MOSCOW (MRC) -- Asia Acetyls Co (Asacco) is in plans to shut its vinyl acetate monomer (VAM) plant for catalyst change, as per Apic-online.
A Polymerupdate source in South Korea informed that the plant is likely to be shut in March 2015. It is likely to remain off-stream for around one month.
Located in Ulsan, South Korea, the plant has a production capacity of 210,000 mt/year.
We remind that, as MRC informed earlier, Dairen Chemical Corporation is likely to shut its No.2 VAM plant in Taiwan for maintenance turnaround on March 1, 2015. It is likely to remain off-stream for around one month. Located in Mailiao, Taiwan, the plant has a production capacity of 300,000 mt/year.
Dairen Chemical Corporation (DCC) is a joint venture between Chang Chun Group (Chang Chun Petrochemical and Chang Chun Plastics) and Nan Pao Resins in 1979. The main function of DCC is to manufacture and supply VAM, a main raw material for production of PVA and PVAc, to parent companies. The first VAM plant with an annual capacity of 85,000 MTY was licensed by Bayer AG (Germany).
MRC
MOSCOW (MRC) -- BP expects to cut spending to USD20 billion this year, compared with previous guidance of USD24 billion to USD26 billion. It spent about USD23 billion in 2014. Some upstream projects such as Mad Dog in the Gulf of Mexico may be deferred, and chemical capacity in the US and Asia may be closed, said Hydrocarbonprocessing.
BP reported better-than-forecast fourth- quarter profit even as oil prices slumped, forcing Europe’s third-largest oil company to cut spending.
Profit adjusted for one-time items and inventory changes dropped to USD2.2 billion from USD2.8 billion a year earlier, the London-based company said in a statement. That beat the USD1.6 billion average forecast of 13 analysts surveyed by Bloomberg. The results were bolstered by income from BP’s 20% holding in Russia’s state-run oil producer OAO Rosneft.
A slump in oil prices to less than USD50/bbl from more than USD100 seven months ago has forced producers to review projects, slash spending and sell assets as they try to safeguard returns to investors. BP's CEO Bob Dudley told staff last week their pay will be frozen this year, while the company cut jobs in the North Sea, Azerbaijan and Trinidad and Tobago.
Even so, the producer reported a USD4.4 billion net loss in the quarter after writing down the value of oil and gas fields because of lower oil prices.
BP expects to cut spending to USD20 billion this year, compared with previous guidance of USD24 billion to USD26 billion. It spent about USD23 billion in 2014. Some upstream projects such as Mad Dog in the Gulf of Mexico may be deferred, and chemical capacity in the US and Asia may be closed, BP said.
BP had a contribution of $470 million from its shareholding in Rosneft, Russia’s largest oil producer. That compares with USD1 billion a year ago and was higher than analysts had expected. BP’s CEO, who’s been in the role since 2010, expects Rosneft to pay out its annual dividend this year.
Dudley was cautious on prospects for a rebound in the oil price. It could be three years before oil comes out of a USD40 to USD60 price range and a "long time" before oil returns to USD100/bbl, he said.
Overall production that includes Russia was 3.214 million bpd of oil equivalent with 3.231 million bbl for the last quarter in 2013. BG Group, the UK’s third-largest oil and gas company, posted a net loss of USD5.03 billion today after reporting impairments of its Australian gas assets.
Royal Dutch Shell, Europe’s largest oil company, last week said fourth-quarter adjusted profit rose to USD3.3 billion from USD2.9 billion and the company cut its budget by USD15 billion over the next three years.
BP is one of the world's leading international oil and gas companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. BP Zhuhai is in plans to start a new purified terephthalic acid (PTA) plant in China. The exact start-up schedule of the plant could not be ascertained. To be located in Zhuhai province, China, the plant will have a production capacity of 1.25 million mt/year.
MRC
MOSCOW (MRC) -- GAIL India said it will convert its liquefied petroleum gas (LPG) recovery unit in Assam, India, to supply C2+ hydrocarbon feedstock for a petrochemical project being set up by Brahmaputra Cracker & Polymer Ltd. (BCPL) in Lepetkata, near Dibrugarh, India, said Apic-online.
Denying media reports that the recovery unit was being shut down, GAIL said the plant was only being converted to supply feedstock to BCPL's petrochemical unit and would continue to function under BCPL.
The Rs 8,920 crore petrochemical complex, which is in the process of being commissioned, includes a cracker to produce 220,000 t/y of ethylene and 60,000 t/y of propylene, as well as a 60,000-t/y polypropylene plant. Operations were originally scheduled to begin by December 2013.
To ensure the project is operational and viable, BCPL has arranged for the supply of natural gas from Oil India Ltd. (OIL) and Oil and Natural Gas Corp. Ltd., and for naphtha from Numaligarh Refinery Ltd. (NRL). Gas available in and around the Lakwa region is also being considered as feedstock for BCPL's complex.
BCPL is a joint venture owned 70% by GAIL and 10% each by OIL, NRL and the Assam government.
MRC
MOSCOW (MRC) -- The Dow Chemical Company announced the completed sale of ANGUS Chemical Company to Golden Gate Capital. The company finalized the divestiture of its Sodium Borohydride business to Vertellus Performance Chemicals LLC and certain of its affiliates.
Together, these previously committed divestitures total more than USD1.4 billion in gross proceeds to Dow and illustrate the company's drive to maximize value across its integrated portfolio - pointing resources toward more strategic uses. Since 2013, the company has signed or completed transactions that are expected to generate USD2.9 billion in proceeds.
The company said that the sale of ANGUS Chemical Company includes the business headquarters and R&D facility in Buffalo grove, IL; manufacturing facilities located in Sterlington, LA and Ibbenbueren, Germany; a packaging facility in Niagara Falls, NY; as well as the associated business, working capital, customer contracts, process technology, business know-how and certain intellectual property.
The divestiture of Sodium Borohydride includes a manufacturing facility located in , the associated business, inventory, customer contracts and lists, process technology, business know-how and certain intellectual property.
The Dow Chemical Company is an American multinational chemical corporation headquartered in Midland, Michigan, United States. Dow is a large producer of plastics, including polystyrene (PS), polyurethane, polyethylene (PE), polypropylene (PP), and synthetic rubber. EBITDA was up 15% in 4Q at USD2.4 bn. Net profits were down 24% at USD734. Dow's sales in 4Q were unchanged on a year earlier at USD14.38 bn. MRC