PTTGC brought on-stream LLDPE plant in Thailand

MOSCOW (MRC) -- PTT Global Chemical (PTTGC) is in plans to restart its linear low density polyethylene (LLDPE) plant following a maintenance turnaround, as per Apic-online.

A Polymerupdate source in the Thailand informed that the company is likely to resume operations at its plant on April 3, 2016 . The plant was shut for maintenance in early-March 2016.

Located at Map Ta Phut in Thailand, the LLDPE plant has a production capacity of 400,000 mt/year.

As MRC wrote before, PTTGC is studying several options for supplying sufficient raw material to its petrochemical plants, including imports of oil feedstocks after declines in global crude prices. The move is part of a plan to cope with a potential drop in domestic natural gas supply after Thailand's government put bidding for new oil and gas concessions on hold.

PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year.
MRC

Covestro included in the STOXX index

MOSCOW (MRC) -- Some three months after its admission to the MDAX index, Covestro joined another major index family – the STOXX Europe 600 and the associated sector indices, said the producer in its press release.

Inclusion in the STOXX Europe 600 index, which comprises 600 companies from 18 countries across Europe means that Covestro is now also listed in an international share index.

"We are delighted to be included in this important index family," says Covestro CFO Frank H. Lutz. "The move is a reflection of the great interest displayed by investors and the gratifying performance of our stock since our IPO. It will raise the visibility of Covestro shares on the international financial markets in the future."

The STOXX Europe 600 represents large, mid and small sized companies across 18 different countries, including France, Germany and the UK.

As MRC imformed earlier, from September 1, 2015, Bayer MaterialScience became known as Covestro. Bayer aims to float this business on the stock market by mid-2016 at the latest. The plans for the carve-out of Bayer MaterialScience were announced in September 2014.

With 2015 sales of EUR 12.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, electrical and electronics, construction and the sports and leisure industries. Covestro, formerly Bayer MaterialScience, has 30 production sites around the globe and as of the end of 2015 employed approximately 15,800 people (full-time equivalents).
MRC

Transilwrap buys Dow Chemical's specialty films business

MOSCOW (MRC) -- Film extruder Transilwrap Co. Inc. has bought the specialty films business of Dow Chemical Co. for an undisclosed price, said Plasticsnews.

The deal includes production plants in Hebron, Ohio, and Drusenheim, France. The business makes films based on polyethylene, polypropylene and polystyrene for numerous medical and packaging applications such as beverage closer liners, ostomy bags, window envelope films, labels and protective fabrics.

The Dow unit’s brand names include Saranex, Procite and Opticite. Its 2015 North American sales were estimated at USD124 million, according to a Plastics News ranking. That estimate also included a plant in Findlay, Ohio, which Dow sold to Valfilm North America Inc. in December 2014.

In a March 31 news release, Transilwrap President and CEO Andy Brewer said that the Dow films business "is well-regarded in the industry for strong technical expertise and globally recognized brands associated with quality, reliability and leadership."

It’s the fifth acquisition in nine years for Franklin Park, Ill.-based Transilwrap. Most recently, the firm in March 2015 bought printable plastic film maker Clear Focus Imaging of Santa Rosa, Calif.

Transilwrap’s annual sales are estimated at USD260 million, according to a Plastics News ranking. That total ranks 31st among North American film and sheet extruders.

As MRC informed earlier, in 2015, Dow Chemical Company announced the completed sale of ANGUS Chemical Company to Golden Gate Capital. The company finalized the divestiture of its Sodium Borohydride business to Vertellus Performance Chemicals LLC and certain of its affiliates.

The Dow Chemical Company is an American multinational chemical corporation headquartered in Midland, Michigan, United States. Dow is a large producer of plastics, including polystyrene (PS), polyurethane, polyethylene (PE), polypropylene (PP), and synthetic rubber.
MRC

LANXESS, Saudi Aramco joint venture launches

MOSCOW (MRC) -- Lanxess and Saudi Aramco have completed the formation of the companies' previously announced 50-50 synthetic rubber joint venture, Arlanxeo (Maastricht, Netherlands), said the companies in their press release.

The deal was announced in September 2015 and the jv had received all relevant antitrust approvals by February 2016.

Aramco effectively acquired a 50% stake in Lanxess's synthetic rubber business, to create Arlanxeo. A 50% share of the jv has been transferred to a Dutch subsidiary of Aramco. Lanxess, in return, has received cash proceeds of about EUR1.2 billion.

Lanxess says it plans to invest about EUR400 million of the proceeds from the transaction in organic growth, use EUR400 million of the proceeds to repay debt, and spend about EUR200 million on a share buyback program. Forming the jv marks Aramco's entry into the synthetic rubber industry.

Lanxess chairman Matthias Zachert chairs Arlanxeo's sharehoders' committee and Warren Wilder, v.p./chemicals at Aramco is vice chairman of the shareholders' committee. The committee has two other members. Lanxess and Aramco announced Arlanxeo's executive team last month.

Arlanxeo is expected to have sales of about EUR3 billion/year.

As MRC informed earlier, in the late March, Lanxess and Saudi Aramco announced the members of the executive board of Arlanxeo (Maastricht, Netherlands).

Lanxess is a leading specialty chemicals company with sales of EUR 8.0 billion in 2014 and about 16,600 employees in 29 countries. The company is currently represented at 52 production sites worldwide. The core business of Lanxess is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.
MRC

IVL completes acquisition of BP Alabama petrochem complex

MOSCOW (MRC) -- Indorama Ventures Public Company Limited (IVL), a world-leading producer of intermediate petrochemicals, completed the acquisition of 100% of the PX, PTA (1,020,000 tonnes) and NDC (naphthalene dicarboxylate) assets of BP Amoco Chemical Company (BP) at Decatur, Alabama, on 31 March, said IVL in its press release.

The acquisition is situated adjacent to the company’s AlphaPet PET plant and has been its main supplier of PTA since the factory was commissioned in 2009.

Mr. Aloke Lohia, Group CEO of Indorama Ventures Public Company Limited said, "This acquisition is a major coup for the company as it brings us competitive feedstock security with scale advantages, technology ownership and innovative products which our customers can rely upon. The Decatur site and its people are a good fit for us and we have together worked for many years and we admire their professionalism and experience.
"Businesses such as Decatur add unprecedented economies of scale and integration to our PET business and supports the growing need of our customers as well as that of our shareholders alike. As we build our scale in North America, we will continue to strive to be the supplier of choice for our customers and drive our growth trajectory as a world-class chemical company," Lohia said.

The acquisition of the Decatur paraxylene, PTA and NDC assets coincide with USITC affirmative vote to apply anti subsidy & anti-dumping duties PET resin imports from China, Canada, India and Oman. These trade actions will help improve the supply chain economics and operating rates.

This is the first of 2016 and is expected to be followed in 2nd quarter by the imminent acquisition of the 720,000 tonne PET, PTA and IPA complex of Cepsa in Cadiz, Spain which follows the similar rationale of integration, scale, technology and HVA business in our world-wide portfolio.

As MRC informed earlier, in the late December, Indorama Ventures (Bangkok) announced the completion of acquisition of polyethylene terephthalate (PET) manufacturer Micro Polypet (MicroPet; New Delhi).

BP is a leading producer of oil and gas and produces enough energy annually to light nearly the entire country for a year. Employing about 17,000 people across the country, BP supports more than 170,000 additional jobs through all of its business activities.

Indorama Ventures is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and polyester fibre, which are distributed across the world.
MRC