Iraq and Petrofac sign USD369 million deal to build Majnoon crude-processing plant

MOSCOW (MRC) -- Iraq has signed a USD369 million contract with Petrofac to build a new crude-processing facility in the giant Majnoon oilfield, a senior oil executive told Reuters.

Under the deal terms, work to build the new facility which has a capacity to produce 200,000 barrels per day, should be completed in 34 months, said Ihsan Abdul Jabbar, head of the state-run Basra Oil Company.

Once the new oil facility is operational, Majnoon's production will rise to around 450,000 barrels per day (bpd). The field iS now producing around 230,000 bpd, said Abdul Jabbar.

Iraq plans to invite service companies soon to compete for a tender to drill new 80 oil wells in Majnoon as part of a development plan to boos output from the field, said the BOC chief.

In June, Royal Dutch Shell exited the Majnoon oilfield in southern Iraq and handed over its operations to the state-run Basra Oil Co.

As MRC reported before, in March 2018, Shell EP Middle East Holdings B.V. completed the sale of the entire share capital of Shell Iraq B.V (SIBV), which held its 19.6% stake in the West Qurna 1 oil field, for USD406 million, to a subsidiary of ITOCHU Corporation. The purchaser has also assumed debt of USD144 million as part of the transaction. The West Qurna 1 venture will continue to be operated by ExxonMobil. Shell’s other businesses in the country are not affected by this divestment.
MRC

MOSCOW (MRC) -- The global market for plastic injection molding is expected to reach USD233 billion in 2023, reflecting an 11 per cent compound annual growth rate, according to the report published by U.S.-based market research firm BCC Research, as per Canlastics.

The study, entitled Injection Molding: Global Markets and Technologies through 2023, also notes that the global market for plastic injection molding was valued at USD117 billion in 2017.

According to the report, rising demand across several vertical industries such as packaging and food and beverages is expected to drive growth. "One robust segment is the medical device space, which accounts for 18.7 per cent of the plastic injection molding market and is expected to see strong growth over the forecast period as healthcare becomes an increasingly integral part of household expenditures, especially in more developed countries with aging populations," the report said.

Another important sector for injection molding is automotive – in particular automotive innovations and the continued replacement of metal components with plastic parts – and this is expected to continue in the upcoming years, the report said.

Additionally, advances such as “smart surfaces” and 3D-printed tooling, as well as external autonomous driving sensors, will also help growth in the injection molding industry.

"As the market for injection molding of plastics continues to grow, so will innovations in resin selection, injection molding machinery and processing guidelines,” said Christopher Maara, BCC research analyst and author of the report. “With the emergence of new resins with improved properties, molders can process polymers to fabricate new designs with different properties in a more energy and cost-efficient manner."
MRC

MOSCOW (MRC) -- Daelim Industrial is likely to shut its high density polyethylene (HDPE) plant for a maintenance turnaround, as per Apic-online.

A Polymerupdate source in South Korea informed that the plant is planned to be shut in October 2018 and it is likely to remain off-stream for around 30 days. The exact date of the shutdown could not be confirmed.

Located in Yeosu, South Korea, the plant has a production capacity of 270,000 mt/year.

As MRC reported earier, Daelim Industrial took off-stream its HDPE plant in Yeosu for a turnaround in November 2016. The maintenance lasted for about 15-20 days. But the exact date of the shutdown were not confirmed.

Daelim Industrial was established in 1939, and its E&C (Engineering & Construction) and Petrochemical Groups are the main lead of the Daelim Business Conglomerate (Chaebol). The fields covered by Daelim Industrial as one of the top EPC Company in Asia to the Middle East include gas, petroleum refining, chemical and petrochemical, power and energy plants, building and housing, civil works, and industrial facilities. Daelim Group has 17 subsidiary companies under its umbrella which includes Daelim Industrial (Construction Division), Daelim Industrial (Petrochemical Division), etc.
MRC

Chinese producers have been traditionally the key foreign PVC suppliers for the past several years. Imports of acetylene resin from China were virtually absent in July, whereas 2,100 tonnes were shipped a month earlier. At the same time, it should be noted that June deliveries of Russian companies were agreed back in late March. Overall imports of resin from China were 10,900 tonnes in January-July 2018, compared to 37,100 tonnes a year earlier.

A slight surge in imports of acetylene PVC is expected in August.

Weaker domestic demand and the weakening of the rouble against the dollar allowed Russian producers to increase their export sales. July exports dropped to 3,900 tonnes (excluding deliveries to the countries of the Customs Union) from 11,800 tonnes a month earlier. 70,200 tonnes of SPVC were shipped for export in January-July 2018, compared to 53,400 tonnes a year earlier.

MRC

MOSCOW (MRC) -- Celanese Corporation, a global specialty materials company, has increased August list and off-list selling prices for Vinyl Acetate Ethylene (EVA) emulsions sold in China and Asia Outside China (AOC), as per the company's press release.

The price increases below are for orders shipped and are effective as of 9 August, or as contracts otherwise allow, and are incremental to any previously announced increases.

Thus, Celanese raised list and off-list selling prices for VAM by RMB200/mt for China and USD50/mt for AOC.

As MRC reported earlier, Celanese last increased its prices for VAM sold in Asia on 15 June, 2018, as follows:

- by RMB200/mt for China and USD50/mt for AOC.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Celanese employs approximately 7,600 employees worldwide and had 2017 net sales of USD6.1 billion.
MRC