In July PET import to Ukraine grew twice

MOSCOW (MRC) -- The Ukrainian market of PET packaging continues to grow. In July, imports of PET-granulate increased more than twice and made about 26 KT, according to MRC DataScope.

July appeared quite productive for converters of PET-granulate. Following the results of the month, deliveries of granulate to the Ukrainian market made nearly 26 KT, while in June about 12 KT of PET feedstock was imported.

One of the main reasons for such a significant increase in supply was quite an attractive price at which converters and traders contracted in May-June.

There were notable changes in the structure of supplies. Ukrainian tend to orient at purchasing of cheap materials in China. The share of Chinese PET made about 20 KT of the total supply. Shanghai Hengyi Polyester and Jiangsu Sanfangxiang were main suppliers for Ukrainian companies.

MRC

(ICIS) -- The turmoil that swept through global stock markets and the resulting slump in crude futures stalled trades in the Asian polyethylene terephthalate (PET) bottle chip markets this week, industry sources said on Wednesday.

Several northeast Asian producers maintained price ideas at around USD 1.700/tonne (EUR 1,190/tonne) FOB (free on board) Asia on Wednesday, similar to Friday's levels, with market players at a loss on where prices are headed.

Spot PET trading in Asia came to a virtual standstill by Tuesday afternoon as the slump in crude futures curbed firm discussions between producers such as South Korea's SK Chemicals and Taiwan's Far Eastern Group and their customers in the main export markets.

Several PET producers were reluctant to revise down price ideas because they had settled their raw material prices prior to the global stock market rout.

MRC

(Plastemart) -- BP PLC and Indian polyester manufacturer JBF Group have inked a deal for feedstock supply by the UK energy giant to a new manufacturing unit to be built by JBF, as per Dow Jones Newswire. The long-term supply deal is for BP-produced purified terephthalic acid (PTA), which will be used by JBF in the manufacture of polyethylene terephthalate (PET). The new 390 KTa facility will be located on BP's existing petrochemical complex in Geel, Belgium adjacent to a BP production site in Belgium. Costs of building the new facility would be borne by JBF.

MRC

(Arabian Oil and Gas) -- Iran has discovered a gas field with 495 billion cubic metres of gas that it estimates is worth USD 133 billion, Deputy Oil Minister Ahmad Qalebani told a news conference. Qalebani claims that 658 million barrels of oil equivalent (boe) from the 1.5 billion boe field are recoverable.

Iran hopes to discover 2.5 billion barrels of recoverable oil and 23 trillion cubic feet of gas in the course of its fifth five-year development programme to 2015.

The Iranian Oil Ministry has also confirmed that it has received USD 1.33 billion from Indian in overdue payments for shipments of natural gas. A debt of USD 5 billion arose as international sanctions against Iran prevented direct payment from India. The new arrangement is for payment through a proxy in Turkey.

MRC

(PlasticsToday) -- Bericap has cut the weight of closures for edible oils in 1-liter bottles by 50%, developing a range for 26-mm neck diameters that weigh only 1.37g compared to 2.74g. Bericap said the move was in response to an industry shift. In the past, the heavier closures were needed on the standard 29/21 neck for 1-liter containers when they were meant to fit glass and polyethylene terephthalate (PET) bottles. Today, edible oils are primarily supplied in PET.

Bericap said the inner diameter of the new neck is identical to the previous 29mm diameter, eliminating the need for modifications to filling nozzles at the filler while still providing the same flow rate. The company achieved the dramatic weight savings by cutting the inner diameter and the cap height.

MRC