ExxonMobil Chemical launched technology centre in China

(ICIS) -- ExxonMobil Chemical is planning to increase development of new premium products for Asia by opening a USD 90m (EUR 64m) technology centre it completed over two years in fast-growing China, the company said on Wednesday. The Shanghai Technology Center (STC), inaugurated by ExxonMobil Chemical president Stephen Pryor, aims to help deliver innovative customer solutions, the company said in a statement.

The 27,000sqm facility contains advanced analytical and testing laboratory equipment and commercial-scale product processing equipment, including blown and cast-film extrusion, injection moulding, compounding, and packaging.

The facility is ExxonMobil Chemical's third-largest technology centre in the world. The company has two major technology centres in the US and Europe.

ExxonMobil sees China's petrochemical demand growth outpacing GDP expansion in the next five years. The company plans to continue to invest in the centre in Shanghai to meet future technology-growth needs in the region.

MRC

(Plastemart) -- Sidi Kerir Petrochemicals Co. and two Egyptian government companies plan to invest 7 billion Egyptian pounds (USD 1.18 bln) in an ethylene venture. Sidi Kerir has a license to build a plant with capacity to produce 460 KTa of ethylene, will hold a 20% stake in the new company. The project, scheduled for completion in three years, will be financed by local banks, including National Bank of Egypt, Banque Misr SAE, Commercial International Bank SAE, National Societe Generale Bank SAE, and Arab African Bank, the oil ministry said on its website.

MRC

(ICIS) -- India's Essar Energy has signed a $1.3bn (┬923m) deal to acquire Shell's 270,000 bbl/day Stanlow refinery in the UK, the companies said on Tuesday. The agreement follows Essar's formal offer from February to acquire the refinery near Ellesmere Port, Cheshire. The deal includes oil products and chemicals manufacturing and rights to certain distribution terminal assets, as well as commercial bulk fuels and local marine fuels businesses associated with the refinery.

Not included are Shell's higher olefins plant and alcohols units at Stanlow, a lubricant oils blending plant and Shell's lubricants marketing business.

Also excluded are Shell's UK retail sites; its aviation operations at airports; Shell's non-local marine business; marine lubricants; Shell's commercial road transport marketing businesses; its bitumen marketing business, and its technology centre at Thornton.

The companies expect to complete the transaction in the second half of 2011. Shell said the total consideration for the deal was expected to be $1.3bn. Essar said the purchase price for the refinery would be $350m. On completion, it would make a separate payment for crude oil, refined products and other inventory at the Stanlow refinery site, it said. In February, Essar estimated that payment at about $780m.

MRC

(ICIS) -- The disaster in Japan and rapidly unfolding political upheaval in the Middle East will have significant and perhaps profound influence on US energy supplies and policies, along with near-term trade impact, a top chemicals sector analyst said on Tuesday. Gary Adams, president of Chemical Market Associates Inc (CMAI), told industry executives at the International Petrochemical Conference (IPC) that events in the Middle East and the Japan earthquake and tsunami have raised still more concern among consumers worldwide, and those consumer uncertainties will impact manufacturing.

In the Middle East, Adams noted that the region accounts for 34% of global oil supply, and while the outcome of developing political changes in various countries there cannot be predicted, he said that ⌠the implications for long-term oil prices range from negligible to severe.

He noted that world oil prices were already trending up on the global recovery before the first eruption of political change in Tunisia on 17 December last year. While there was little initial impact on oil prices by that uprising, they did jump $10/bbl when turmoil and revolution began in Egypt on 25 January, driven by worries over possible closing of the Suez Canal.

The 15 February outbreak of revolution in Libya has added still more impetus to the price of crude, with the US benchmark West Texas Intermediate (WTI) crude at around $107/bbl as of Tuesday. Depending on how the political processes unfold in the Middle East, Adams said it could result in more access to the region's energy resources - or a shutdown of some oil and gas assets.

MRC

MOSCOW (MRC) -- The prices for titanium dioxide pigment have started growing sharply in the external markets. There are now offers of old volumes as well as new ones, but for higher prices in the Russian market, according to ICIS-MRC Price forecast.

Early March price offer for the Ukrainian titanium dioxide grew, on average, by 25% to 100 RUB/t. Chinese producers raised the prices for white pigment in April, on average, by USD 400-500/mt. In the Russian market old volumes of titanium dioxide are offered, on average, for 120 RUB/kg but future supplies are offered, on average, by 10 RUB/kg higher.

In large, difference in prices for titanium dioxide is comparatively big in the Russian market. The white pigment form Middle East is offered, on avergae, for 145 RUB/kg, price offer for raw materials from Cronos Titan is within the range 180-210 RUB/kg.

According to market players, this year deficit of titanium dioxide is hardly possible as it was last year. Insufficient offer from Ukrainian, European and American suppliers is expected to be covered at the expense of growing imports from China. On average, only in polymers conversion more than 15 KT of white pigment are used; final consumers are PVC converters.

MRC