Chemical News
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LUKoil dismisses charges of price fixing in U.S. Aug 07,2007
MOSCOW, August 6 - LUKoil [LKOH], has denied charges of price-fixing in collusion with Saudi Arabian and Venezuelan companies, a spokesman for Russia's largest crude producer said Monday. Russian business daily Kommersant reported that U.S.-based Green Oil had filed a claim against LUKoil, Saudi company Aramco, and state-owned Venezuelan produ...>>>
Oil prices dip below US$75 a barrel Aug 07,2007
Oil prices dipped below US$75 on Monday in Asia. This dip is in continuity to the decline prompted on Friday by news of a cooling U.S. job market. The contract declined US$1.38 to settle at US$75.48 a barrel Friday after the U.S. Labor Department reported the U.S. unemployment rate rose to 4.6% in July, a six-month high. These figures suggest that ...>>>
Steel, ferrous scrap, manganese ore, grain underpin Panamax rates Aug 28,2007
Steel exports from France to South Korea, ferrous scrap out of the US and northern Europe to the eastern Mediterranean and manganese ore and grain cargoes from South America are helping to keep Panamax freight rates in the Atlantic very firm, according to ship brokers.>>>
Industries Minister resizes chemical hub at Haldi Aug 28,2007
West Bengal Chief Minister had quoted that 4,000 acres of government land would be added to the plots on which Haldia Petrochem and Mitsubishi plants are located to make it a 10,000 acre chemical hub, considerably downsizing the plot as compared to originally planned. Interestingly, barely forty hours later, state industries minister denied any dow...>>>
European Commission clears Ineos' proposed acquisition of Borealis' Norway operations Aug 28,2007
The European Commission has cleared British chemicals company Ineos' proposed E290 mln acquisition of Borealis' operations in Norway. Ineos is a British company active in the production and distribution of specialty chemicals. Borealis Norway consists of polyolefin production facilities and 50% of Noretyl AS, a joint venture that operates a gas cra...>>>
Indorama Polymers to invest US$160.6 mln in AlphaPet Inc. plant in USA Aug 28,2007
Thailand-based Indorama Polymers Group has announced an estimated US$160.6 mln as initial investment in AlphaPet Inc. plant in USA. Construction is expected to begin in October this year, scheduled for completion in September 2009. The plant, with a capacity to produce 432,000 tpa, will be the largest producer of polyethylene terephthalate (PET) in...>>>
CB&I to buy out Lummus Global Aug 28,2007
Chicago Bridge & Iron Co NV has agreed to acquire ABB's Lummus Global business, for an enterprise value of $950 million on a debt and cash free basis, subject to adjustments at closing. The acquisition is expected to close in Q4-2007, subject to shareholder and customary regulatory approvals. Lummus Global is a leading provider of process techno...>>>
Chemtura urethane price increase for Europe, Africa, Middle East Aug 06,2007
06 Aug 2007 - Effective September 1, 2007, or as contracts permit, Chemtura Europe will increase selling prices of most urethane prepolymers and curatives by EUR 0.20/kg in Europe, the Middle East and Africa. These changes are directly related to continuously escalating costs for raw materials, energy and transportation. >>>
NYMEX crude firms in usual Friday rally Aug 06,2007
New York --3Aug2007 NYMEX September crude futures on the Chicago Mercantile Exchange's Globex system were 35 cents higher at $77.21/barrel Friday, in a familiar rally ahead of the weekend. There was no news behind the latest push higher. "Fridays during hurricane season tend to be strong trading sessions, as shorts cover ahead of possible wee...>>>
ISO New England study sees continued reliance on gas-fired plants Aug 03,2007
Charlottesville, Virginia --2Aug2007 New England's heavy dependence on gas-fired plants is likely to continue, with fossil fuel costs driving electricity prices and emissions levels, according to a report released Thursday by ISO New England. The final New England Electricity Scenario Analysis is an eight-month study of how future resource ch...>>>
Polyplex to expand capacities at India, Thailand plants Aug 03,2007
New Delhi --2Aug2007 India's Polyplex Corp. is to set up new production lines for 38,000 mt/year biaxially oriented polypropylene film, 7,600 mt/year cast polypropylene film and 4,000 mt/year metallizer for CPP at its existing plant at Rayong in Thailand, and a 38,000 mt/year BOPP unit at Khatima in north India by March 2009, the company said i...>>>
Sinopec: no oil supply shortage in S China Aug 03,2007
BEIJING, Aug. 2 -- There is no oil supply shortage in South China, including Guangdong Province, Asia's top refiner Sinopec said Wednesday in a rebuttal to recent media reports. "Our own filling stations have enough oil supply for consumers' use. We do not see an oil product shortage at all," Sinopec spokesman Huang Wensheng said Wednesday. ...>>>
NYMEX crude opens 28 cents lower, extending Wednesday's losses Aug 03,2007
New York --2Aug2007 September crude futures on the New York Mercantile Exchange opened 28 cents lower at $76.25/barrel Thursday, extending Wednesday's losses which were precipitated by the weekly US oil data. A larger-than-expected 6.5 million barrel drop in US commercial crude stocks was overwhelmed by inventory builds in distillates and gasol...>>>
Canadian oil industry profits seen tumbling in 2007 Aug 03,2007
OTTAWA -- Spiraling costs will cause profits in Canada's oil industry to "plummet" almost 25% this year before recovering in 2008, a new report from the Conference Board of Canada shows. "Lower oil prices earlier in the year and rapidly rising industry costs will cut into industry profits in 2007," said Louis Theriault, director, Canadian industr...>>>
Dow announces price increase on caustic soda for US customers Aug 28,2007
Dow Chemical Company will implement a price increase on caustic soda for US customers, the company announced via press release Monday. Dow will increase off schedule selling prices for both membrane and diaphragm grades of caustic soda by $30/dry short ton. The price increase was said to be effective immediately or as contracts allow. ...>>>
Official: Malaysia's resilient economy to withstand impact of high oil prices Nov 23,2007
KUALA LUMPUR, Nov. 22 (Xinhua) -- Malaysia's resilient economy will enable the country to withstand challenges arising from the current soaring global crude oil prices, Second Finance Minister Nor Mohamed Yakcop said in Putrajaya, the administrative center of Malaysia on Thursday. The government was not too concerned about the situation because...>>>
BASF to delist from New York Stock Exchange Aug 01,2007
31 July 2007 - BASF is to file for voluntary delisting of its American Depositary Shares from the New York Stock Exchange. The delisting is expected to become effective on 6 September when the company’s American Depositary Receipts will no longer be traded. The ADR program will be maintained, however, so that investors will not need to exchange ...>>>
Average price for Urals oil exceeds $74 per barrel in July Aug 02,2007
MOSCOW, August 1 - The average price of Urals oil hit $74.24 per barrel in July against a record $69 last July, a source in the Russian economics ministry said Wednesday. The source said oil prices in July and August would allow the ministry to see if the Russian federal budget is on track to meet its targets, and whether there will be any inc...>>>
Crude prices decline after hitting new high Aug 02,2007
NEW YORK, Aug. 1 -- Crude prices declined Wednesday after hitting a new record on the government's report of a deep drop in crude inventories and surge in refinery activity. The Energy Department's Energy Information Administration reported that oil inventories fell by 6.5 million barrels last week, far more than expected. Light, sweet cru...>>>
Russia plans strategic program for chemical, petrochemical sectors Nov 23,2007
The Russian government has approved of a strategy for the development of the chemical and petrochemical industries up to 2015. The government has approved the basic provision of the strategy, and the document should be officially endorsed before 2008. The Industry and Energy Ministry have been tasked with taking into account issues discussed at the...>>>