Trinseo raised PS prices in Asia Pacific

MOSCOW (MRC) -- Trinseo (Hong Kong) Limited and its affiliate companies in Asia Pacific has announced price increases for all polystyrene (PS) grades, reported the company on its site.

Effective immediately, or as existing contract terms allow, the prices for the products listed below will increase as follows based on the price released for March 2015:

- STYRON general purpose polystyrene grades (GPPS) - by USD50/tonne;
- STYRON and STYRON A-TECH high-impact polystyrene grades (HIPS) - by USD50/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 Director for Styrenics.

This represents a furthe price increase of PS grades in Asia Pacific, as in early March, Trinseo already increased its PS prices for the products listed below, as follows:

- STYRON general purpose polystyrene grades (GPPS) - by USD120/tonne;
- STYRON and STYRON A-TECH high-impact polystyrene grades (HIPS) - by USD120/tonne.

As MRC reported before, in March, Trinseo also announced price increases for all PS and copolymer, as follows:

- STYRON general purpose polystyrene grades (GPPS), STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR195/tonne;
- MAGNUM ABS and TYRIL SAN resins - by EUR155/tonne.

Formerly known as Styron, Trinseo has completed the name change process for most legal entities around the world. Some Styron companies are still completing this process and will continue to do business as Styron until their respective name changes are complete.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo’s 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. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015.
MRC

MOSCOW (MRC) -- Sadara Basic Services Company has announced that a fire broke out in one of the cooling towers under construction at the Sadara Chemical Company (the Parent) project site in Jubail Industrial City II at 9 pm on Saturday, 28 March, 2015, reported Tawadul.

The competent authorities were notified and they were able to contain the fire without any injuries.

Construction at the project site is continuing as normal.

Following completion of the assessment of damages, Sadara Basic Services Company will issue a supplemental announcement regarding the financial impact of the fire and any other relevant details.

As MRC wrote previously, in June 2013, Dow Chemical, an American multinational chemical corporation, announced the signing of the main financing for the Sadara project.

Sadara Chemical Company (Sadara), Dow's joint venture with Saudi Aramco, entered into definitive agreements with certain export credit agencies, commercial banks and the Public Investment Fund of the Kingdom of Saudi Arabia for approximately USD10.5 billion of additional project financing.

The financing supplements the USD2 billion raised through a Sukuk Islamic bond issuance in April, 2013, bringing the total Sadara project financing raised to approximately USD12.5 billion, which will be used to fund the construction and start-up of the joint venture.
MRC

MOSCOW (MRC) -- Asahi Glass Co Ltd (AGC) has announced that it will increase the production capacity of the polyvinyl chloride (PVC) facility at Phu My Plastics & Chemicals Co Ltd (PMPC), AGC’s subsidiary engaged in PVC business in Vietnam, said Business-Standart.

In order to respond to the growing PVC demand in the country, PMPC’s PVC production capacity will be increased by 50% to 150,000 tonnes from the current 100,000 tonnes per year, which will make the Asahi Glass Group’s total PVC production in Southeast Asia 700,000 tonnes per year. The operation is scheduled to commence at the beginning of 2016.

Vietnam is the third largest PVC market in Southeast Asia following Thailand and Indonesia, and the PVC demand is growing at the similar level as the country’s GDP. Following the completion of the acquisition process in 2014, this investment will further strengthen the AGC Group’s business foundation in the Vietnamese polyvinyl chloride market which is expected to continue to grow.

After the completion of the capacity enhancement, PMPC will have PT Asahimas Chemical (ASC) as its main VCM supplier. ASC is one of AGC’s subsidiaries in Indonesia and currently working to enhance its production capacity.

As MRC informed earlier, Petronas sold its stake in Vietnamese Phu My Plastics and Chemical Company Ltd (PMPC) to Japanese Asahi Glass Co Ltd and Mitsubishi Corporation in November 2013.

Asahi Glass Co., Ltd., more commonly known as AGC, is a global glass manufacturing company, headquartered in Tokyo. It is one of the core Mitsubishi companies.
MRC

MOSCOW (MRC) -- French oil giant Total said that it has sold its stake in a Nigerian oil field to a local company for USD569 million (523 million euros), said Reuters.

Total's sale of its share in the onshore Oil Mining Lease 29 to Aiteo Eastern E&P comes after the French group made two similar divestments in Nigeria. The three transactions reached a sum of USD1 billion.

"These transactions ... reduce our exposure to non-operated blocks onshore Nigeria, and allow us to focus on our core, operated developments," said Patrick de La Chevardiere, Total's Chief Financial Officer.

The group added that the divestment is "in line with the Federal Government of Nigeria's aim of developing Nigerian companies in the sector".

Energy groups have been slashing their investments in a bid to shore up earnings, as crude prices have collapsed by about 60 percent since June.

As MRC informed earlier, Total acquired a majority 68% interest in Germany's Polyblend. Polyblend produces compounds, which are blends of polymers (polyethylene and polypropylene) and other ingredients such as mineral fillers, glass fibres, elastomers and additives, formulated to customer specifications.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
MRC

MOSCOW (MRC) -- Brazilian petrochemical producer Braskem has lifted the investment forecast for its flagship Etileno XXI complex in Mexico by 13% amid rising construction costs, the company said on Friday, reported BNAmericas.

The overall outlay for the project in the Coatzacoalcos region of Veracruz state has been revised to USD5.2bn, according to a Braskem securities filing.

The Sao Paulo-based firm said it had assumed additional expenses related to infrastructure and local services, and a change to the power generating unit capacity. The company aims to sell surplus electricity from the unit to Mexico's grid.

Braskem also said "the amount corresponding to its portion of the additional contribution, close to USD450mn, required for the project completion, will not result in an increase of its annual level of investments."


The centerpiece of Braskem's project pipeline, Etileno XXI is a joint venture with Mexican industrial conglomerate Idesa, which owns a 25% stake.

The ethane cracker, expected to begin operating by December, will have annual polyethylene (PE) capacity of 1.05Mt.

As MRC wrote before, in 2012, Braskem Idesa announced the approval of a line of credit in the amount of USD700 million by the Brazlian National Economic and Social Development Bank - BNDES to finance the construction of the largest petrochemical complex being developed in the Americas: Braskem Idesa- Etileno XXI Project. The group of financial institutions will also include Mexico's development banks, Bancomext and Nafinsa- Nacional Financiera, and commercial whose loans are subject to the completion and closing of the formal documentation.

Braskem is Brazilian main producer of polyethylene and polypropylene. In addition with ongoing plants located in both petrochemical complexes, in April 2008 Braskem opened a 300,000 metric ton polypropylene plant in the city of Paulinia (Sao Paulo).
MRC