Reliance resumed PP production at its plant in Hazira

MOSCOW (MRC) -- Reliance Industries Ltd (RIL) has completed turnaround at its one polypropylene (PP) unit last weekend, as per Apic-online.

A Polymerupdate source informed that the company has resumed operations at one of the PP unit following a maintenance on April 27, 2019. The unit was taken off-line on April 16, 2019.

Located at Hazira near Surat in Gujarat, the PP unit has a production capacity of 225,000 mt/year.

As MRC reported earlier, Saudi Aramco’s Chief Executive Officer Amin Nassar said in late February 2019 that the company was in talks with India’s Reliance Industries Ltd for possible investments and was seeking other opportunities in the country.

Reliance Industries is one of the world's largest producers of polymers. Thus, the company produces among others polypropylene, polyethylene and polyvinyl chloride.
MRC

MOSCOW (MRC) -- Italian oil services company Saipem has signed a Preliminary Agreement with JSC GazpromNeft Moscow Refinery and an EPC Contract with Infrastructure Development and Construction (IDC) for an aggregate value of around 500 million Euro, according to Hydrocarbonprocessing.

The Preliminary Agreement in Russia covers the execution on an EPC basis of a new "Sulphur Recovery Unit" (SRU) inside the existing Moscow refinery. The signature of the final EPC Contract is expected to take place by the end of the Second Quarter 2019 on the basis of the main terms and conditions agreed between the parties as an integral part of the same agreement.

The EPC contract in Serbia encompasses the design and construction of about 150 kilometers of gas pipeline and the engineering of the relevant compressor station.

As MRC wrote before, in summer 2018, Saipem was awarded Onshore E&C contracts in Saudi Arabia, Serbia, Mexico, Iraq, and Nigeria worth approximately USD800 million in total. Thus, Saipem was awarded a contract in Saudi Arabia by the national oil company Saudi Arabian Oil Company (Saudi Aramco) for procurement and construction in relation to the "South Gas Compression Plant Pipelines" project for the development of the Haradh gas plant (HdGP), located in the east of the country. The project comes under the Southern Area Energy Efficiency Program.
MRC

MOSCOW (MRC) -- Spanish oil and gas firm Repsol said on Tuesday first quarter adjusted net profit rose 6 percent from a year earlier, as lower oil and gas prices and a production stoppage in Libya were offset by lower costs and a stronger U.S. dollar, said Reuters.

Recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) came in at 618 million euros (USD691 million) in January-March, compared with 583 million euros at the beginning of 2018.

A forecast drawn from analyst estimates provided by the company had pointed to adjusted net income of 566 million euros.

Lower exploration costs pushed up operating income by 122 million euros in the period, Repsol said.

Production fell to 700,000 barrels per day from 726,000 a year ago, primarily due to a halt in production in Libya, lower gas demand in Venezuela, an asset sale in the United States, maintenance activities and the decline of fields.

But the upstream unit was boosted by new wells in the United States, Canada and Colombia, acquisitions in Norway and the start-up of a gas field in Trinidad and Tobago.

The refining margin fell 20 percent to USD5.3 from USD6.6 in the first quarter of last year.
MRC

MOSCOW (MRC) -- Mitsui Chemicals, Inc. (Tokyo) held a groundbreaking ceremony for a new plant within the Ichihara Works (Ichihara City, Chiba) to manufacture hydrocarbon-based synthetic fluid marketed under the name Lucant, said the company.

The new plant is expected to reach commercial operation in February 2021.

Lucant is a hydrocarbon-based, specialty synthetic fluid used primarily as a viscosity modifier. It is used in demanding applications, including automotive driveline, industrial lubricants and greases, and is the approved choice for leading OEMs and global oil marketers. Mitsui Chemicals was the first manufacturer to offer this unique synthetic fluid which boasts industry leading efficiency and durability.

This investment in additional Lucant capacity will allow Mitsui and its strategic partner, Lubrizol Additives Segment, a segment of The Lubrizol Corporation, to meet the evolving and demanding needs of Lubricant market, whilst becoming a more reliable and secure supply partner.

Details about project costs or capacities in terms of tonnes or pounds per year were not disclosed.
MRC

MOSCOW (MRC) -- Huntsman Corp. (HUN) released earnings for first quarter that fell from last year, said the company.

The company's earnings totaled USD119 million, or USD0.51 per share. This compares with USD274 million, or USD1.11 per share, in last year's first quarter.

Excluding items, Huntsman Corp. reported adjusted earnings of USD108 million or USD0.46 per share for the period. Analysts had expected the company to earn USD0.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 11.7% to USD2.03 billion from USD2.30 billion last year.

Huntsman Corp. earnings at a glance:

-Earnings (Q1): USD108 Mln. vs. USD237 Mln. last year. -EPS (Q1): USD0.46 vs. USD0.96 last year. -Analysts Estimate: USD0.40 -Revenue (Q1): USD2.03 Bln vs. USD2.30 Bln last year.

Peter R. Huntsman, Chairman, President and CEO, commented: "While global economic conditions remained challenging in the first quarter of this year, we are pleased with the relative resilience of our core downstream portfolio. The month of March ended slightly better than we projected, and while we remain cautious of certain regions of the world, notably Europe, we see momentum returning to Asia, especially in China. In 2019, we are on course to achieve our second best year ever. We remain focused on delivering consistent strong free cash flow and executing our downstream strategy through strategic investments, new products and continued globalization of recent bolt-on acquisitions. Our balance sheet is strong, our dividend yield is attractive, and we continue our balanced approach to capital allocation, including share repurchases."
MRC