Asia's base oil market to see weak buying interest for a few more weeks

(ICIS) -- Asia's base oil market is expected to see weak buying interest for a few more weeks in the wake of volatile oil prices and the uncertain global economic outlook, market sources said on Thursday.

Traders and finished lubricant makers said they are delaying or minimising their purchases for cargoes loading at the end of August and in early September as they prefer to wait for a clearer price direction from the crude oil market.

Buyers usually build up their inventories in autumn, which is the peak season for lubricant production
Singapore ex-tank prices for SN150 fell by USD 10/tonne (EUR 6.90/tonne) at the high end of the range to USD 1.390-1.440/tonne in the week to 16 August, according to data from ICIS. The prices were dragged down by increased Chinese supply and weak demand.


PE buyers in Europe have little appetite for increases in August

(ICIS) -- Polyethylene (PE) buyers in Europe have little appetite for increases in August, citing low demand and ample availability as reasons to reject higher offers, several said on Thursday. PE producers had initially targeted increases of EUR 50-100/tonne (USD 72-145/tonne) for the month, following a EUR 30/tonne rise in the August ethylene contract price, but falling crude prices and a poor economic outlook in Europe have led some to abandon the idea of price increases altogether, said buyers.

Some HDPE blowmoulding buyers said that there could be a slight rise in prices, as margins have been poor in this sector and discussions so far have been tough. However, increases are expected to be limited.

The mood in the European PE market has changed several times in August as crude prices have shifted, along with expectations for the September ethylene contract price.


BASF announces completion of acquisition of inge watertechnologies AG

(BASF) -- Through this acquisition, BASF gains access to the market of ultrafiltration technology, a process used in the treatment of drinking water, process water, wastewater and sea water based on specific Multibore membrane technology.

Making this move, BASF will profitably expand its market position in the attractive and rapidly growing water treatment market and b roaden the technology base for its water platform.

inge watertechnologies, based in Greifenberg, Germany, is a world's leading provider of ultrafiltration membrane technology used to treat drinking water, process water, wastewater and sea water. The company has completed numerous reference projects around the globe featuring its patented Multibore membrane.


Sunoco to sell Ohio phenol plant

(Plastemart) -- Sunoco, Inc. has reached a definitive agreement to sell its phenol manufacturing facility in Haverhill, Ohio, to Haverhill Chemicals LLC, an affiliate of Goradia Capital LLC. The transaction is subject to regulatory approval and customary closing conditions and is expected to be completed by the end of 2011.

Sunoco will sell the facility and the estimated value of the product inventory attributable to the facility for a combined purchase price of approximately USD 106.5 mln. The purchase price is subject to adjustment based upon the product inventory on hand at the closing. Sunoco incurred a pretax non-cash charge of USD 169 mln related to the write-down of Haverhill assets in the Q2 of 2011.


Daelim submitted the lowest bid for the construction project of a petrochemical complex

(Reuters) - South Korea's Daelim Industrial is the front runner for deals to build parts of a giant petrochemical complex owned by state oil giant Saudi Aramco and U.S. Dow Chemical , industry sources said.

Daelim submitted the lowest bid for the construction projects, which include production for toluene di-isocyanate (TDI), methylene di-para phenylene isocyanate (MDI), dinitrotoluene (DNT), mononitrobenzene (MNB), analine, formaline, sources said.

Aramco and Dow are spending USD 20 billion on the venture - Sadara Chemical Co - to build one of the world's largest petrochemical facilities in Jubail, on the Gulf coast.