PetroChina in for better Q4 on strong crude; Q3 profit up

(ICIS) -- State-controlled oil and gas player PetroChina may book better earnings in the December quarter, benefitting from the recent hike in domestic fuel prices amid continued strength in international crude values, analysts said on Thursday.

PetroChina had a 12.5% jump in third-quarter net profit to yuan (CNY) 34.7bn ($5.21bn) as sales surged 36% to CNY363bn because prices across all its products improved, the company said in a filing on the Hong Kong Stock Exchange late on Wednesday.


Crude consumption was expected to spike in November, when China's southern city of Guangzhou in Guangdong province would host the 2010 Asian Games. The month also marks the start of the winter season in the country.

Crude may continue its uptrend for the rest of the year, which would be positive for PetroChina's exploration and production sector, said Grace Liu, a Shenzhen-based analyst.

In the first three quarters of 2010, the company processed 657m barrels of crude oil, representing an increase of 8.3% from the same period last year, while its ethylene output surged 30.5% year on year to 2.67m tonnes.

MRC

(Styron) -- Styron announced that it had assumed ownership of the 50 percent share that was formerly owned by The Dow Chemical Company in joint venture Sumitomo Dow Limited. The announcement was made as part of Styron's presence at K2010, Dusseldorf, Germany.

The company is now a 50:50 joint venture owned equally by Sumitomo Chemical and Styron. The transaction closed on September 24, and financial terms were not disclosed. The transaction is consistent with Dow's divestiture of Styron to Bain Capital Partners in June 2010.

The joint venture will operate under a new name that will be announced around the end of this year, and will continue to be headquartered in Tokyo.

The JV will continue to serve its customers and market polycarbonate products under the trademarks CALIBRE polycarbonate resins and SD POLYCA resins.

MRC

Traditionally EPS supplies to Ukraine are done from Poland and China. In September the supplies geography shifted to China, whose total EPS supplies volume made up 5,7 KT summarizing the nine months. The imports of the Polish EPS during January-September 2010 made up 5,4 KT.

For more detailed information on the Ukrainian polystyrene market, see DataScope Report.

MRC

(Marketwire) -- Finacity Corporation announced that it facilitated a cross-border trade receivable funding program for INEOS NOVA, LLC.

INEOS NOVA headquartered in Channahon, Illinois is a world-scale, globally competitive producer of styrene, polystyrene and expandable polystyrene.

Finacity Corporation specializes in the structuring and provision of efficient capital markets receivables funding programs, state-of-the-art servicing, and bond administration. Finacity is located in the USA and Europe.

MRC

(Plastics News) -- Three major resin suppliers -- LyondellBasell , Styron LLC and Braskem America Inc. -- have joined the American Chemistry Council's plastics division.

Styron's Bob Patel (senior vice president, olefins & polyolefins), Braskem's Mark Nikolich (vice president - commercial), and LyondellBasell's Paul Moyer (vice president and general manager, plastics) have been appointed to serve on the division's operating committee.

Steve Russell, vice president of Washington-based ACC's plastics division, said in a news release that the addition of the three companies strengthens the unified voice of the plastic resin supplier industry.

The Plastics Division of the American Chemistry Council (ACC) represents leading manufacturers of plastic resins who advocate unlimited opportunities for plastics and promote their economic, environmental and societal benefits.

MRC