APICORP announces USD100M worth of financing for Oman Duqm Refinery

MOSCOW (MRC) -- Dammam, Saudi Arabia: The Arab Petroleum Investments Corporation (APICORP), a multilateral development bank, announced a USD100m investment as part of a consortium of international and regional banks to finance the construction of Oman’s Duqm Refinery, according to Hydrocarbonprocessing.

Situated within the Duqm Special Economic Zone the refinery is a joint venture between Kuwait Petroleum International and Oman Oil Company. Duqm Refinery is a milestone project which will contribute to the transformation of Oman’s economy. APICORP contributed USD100m to the financing of the refinery, USD50m sharia compliant, and USD50m conventional tranche. This is a demonstration of APICORP’s commitment to Oman with over $380m currently committed to the energy sector in the country.

The announcement continues APICORP’s collaboration with Kuwait, a 17% shareholder in APICORP, with a continued partnership in the financing of foreign investments in petrochemical projects such as MEGlobal in Canada and the Netherlands, and for Equipolymers in Switzerland, as well as the Nghi Son refinery and petrochemical plant in Vietnam.

Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, commented: "We are delighted to be working with Kuwait Petroleum International and Oman Oil Company on this prestigious project - Duqm Refinery. As the Arab energy sectors most trusted financial partner, we look forward to further strengthening our existing partnerships with the governments of Kuwait and Oman. Once operational, the refinery will play a significant role in boosting Oman’s exports and will be a key driver for the growth of the region providing investment opportunities for new related projects."

Mr. Nabil Bourisli, President of Kuwait Petroleum International and Chairman of Duqm Refinery commented said, "We are pleased to be working with APICORP on Duqm Refinery. This reflects the trust and confidence of local, regional and international financial institutions in our economic ties that are deeply rooted in history. Our vision is aiming at maximizing the value of our natural resources and driving the two countries towards expanding their economic potential, leading to balanced economic growth."

Duqm Refinery is based in Al Duqm in the South East Al Wusta Governorate of the Sultanate of Oman. A strategic maritime location providing immediate access to international shipping lanes in both the Indian Ocean and the Arabian Sea, helps the process of transport in and out of the region and gives the project a significant competitive advantage. Duqm Refinery recently celebrated the laying of the foundation stone and the commencement of the USD5.75b construction work for the project. Once the refinery is completed, it will have the capacity to process around 230,000 barrels of crude oil per day. Its primary products will be diesel, jet fuel, naphtha and LPG.
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MOSCOW (MRC) -- Houston-based Ascend Performance Materials is investing USD35.3 million in an expansion of its Greenwood County facility, creating 30 new jobs, according to SC BIZ News with reference to the S.C. Department of Commerce.

Located at 1515 Highway 246 South in Greenwood, Ascend plans to upgrade several lines in early 2019 to increase capacity of nylon polymer production. Last year, the company added 24 million pounds of staple fiber production capacity at the facility, according to a news release.

"The polymer we make at Ascend in Greenwood forms the building blocks for things we use every day, from air bags to high-end carpet to tennis balls," said Hal McCord, Ascend Performance Materials senior site director, in the release. "Thanks to the hard work of our employees and the support of leaders in Greenwood County and South Carolina, this expansion will allow us to increase our polymer production by 50%, creating more jobs for local residents."

With six manufacturing plants in the southeastern United States and Europe and more than 3,200 employees and contractors around the world, Ascend manufactures fibers, resins and compounds.

"We are excited that Ascend Performance Materials is once again expanding in Greenwood County. Ascend Performance Materials has been an exemplary member of our manufacturing community for the past 58 years, and we look forward to continuing this partnership for years to come," said Steve Brown, chairman of the Greenwood County Council, in the release.

As MRC reported before, in early 2018, Ascend Performance Materials, the world’s largest fully integrated producer of polyamide 66 resin, launched Vydyne FR350J, a new high performance compound based on polyamide 66 (PA66) that will bring extra safety to electrical connectors used in unattended home appliances.

Ascend Performance Materials is a global leader in the production of Nylon 6,6.
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MOSCOW (MRC) -- DuPont has announced it will invest over USD 80 million in Jiangsu province for a new specialty materials manufacturing plant during the China International Import Expo (CIIE) in Shanghai, as per GV.

DuPont signed the deal with the Zhangjiagang local government during the CIIE for a USD 80 million manufacturing facility, expected to become operational in 2020 and further expanded by 2023.

The new facility will be used to produce compounded high-end engineering plastics and adhesives to serve customers in transportation, electronics, industrial and consumer products markets. "This investment reinforces our commitment to China and the Asian market, where we see strong growth potential across our businesses," said Randy Stone, president of DuPont Transportation and Advanced Polymers.

"Our new manufacturing facility will position us well to support anticipated growth in the automotive sector due to strong customer demand for our advanced polymers and solutions from end users such as electric and hybrid vehicle manufacturers."

"We sincerely hope DuPont will speed up construction of the project, go into production early, and bring back return on investment as soon as possible," said Huang Ji, mayor of Zhangjiagang.

As MRC informed previously, rising demand for DuPont’s Tyvek nonwoven materials has prompted DuPont Safety and Construction, a business unit of DowDuPont Inc., to invest more than USD400 million to expand capacity for the materials at its facility in Luxembourg. The expansion will include the addition of a new building and third operating line at the site. The new capacity will come on stream in 2021.
MRC

MOSCOW (MRC) -- Imports of polyethylene (PE) into the Ukrainian market dropped in the first eleven months of 2018 by 2% year on year to 222,100 tonnes. At the same time, only the high density polyethylene (HDPE) segment accounted for a reduction in imports, according to MRC's DataScope report.
Last month's PE imports to Ukraine rose to 21,900 tonnes from 21,100 tonnes in October, with low density polyethylene (LDPE) accounting for a slight increase in imports. Overall PE imports reached 222,100 tonnes in January-November 2018, compared to 225,800 tonnes a year earlier. HDPE imports decreased, whereas demand for other ethylene polymers increased noticeably.

The structure of PE imports by grades looked the following way over the stated period.

Last month's HDPE imports fell to 7,300 tonnes from 8,200 in October, with injection moulding and pipe grade PE accounting for the reduction in shipments. Overall HDPE imports reached 70,300 tonnes in the first eleven months of 2018, compared to 89,400 tonnes a year earlier. Fim grade and pipe grade HDPE accounted for the greatest decrease in imports, which was 55% and 14%, respectively.

November LDPE imports grew to 6,400 tonnes from 5,600 tonnes a month earlier, local companies increased their purchases of LDPE in Russia. Overall LDPE imports reached 69,000 tonnes over the stated period, up by 12% year on year.

Last month's imports of linear low density polyethylene (LLDPE) were 6,600 tonnes versus 6,200 tonnes in October, local producers of film products raised their purchasing. Overall LLDPE imports rose to 68,300 tonnes in January-November 2018 versus 60,600 tonnes a year earlier. Local films producers accounted for the main increase in imports.

Imports of other PE grades, including ethylene-vinyl-acetate (EVA), totalled 14,500 tonnes over the stated period, compared to 14,200 tonnes a year earlier.

MRC

MOSCOW (MRC) -- Dow Chemical has announced the opening of a new polyol plant for rigid polyurethane foam in Rayong, Thailand, as per GV.

According to the company, the facility increases its capacity to offer insulation materials and solutions with reliable, energy-efficient performance.

The polyol plant has a designed annual capacity of 79,000 t and is located at the Asia Industrial Estate (AIE) site in Rayong province. The AIE site covers 515 hectares and is home to six Dow manufacturing plants.

Approximately 150 guests from customers and partners joined Dow leaders to attend a dedication ceremony on 8 November 2018. The polyol plant strengthens Dow’s upstream plant integration in Thailand and further expands the company’s presence in Asia Pacific, following the recent opening of new polyurethane systems houses in Lote Parshuram, India and Zhangjiagang, China.

"This announcement demonstrates Dow’s commitment to our ongoing investment in Polyurethanes in order to bring to our customers a reliable supply of innovative solutions aligned to global trends such as population growth and energy efficiency," said Jane Palmieri, business president, Dow Polyurethanes. "The Rayong facility is an important addition to Dow’s global polyurethanes manufacturing network, further enabling us to deliver industry-leading products that help customers minimise their environmental footprint, while creating lasting social, environmental and economic benefits throughout the entire product life cycle."

"We are living in an era when innovative and effective solutions are needed to address imperative sustainability challenges, including energy consumption and climate change," said Christina Yu, commercial director Asia Pacific, Dow Polyurethanes. "This is particularly important in Asia Pacific where significant population growth and increasing energy consumption is translating to higher demand for energy efficiency solutions, which Dow is best positioned to deliver as the world’s leading material science company."

"This new plant further solidifies Dow’s key manufacturing base in Thailand and is an important milestone in our expansion in Asia Pacific, demonstrating our long-term commitment to the country and the region," said Chatchai Luanpolcharoenchai, president of Dow Thailand. "With this boost in capacity and our advanced technologies, we are better positioned to meet increasingly sophisticated customer demands."

As MRC wrote before, in June 2018, Dow announced its plan to invest in an alkoxylation facility on the US Gulf Coast. Upon completion, this new facility will support global growth in Dow’s core end-markets related to infrastructure and home and personal care, as well as additional end-markets where Dow continues to strengthen its position for the TRITON, TERGITOL, ECOSURF and CARBOWAX SENTRY brands.

The Dow Chemical Company is an American multinational chemical corporation. Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.
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