Evonik increases prices for VESTAMIN IPD

MOSCOW (MRC) -- Evonik is raising the prices for its isophorone diamine, offered under the brand name VESTAMIN IPD by 10% on a global basis, as per the company's press release.

Due to significant higher costs attributed to geographical supply and demand imbalances this unavoidable increase will come into effect from 1st November 2017. All existing contracts will be honored.

By maximizing its global manufacturing infrastructure, and providing its customers with superior quality and excellent service, the Crosslinkers Business Line will continue to help customers grow in their respective markets and regions.

As MRC informed previously, Evonik Resource Efficiency will invest in a capacity expansion of its performance foams business at its production site in Darmstadt, Germany. The investment will increase the output of the facility by about 20% as a first step. The Group will be adding production equipment to its operations complex that manufactures products marketed under the Rohacell brand. The expanded production capacity is expected to be operational by the second half of 2017.

Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world.
MRC

MOSCOW (MRC) — Royal Dutch Shell and Varo Energy have ended talks on Varo’s potential acquisition of Shell’s 37.5% stake in the 220,000 bpd PCK refinery in Schwedt, Germany, Varo said, as per Reuters.

The two companies announced last December that they had entered advanced talks on the stake sale, but the negotiations have been “discontinued,” a spokeswoman for Varo told Reuters.

The spokeswoman would not provide details about why the talks had ended.

Varo Energy, a JV between the world’s biggest oil trader Vitol and private equity firm Carlyle Group, owns a refinery in Cressier in Switzerland and the Bayernoil refinery in Germany.
MRC

MOSCOW (MRC) — Ecopetrol S.A. announces that has signed a contract to supply refinery-grade propylene (RGP) to its subsidiary Compounding and Masterbatching Industry Ltda (Comai Ltda) from October 2017 to August 2022, said Hydrocarbonprocessing.

The estimated value of this contract is USD160 MM, for the approximate supply of 315,000 t during its lifetime.

Entering into this long-term agreement is a significant boost to the development of the country's petrochemical industry, while at the same time generating value for the Ecopetrol Group.
MRC

MOSCOW (MRC) -- Mexican state oil company Pemex aims to finalize the first shipment of crude oil for export later on Monday since restarting operations at its Salina Cruz terminal in southwest Mexico, reported Reuters with reference to a company official's statement on Monday.

The first shipment from the Salina Cruz terminal would be Maya crude for export to the west coast of the United States, said the official, who was not authorized to speak publicly.

The information from the official confirmed Reuters data tracking oil tanker movements around the Salina Cruz terminal, where operations were put on hold following a massive earthquake off the southwestern coast of Mexico on Sept. 7.

Salina Cruz is also the site of Mexico’s biggest refinery. Pemex has said it expects refining operations to begin again at Salina Cruz in the third week of October.

As MRC wrote previously, in early August 2017, Pemex was planning to begin restart of propylene production at two of its refineries the following week as it brought the key processing units back online. Pemex planned to restart a fluid catalytic cracker the following week at its Salina Cruz refinery in Oaxaca, which had been shut following a June 14 fire. Pemex's Minatitlan refinery in Veracruz saw the first of two FCC units come back online August 5, and the second unit restarted on August 12. The Minatitlan units had been offline for maintenance, the source previously said.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene (PE), polypropylene (PP), polystyrene (PS).
MRC

MOSCOW (MRC) -- Global chemical manufacturer Indorama Ventures Public Company Limited (IVL) has completed its purchase of DuraFiber Technologies Mexico Operations, S. A. DE C. V. (Durafiber), said Rubberjournalasia.

Durafiber is a leading Mexican producer of durable technical textiles for industrial, tyre reinforcement, and specialty applications globally.

Durafiber is the sole domestic tyre cord fabric producer in Mexico, and has a broad customer base and long-established relationships with major global tyre companies. This strategic acquisition of Durafiber expands the breadth of IVL’s tyre cord fabric products, and provides the opportunity to leverage IVL’s global scale and assets to capture synergies and vast market opportunities. The automotive fiber market is growing at 6% CAGR in 2017-2021 and has an estimated value at around USD10 billion plus.

"We are pleased that Durafiber is now a part of the IVL family. It is an exciting opportunity to strengthen our presence in fast-growing markets in Mexico and Europe, and further enhance the Company’s leading position in Automotive Segment, where we see an enormous opportunity," Mr. Aloke Lohia, Group CEO of Indorama Ventures said.

"With the acquisition of Durafiber, we will be best positioned to address a wide range of applications in the automotive fiber market, and expand capabilities to deliver best-in-market services to our customers. Offering customers access to a strong portfolio of industry-leading brands, along with a well-integrated of R&D and production facilities across the world are a unique global service proposal to the automotive industry. This highly differentiated value proposition will deliver greater benefits for our customers and drive forward IVL’s next phase of strategic growth as the leading fiber partner for the automotive industry," he added.
MRC