Chemical News
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Four killed in PVC explosion Aug 16,2007
15 August 2007 – Four people have been killed and another four injured after an explosion at a PVC resin plant in the city of Sayansk in eastern Siberia. According to Russian media, the blast occurred yesterday at around 5.30am at the Sayanskkhimplast factory owned by PVC manufacturer Sayanskchimplast. Some reports are saying that “criminal ...>>>
OPEC raises world oil demand forecasts Aug 16,2007
August 15, 2007 - OPEC August 14 raised its forecasts of world oil demand and demand for its own crude this year and next. But it warned that the demand outlook was being clouded by a number of "emerging uncertainties," including the extent of the fallout from the housing loans crisis in the US which has already caused volatile swings in global...>>>
Hexion Posts Loss on High Raw Material Prices Aug 15,2007
Hexion Specialty chemicals reported a net loss of $4 million in the second quarter, compared to a net loss of $75 million in the same period last year. Sales rose 10%, to $1.46 billion. “While we experienced ongoing volatility and historically high prices for several key raw materials, such as phenol and urea, our ability to leverage our contractua...>>>
Akzo to Buy ICI for £8 billion Aug 14,2007
Akzo Nobel will acquire ICI for £8 billion ($16.3 billion), or L6.70/share. The offer is a 22% premium to ICI’s closing price of £5.49/share, the last trading day prior to Akzo’s bid. The bid, however, faces opposition from at least one major Akzo shareholder, TPG-Axon, according to a Reuters news report. Akzo CEO Hans Wijers says he is...>>>
Oil prices stabilize at US$71 a barrel Aug 13,2007
Oil prices stabilized at US$71 levels in Asian trading. Light, sweet crude for September delivery steadied at US$71.58 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude settled at US$70.27 a barrel on the ICE futures exchange in London. The previous sessions saw a fall in oil p...>>>
Ruthenium demand to rise Aug 13,2007
Outgoing Anglo Platinum CEO Ralph Havenstein says that there has been significant growth in the demand for ruthenium, particularly for use in hard disk drives, which is expected to continue to have a major influence in the market. Although ruthenium has been used in disks before, it is deposited on newer types of hard disks to increase memory st...>>>
Crude oil futures fall Aug 10,2007
NEW YORK, Aug. 8 (Xinhua) -- Crude oil futures fell on Thursday, as traders took profit at the high price level. Light, sweet crude for September delivery fell 56 cents to 71.59 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery fell 78 cents to 70.21 dollars a barrel on the ICE Futures exchange...>>>
Dow Completes Capital Investment for VERSENE Chelating Agents Aug 09,2007
09 Aug 2007 - The Dow Chemical Company has completed a capital project at its VERSENE(TM) Chelants plant in Freeport, Texas. The undisclosed, significant investment reinforces Dow's commitment to be a reliable supplier of a full range of chelants for current and future demand. "Providing our customers with the highest quality chelating agents, o...>>>
U.S. inventories of crude oil, gasoline drop Aug 09,2007
WASHINGTON, Aug. 8 (Xinhua) -- U.S. commercial crude oil inventories fell sharply last week while gasoline stockpiles also declined unexpectedly, the Energy Department reported Wednesday. In the week ended Aug. 3, the nation's crude oil inventories dropped by 4.1 million barrels to 340.4 million. Analysts were forecasting a decline of 2 mil...>>>
Russian regulator sees decision on free associated gas price soon Aug 08,2007
Moscow --7Aug2007 Russia's federal tariffs service, which regulates prices for the country's natural monopolies, expects to decide on full liberalization of associated gas prices within approximately three months, head of the service Sergei Novikov said Tuesday. "Last week we discussed the issue with all interested ministries and market part...>>>
Methanol production issues leave US traders in wait and see mode Aug 08,2007
Houston --7Aug2007 The US spot methanol market continued to stagnate Tuesday morning as sources were at odds regarding the actual condition of the methanol market. Production problems in both Chile and Trinidad have led to confusion regarding supply side conditions and have stunted trade activity. "The market is holding tenuously right now...>>>
Emerson to digitally automate Fujian Refining and Ethylene Project Aug 08,2007
Emerson Process Management, has been selected to digitally automate the Fujian Refining and Ethylene Joint Venture Project in Quanzhou City, China. The project is the largest integrated refining and petrochemicals project ever undertaken in China and is expected to startup by 2009. Emerson completed front-end engineering and design in September 2...>>>
Tighter US credit endangers risky chem projects Aug 07,2007
HOUSTON --The recent sell-off on US stock markets reflects tightening credit, which could make riskier chemicals projects harder to finance, an officer with a consultant firm said on Monday. The Dow Jones Industrial Average reached 13,321.08 in intraday trading on Monday. While up from 3 August, the index was down 5% from its 2007 record closing...>>>
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...>>>
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