Dow Chemical Company net profit increased to US$2.32bn

(Arabian oil and gas) -- Dow Chemical Company net profit in 2010 has increased to US$2.32bn, up significantly from $676m in 2009, the company said in statement. The fourth quarter 2010 surged to $513m (┬369m), up from $178m in the same period in 2009.


Though the company posted 34% profits increase, it is lower than Saudi Arabia Basic Industries Corp (SABIC), which posted a year over year net profits of $5.75bn, a 138% increased compared to 2009.


Dow attributed this profit increase to the improvement of margins for plastics, performance products and performance systems.


The company continued to invest for growth in 2010. R&D expenses rose 6% versus pro forma spending in the prior year, reaching nearly $1.7 billion.


MRC

Italian oil tanker was hijacked

(Arabian Oil and Gas) -- A maritime security alert has been issued for the Indian Ocean following the hijack in the early hours of February 8 of an Italian-flagged oil tanker the MV Savina Caylyn, owned by Italian company Fratelli D'Amato Spa.


The vessel was seized around 670 nautical miles east of the Indian island of Socotra (closer to the Indian coast than the African coast) as it travelled from Bashayer, Sudan to Pasir Gudang, Malaysia.


Five suspected pirates are reported to have fired small arms and four rocket propelled grenades at the 104,225-tonne vessel in an attempt to intimidate the crew in advance of the boarding. According to the European Union's Anti-piracy task force there are reported to be 22 crew members on board, five Italian and 17 Indian. There is presently no communication with the vessel and no information regarding the condition.


MRC

The Jubail refinery in Saudi Arabia to process up to 400,000 barrels of oil per day when completed

(Arabian Oil and Gas) -- Hertel OTC, the industrial painting and insulation specialist, has won a contract to paint 67,000 m2 of piping and equipment and 26,000 m2 of pipe supports and steel structure as part of the Package 2A of the Jubail export refinery project.


The $1.2 million painting contract has been awarded to Hertel OTC by Nesma & Partners, mechanical contractors at Jubail for Technip, the engineering, procurement and construction contractor.


The Jubail export refinery is expected to process 400,000 barrels of Saudi heavy crude per day to produce high quality transportation fuels and petrochemical for markets in Asia, the Middle East and Europe.


Robert Wakefield, Director Business Development at Hertel OTC, says: ⌠We have been working with Nesma for more than 15 years and are delighted to have this opportunity to work on this landmark project.


It is expected that the Jubail refinery in Saudi Arabia will process up to 400,000 barrels of oil per day when completed.


MRC

Lanxess to increase its prices for compounds

(LANXESS) -- Specialty chemicals company Lanxess AG is to increase its prices for Durethan Compounds (Polyamide Compounds, PA) and Pocan Compounds (Polybutylenterephthalate Compounds, PBT) in Europe, the Middle East and Africa by at least EUR 0.30 per kilogram effective February 14, 2011. This price adjustment has become unavoidable because the costs have risen significantly.


The high-performance plastics Durethan and Pocan are used in numerous applications in the automotive, electrical/electronics and household industries.


The Semi-Crystalline Products business unit belongs to the Performance Polymers segment, which achieved sales of EUR 2.39 billion in 2009.


Lanxess is a leading specialty chemicals company with sales of EUR 5.06 billion in 2009 and currently around 14,700 employees in 24 countries. The company is represented at 45 production sites worldwide. The core business of LANXESS is the development, manufacturing and marketing of plastics, rubber, intermediates and specialty chemicals.


MRC

Asia MTBE prices to rise after the Lunar New Year holidays

(ICIS) -- Asia methyl tertiary butyl ether (MTBE) prices are likely to rise after the Lunar New Year holidays, on expectations of higher regional demand and lower supply because of plant turnarounds, traders said on Tuesday.


Spot values of the octane booster in gasoline were steady at $940-950/tonne (┬696-703/tonne) FOB (free on board) Singapore, supported by healthy demand within Asia despite the absence of the key Chinese market.


China is on a week-long holiday for Lunar New Year between 2-8 February.


Import requirements from China were expected to surge after the holidays, as driving demand in the world's top energy user as well as the number-one global auto market would peak in the next few months, traders said.


Car sales in China rose an annualised 33.2% in 2010 to 13.8m units, according to a Reuters report quoting China Association of Automobile Manufacturers (CAAM).


Meanwhile, Indonesia would use even more gasoline after southeast Asia's biggest economy posted a 6.1% growth for last year, with its fourth-quarter GDP up at 6.9% - the strongest ever in six years.


Spot MTBE premiums in Singapore have been hovering near $30/tonne to market quotes on a delivered basis for the past couple of weeks, they said.


MRC