Honam Petrochemical to buy out minority shareholders in subsidiary KP Chemical

(Plastemart) -- As it seeks expansion and revenue growth in Asia, Honam Petrochemical Corp. has planned to buy out minority shareholders in subsidiary KP Chemical Corp. this year. KP Chemical, which is 52% owned by Honam, has production bases in Korea, UK and Pakistan This step will enable to company to grow from its position as South Korea's second-biggest ethylene producer.

Honam, which targets sales of USD 37 bln by 2018 from an estimated 14 trillion won this year, is diversifying its product range. The company is investing in rising demand for low- carbon energy business as governments tighten regulations on emissions. Honam acquired Malaysia's Titan Chemicals Corp. in 2010 for 1.5 trillion won and plans to partner USA's ZBB Energy Corp. to move into the energy -storage business.

MRC

(Plastemart) -- The Punjab Government has decided to strictly implement The Punjab Plastic Bags (Manufacture, Usage and Disposal) Control Act', prohibiting the manufacture, disposal and usage of polyethylene bags from virgin plastic of thickness not less than 30 micron and size not less than 8 X 12 inches and of a colour other than specified. The Council of Minister look forward to a strict implementation of the ban from May 1, 2011.

Every manufacturer of polyethylene would print on each carry bag his name, address, registration number, size, thickness and nature of plastic and codification as per IS :14534 :1998. The Act specified that no person would throw in any drain, ventilation shaft, pipe and fitting connected with private or public drainage or at any public place or in any place open to public view any non-biodegradable garbage or plastic or biodegradable garbage in a non-biodegradable bag. The violation of the act by the manufacturer, carrier, user or unauthorised disposal of the polyethylene would attract imprisonment up to three months.

MRC

(Arabian Oil and Gas) -- Saudi Basic Industries Corporation (SABIC) has slashed Asian Contract Prices (ACP) of mono ethylene glycol (MEG) for May to USD 1.300 per tonne, a USD 100 decrease compared to April prices, according to online portal Argaam.

MEG prices in the spot market have hovered around USD 1.135 per tonne. MEG prices are generally set by three major players in the industry, which include SABIC, MEGlobal and Shell Chemicals.

Shell Chemical ACP prices for May are set at around USD 1.280 per tonne (down USD 120 from April), while MEGlobal ACP prices for May are at USD 1.250 per tonne ( down USD 100 from April).

SABIC is the largest MEG producer in the world, with a production capacity exceeding 5.345 million tonnes per year through its production facilities in Yanbu and Jubail.

MRC

(Arabian Oil and Gas) -- The Organization of Arab Petroleum Exporting Countries (OAPEC)'s director of Technical Affairs, Dr. Samir Elkareish, says effective steps to avoid a future oil crisis must be taken. Dr. Elkareish is one of dozens of high-level experts who will address the Middle East Downstream Week in Abu Dhabi from 8-11 May, where NOCs, IOCs, petrochemical producers, refiners, fuels marketers and distributors in addition to independent oil and gas experts and technology leaders will gather.

The global economic impact of the unrest in the MENA region, in particular Libya, and the resultant rise in the oil price, is expected to be an important point of the discussions at this event. Dr. Elkareish says the risk to the global economy posed by sustained high oil prices is a factor that should not be overlooked: ⌠If tensions in the MENA region die down quickly and the price of oil returns to pre-crisis levels, the global economic recovery will not be affected dramatically. However, if these movements spread, and a collection of countries see deep cuts in oil production, high oil prices could pose a real danger to the global economy.

The largest refiners in the region will attend the Middle East Downstream Week in May where OAPEC's Dr. Elkareish will specifically focus on clean fuels regulations and Arab countries' strategies to improve refined product specifications, including current specifications of refined products in Arab countries and the expected time schedule for meeting international clean fuels standards. He will also address the main reasons why refiners in Arab countries are not able to meet international clean fuel standards in addition to plans already implemented for improving refined product specifications in Arab refineries.

MRC

(Arabian Oil and Gas) -- Qatar's Ras Laffan Industrial City (RLIC) is estimated to have made US$70 billion in investments to date according to its director. Abdul Aziz Jassim Al Muftah said that the city is still pursuing its planning and development programme in infrastructure of its existing industries, future hydrocarbon industries associated with LNG and support services industries.

Speaking with the Qatar News Agency, Al Muftah said that a number of major projects were slated for implementation this year, including a solar technology project to produce polysilicon and the Barzan gas company for supplying gas mostly to the domestic market, and feeding the industrial and desalination requirements.

RLIC continues to expand further with Qatar Petroleum maintaining oversight over its growth, said the director. In an updated plan for the major industrial zone, Al Muftah said that it would be expanded to cover a total area of 295 square kilometres which more than doubles its current size, helping it meet and secure the needs of Qatar's growing hydrocarbons industry over the next 30 years.

MRC