commercial & Marketing, stated that this agreement is not just a regular partnership agreement, but it is considered a major milestone in Qapco's & Qatofin's history, and one of the biggest logistics contracts for the company.

Qapco is a leading company in the ethylene, polyethylene markets in the Middle East and it is anxious to reinforce that position and strive towards increasing its share in the world markets, the company is currently producing 800,000 tpa ethylene and 400,000 KMTA of Polyethylene (LDPE).

After the start up of LDPE-3, the total LDPE production capacity would be increased to over 650 KTPA. This project is still under construction, with a capacity of 250,000 tpa expandable to 300,000 tpa at at Mesaieed Industrial City (MIC). It is forecasted to be completed by the end of 2011.

MRC

(ICIS) -- INEOS's third-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) grew 24.9% year on year to ┬406m ($564m), excluding refinery inventory holding losses, thanks to a continuation of improved demand for chemicals, the Swiss-headquartered company said late on Monday.

⌠Demand for chemical intermediates has continued to be strong across all sectors and all regions. The market for acrylonitrile has been very tight and high margins have been maintained, INEOS said in a statement.

⌠Underlying demand for oligomers continued to improve in the quarter. The oxide business continued to benefit from strong demand for its derivative products, it added.

⌠Demand for polypropylene continues to be strong and domestic demand for polyethylene continues to recover, especially in the automotive, injection moulding and speciality packaging sectors, INEOS said.

MRC