(Styron) -- Effective January 1, 2011, or as existing contract terms allow, Styron Europe GmbH and its affiliate companies in Europe will increase the prices for all STYRON and STYRON A-TECH polystyrene grades, for all MAGNUM ABS resins and for all TYRIL SAN grades by 130 Euro per metric ton.
These price increases are applicable across the European, Middle Eastern and African regions.
(Sibur) -- India's largest private sector company Reliance Industries Limited (RIL) and the leading Russian petrochemical company SIBUR announced a joint venture for the production of butyl rubber in India.
The joint venture facility will have an initial capacity of 100,000 tons of butyl rubber at RIL's integrated refining-cum-petrochemical site in Jamnagar, India and is expected to be commissioned by 2013. Estimated investment in the project will be US $ 450 mn.
The plant will initially produce regular butyl rubber and is expected to manufacture other types of butyl rubber specialities in the future. SIBUR will provide its proprietary technology for butyl rubber polymerization and finishing, while RIL will supply monomers and provide the JV with world-class infrastructure and utilities. RIL will have a majority stake in the joint venture.
(Bloomberg) -- Crude traded little changed within 1 percent of a two-year high as economic growth in the U.S. and colder temperatures in the northern hemisphere whittle down excess fuel stockpiles.
Futures climbed as much as 0.3 percent after government reports yesterday showed U.S. crude supplies fell last week to the lowest in 10 months and gross domestic product expanded 2.6 percent in the third quarter. Oil rose as high as $90.80 yesterday, the strongest since Oct. 8, 2008.
⌠Weather in the U.S. and Europe is supportive, and we had another big inventory drop, said Tobias Merath, head of commodities at Credit Suisse Group in Zurich. ⌠But these are mostly temporary factors, and when these fade I see a risk we'll move to the mid-$80s at the beginning of next year.
Crude for February delivery rose as much as 31 cents to $90.79 a barrel in electronic trading on the New York Mercantile Exchange. It was at $90.46 at 1:29 p.m. London time. Brent crude for February settlement was down 1 cent at $93.64 a barrel, after climbing as much as 0.3 percent to $93.91 on the London-based ICE Futures Europe exchange.
(Plastemart) -- In a bid to curb inflation that threatens the country's economic recovery, South Korea's finance ministry plans to extend tax breaks on oil product imports to 2011. This extension of tax breaks is expected to reduce burden on local consumers and control inflation.
Tariff on gasoline, diesel, kerosene and heavy fuel oil imports that were reduced from 5% to 3% in 2010, will remain at 3% next year, while tariffs on LNG and LPG will also stay cut from 3% to 2% for 2011.
Tax on imported polyethylene, which was cut from 8% to 2% in 2010, will remain at 2% in 2011.
(Plastemart) -- French Rhodia SA, a ┬4billion (US$5.26 billion) specialty chemicals major, will acquire PI Polymer, the engineering plastics business of PI Industries.
In a statement to BSE, P I Industries said that the transfer includes the transfer of all the assets used and people employed by PI Polymer, research & development capabilities, customer base and logistics network in India.
The transaction is expected to complete by the end of March 2011. The divestment is a part of the P I Industries' strategy to concentrate on its agri-inputs and custom synthesis businesses, the company said.
This strategic sale is part of the corporate restructuring exercise of Standard Chartered Private Equity-backed PI Industries towards consolidating its position in its core activities of agrochem and fine chemical businesses.
Rhodia, which caters to automotive, electronics, flavors & fragrances, health, personal & home care, consumer goods & industrial segments, will get to strengthen its presence in India, with this deal.
PI Industries diversified into polymer compounding business in 1994 and since then has been closely working with OEMs in various industry segments to develop customised engineering plastics compounds for niche and complex applications for automotive, electricals and home appliances industry segments offering an unrivalled product mix of bespoke polymer compounds.
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