Formosa Plastics U.S.A. doubles its expansion project

(CENS) -- Formosa Plastics U.S.A. will expand the annual capacity of ethylene of its naphtha cracking complex by 800 KT, from the original plan of 450 KT, with the investment amount exceeding USD 1.5 bln, much higher than USD 900 mln originally, said Li Chih-tsun, chairman of Formosa Plastics, yesterday (July 28).


The expansion project is for the third naphtha cracker of Formosa Plastics U.S.A., which embraces shale gas as raw material, different from the first and second naphtha crackers, which use naphtha as raw material. Following the completion of the expansion project, by 2015 at the latest, Formosa Plastics U.S.A. will boast annual capacity of 2.42 million metric tons of ethylene and 1.24 million metric tons of propylene, compared with 3 million metric tons of ethylene and 2.37 million metric tons of propylene of Formosa Plastics Group`s petrochemical complex in Mailiao offshore industrial zone, Yunlin County.


The expansion project will take place at the Point Comfort production base in Texas and is expected to be approved by 2012. In addition to ethylene and propylene, it also involves the production of downstream EVA.


MRC

ICIS-MRC issued polystyrene price report

(ICIS-MRC) -- ICIS and specialist Russia-based benchmark price provider Market Report Company (MRC) have joined forces again to bring you a weekly polystyrene (PS) price report for the Commonwealth of Independent States (CIS) and international markets. The report combines MRC knowledge of local CIS markets and ICIS expertise on European and Asian markets, giving local and global insight.

The PS price report includes an aggregated price for the product that can be used for settling contracts, as well as detailed information by brand. The report covers domestic prices, import prices, market news, report methodology, 12 month price history for Russia and Ukraine as well as market commentary on each CIS market Europe and Asia.


Now the Russian market of HIPS and GPPS are mostly provided by domestic producers. The market of EPS is presented mostly by the Asian products, as per MRC analyst Roman Lugovskoy. He says, that separate Russian producers intend to substitute a part of import supplies in the nearest time.


The report is available in both English and Russian, with domestic and import price assessments provided by locally-based editors in touch with all key players in the market.


The reports are best used to understand price drivers and fluctuations in domestic CIS markets, and on a global scale, as well as the resulting impact on the CIS market, also to develop detailed analysis from price history, data and graphs to support commercial decision-making.


The joint portfolio of ICIS and MRC also includes: PE, PVC and PP.


MRC

Asian benzene hit the highest seen in almost three months

(ICIS) -- Asia's benzene values hit the highest seen in almost three months on the back of rising downstream styrene monomer (SM) prices in this region and an overnight hike in US benzene prices, said traders and producers on Friday.


Spot benzene values were assessed at USD 1.210-1.220/tonne (EUR 847-854/tonne) FOB (free on board) Korea at 12:00 hours Singapore time on Friday, USD 15-20/tonne up from the previous day's close and the highest seen since early May 2011.


Two deals were reported on Friday morning at USD 1.210/tonne FOB Korea for September and at USD 1.220/tonne FOB Korea for October shipment. Bids for prompt September cargoes reached USD 1.205-1.210/tonne FOB Korea, amid limited offers.


The spike in US prices could be also due to expectations about the tightening of supply later this quarter, following limited exports from Asia in June-July, said some traders. The US market is also watching the hurricane season closely and its possible impact on production there, they added.


Meanwhile, sentiment in the Asian benzene market was well supported by the spike in the region's SM values to above USD 1.500/tonne CFR (cost & freight) China, said traders. Some are hoping this price increase will translate to better demand from this key sector in the near term, they added.


MRC

Bechtel Corporation and Linde AG to build ethylene cracker plants in North America

(Reuters) -- Bechtel Corporation and Linde AG announced today they will work together to expand and build ethylene cracker plants in North America. The combination of Bechtel's unmatched engineering, procurement, and direct-hire construction (EPC) capabilities and Linde's proven ethylene technology provides customers a complete EPC/Technology provider.


The alliance builds on the companies' previous work together at the Borouge petrochemicals complex in the United Arab Emirates (UAE). Together, they performed engineering, procurement, construction, and start-up for the ethylene plant, off-site facilities, and utilities at the complex, which was successfully completed on schedule in February 2002.


⌠With the growth in shale gas production in North America, ethylene producers are planning new grass-roots projects and major expansions, and they need a world-class team to deliver them. The agreement between Bechtel and Linde creates that team, said Jack Futcher, president of Bechtel's Oil, Gas & Chemicals unit. ⌠Linde's record of success makes the company a strong partner for Bechtel. We are thrilled to be working with them again.


MRC

SABIC to add new production lines of Lexan polycarbonate in China

(Plastemart) -- Sabic Innovative Plastics strategic business unit is to add new production lines of the company's world-renowned Lexan polycarbonate (PC) resins and films in Shanghai and Nansha, China. These additions are part of the company's strategy to support the dynamic growth of key plastics sectors in this region, particularly the consumer electronics, electrical, solar, security and automotive industries. Building on over 80 years of advanced technology breakthroughs, Innovative Plastics continues to be a leader in the plastics industry with its flagship PC material. It is continually developing distinctive new Lexan material solutions to meet evolving technological, environmental, performance and regulatory challenges.


MRC