Arkema announced its 2015 targets

(Plastemart) -- Arkema announced its 2015 targets and emphasizes its growth strategy for the next five years. At the end of this new development phase, in 2015, Arkema has the ambition to generate above ┬1 bln EBITDA, corresponding to 14% (1) EBITDA margin.

Since its spin off in May 2006, Arkema has implemented a transformation strategy, which will enable it to double the Group EBITDA in 2010 vs 2005. The Group cost structure was significantly improved and the business portfolio was successfully repositioned on high added value products with a better geographical footprint.

For the next five years, Arkema will accelerate its growth strategy with the ambition to build one of the global industry leaders. Innovation, faster growth in emerging countries and bolt on acquisitions will be the main components of this development project. In 2015, Group sales should total around ┬7.5 bln (1) versus around ┬5.8 bln in end 2010.

MRC

(ICIS) -- Petronas Chemicals Group (PCG) shares closed 2.1% higher on its trading debut on Friday, but off highs, as Malaysian shares succumbed to profit-taking. PCG surged by as much as 10% during the session but eventually settled at ringgit (M$) 5.31, up 11 sen, at the end of trading. The price change was based on the initial public offering (IPO) price of M$5.20 set for institutional investors.

Meanwhile, the benchmark FTSE Bursa Malaysia Kuala Lumpur Composite Index (KLCI) eased 4.44 points, or 0.30%, to close at 1,492.05. PCG was the most actively traded stock on Bursa Malaysia, with 637m shares changing hands, indicating investors' strong appetite for Asian big-capital stocks.

The company's $4.1bn (┬3.1bn) IPO was the largest to come out of Malaysia and out of southeast Asia to date, beating the $3.3bn offering of telecommunications firm Maxis, according to media reports.

The group comprises the 22 petrochemical-related businesses of state oil and gas firm Petroliam Nasional Bhd (Petronas). Its operations cover olefins, polymers, fertilizers, methanol and other basic chemical and derivative products. Based on production volumes, the company is the largest methanol and ethylene glycols maker in southeast Asia.

MRC

(Plastemart) -- Equate Petrochemicals Co. has launched the Gulf state's first green carbon project which will use over 150,000 tpa of carbon dioxide (CO2). Under the scheme, Equate will capture CO2 emissions which will then be carried by a pipeline and injected into a special plant under construction. Operations are expected to commence in 2012 and will reduce CO2 emitted by Equate by 60-70% annually.

Greencarbon Company, a private Kuwaiti firm, is building the plant at a cost of US$65 mln (┬49 mln) and CO2 will be used in food and beverage industries. The company also launched another environment-friendly scheme -- Plant Water Recycle Project, with the aim to recover 80% of Equate process water which can be used for irrigation

MRC

(Plastemart) -- An explosion at a polyvinyl chloride plant in northern China killed four people and injured dozens of others, according to government reports. The accident took place at the Yushe Chemical Industry complex.

In operation since the 1970s the plant has capacity to produce 400,000 tpa of PVC from coal-derived acetylene. The acetylene is generated by hydrolysis of calcium carbide, which is in turn produced from lime and coal-derived coke. China produces most of its PVC via the acetylene process because coal is abundant in the country.

MRC

(ICIS) -- European polyethylene (PE) buyers are facing yet more price rises for next month following a ┬27/tonne ($36/tonne) increase in December's ethylene monomer contract, market sources said on Monday.

The average November naphtha cracker contract margin was on a par with that seen in March - and second only to January, the worst margin month in 2010 to date - following a sharp rise in naphtha prices and a drop in the dollar versus euro rate.

Dow had already announced a ┬70/tonne increase for all its December PE sales before the ethylene contract was settled, and others now pitched in, anxious to recover increased costs.

This price hike announcement had been met with a great deal of scepticism by much of the market, but it was being followed by other producers who did not intend to lose margin further in December. With some grades of PE becoming increasingly tight, some sources said that it was not such an outlandish move after all.

Net LDPE prices for monthly business were around ┬1,280/tonne, while spot prices were moving higher, above ┬1,300/tonne FD NWE in some cases, where buyers could find no alternative supply.

High density PE (HDPE) grades were also getting tight, particularly HDPE injection melt flow index 7, and also blowmoulding. Some sources were beginning to wonder whether production had been cut back for these grades as the market was showing signs of shortage.

MRC