Plastik (Uzlovaya) to increase EPS prices by Rb3,000-4,000/tonne

MOSCOW (MRC) - Plastik (Uzlovaya) will raise the price of expandable polystyrene (EPS) for March delivery by roubles (Rb) 3,000-4,000/tonne, including VAT, according to ICIS-MRC Price Report.

The reason for the rise in prices was more expensive offers from other analogues material in the market. At the same time a week earlier price offer for Chinese EPS were heard in the range of Rb115,000-120,000/tonne CPT Moscow.

Traders expect an increase in demand for EPS in the early March on the back of a seasonal factor and the beginning of activity in the construction sector.

At the end of 2013, Plastik (Uzlovaya) was sold to a group of SIBUR.

JSC Plastik (Uzlovaya), based in Tula region, is a producer of ABS-plastics and polystyrene (PS). The company has large capacity of injection moulding, pressing and extrusion of plastics and is the largest supplier of polymers. The site includes production of styrene - 60,000 tonnes/year, EPS - 11,300 tonnes/year, separators and phenoplasts - 6,380 tonnes/year. Annual production of ABS plastics at the site is 23,000 tonnes. The plant also produces automotive components.
MRC

MOSCOW (MRC) -- Germany's Bayer named Richard Pott as supervisory board chairman of its plastics unit MaterialScience, which it plans to float on the stock market as a separate company, as per Reuters.

"Within the context of the planned stock market listing, Bayer MaterialScience will be operating autonomously with a strategy that is distinct from Bayer's," Bayer Chief Executive Marijn Dekkers said in a statement on Wednesday.

Pott, 61, who oversaw personnel matters on Bayer's management board from 2002 to 2013, will assume his new office on March 26, it said. He will replace Bayer management board member Werner Baumann as chairman of MaterialScience.

As mRC wrote before, Bayer AG said it plans to increase its dividend for 2014, in a statement ahead of fourth-quarter results. The drugs and chemicals company said it will propose a dividend of EUR2.25 per share for 2014, up from the EUR2.10 a share dividend paid for 2013. With 826.9 million shares entitled to the dividend, the total dividend payment will come to around 1.86 billion euro, up 7.1% from the payout for 2013.

Bayer is a global enterprise with core competencies in the fields of health care, agriculture and high-tech polymer materials. As an innovation company, it sets trends in research-intensive areas. Bayer’s products and services are designed to benefit people and improve their quality of life. At the same time, the Group aims to create value through innovation, growth and high earning power.
MRC

MOSCOW (MRC) -- Mexichem today announced its unaudited results for the fourth quarter and full year ended December 31, 2014, said the company in its press release.

Fourth Quarter 2014 financial and operating highlights: revenues increased 7% to USD1.4 bn, reflecting organic and acquisition growth. EBITDA was USD157 mln, a decline of 14%; EBITDA without Venezuela and PMV was USD167 mln, an increase of 3%.

Net loss was USD27 mln. Booked charge of USD15m in 4Q14 related to regulator-mandated change in effective exchange rate for Venezuelan operations; charge corresponds to results for 2014.

Full year 2014 financial and operating highlights: revenues increased 8% to USD5.6 bn; EBITDA was USD818 mln, down 9%; excluding Venezuela and PMV, EBITDA was USD784 mln, down 2%. Net income increased to USD125 mln.
Net Debt to EBITDA proforma ratio was 2.0x at year-end. Operating cash flow was USD699 mln, mln by working capital management. Completed specialty acquisitions with combined revenues of over USD214 mln during the consolidated period.

As MRC wrote before, Mexichem completed the acquisition of Vestolit GmbH on 1 December 2014. Mexichem completed the acquisition after receiving all relevant regulatory approvals. Vestolit was acquired from funds managed by Strategic Value Partners LLC for a total purchase price of EUR219 million in cash and assumed liabilities.

Mexichem, of Tlalnepantla, an industrial municipality close to Mexico City, is Latin AmericaпїЅs largest manufacturer of PVC pipe, vinyl resins and compounds. The company has annual revenues of more than USD5 billion and has been listed on the Mexican Stock Exchange for more than 30 years.
MRC

MOSCOW (MRC) -- LyondellBasell, the world’s biggest maker of polypropylene plastic, has announced that it has reached an agreement with Karyn F. Ovelmen, executive vice president and chief financial officer, for her separation from the company, as per the company's statement.

Under the agreement, Ovelmen will continue as CFO for up to three months while the company conducts a search for her successor.

The firm Egon Zehnder has been retained to assist with the selection process, which will include internal and external candidates.

In making today's announcement, Chief Executive Officer Bob Patel noted: "Karyn has seen the company through a financial transformation, during which we have improved our balance sheet, obtained investment grade ratings, and instituted a capital deployment plan that has returned significant value to our shareholders. We wish Karyn much success in her future endeavors."

As MRC wrote previously, in July 2014, LyondellBasell delayed the start-up of expanded production at its ethylene plant in La Porte, Tex., until later last 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) -- Lorestan Petrochemical is in plans to shut a linear low density polyethylene (LLDPE) plant for maintenance turnaround, as per Apic-online.

A Polymerupdate source in Iran informed that the plant is likely to be shut in March 2015. The duration of the turnaround could not be ascertained.

Located in Iran, the plant has a production capacity of 300,000 mt/year.

As MRC reported earlier, it has been more than 50 years that Iran started producing petrochemical products and Iran National Petrochemical Company (NPC) is celebrating its anniversary this year.

Iran, as one of the main energy hubs in the world, with huge oil and gas reserves, is one of the leading producers of petrochemical products in the world.

In 2006, the total consumption of different polymer products was 202 million metric tons and it is estimated this figure reach to 316 million metric ton by 2016. This means only countries with huge feeding materials can be successful on raising production level, and gladly Iran is among one of those countries.

Currently number of active Iranian Petrochemical complexes are 53, with total production capacity of 59 million metric ton, producing range of polymers, chemicals, aromatics & liquid gas, located mainly at Iranian south region, next to Persian Gulf, called Assaluyeh and Mahshahr Special Economic Zones.

At the moment, there are 67 developments projects in the country which are under construction, adding 61 million metric ton on total production and estimated to fully run till 2018.
MRC