Romania Government to privatize Oltchim

(Hot News) -- The Romanian Government initiated procedures for the privatization of Oltchim SA Ramnicu Valcea chemical company, the Economy Ministry announced last Tuesday. It showed that according to a draft letter of intention agreed by the Romanian Government with the IMF, World Bank and the European Commission, the Oltchim privatization is due to be launched in the first half of 2012.

Romanian authorities will acquire consultancy services for the process this year. By August, the government will employ an internationally recognized consultant to prepare the privatization, while the bidding for the sale will take place by mid 2012.

The Romanian state, through the Economy Ministry, controls 54.79% of the Oltchim chemical plant. The company debt amounted to 2.289 billion lei by the end of 2010.
MRC

(Arabian Oil and Gas) -- Egyptian petrochemicals producer, Sidi Kerir Petrochemicals (Sidpec), said that production during the recent protests in the country has not been affected, while sales operations have stopped completely.

Curfews have obliged Sidpec to stop sales completely for a few days, the company said in a statement published on the Egyptian stock exchange.

Meanwhile, the company reported that its profits rose 9% in 2010 to US$140.4 million compared to $129 million in 2009. The company attributed this increase to better production rates and an improvement of prices in international markets.

Sidpec was incorporated in 1997, and produces mainly linear low density polyethylene (LLDPE) and high density polyethylene (HDPE) traded under the name ⌠Egyptene.
MRC

(Plastemart) -- Bayer MaterialScience has inaugurated a manufacturing facility for polyisocyanates at Ankleshwar, in the state of Gujarat, India. Polyisocyanates are used as raw materials for the production of polyurethane coatings and adhesives. With the investment of approximately EUR 20 million, the company wants to expand its business in India and to participate in the strong growth of this local market for coatings and adhesives. The plant will produce Desmodur N grades based on aliphatic hexamethylene diisocyanate (HDI). Furthermore, Desmodur L grades will be manufactured from aromatic toluylene diisocyanate (TDI).

The initial capacity amounts to 15 KTa. It will be increased in stages in the coming years in accordance with the predicted growth for polyurethane coatings and adhesives.
MRC

(DSM) -- Royal DSM, the global Life Sciences and Materials Sciences company, today announces that it will start a partnership with Kemrock Industries in India for the production of specialty composite resins in India. DSM and Kemrock together will invest USD 25 million in the joint venture.

With this partnership DSM, one of the leading composite resins providers in the world, will structurally strengthen its presence in India and leverage its depth of technological knowledge and global customer relationships. Both partners will utilize and leverage each other's strengths whereby DSM will focus on the supply of innovative specialized composite resin solutions to the fast growing Indian market while Kemrock will concentrate on the production of high end composite parts.

DSM will hold 51% and Kemrock 49% in a joint venture, which will be based in Pune. In addition to the joint venture, DSM will establish its own local marketing and sales company for composite resins to serve the Indian domestic market.
MRC

(ICIS)--China's plan to build 36m units of government subsidised apartments over the next five years ensures strong demand for construction-related petrochemicals through 2015, analysts said on Tuesday.

The first 10m of the government-subsidised apartments would be built this year, Premier Wen Jiabao said on Sunday in an online chat session with users of Xinhua.net, a state-owned web-based news organisation.

Petrochemicals such as polyvinyl chloride (PVC), polyethylene (PE) and polypropylene (PP) were expected to benefit from the planned robust construction activities, analysts said.

⌠China is a key market for petrochemicals in Asia, with the country's domestic supply still lagging demand due to delays in start-up of a number of projects since 2008, analysts said.

MRC