GTT receives an order from Hyundai Heavy Industries for the design of the tanks of two new LNG Carriers

MOSCOW (MRC) -- GTT has received an order from the Korean shipyard Hyundai Heavy Industries (HHI) for the tank design of two LNGCs on behalf of a European shipowner, said Gasprocessingnews.

Each vessel will offer a capacity of 174,000 m3. GTT will design the tanks of the vessels, which will be fitted with the Mark III Flex membrane containment system. Deliveries of the vessels are scheduled for the fourth quarter of 2022 and the third quarter of 2023 respectively.

Philippe Berterottiere, Chairman and CEO of GTT, declared: "We are pleased with the confidence placed in us by HHI, a partner with whom GTT has developed a long-term collaboration."

As MRC informed earlier, ADNOC LNG has signed up to a six-year supply agreement with Vitol, the world’s largest independent energy trader, for the sale of 1.8 MMtpy of post-2022 LNG volumes and a two-year supply agreement with Total for 0.75 MMtpy of 2021 and 2022 LNG volumes.

As MRC informed earlier, ADNOC announced it has completed the first phase of its large-scale multi-year predictive maintenance project to maximize asset efficiency and integrity across its upstream and downstream operations.

As MRC reported previously, in early May, 2020, Abu Dhabi National Oil Company (ADNOC) began a gradual restart of its Ruwais oil refinery complex after a scheduled maintenance shutdown. The Ruwais complex, which has capacity of 835,000 barrels per day, was shut down early this year, the ADNOC spokesman said.

And in late July 2019, ADNOC said its Ruwais refinery west cracker was offline for maintenance.

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

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high density polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, excluding producers" inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.
MRC

Arkema completes acquisition of Colorado Photopolymer Solutions

MOSCOW (MRC) -- Arkema has completed the acquisition of Colorado Photopolymer Solutions (CPS), a US-based provider of photopolymer formulation services, according to Kemicalinfo.

The deal was completed earlier this month. The financial terms of the deal have not been disclosed.

CPS is a developer and marketer of value-added, formulated photopolymer resin solutions for energy curing technology, especially for three-dimensional (3D) printing markets.

Its formulation and materials design expertise, supported by ‘strong innovation capabilities’, will enable photocure resins and photoinitiators leader Sartomer to further support its customer base and other partners.

According to Arkema, the acquisition aligns with its strategy of becoming a pure speciality materials player by the year 2024.

“The project will foster the development of an integrated offering of customised and formulated additive manufacturing solutions to accelerate the design of turnkey solutions for the 3D printing market,” Arkema said in a press statement.

“The deal would complement Sartomer’s expertise, as well as resin solutions,” it added.

As MRC reported earlier, Arkema said in June, 2020, that it had finalized the divestment of its functional polyolefins business to SK Global Chemical. The divestment was announced last year. Arkema says the sale forms part of its strategy to refocus the group’s activities on specialty materials.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,760,950 tonnes in the first ten months of 2020, up by 3% year on year. Only high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased. At the same time, PP shipments to the Russian market reached 978,870 tonnes in January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.

Arkema is a global manufacturer in specialty chemicals and advanced materials, with 3 business segments - High Performance Materials, Industrial Specialties, and Coating Solutions - and globally recognized brands. The Group reports annual sales of EUR8.8 billion. Buoyed by the collective energy of its 20,000 employees, Arkema operates in close to 55 countries.
MRC

Petro Rabigh appoints new CEO

MOSCOW (MRC) -- Saudi Arabia’s Petro Rabigh, the 50:50 joint venture between Saudi Aramco and Japan's Sumitomo Chemical, said on Sunday it had appointed Nasser al-Mahasher as president and chief executive after the resignation of Abdullah bin Saleh al-Suwailem from the position, reported Reuters.

According to the statement, al-Mahasher was previously chief executive of S-Oil Corporation, a South Korean-headquartered petroleum and refinery company.

The change will become effective from September 1, PetroRabigh added.

As MRC wrote previously, Petro Rabigh completed all construction works for capacity expansion at its ethane cracker in late March 2016, after which the cracker's capacity rose to 1.6 million mt/year from 1.3 million mt/year. The expanded cracker began production in late April, 2016.

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

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,760,950 tonnes in the first ten months of 2020, up by 3% year on year. Only high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased. At the same time, PP shipments to the Russian market reached 978,870 tonnes in January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.

PetroRabigh, a joint venture between Saudi Aramco and Japan's Sumitomo Chemical, has an annual output capacity of 18 million tonnes of refined products and 2.4 million tonnes of petrochemicals. Thus, the complex currently has a cracker to produce 1.6-million t/y of ethylene, as well as downstream production of polyethylene, polypropylene, propylene oxide, ethylene glycol and butene-1.
MRC

Hyosung to double spandex fiber capacity in Brazil

MOSCOW (MRC) -- Hyosung (Seoul, South Korea) says it will invest USD36 million to almost double existing production capacity at its spandex fiber plant in Santa Catarina, Brazil, reported Chemweek.

The 10,000-metric tons/year capacity expansion for the facility in southern Brazil will be completed by December 2021, raising the plant’s total capacity to 22,000 metric tons/year, it says. The capacity hike will help to meet a “rapid rise” in demand for the synthetic fiber in the Americas, it says.

“In the Brazilian market, the import tariff rate for spandex is as high as 18%, which is more than double the rate applied in other regions. Therefore, a local production base is essential for maintaining price competitiveness,” according to Hyosung. Brazil’s location is also advantageous for export to nearby countries, it says. The company first established a production base in Brazil in 2011 and currently holds a market share in Brazil of 65%.

“The unprecedented risk caused by Covid-19 has aggravated uncertainty and accelerated the speed of change,” says Hyosung chairman Cho Hyun-joon. “In times of change, we must turn crisis into opportunity by continuously investing in our future.”

Hyosung, the world’s leading producer of spandex, also says it decided in November to invest 60 billion South Korean won (USD55 million) to expand production capacity at its existing 25,000-metric tons/year spandex plant in Turkey to target the market in Europe. The expansion will be completed by the third quarter of 2021 and raised the plant’s capacity to 40,000 metric tons/year.

The company produces approximately 340,000 metric tons/year of spandex fiber, one third of current global demand.

As MRC wrote previously, following the start-up at the newly constructed PP plant in Vietnam on 12 February 2020, it was reported that Hyosung reached on-spec cargoes approximately in mid-February. The first prime grade parcels were homo-PP yarn grade F501N with a melt index of 3.7.

This is the No. 1 PP unit that has an annual capacity of 300,000 tons/year, operating using external sources of propylene. The company is constructing the Phase II project at the same location, which houses a propane dehydrogenation (PDH) plant and No. 2 PP unit that could produce another 300,000 tons/year.

According to MRC"s ScanPlast report, PP shipments to the Russian market reached 978,870 tonnes in January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.

Hyosung Corporation is a Korean industrial conglomerate, founded in 1957. It operates in various fields, including the chemical industry, industrial machinery, IT, trade, and construction.
MRC

Huntsman to acquire Gabriel Performance Products for USD250 million

MOSCOW (MRC) -- Huntsman (The Woodlands, Texas) has agreed to acquire specialty chemicals firm Gabriel Performance Products (Akron, Ohio) for USD250 million in cash from Audax Private Equity. Gabriel, a manufacturer of specialty additives and epoxy curing agents for the coatings, adhesives, sealants, and composite end markets, has three manufacturing facilities located in Ashtabula, Ohio; Harrison City, Pennsylvania; and Rock Hill, South Carolina, said Chenweek.

Gabriel’s 2019 revenues were about USD106 million, according to Huntsman, which says the purchase price is about 11x adjusted EBITDA, or 8x pro forma after accounting for synergies. Huntsman expects to close the deal in the first quarter of 2021.

Scott Wright, president of Huntsman's advanced materials division, says the acquisition will broaden Huntsman’s specialties portfolio and complement the recent acquisition of CVC Thermoset Specialties. “Gabriel makes highly specialized toughening and curing agents and other additives used in a wide range of composite, adhesive, and coatings applications,” he notes. “We expect that the Gabriel business will strengthen our North America footprint and provide significant commercial synergies as we expand and globalize their specialty products across our global footprint and customer base."

Huntsman acquired CVC for about USD300 million in May 2020. Peter Huntsman, chairman, president, and CEO, says the purchase of Gabriel concludes a series of strategic initiatives in the advanced materials division that began in 2019.

"Our initial intent was to complete the acquisitions of Gabriel and CVC simultaneously, together with the divestiture of our India DIY business earlier this year,” he says. “Despite the challenges created by COVID[-19], I am pleased that we have already closed on two of the transactions and intend to close on the acquisition of Gabriel within the first quarter of 2021. We have significantly strengthened our advanced materials portfolio and broadened our offerings to the market."

Combined, the three transactions will add approximately USD57 million of adjusted EBITDA pro forma for synergies to the advanced materials division at a cost of less than 5x EBITDA, says Huntsman. Gabriel in late 2015 acquired InChem’s phenoxy resin business, including the Rock Hill production facility. In October 2019, the company acquired a portfolio of alkyd resins from Deltech Resin Company.

As MRC informed earlier, Huntsman’s Advanced Materials business is proud to announce the expansion of our Pan-American business relationship with our preferred distribution partner, Azelis Americas CASE, LLC in the US and Azelis Canada, Inc. in Canada.

We remind, Huntsman officially inaugurated its new 22,000 tonne/year aromatic polyester polyols plant in Kuan Yin, Taiwan. The 3,600-square meter polyols plant, completed in May, expands Huntsman’s downstream polyurethanes capabilities in the Asia-Pacific region and marks the first time Huntsman has manufactured its TEROL polyols outside the United States.

Ethylene and propylene are feedstocks for producing PE and PP.

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,760,950 tonnes in the first ten months of 2020, up by 3% year on year. Only high density polyethylene (HDPE) and linear low density polyethylene (LLDPE) shipments increased. At the same time, PP shipments to the Russian market reached 978,870 tonnes in January-October 2020 (calculated using the formula: production minus exports plus imports minus producers' inventories as of 1 January, 2020). Supply of exclusively of PP random copolymer increased.

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2019 revenues of approximately USD7 billion. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 70 manufacturing, R&D and operations facilities in approximately 30 countries and employ approximately 9,000 associates within our four distinct business divisions.
MRC