Hyosung develops 'dream' material

MOSCOW (MRC) -- Hyosung Group said that it has developed high-performance thermoplastic polymers called polyketones, which will be used in various types of value-added industrial products, said Koreantimes.

The firm claimed the company is the first in the world to commercialize the material, saying it is one of the greatest achievements in the materials industry, tantamount to the development of nylon by American chemical giant DuPont more than seven decades ago.

Since 2004, Hyosung has spent over 50 billion won on developing the material. Unlike many other engineering plastics, polyketones are relatively easy to synthesize and could be derived from inexpensive monomers.
Meanwhile, the material reduces the level of harmful gases in the atmosphere while engineering high-performance products.

Shell of the United States originally launched the project in 1996, however, the oil firm discontinued it in 2000.

In a press release, Hyosung said the development will bring about some 10 trillion won in economic effects in the long term. Polyketones will be used in manufacturing various industrial products, including vehicles, pipes, light-emitting diodes (LEDs), cable ties and tire cords.

The firm said it has completed a polyketone factory with an annual production capacity of 1,000 tons in the southeastern industrial city of Ulsan, last year. It plans to expand the annual capacity to 50,000 tons by 2015 to preempt the very-lucrative and highly-promising market. The total market value is estimated at 66 trillion won in 2015.

“We’ve already started shipping samples to 100 set-makers including Hyundai-Kia Automotive Group. We are receiving positive reviews from clients for the material. But higher price and low production yields are the biggest challenging factors that should be addressed. With more calls, those issues will be effectively handled,” said Woo of Hyosung.

In October 2013 the Financial Supervisory Service (FSS) was looking into suspicions that Hyosung Group Chairman Cho Suk-rae and his family took out loans worth billions of won from the company through accounts made under false identities. The FSS, which is expected to begin the investigation in November, will look into whether Cho’s family appropriated the borrowed money for personal use.

Hyosung Corporation is a Korean industrial conglomerate, founded in 1957. It operates in various fields, including the chemical industry, industrial machinery, IT, trade, and construction.
MRC

MOSCOW (MRC) -- Celanese Corporation CE revealed that it is teaming up with China National Petroleum Corporation (CNPC) in progressing a synthetic fuel ethanol project. Feasibility study is being carried out by teams respectively formed, said Menafn.

On August 22, both parties inked a memo, according to which they will make full use of ethanol technology from Celanese to jointly progress a synthetic fuel ethanol project. Vice president of Celanese in charge of strategic development in Asia Pacific told reporters that an ethanol device was built up in its production base situated in Nanjing City, Jiangsu Province, east China in mid 2013, producing industrial alcohol with coals as raw materials.

The vice president pointed out that cooperation form with CNPC has not been nailed down. Any form will be considered no matter JV production or technology license. Currently, their cooperative ethanol project mainly supplies motor ethanol gasoline mixed by fuel ethanol and gasoline.

As MRC wrote before, Celanese is attempting to sell its vinyl acetate monomer (VAM) unit in Tarragona, Spain. The capacity of the VAM unit is 200,000 tpy, according to the company. Celanese said it is committed to taking the appropriate time to find a "credible buyer" for the unit, with primary focus on industrial candidates.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications.
MRC

MOSCOW (MRC) -- Krauss Maffei Berstorff and Zeppelin Systems form a strategic partnership to build turn-key compounding plants for the production of technical plastics, to complete plants from one single source, said Process-worldonline.

Friedrichshafen, Hanover (Germany – Krauss Maffei Berstorff (Hanover) and Zeppelin Systems (Friedrichshafen) will further enhance their cooperation to enter the field of technical plastics compounding as one entity.

This collaboration is specifically designed to accommodate the global changes in plant engineering for compounding plants. By joining their expertise in details and processes, Krauss Maffei Berstorff and Zeppelin are able to provide turn-key plants for the production of bulk material such as polyolefins to international chemical companies and plastic producers.

In addition to compounding extruders and their devices for storage, dosage and packing, the plant planning also includes approval planning, power and media supply as well as integration into existing plants. The two companies will act as a consortium – nearly as one company – in the field of technical plastics compounding.

The producers of technical plastics will also benefit from this partnership: the overall responsibility of building a turn-key compounding plant will be in the hands of an experienced team in the fields of plant engineering and compounding processes.

As MRC wrote before, two leading pipe manufacturers from Russia have recently chosen KraussMaffei Berstorff as a systems supplier for premium-quality technology and invested in PO pipe extrusion systems. Isoljazionny Trubny Zawod (ITZ) is seeking to enter into a long-term partnership with KraussMaffei Berstorff. Polyplastic Group is already a satisfied KraussMaffei Berstorff customer and, consequently, has placed a follow-up order.
MRC

MOSCOW (MRC) -- Spanish giant Repsol saw profits fall during during the first nine months of the year despite a rise in production, said Upstreamonline.

The company's net income for the first nine months of the year totalled EUR1.4 bln, down from EUR1.7 bln during the first nine months of 2012.

The fall in profits came as revenue dipped 1.5% in the first three quarters of 2013 to EUR44 bln, down from the nearly EUR44.7 bln generated a year earlier.

The fall in revenue came despite production rising 8.2% year-on-year, from an average of 327,000 barrels of oil equivalent per day to 354,000 boepd.

Repsol attributed the rise in production to the start-up of large projects in Boliva, Russia and Brazil.

Despite the rise in production, the company's upstream business segment saw its operating income fall 14.2% during the first nine months of the year to just over EUR1.5 bln, which it blamed on temporary disruptions to production in Libya.

Repsol also revealed it had invested EUR1.7 bln in its upstream unit during the first nine months of the year, up more than 5% on its investment over the same period last year, with project development accounting for 70% of the total spend this year.

Along with the disruptions to production in Libya, Repsol also blamed its fall in profits on narrower refining margins due to the weakness of the European market. As MRC wrote earlier, spanish energy giant Repsol is in talks with Pemex regarding a new strategic partnership. The new alliance comes as Repsol tries to reorganise its Latin American business, having been stripped of its shares in the now nationalised Argentinian producer YPF.

Repsol S.A. is an integrated Spanish oil and gas company with operations in 28 countries. The bulk of its assets are located in Spain. It is now the 15th largest petroleum refining company according to the Fortune Global 500 list.
MRC

MOSCOW (MRC) -- Shaoxing Sanyuan Petrochemical is in plans to shut a polypropylene (PP) plant for maintenance turnaround, reported Apic-online.

A Polymerupdate source in China informed that the plant is planned to be taken off-stream on November 20, 2013. It is likely to remain off-stream for around one month.

Located in Shaoxing, Zhejiang province, the plant has a production capacity of 200,000 mt/year.

As MRC wrote previously, another Chinese petrochemical producer Shenhua Ningxia Coal Industry Group shut its polypropylene (PP) plant for a maintainence turnaround on October 27, 2013. The palnt is expected to remain shut for around 10 days. Located at Yinchuan city, Ningxia in China, the PP plant has a production capacity of 500,000 mt/year.
MRC