South Korea's LG Chem to invest USD 4 bln in Kazakhstan petrochem complex

(Reuters) - LG Chem , South Korea's top chemical company, said on Thursday that its joint venture would invest USD 4 billion to build a petrochemical complex in Kazakhstan.

The joint venture with state-run Kazakhstan Petrochemical Industries (KPI) will build ethylene and polyethylene plants with an annual capacity of 840 KT and 800 KT respectively and start commercial production from the facilities in 2016, LG Chem said in a statement.


Plastics packaging processor CCL investing USD 30 mln in developing markets

(PlasticsToday) -- Far afield from its North American headquarters, plastics packaging processor / converter CCL Industries Inc., best known in this industry for its label conversion capabilities and plastic tube extrusion, plans to invest USD 30 million this year and next to expand its CCL Label operations in emerging markets. The company will build three new greenfield plants and also invest in additional capacity at some of its existing facilities. More than 80% of CCL's earnings stem from its labels business. The investment cited is in Canadian dollars but at present these convert almost one-to-one with U.S. dollars.

New will be a facility in Bangkok, Thailand, joining one already there, with the new facility designed to provide increased capacity and new technologies to support customers in the home / personal care (HPC) and beverage industries in Southeast Asia. CCL expects its Asian operations to approach 10% of global label revenues in 2012.


ICIS-MRC issued a new price report on polypropylene

(ICIS-MRC) -- ICIS and specialist Russia-based benchmark price provider Market Report Company (MRC) continue to work together to bring you reports placing emphasis on the Commonwealth of Independent States (CIS). As such a weekly polypropylene (PP) price report has been launched.

The report combines MRC knowledge of local CIS markets and ICIS expertise on European and Asian markets, giving local and global insight.

The PP 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 and import prices, market news, report methodology, 12 month price history for Russia and Ukraine, market commentary on each CIS market Europe and Asia.

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.

Reports can be 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; tegotiate deals and to develop detailed analysis from price history, data and graphs.

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


Australian independent Beach Petroleum has struck oil in two wells in the Egypt

(Arabian Oil and Gas) -- Australian independent Beach Petroleum has struck oil in two wells in the Egyptian Abu Sannan concession. The wells are drilled under a joint venture between Beach (22), Dover Petroleum (28%) and Kuwait Energy (50%). Kuwait Energy is also the operator at the concession.

"GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash ⌠G Member. An extensive testing program of these formations is currently underway," said the company in a statement.

"The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash ⌠G Member and the Abu Roash ⌠E Member. Hydrocarbon zones highlighted by the wireline logging and testing will be followed up with a significant cased hole testing program."

The company expects that there will be an expeditious tie-in of the wells due to the location of the wells being within 10 kilometres of existing pipeline infrastructure. Details regarding the outcomes of flow testing from the wells will be advised in due course.


India's Reliance ditches Oman offshore project

(Arabian Oil and Gas) -- Six years into their production sharing agreement with Oman's PDO, India's Reliance Industries has abandoned plans to develop an offshore oil exploration block in the Sohar basin in Oman, an oil and gas ministry official has told Reuters.

"Reliance has informed us that it was withdrawing from block 18 because the company said its discovery there does not justify the effort they put in the last six years," the ministry source told Reuters.

Reliance now plans to concentrate on its other concession in Oman, Block 41, in the eastern part of the sultanate, the official added.

Oman has signed many production sharing agreements in recent years in a bid to increase it's oil production output from