Polychem to shut 96,000 mt/year monoethylene glycol line due to poor margins

MOSCOW (MRC) -- Polychem Indonesia plans to shut its 96,000 mt/year monoethylene glycol (MEG) line at Serang in Java next week, without a confirmed restart timeline, in response to poor margins, as per Apic-online.

The company has another 145,000 mt/year MEG line at Serang that is currently running well.

We also remind that, as MRC informed before, in January 2019, Toyo Engineering Group (TOYO) was awarded a contract of acrylic acid production plant with capacity of 100,000 tons/year in Cilegon, Banten, on the western tip of Java, Indonesia from PT. NIPPON SHOKUBAI INDONESIA (NSI), Indonesian subsidiary of NIPPON SHOKUBAI CO., LTD.

PT. Polychem Indonesia Tbk engages in the chemical, polyester, and nylon businesses. The company operates through Polyester, Petrochemical, and Fishing Net Yarn segments. It offers mono ethylene glycol for polyester synthetic fiber manufacturers and polyester terephtalate resin producers; and di ethylene glycol, tri ethylene glycol, ethoxylate products, and petrochemicals. The company also provides polyester chips, partially oriented yarn, polyester staple fibers, and drawn textured yarn; nylon yarn for the production of tire cords, nets, ropes, fabrics, and reinforcing materials in fan belts and hoses; and nylon-6 chips that is used as a raw material in yarn, mono filament, and various other plastic industries. The company markets its products in Asia, the United States, Europe, the Middle East, Latin America, Canada, and Africa. PT. Polychem Indonesia Tbk was founded in 1978 and is headquartered in Jakarta, Indonesia.
MRC

MOSCOW (MRC) -- Element Solutions Inc announced the promotion of Carey J. Dorman to Chief Financial Officer of Element Solutions, said the company.

Additionally, the Company announced it will hold an investor day on May 20, 2019 in New York City. Benjamin Gliklich, Element Solutions’ Chief Executive Officer said, "As we streamline Element Solutions into a more efficient organization, we are reorganizing to consolidate our global finance functions. In that context, I am pleased to be welcoming Carey into his new role, while also thanking his predecessor John Connolly for his significant contributions. Since 2016, John has worked tirelessly to improve our Company. He has succeeded at that task. We owe many of our best practices and successful initiatives to his leadership and the terrific team he has built. We are very thankful for John’s service to the Company."

Gliklich added, "Carey has been a strong contributor in many roles since joining in 2015. He has helped drive productive change and been a close partner to me and the rest of the executive leadership team over that time. Carey brings high-quality experience, institutional knowledge and an exciting forward vision to the CFO role. With the capable and experienced team behind him, I am confident that Carey will drive strong execution. We are looking forward to introducing you to Carey in this new capacity and our broader leadership team at our investor day on May 20."

Mr. Dorman joined Element Solutions in 2015 and has served in a number of corporate finance and other leadership roles, with responsibility for capital markets, corporate development, financial planning, investor relations and merger integration. He has served as Element Solutions’ Corporate Treasurer since February 2018. Prior to joining Element Solutions, Mr. Dorman held investment and corporate finance positions at Taconic Capital Advisors and Goldman Sachs.

In addition, the Company has made several other organizational changes in recent weeks as Element Solutions finalizes its new leadership team. These changes include the internal promotions of its new head of human resources and its chief accounting officer, among others.
MRC

MOSCOW (MRC) -- SIBUR presented its Elastomer portfolio at the Tire Technology Expo 2019, Europe’s most significant tire manufacturing technological exhibition and conference, said the company.

Europe is a core market for SIBUR Elastomers sales as the company serves its valuable customers with wide range of products, thus, the region accounts for a half of SIBUR’s total elastomers exports.

During the exhibition SIBUR presented its new solution-styrene-butadiene synthetic rubber modification grade SSBR 2560F TDAE and poly-butadiene BRNd HV (High Viscosity) rubber. These grades were developed in joint cooperation with European tire companies aimed to provide sophisticated high-performance tires’ consumer properties currently in demand particularly by the advanced European market. The grades were widely marketed worldwide. These grades cement SIBUR’s position as one of the global leading Elastomers producers.

“The partnership with SIBUR provides European customers a variety of advantages that ensure a stable supply owing to SIBUR feedstock integration and its rich resource base, European high quality standards, a wide range of product portfolio for different applications and industries, JIT delivered from European warehouses, are the most positive experience of long-term relationships”, said Mr. Pavel Rodionov, Elastomers Sales Director of SIBUR’s Plastics, Elastomers and Organic Synthesis division.

Furthermore, corporate R&D centers and customers’ technical support services satisfy all needs of every customer.
MRC

MOSCOW (MRC) -- Mexico will delay the construction of the Dos Bocas refinery and instead funnel the USD2.5 billion earmarked in 2019 for the project into state oil firm Pemex, Arturo Herrera, Mexico’s deputy finance minister, told the financial Times in an interview, reported Reuters.

As MRC informed earlier, this week, Mexican Energy Minister Rocio Nahle said the oil refinery that the new administration seeks to build will cost between USD6 billion and USD8 billion and could be ready in three years.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene (PE), polypropylene (PP), polystyrene (PS).
MRC

MOSCOW (MRC) -- Total SA has restarted the gasoline-producing unit and shut the gasoline hydrotreater at its 225,500 barrel per day (bpd) Port Arthur, Texas, refinery, reported Reuters with reference to sources familiar with plant operations.

The 76,000 bpd gasoline-producing fluidic catalytic cracking unit (FCCU) was shut on Thursday for repairs, originally expected to take five days to complete.

The 50,000 bpd gasoline hydrotreater is being upgraded during the shutdown, the sources said.

As MRC wrote previously, in December 2017, Total inaugurated the new units at its Antwerp integrated refining & petrochemicals platform, which had progressively started up in the previous few months.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
MRC