Gazprombank cuts stake in russian petrochemicals producer Sibur

(Bloomberg) -- Gazprombank cut its stake in OAO Sibur Holding, Russia's largest petrochemical producer, to 0.02 percent, the Moscow-based lender said today in a regulatory filing, without providing more details.

Last week, Gazprombank said Leonid Mikhelson, a billionaire shareholder and chief of gas producer OAO Novatek, bought 25 percent of Sibur and was in talks to buy the remaining shares. Sibur's value is 225 billion rubles ($7.4 billion), excluding debt, the lender said.

Gazprombank, in which the state gas-export monopoly OAO Gazprom holds less than 50 percent, has said it is selling non- financial assets to improve its business structure.

MRC

(Bloomberg) -- China Petrochemical Corp., the nation's largest refiner, said oil processing volume may rise 39 percent in 2010 compared with five years earlier as refining capacity expanded to meet surging fuel demand.

Refining rates may increase to 212 million metric tons, or 4.26 million barrels a day, from 153 million tons, Sinopec Group, as China Petrochemical is known, said in an e-mailed statement today. Processing capacity may climb 39 percent to 224 million tons by the year-end, making the group the world's second-biggest refiner, according to the statement.

Oil-product sales may rise 42 percent from five years earlier to 149 million tons as the number of Sinopec service stations increases to 29,200, the refiner said.

Sinopec Group's domestic crude production rose 8 percent from five years earlier to 42.56 million tons, while natural-gas output doubled to 12.3 billion cubic meters. Ethylene output surged 67 percent to 9.19 million tons, the parent of Hong Kong- listed China Petroleum & Chemical Corp. said in the statement.

MRC

(ahram.org.eg) -- Increased demand from Asia and Europe and rising prices bring in $2.5 billion for 3Q 2010.

Saudi Arabia's petrochemical exports rose 32 percent during the third quarter, compared to the same period last year, Central Department of Statistics and Information's (CDSI) data was cited by Beltone Financial as showing.

Strong demand from Asia and the EU on top of the rebound in oil prices have helped boost the Kingdom's petrochemical. Exports reached $2.5billion for the period, up from $1.94billion in the previous year.

A total of 5.9 million tons was exported in the quarter. The volume of year on year non-oil exports to Asia increased by 13 per cent and those to the EU by 34 per cent.

Saudi Arabia will add five petrochemical crackers in the next five years, and plans to increase chemical exports.

MRC

(DuPont) -- DuPont recently opened a new research and development facility dedicated to coatings science at the Experimental Station in Wilmington, Del. (U.S.). The new Coatings Technology Center (CTC), established by DuPont Performance Coatings (DPC), will focus on DuPont Refinish Systems products that support the automotive collision industry and DuPont Industrial CoatingSolutions, which markets a wide range of liquid and powder industrial finishes.

⌠Innovation is essential to the continued growth of our coatings businesses, said John McCool, president - DPC. ⌠This investment in research and development clearly demonstrates our commitment to growing our global coatings businesses.

⌠Locating this new facility at the Experimental Station allows us to leverage its unique and powerful base of scientific expertise and advanced research and development facilities, said Lewis Manring, vice president, global technology - DPC. ⌠This facility will operate unlike any previous DuPont coatings laboratory, with a strong focus on inclusive innovation.

MRC

(plastemart) -- The Chatterjee Group has assumed responsibility of the selection process to find a new managing director for Haldia Petrochemicals, with the incumbent Swapan Bhowmik set to retire in three months. The post of managing director has been a long disputed topic between promoters TCG and the Bengal government.

Purnendu Chatterjee, chairman of TCG, is holding interviews on his own with probable candidates to head Bengal's showcase industrial venture. The candidates chosen by Purnendu will have to appear for another round of interview before a search panel that include chairman Tarun Das, Bengal government nominee and state industry secretary Dipankar Mukhopadhyay, independent member Jamshyd Godrej and vice-chairman Purnendu Chatterjee himself. The committee will shortlist the candidate only from the list that Chatterjee is going to provide.

MRC