Westlake Chemical Q4 profit falls

MOSCOW (MRC) -- Westlake Chemical Partners LP reported Q4 EPS of USD0.37, USD0.07 worse than the analyst estimate of USD0.44. Revenue for the quarter came in at USD272.87 million versus the consensus estimate of USD288.9 million, said the company.

"We are pleased with the Partnership's performance in 2018. As we enter 2019, we are continuing to reap benefits of the investments made over the past few years to grow our earnings, cash flows and production, including the expansion of OpCo’s ethylene facilities in both Lake Charles, Louisiana and Calvert City, Kentucky, and increasing our ownership interest in OpCo in both 2015 and 2017," said Albert Chao, President and Chief Executive Officer.

"Demonstrated by the resetting of our IDRs and previous drop downs, Westlake has established an ongoing commitment to the Partnership. This has allowed continued distribution growth to unitholders - with distribution growth of over 150% since our IPO just over four years ago."
MRC

MOSCOW (MRC) - Imports of polypropylene (PP) into Kazakhstan decreased by 9% in 2018 year on year and exceeded 32,300 tonnes.
PP exports increased by 29%, reported MRC analysts.

December PP imports into Kazakhstan decreased to 2,700 tonnes against 3,100 tonnes a month earlier, local converters reduced their purchases of PP random copolymer in Russia. Total PP imports into the country exceeded 32,300 tonnes in January - December 2018, compared with 35,400 tonnes in the same time a year earlier. The demand for homopolymer PP increased, while demand for propylene copolymers decreased by one third.

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

December imports of homopolymer PP exceeded 2,000 tonnes from 1,700 tonnes a month earlier, local companies increased their purchasing of homopolymer PP raffia from Russian producers. Overall PP imports of this PP grade exceeded 23,500 tonnes in 2018, compared to 22,300 tonnes a year earlier.

Shipments of propylene copolymers decreased to 637 tonnes in December from 1,400 tonnes in November, local pipes producers reduced their purchasing. Thus, imports of propylene copolymers reached 8,700 tonnes over the stated period, compared to 13,100 tonnes a year earlier. Reducing of the time of the shutdown of a local producer - Neftekhim LTD helped to increase export volumes.

Total PP exports from the country were about 24,600 tonnes in 2018, compared with 19,100 tonnes in 2017. The bulk of Kazakh PP exports was shipped to Russia.


MRC

MOSCOW (MRC) -- Last year's overall imports of unmixed polyvinyl chloride (PVC) into Belarus decreased by 5.6% year on year, totalling 32,600 tonnes, according to MRC's DataScope report.

According to the statistical committee of the Republic of Belarus, local converters significantly reduced their purchasing of PVC in December 2018 under the pressure of seasonal factors. Total imports were 2,600 tonnes, compared to 1,700 tonnes a month earlier.
Thus, imports of unmixed PVC reached 32,600 tonnes in the twelve months of 2018 versus 34,600 tonnes a year earlier, with local windows producers accounting for a decrease in demand.

Russian producers with the share of about 88% of the Belarusian market were the key suppliers of resin to Belarus over the stated period.

Producers from Ukraine and Germany with the share of 6% and 4% were the second and third largest suppliers, respectively.
MRC

MOSCOW (MRC) -- TechnipFMC and DOF Subsea (DOF) announce that the Skandi Olinda, a Brazilian-flagged flexible lay and construction vessel owned by the joint venture formed between TechnipFMC (50%) and DOF (50%), has commenced its 8-year charter contract with Petroleo Brasileiro S.A. (Petrobras), said the company.

Skandi Olinda has state-of-the-art pipelay and marine technology. She has a 340-ton Vertical Lay System tower capacity, a 2,500-ton underdeck carousel, and two work-class ROVs, allowing her to lay flexible pipes in water depths up to 2,500 meters. She was built by Vard Promar Brazilian yard, where her sister ship, Skandi Recife, was also constructed.

Under the TechnipFMC/DOF joint venture agreement, TechnipFMC will manage flexible pipelay, and DOF will be responsible for marine operations.

Arnaud Pieton, President Subsea at TechnipFMC, commented: "We are delighted that the Skandi Olinda is joining our fleet of specialized vessels. This new charter contract with Petrobras reinforces our commitment to the development of the Brazilian market and our extensive ultra-deepwater pipelaying experience. We are looking forward to seeing the vessel delivering projects in the field."

DOF Subsea CEO, Mons S. Aase, said: “The extensive newbuild program of 4 PLSVs*** together with TechnipFMC has combined the subsea and vessel expertise across our organizations. Taking final delivery of Skandi Olinda and commencing the contract with Petrobras marks the successful conclusion of the newbuild program of the joint venture, which now has 6 vessels."
MRC

MOSCOW (MRC) -- Praxair, Inc., a wholly-owned subsidiary of Linde plc, has announced the completion of a major investment project at its Geismar, Louisiana facility, bringing a new plant online that will increase carbon monoxide supply to customers in the Geismar area, said the company.

The plant incorporates a new carbon monoxide purification train with more than 13 million cubic feet per day of capacity. This facility is part of a much larger investment that Praxair has embarked upon in Louisiana and the US Gulf Coast and leverages proprietary technologies to improve the overall efficiency of the site and maintain its long-term reliability and competitiveness.

"Praxair has been an integral part of the Geismar chemical industry for over 50 years and with this latest investment, we are demonstrating our commitment to remaining a reliable and efficient source of industrial gases in the region well into the future," said Dan Yankowski, Praxair’s president of Global Hydrogen.

Carbon monoxide is essential for the manufacture of a wide array of products, such as polyurethane precursors and other specialty chemicals. Hydrogen, carbon monoxide and other gas products required by the local chemical and refining industries were first produced at this site in the early 1970’s. Over the years the site has been expanded and more recently, the Geismar facility has been integrated into a 90-mile pipeline network stretching from Baton Rouge to St. Charles. This latest investment further strengthens Praxair’s ability to reliably serve the increased demand from customers, ranging from world scale refineries to technology leading biofuel companies.

Praxair, Inc., a wholly-owned subsidiary of Linde plc, is a leading industrial gas company in North and South America and one of the largest worldwide. Praxair produces, sells and distributes atmospheric, process and specialty gases, and high-performance surface coatings. Our products, services and technologies are making our planet more productive by bringing efficiency and environmental benefits to a wide variety of industries, including aerospace, chemicals, food and beverage, electronics, energy, healthcare, manufacturing, primary metals and many others.
MRC