March polymer grade propylene contracts settled at 72.5 cents/lb

(ICIS) -- Several US market participants have agreed to settle March polymer grade propylene (PGP) contracts at 72.5 cents/lb ($1,598/tonne, ┬1,167/tonne), a 5 cent drop from February, sources said on Wednesday. However, some sellers were still pushing for a higher price than the initial settlement, a buyer said.

Initial chemical grade propylene (CGP) settlements were heard at 71.0 cents/lb, down from 74.0 cents/lb in February.

The CGP seller that settled separately at 70.0 cents/lb in February would move up to 71.0 cents/lb under the initial March settlement, sources said.

The initial settlements represent a more conservative decrease than many downstream market watchers had forecast.

Over the past week, polypropylene (PP) buyers and sellers cited expectations of a 5-10 cent/lb drop on March contracts. US PP demand was hammered by a 17 cent/lb contract increase in January, with February US PP operating rates estimated to be lower than 70%.

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(Arabian Oil and Gas) -- The current rise in global crude oil prices could see Iraq add as much as US$8 billion to its coffers, Aswat Al Iraq reported the Secretarty-General of Iraq's Council of Ministers as saying. "The increase of the crude oil prices in the world shall add more than $8 billion to the Iraqi budget this year, Ali Al-Allaq told Al-Sabah newspaper on Tuesday. He said that the extra cashflow would add to the budget to implement the various projects the country has planned.

"If we suppose that the increase on each barrel of oil shall add $10 to its price, assigned in the current budget, being $76 per barrel, the expected increase for this year shall reach US$7.2 billion dollars," Allaq said. He added that the Iraqi government expects this budget figure to increase.

Iraq's current oil production stands at 2.5 million bpd, with exports on average at 2 million bpd, however production is expected to rise to 3 million bpd by the end of this year. Iraq has not exported 2.2 million bpd oil since the 2003 invasion.

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(DuPont) -- DuPont Photovoltaic Solutions announced the introduction of DuPont PV5400 series thin ionomer-based encapsulant sheets designed to protect sensitive thin film solar modules, while offering manufacturers new ways to cut costs, speed throughput and deliver more power over the life of each unit. This is the latest of several recent additions to the company's already broad and growing portfolio of photovoltaic (PV) solutions developed in line with the company's aim to help reduce the world's dependence on fossil fuels.

DuPont offers the solar industry's widest range of encapsulants for traditional and thin film photovoltaic module design. DuPont PV5400 series ionomer-based encapsulants are the latest in a broad and growing portfolio of products represented by DuPont Photovoltaic Solutions, which connects science and technology from across the company on a global scale to help support the dramatic growth in the photovoltaic industry.

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BASF is the world's leading chemical company. Its portfolio ranges from chemicals, plastics, performance products and agricultural products to oil and gas. BASF posted sales of about ┬63.9 billion in 2010 and had approximately 109,000 employees as of the end of the year.

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The credit line was well received in the market and closed significantly oversubscribed, underlining Bayer's strong standing in the bank market and its high-quality credit profile. In total, 29 institutions committed to the Facility.

Bayer is a global enterprise with core competencies in the fields of health care, nutrition and high-tech materials. In fiscal 2010, Bayer employed more than 110,000 people and had sales of ┬35.1 billion. Capital expenditures amounted to ┬1.6 billion, R&D expenses to ┬3.1 billion.

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