Nghi Son Refinery shuts PP unit in Vietnam for maintenance

MOSCOW (MRC) -- Nghi Son Refinery & Petrochemical (NSRP) has undertaken a planned shutdown at its Polypropylene (PP) unit early this week, as per Apic-online.

A Polymerupdate source in Vietnam informed that the company has started turnaround at the unit on October 22, 2019. The unit is expected to remain shut till end-November, 2019.

Located at Nghi son, Vietnam, the PP unit has a production capacity of 400,000 mt/year.

As MRC reported before, NSRP shut its PP unit on 21 June, 2019, owing to technical issues. The exact duration of the shutdown could not be ascertained.

We also remind that Vietnam’s Nghi Son oil refinery officially began commercial production from 14 November 2018, following months of tests. The USD9 billion refinery is 35.1 percent owned by Japan’s Idemitsu Kosan Co, 35.1 percent by Kuwait Petroleum, 25.1 percent by PetroVietnam and 4.7 percent by Mitsui Chemicals Inc.

According to MRC's ScanPlast report, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.
MRC

MOSCOW (MRC) -- The Competition Commission of India has approved Saudi Aramco's planned purchase of a 70% stake in SABIC from the Public Investment Fund of Saudi Arabia in a transaction valued at USD69.1-billion, as per Apic-online.

The acquisition is in line with Aramco's long-term strategy to drive growth through an enhanced downstream portfolio by boosting global participated refining capacity to 8-million to 10-million b/d by 2030 from 4.9-million b/d currently. Of that capacity, 2-million to 3-million b/d will be converted into petrochemical products, Aramco earlier explained.

Aramco said it has no plans to acquire the remaining 30% publicly traded shares in SABIC. An expected closing date was not given.

As MRC informed before, negotiations between Indonesian state energy firm PT Pertamina and Saudi Aramco over a joint venture to upgrade Pertamina’s Cilacap refinery have been extended further until the end of this month.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.

Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco"s value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.

Saudi Basic Industries Corporation (SABIC) ranks among the world's top petrochemical companies. The company is among the worldпїЅs market leaders in the production of polyethylene, polypropylene and other advanced thermoplastics, glycols, methanol and fertilizers.
MRC

MOSCOW (MRC) -- Arkema successfully brought on stream a new 90,000-ton acrylic acid reactor at its Clear Lake, Texas site to support the growth of its North American customers in the superabsorbents, paints, adhesives and water treatment markets, said the company.

Arkema has successfully brought on stream, and on schedule, a new 90,000-ton per year acrylic acid reactor at its Clear Lake, Texas site.

Equipped with the latest production technologies, this new reactor replaces two decommissioned reactors of 45,000 tons each.

This investment of approximately USD90 million positions Clear Lake as one of the most competitive acrylic acid sites in the United States.

This new capacity will enable the Group to support the growth of its North American customers in markets such as superabsorbents, paints and coatings, adhesives, and polymers for water treatment and enhanced oil and gas recovery. This expansion consolidates Arkema’s position as the second largest producer of acrylic acid in the region.

As it was infromed earlier, Arkema is to divest its Functional Polyolefins business to South Korea’s SK Global Chemical for EUR335m. Functional Polyolefins produces ethylene copolymers and terpolymers for the food packaging, cable, electronics and coatings markets.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.

Arkema is a leading European supplier of chlorochemicals and PVC. Kynar and Kynar Flex are registered trademarks of Arkema Inc.
MRC

MOSCOW (MRC) -- Brazilian petrochemical company Braskem SA's director Roberto Lopes Pontes Simoes is slated to take over as board chairman, reported InvestorsHub with reference to the company's statement on Monday.

Mr. Simoes's appointment, succeeding fellow Odebrecht SA appointee Marcelo Moses de Oliveira Lyrio, would open up a seat on the board.

A shareholders' meeting to formalize the appointment & elect a new director is yet to be scheduled.

Sao Paulo-based Braskem has been trying to move on from its involvement in a sprawling corruption investigation known as Car Wash that enmeshed its owners: Brazilian construction conglomerate Odebrecht, the controlling shareholder, and Brazilian oil company Petroleo Brasileiro SA, or Petrobras.

Braskem's American depositary receipts are expected to resume trading on the New York Stock Exchange under its old ticker BAK this week.

The company's ADRs had been trading in New York over the counter since the company failed to meet a deadline to file annual financial disclosure forms with the Securities and Exchange Commission. Braskem has since filed the forms and remediated a series of material weaknesses, including in its anti-corruption compliance program and controls and so-called "tone at the top" shortcomings.

Braskem reported a profit of RD2.87 billion (USD740.2 million) for 2018, compared with RD3.92 million for 2017 and a net loss of RD729.2 million for 2016, according to securities filings.

Net revenue, meanwhile, fell to RD11.57 billion (USD2.99 billion) in 2018 from RD13.08 billion in 2017 and RD12.68 billion in 2016.

In the most recent financial forms filed with the SEC, Braskem noted the possibility of a change in control, given Odebrecht's bankruptcy filing and its attempt to sell its Braskem stake to petrochemicals giant LyondellBasell Industries NV.

As MRC informed before, Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.

Braskem S.A. produces petrochemicals and generates electricity. The Company produces ethylene, propylene, benzene, toluene, xylenes, butadiene, butene, isoprene, dicyclopentediene, MTBE, caprolactam, ammonium sulfate, cyclohexene, polyethylene theraphtalat, polyethylene, and polyvinyl chloride (PVC).
MRC

MOSCOW (MRC) -- Phillips 66 and labor leaders representing workers at its 285,000 barrel per day Bayway refinery in Linden, New Jersey, will resume negotiations next week, reported Reuters with reference to a source familiar with the talks.

However, union workers at the Teamsters Local 877 said they were "preparing for the worst" whether it is a strike or a lockout, and that a date to resume conversations has not yet been decided.

The two sides hit an impasse late last week after failing to agree on changes to the contract expanding the tasks and responsibilities of refinery workers, which some union members deem a safety issue.

A three-year contract was voted down by union members earlier this month, and operations have continued under a 24-hour rolling contract that has been in place since the previous contract expired.

Phillips 66 did not immediately respond to a request for comment.

The Bayway refinery is the largest in operation in the US Northeast following a fire and series of explosions in June that led to the closure of the 335,000-bpd Philadelphia Energy Solutions facility.

Refining capacity in the region has declined over the years as much of the nation’s refining output now comes out of the US Gulf Coast and Midwest.

The union represents about 500 operators at the Bayway facility, which employs around 800 people, according to the company’s website.

If an agreement is not reached, the unionized refinery workers could be subject to a lockout, leaving the company without access to certain union-trained workers who handle emergency response systems.

However, Phillips 66 said in a previous statement that they "maintain qualified emergency response personnel who are not represented by the Teamsters Local 877."

As MRC wrote before, US-based Phillips 66 remains open to developing another ethane cracker for its Chevron Phillips Chemical (CP Chem) joint venture, the refiner's CEO said in March 2018.

Ethylene and propylene are feedstocks for producing polyethylene (PE) and polyprolypele (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,436,390 tonnes in the first eight months of 2019, up by 9% year on year. Shipments of all PE grades increased. At the same time, the PP consumption in the Russian market was 909,260 tonnes in January-August 2019, up by 10% year on year. Shipments of PP block copolymer and homopolymer PP increased.
MRC