Sipchem announces EPC for new plant

(ogj) -- Saudi International Petrochemical Co. (Sipchem) announced earlier this month that affiliate International Polymers Co. has awarded the engineering design, procurement, and construction work for an ethylene vinyl acetate (EVA) plant to G.S. Engineering & Construction Corp., South Korea.

The 200,000-tonne/year plant will produce EVA and low-density polyethylene at the industrial complex in Jubail Industrial City. The plant is to start operation in second-quarter 2013 and cost an estimated 3 billion Saudi riyals ($800 million).

The Saudi Ministry of Petroleum and Minerals said the announcement has allocated the main ethane feedstock for the project to be cracked and treated to ethylene by one SABIC company and vinyl acetate monomer, as secondary feedstock, to be supplied by International Vinyl Co., a Sipchem affiliate.

International Polymers was founded in 2009 with Sipchem owning 75% and Hanwha Chemicals-Korea owning 25%.

MRC

(indiainfoline) -- The Iran National Petrochemical Company director said that ┬2b in participation bonds for petrochemical projects will soon be offered.

Ramezan Oladi added that $4 billion has been allocated to one of the largest petrochemical projects in Iran, the Damavand Petrochemical Complex in Assaluyeh.

The report added that the purpose of building this complex is to supply sideline services for the phase two petrochemical projects at the Pars Special Economic & Energy Zone.

MRC

(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