SABIC set up a new venture capital arm to invest in innovative technology

(Plastemart) -- Saudi Basic Industries Corp (SABIC) has set up a new venture capital arm to invest in innovative technology and companies as it seeks to expand beyond petrochemicals, which have made it one of the world's largest chemicals companies, as per Reuters. The new firm, SABIC Ventures, will be based in the Netherlands and will invest in technologies and new business. It will be funded through a so-called innovation fund that will be managed by the company.

"SABIC Ventures aims to build up a portfolio of technology options for the company's future businesses," the Saudi chemicals giant said in a statement. "It will do this by investing directly both in seed stage, early stage and late stage companies. The new organization will both lead investment, co-lead and invest alongside venture capitalists." The new venture firm will focus on investing in the U.S., Europe and Asia, SABIC added. It will target investments in advanced materials and composites, alternative feedstocks for chemicals and materials as well as alternative energy and clean technology.


In Russia production of finished products made of polymers grew by 15%

(MRС) -- Over the nine months, the index of production of plastic products in Russia grew by 15.1% year on year. The highest growth in production was seen in the sector of polymer pipes, according to MRC ScanPlast.

In January-September, the increase in production of plastic goods made 15.1% compared to same period of 2010. In September, the production increased by 7% compared to August, but in comparison to September 2010, on the contrary, there was a decrease in production volumes.
This year the most dynamic growth has been shown in the production of polymer pipes and fittings.

According to the Russia's Rosstat, in September, the total volume of polymer pipes and fittings made 49,900 tonnes. In general, over the nine months, the total volume of output by the Russian producers made 361,600 tonnes, that was by 28,6% more year on year. The peak in production of plastic pipes and fittings took place in August - 53,800 tonnes.

In January - September, the total volume of production of panels, laminats and polymer films made 623,600 tonnes, that was by 4% more year on year. In September, the total production of unreinforced and non-combinate panels, laminats, polymer films made 64,300 tonnes, and production of panels, laminats and porous films reached 15,000 tonnes.

There was quite a large growth of production of PVC-made goods, such as window profiles and window sills. According to the official data from Rosstat, the nine months' total production of windows, window cases and polymer sills reached 14,135 mln square meters, that was by 14.6% more year on year. The production of polymer doors and door cases has grown by 16.1% to 732,600 square meters.


Cargill and BASF Plant Science to co-develop a new dietary source of EPA/DHA

(BASF) -- Cargill and BASF Plant Science today announced an agreement to co-develop a new dietary source of EPA/DHA that will make it easier for consumers globally to achieve optimal intakes of EPA- and DHA-rich omega-3 polyunsaturated fatty acids. This next generation canola oil containing EPA/DHA will enable food, pharmaceutical and nutritional supplement manufacturers to deliver the potential health benefits of omega-3 fatty acids in a wide variety of new, cost-effective consumer products available by the end of the decade.

Although research is ongoing, a growing body of scientific evidence links dietary intake of omega-3 fatty acids with benefits for heart and brain health. However, humans on average are currently not consuming enough of these healthy fatty acids. In fact, according to the National Health and Nutrition Examination Survey (NHANES) EPA/DHA consumption in the United States is less than 185 mg per day. Health experts in various countries recommend intake of 250-500 mg per day for positive health benefits from EPA/DHA.


Petkim net income totaled $81.7 mln in January-September this year

(Trend) -- Net income of the Turkish petrochemical complex Petkim totaled $81.7 mln in January-September this year, or 51 percent more than the same period of last year, SOCAR said on Tuesday. SOCAR has equity participation there. "During this period, the company's sale volumes exceeded 1.3 million tons, or 8 percent more than the same period of last year," a statement said.

The total cost of goods exported for the nine months amounted to $634 million, or 73 percent more than in January-September 2010. The investment program worth $ 63 million was implemented to improve technical services and production in January-September.

The alliance between SOCAR and Turcas Petrol /Injaz projects resulted in them winning a tender in 2008 to buy a 51 per cent stake in various chemical projects worth $2.04 billion. Now Turkey imports 70 to 75 per cent of its chemical products. Investments in the development of Petkim will reduce that figure by 30 per cent.

The Petkim Petrokimya Holding manufactures plastic packaging, fabric, PVC and detergents. It is the only Turkish producer of such products and exports a quarter of its production.


TNK-BP bought a 45% stake in an oil and gas deposit in Brazil

(RIA Novosti) -- Russian-British oil joint venture TNK-BP has bought a 45 percent stake in an oil and gas deposit in Brazil from local firm HRT O&G for an undisclosed sum, TNK-BP said in a statement on Monday. "TNK-Brasil, a 100 percent subsidiary of TNK-BP Group, announced today that it has signed a farm-in agreement and a joint operating agreement with the Brazilian company HRT O&G. Through the deal TNK-Brasil will acquire a 45 percent stake in the Solimoes Basin project in Brazil," the firm said.

The 21 oil and gas exploration blocks covering an area of about 48,500 square kilometers are located in the Amazon's Solimoes basin.

"According to a Degolyer & MacNaughton reserves audit report, the blocks bring TNK-BP a net prospective and contingent resource of 789 million barrels of oil equivalent (BOEs). These include 11 discoveries where oil and gas were tested. Initial production from the fields in the Solimoes basin is expected in 2012," the firm said.

The project will give TNK-BP access to significant new resources in one of the world's fastest growing markets, TNK-BP said.