QAPCO to develop Sri Lanka as a major marketing centre of petrochemicals

(plastemart) -- Sri Lanka is to become a major petrochemical marketing centre for the Asian region under in line with a marketing expansion plan of Qatar Petrochemical Company (QAPCO). QAPCO plans to explore the full potential of the strategic location of the island country in marketing low-density polyethylene (LDPE) products to countries in the region.


QAPCO currently sells LDPE to over 4,500 customers in over 85 countries. QAPCO''s global marketing network comprises 28 self operated offices, of which Sri Lanka is now one and six regional warehouses." QAPCO has four offices each in China ((Hong Kong, Shanghai, Beijing and Guangzhou) and India (Mumbai, Delhi, Chennai and Ahmadabad), two in Karachi and Lahore in Pakistan and one each in Egypt, Syria, UAE, Lebanon, Taiwan, Bangladesh, Jordan, Yemen, Thailand, Vietnam, Australia, Indonesia, Sri Lanka, Singapore and Philippines, Morocco and Turkey as well as an agent network to serve QAPCO''s customers.

MRC

Polypropylene production to go up by 5% in Russia

MOSCOW (MRC) - Over the last eleven months, output of polypropylene in Russia moved at about 570 KT. According to the results of the year, growth of output is expectedly to be at the level of 5%, MRC analysts say.Despite the technical problems and long-term maintenances, Russian PP producers have managed to increase output. During the eleven months, the overall PP production amounted to 570 KT, which was 5% more compared to the similar period of 2009.

December was also characterized by problems at the production sites. There are reports on short-term suspensions at Ufaorgsyntez (Bashneft) and Stavrolen (Lukoil). Taking into account current utilization of Russian producers' capacities, the overall output will be a bit more than 55 KT in December. At the end of the year, the overall output of PP in Russia will be at the level of about 620 KT, which is 5% more compared to 2009, according to MRC analysts.

MRC

Styron announce price increases for polystyrene

(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.

MRC

Reliance Industries and SIBUR in a JV for butyl rubber production in India

(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.


MRC

Oil trades near two-year high

(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.


MRC