Petrobras Board approves incorporation of unit at Comperj Refinery

(Plastemart) -- The Board of Brazil's state-run energy giant Petroleo Brasileiro SA (Petrobras) has approved incorporation of two units at the Comperj refinery. With this, Comperj's basic petrochemicals and PET producing units will become operational units of Petrobras. Shareholders will vote to approve the change at a meeting that will be scheduled for a later date.

Plans for the Comperj refinery have been altered by Petrobas because of high construction costs and global excess petrochemicals production capacity. The initial outlook for the Comperj refinery when it was first approved has seen changes in light of economics, market dynamics and costs, which led to a new configuration transforming Comperj in a new project comprising three steps and a new timeline. Petrobras faced glitches finding partners for the project, which was originally designed as a US$8.5 billion standalone petrochemicals plant

MRC

(Plastemart) -- After rectification of a technical fault, Dow Chemical Co. has restarted its naphtha cracker at Terneuzen, Netherlands. The cracker, which has a capacity to produce 580,000 tpa ethylene, is one of three at the Terneuzen site. There technical problem occurred with the process of cracker 2. The unit had a malfunction in May. The cracker is starting up again.

MRC

(Plastemart) -- Thailand holding company Indorama Ventures has agreed to buy the polyethylene terephthalate (PET) business of Polish SK Eurochem, part of South Korean SK Chemicals.

The acquisitions will consolidate Indorama Ventures (IVL) position in the two important emerging markets of East Europe and Southeast Asia with PET and Polyester Fibres and Yarns businesses.

SK Eurochem is a 140,000 tpa PET manufacturing facility while SK Keris is a 160,000 tpa PET and Polyester Filament Yarn manufacturing facility and SK Fiber Indonesia is a Polyester Filament Yarn manufacturing facility with a capacity of 36,000 tpa.

"These acquisitions will allow the Company to build upon its objective of expanding its global platform by entering emerging markets with high long-term potential for demand," according to Mr. Aloke Lohia, Group CEO of Indorama Ventures Pcl.

MRC

(Plastemart) -- GCC chemical production was forecast to rise to nearly US$80 bln over the coming decade, from the current US$40 bln, as per Khalid Al Falih of Saudi Aramco at the Gulf Petrochemical and Chemicals Association forum in Dubai.

The United Arab Emirates' foreign trade minister Sheika Lubna Al Qasimi said the global ethylene share of the Gulf's petrochemical producers is projected to grow to 20% by 2014 from only 5% at the beginning of the previous decade.

Aramco is pushing ahead it with its own plans to develop petrochemical and related downstream industries in locations such as Rabigh, on the Red Sea, and Jubail, on the Persian Gulf, where the company is developing major industrial complexes with Sumitomo Chemical Co. and Dow Chemical Co. respectively.

MRC

(Plastemart) -- Polymer consumption in India, currently pegged at 8 mln tpa, is poised to more than double to 15 mln tons in 5 years, maximum 7 years time, as per Mr Ajay Shah, Senior VP Polymers, Reliance Industries Ltd.

In view of the current per capita consumption of 36 kg in China and 32 kg in Brazil, per capita polymer consumption is poised to grow from its current 8 kg in India. Processing capacity is expected to see a corresponding increase in the next 5-7 years to match this growth in polymer consumption. The highest growth will be seen in the injection molding sector - 2.6 mln tons of the 10 mln tons will be consumed by the injection molders of India in the time period, as per Mr Shah.

The injection molding sector in India witnessed a more than 50% growth year on year, in H1 of financial year 2010-2011. Growth will be driven by the automobile and cell phone manufacturers.

MRC