Wanhua Chemical acquired majority stake in Connell Polyurethane

MOSCOW (MRC) -- Wanhua Chemical (Yantai, Shandong / China) acquired not only MDI/TDI process specialist and plant manufacturer Chematur Engineering (Karlskoga / Sweden), but also a majority stake in the smaller Chinese MDI producer Connell Polyurethane, said Plasteurope.

Connell Polyurethane current plans for a 400,000 t/y plant mean that Wanhua would strengthen its leading position and increase its distance from world number two, BASF (Ludwigshafen / Germany).

Wanhua is paying CNY 925m (just under EUR 120m) for Chematur, which has expertise that includes plants for hydrogen peroxide and bioethanol derivatives in addition to MDI and TDI. In 2018, Chematur generated sales of SEK 115m (approximately EUR 10m) and an operating profit of SEK 22.4m.

Connell Polyurethane operates a plant for the MDI precursor aniline in the northern Chinese province of Jilin. Since 2016, additional billion-yuan plans have been in place for MDI production capacities in Fuzhou, Fujian based on Chematur technology. Further plans exist for production capacities for 55,000 t/y of formaldehyde and 360,000 t/y of aniline, for which the authorities have already given the go-ahead and which are scheduled to be operational by 2021. However, construction does not appear to have started yet.

Wanhua operates global capacities totalling 2.75m t/y of MDI and TDI, which is closely followed by BASF with 2.62m t/y excluding the German company JV shares in China. In Europe, the MDI and TDI plants located at Wanhua isocyanate producer BorsodChem (Kazincbarcika / Hungary) are still down for maintenance. However, these are expected to be restarted in mid-August if everything goes according to plan.
MRC

Ineos Styrolution hosted a groundbreaking ceremony for ASA plant in Bayport

MOSCOW (MRC) -- Ineos Styrolution announces that the company hosted a groundbreaking ceremony for its new 100 kt ASA (acrylonitrile styrene acrylate) plant in Bayport, Texas, said Plasticker.

The development of the new site is part of a bigger expansion plan for the Americas, which includes increased ABS (acrylonitrile butadiene styrene) capacity at the Altamira site in Mexico, while transition the ASA production to the new site in Bayport.

The location of the new site was selected based upon its easy access to raw materials, being adjacent to the Ineos Styrolution’s styrene monomer plant, low cost utilities and proximity to major customer markets. The new site is expected to be operational by 2021.

In February 2019, Ineos Styrolution made its first production move into China with the acquisition of two 200,000-tonne polystyrene facilities from Total S.A. The deal, which includes the Foshan site in the Guangdong Province in South China and the Ningbo site in the Zhejiang Province in Eastern China, was agreed in August 2018 and has now received regulatory approval. It also includes two sales offices in Gunagzhou and Shanghai.
MRC

Trinseo announced price increases for copolymers in Europe

MOSCOW (MRC) -- Trinseo and its affiliate companies in Europe announced a price increase for all ABS and SAN grades, said Plasticker.

Effective August 1, 2019, or as existing contract terms allow, the contract and spot prices for the products listed below will increase as follows:

"Magnum” ABS resins by 35 Euro per metric ton

"Tyril" SAN resins by 35 Euro per metric ton

As MRC informed earlier, As MRC informed earlier, Trinseo has received regulatory approval for its planned acquisition of Dow Chemical’s latex production assets in Rheinmunster, Germany. The acquisition, announced in May, was an important initiative in improving Trinseo’s strategic position amid a difficult global macro environment.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.6 billion in net sales in 2018, with 16 manufacturing sites around the world, and approximately 2,500 employees.
MRC

Trinseo announced price increase for polystyrene in Europe

MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex binders and synthetic rubber, and its affiliate companies in Europe announced a price increase for all polystyrene (PS), said the company.

Effective August 1, 2019, or as existing contract terms allow, the contract and spot prices for the products listed below will increase as follows:

"Styron" general purpose polystyrene grades (GPPS) by 50 Euro per metric ton
"Styron" and "Styron A-Tech" and "Styron X- Tech" high impact polystyrene grades (HIPS) by 50 Euro per metric ton

As MRC informed earlier, Trinseo has received regulatory approval for its planned acquisition of Dow Chemical’s latex production assets in Rheinmunster, Germany. The acquisition, announced in May, was an important initiative in improving Trinseo’s strategic position amid a difficult global macro environment.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.6 billion in net sales in 2018, with 16 manufacturing sites around the world, and approximately 2,500 employees.
MRC

Gunvor decides against oil products deal

MOSCOW (MRC) -- Oil trader Gunvor has decided against signing a contract for oil products bought through tenders from Russia’s troubled Antipinsky refinery, three trading sources told Reuters.

SOCAR Energoresource, a joint venture between Russian lender Sberbank and a group of investors, holds an 80% stake in the refinery, which has debt exceeding USD5 billion and has filed for bankruptcy.

Last week, SOCAR Energoresource sold up to 150,000 tonnes of ultra-low sulphur diesel originating from the Antipinsky refinery and loading via the Baltic port of Primorsk over August-September to Gunvor, through tenders, and up to 30,000 tonnes of gasoline AI-80 for delivery in August via the Baltic Sea port of Ust-Luga.

Three trading sources familiar with the tenders said that Gunvor has refused to sign a firm deal since then, as SOCAR Energoresource and Gunvor failed to agree on the terms of the contracts.

Gunvor did not immediately reply to a Reuters request for a comment.

A SOCAR Energoresource spokesman declined to comment, Antipinsky refinery did not immediately reply to a Reuters request for a comment.
MRC