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MOSCOW (MRC) -- Westlake Chemical Corporation has announced the completion of a third amendment and restatement of its USD400 million revolving credit agreement, thereby extending the maturity to 2019, reducing interest costs, and increasing financial flexibility, reported StocksMoney.
"We are pleased to have completed this agreement as it increases our company's financial flexibility and provides the liquidity to fund our continued growth," said Albert Chao, Westlake's President and Chief Executive Officer.
As MRC wrote previously, in February 2014, Westlake Chemical held a dedication ceremony for its new chlor-alkali plant in Geismar, Louisiana. This new chlor-alkali plant has the capacity to produce 350,000 electrochemical units (ECU's) annually and utilizes state of the art membrane technology. The plant is adjacent to the existing vinyl chloride monomer (VCM) and polyvinyl chloride (PVC) facilities at the Geismar complex and has added approximately 70 full-time positions at the site.
Westlake Chemical Corporation is a manufacturer and supplier of petrochemicals, polymers and building products with headquarters in Houston, Texas. The company's range of products includes: ethylene, polyethylene, styrene, propylene, caustic, VCM, PVC resin and PVC building products including pipe and specialty components, windows and fence.
MRC
Westlake Chemical concludes revolving credit agreement
Mitsubishi Chemical shut down No.2 naphtha cracker at Kashima complex
The move comes as the cracker, whose capacity has recently been expanded by about 50,000 tpa to offset lost production from the mothballed Kashima No.1 unit, has been having a problem in the cracked gas compression process, a company spokeswoman said.
We remind that, as MRC reported earlier, in April 2013, Mitsubishi Chemical has purchased all of the assets related to Comtrex's compounding business. The acquisition of the Comtrex business is expected to help MCC speed up the expansion of its performance polymers business through its networks across the world. Having been engaged in the PVC compounding business for more than 30 years, Comtrex started developing a line of vulcanized thermoplastic elastomers (TPV) in 2000 and selling the product in 2002.
Mitsubishi Chemical with headquarters in Tokyo, Japan, is a diversified chemical company involved in petrochemicals, polymers, agrochemicals, speciality chemicals and pharmaceuticals. The company's main focus is on three business pillars: petrochemicals, performance and functional products, and health care.
MRC
Styron announces price increase for polycarbonate in Europe
MOSCOW (MRC) -- Styron, the global materials company and manufacturer of plastics, latex and rubber, and its affiliate companies in Europe has announced an increase in its polycarbonate (PC) prices, as per the company's press release.
Thus, effective August 1, 2014, or as existing contract terms allow, the company will increase the selling price of natural PC, as follows:
- CALIBRE polycarbonate resins - by EUR180/tonne.
This price increase is in response to escalating costs of key raw materials used in the production of polycarbonate.
As MRC informed previously, recently Styron (Hong Kong) Limited, an affiliate of Styron and its affiliate companies in Asia Pacific have increased prices for all polystyrene (PS) grades in July.
The prices for the products listed below will increase as follows:
- STYRON general purpose polystyrene grades (GPPS) - by USD20tonne;
- STYRON and STYRON A-TECH high-impact polystyrene grades (HIPS) - by USD20/tonne.
"The price increase responds to the rising costs associated with the manufacturing of polystyrene grades in Asia Pacific," said Samer Al Jabi, Global Product Manager for Polystyrene.
Styron is a leading global materials company and manufacturer of plastics, latex and rubber, dedicated to collaborating with customers to deliver innovative and sustainable solutions. StyronпїЅs technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Styron had approximately USD5.3 billion in revenue in 2013, with 19 manufacturing sites around the world.
MRC
Tomskneftekhim shut down PE and PP production
MOSCOW (MRC) -- Tomskneftekhim (part of SIBUR group) has shut down its low density polyethylene (LDPE) and polypropylene (PP) production for a scheduled maintenance, reported MRC analysts.
Tomskneftekhim shut down its LDPE and PP production yesterday, on 20 July 2014. The outage at the plant's polyolefin production was carried out in the framework of maintenance works, which will last about 14 days. The plant is expected to resume production on 6 August.
Tomskneftekhim's annual LDPE and PP production capacity is 240,000 tonnes and 140,000 tonnes, respectively. According to MRC ScanPlast, the plant's ouput totalled 132,800 tonnes of polyethylene and 67,300 tonnes of polypropylene in the first half of 2014.
MRC
LDPE production in Russia remained in H1 2014 at the level of 2013
MOSCOW (MRC) -- The overall output of low density polyethylene (LDPE) in Russia remained over the first six months of 2014 at the last year's level and totalled 327,800 tonnes, according to MRC ScanPlast.
June LDPE production rose to 54,700 tonnes from 48,600 tonnes in May. Kazanorgsintez and Ufaorgsintez reduced their output in the first half of 2014, while Tomskneftekhim and Angarsk Polymer Plant increased their polyethylene (PE) production.
The structure of LDPE production by plants looks the following way over the stated period.
Tomskneftekhim produced 22,700 tonnes of PE in June (22,600 tonnes in May). The plant's overall LDPE production rose to 132,800 tonnes over the first six months of the year versus 130,700 tonnes a year earlier.
Angarsk Polymer Plant produced about 6,000 tonnes of LDPE last month. Angarsk PP's overall output surged by 43% from January to June 2014 and totalled 32,700 tonnes.
Gazprom neftekhim Salavat mantained its production at the last year's level, the plant's total LDPE output was 19,300 tonnes in the first half of the year.
Kazanorgsintez increased its LDPE production to 15,900 tonnes in June. The plant's overall LDPE output fell to 100,000 tonnes over the first six months of 2014, down by 8% year on year, because of long outages in April and May.
Ufaorgsintez increased its LDPE production to 7,100 tonnes last month. The overall plant's PE output dropped to 44,000 tonnes from January to June 2014 versus 47,400 tonnes a year earlier.
MRC