MOSCOW (MRC) -- LyondellBasell, the world’s biggest maker of polypropylene plastic, has announced that its Supervisory Board has authorized the company's Management Board to declare an interim dividend of USD0.70 per share, reported the company on its site.
The interim dividend will be paid December 8, 2014 to shareholders of record November 24, 2014, with an ex-dividend date of November 20, 2014.
As MRC informed previously, LyondellBasell had delayed the start-up of expanded production at its ethylene plant in La Porte, Tex., until later this year. A mechanical issue with a compressor at the plant was partially to blame for the extended turnaround at La Porte
LyondellBasell Industries NV is a manufacturing company. The company produces chemicals, fuels, and polymers used for packaging, clean fuels, durable textiles, medical applications, construction materials, and automotive parts. LyondellBasell Industries operates globally and is headquartered in the Netherlands. LyondellBasell is also a leading licensor of polypropylene and polyethylene technologies. The more than 250 polyolefin process licenses granted by LyondellBasell are twice that of any other polyolefin technology licensor.
MRC
MOSCOW (MRC) -- The output of finished products made of polymers in Russia grew by 10.4% over the first ten months of 2014. The films sector accounted for the largest increase in production, whereas the construction sector has demonstrated negative results since early 2014, reported MRC analysts.
October production of the main products from polymers in Russia dropped by 0.9% from September under the pressure of seasonal factors.
According to the Federal State Statistics Service of the Russian Federation, the October output of non-reinforced and non-combined films fell to 83,200 tonnes from 108,000 tonnes a month earlier. Thus, Russia's production of these products totalled 911,900 tonnes from January to October 2014, up by 27.5% year on year.
Last month's production of plates and sheets dropped to 18,500 tonnes from 19,700 tonnes in September. The putput of these products by Russian companies reached 182,200 tonnes over the stated period, up by only 0.2% year on year.
October production of plastic pipes, hoses and fittings was 69,800 tonnes versus 70,600 tonnes in September. The overall production of these products reached 498,800 tonnes over the first ten months of the year, down by 1.2% year on year.
Last month's production of plastic windows and their frames and sills virtually remained at the level of September and totalled about 2.6 million square metres. The output of plastic windows and window sills was about 21.3 million sq. m. from January to October of 2014, down by 10.7% year on year.
MRC
MOSCOW (MRC) -- Saudi Arabian Oil Co. will push ahead with plans to expand and integrate its refining and chemicals businesses even amid the decline in oil prices, said Hydrocarbonprocessing, citing CEO Khalid Al-Falih.
The state-run oil company, known as Saudi Aramco, has a target of producing petrochemicals from 10% of all crude processed at its refineries, he said at an industry conference in Dubai.
Oil producers in the Persian Gulf can withstand a period of low crude prices because countries in the region are fiscally strong, Al-Falih said. Brent crude, a global benchmark, has tumbled 30% this year. "For a refiner to be profitable, integration with petrochemicals is very essential," he said.
Middle Eastern oil and natural gas producers are expanding petrochemical and refining operations to make fuel and other products that fetch higher prices than crude. Boosting petrochemical output is a long-term strategy for them to create jobs and build new industries in plastics and consumer goods.
Brent was trading 14 cents lower at USD80.22/bbl on the London-based ICE Futures Europe exchange at 9:18 a.m. local time. The grade has tumbled 30% from its high this year on June 19.
Petrochemical producers in the Gulf should use more naphtha and other liquids as feedstocks because supplies of gas aren’t sufficient to support their expansion, Al-Falih said. Petrochemical makers should upgrade older plants so they can operate using both gas and liquids as fuel, he said.
Saudi Basic Industries Corp. will gradually use more liquid feedstock instead of gas, the company’s CEO Mohammed Al-Mady said at the same conference. The decline in oil prices hurts Sabic because its profit margins on finished products are already squeezed, Al-Mady said. Sabic pays a fixed price for gas feedstock and isn’t benefiting from the drop in crude, he said.
Global economies have had a disappointing year, and lower oil prices may stimulate growth in 2015, Aramco’s Al-Falih said. The drop in crude will lead to beneficial economic reforms for producer in the Gulf, he said.
As MRC wrote before, Saudi Arabian Oil Co. and partner Sinopec Group plan to start a main refinery unit for making gasoline from crude at a joint venture plant at Yanbu on the Red Sea next year. The partners will start the plant’s hydrocracker by mid-2015 and begin producing gasoline next year, said two people with knowledge of plant operations, who asked not to be identified because they aren’t authorized to speak with media.
Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco's value has been estimated at up to USD10 trillion in the Financial Times, making it the world's most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.
MRC