BASF optimistic about Asian demand

(prw) -- BASF believes its plastics division will outperform the global market's predicted 5% annual growth, due largely to the company's activities in Asia and its focus on speciality grades.

⌠Last year was far from easy, not only for BASF but for the entire plastics industry. In 2009, sales in the plastics segment dropped as a result of lower demand and falling prices, especially for standard products, said Dr Martin Brudermuller, the member of BASF's board of executive directors responsible for plastics and Asia Pacific. "Sales declined by more than 20% to ┬7.1bn.

As a result of changes in the market the chemicals giant implemented a strategy to reduce overcapacities for standard plastics while expanding its specialties business. According to Brudermuller ⌠shedding sites and activities that are no longer competitive or that are unable to meet our expectations for profitability will help BASF maintain long-term growth.

Instead the company is focusing on areas such as its biodegradable plastics operation Ludwigshafen, which is to be expanded. This trend has seen the sales percentage of speciality plastics rise from around 40% in 2006 to more than 50% today.

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BASF. The share in the Russian market in 2008:
PS - 9.1% (GPPS - 5.9%, ABS - 11.4%, EPS - 10.6%).

Annual sales growth in Russia over the 5 years:
PS - 15%.

Imports by polymers processing technologies:
foaming;
injection molding

(plastemart) -- State-owned Indian Oil Corp. plans to export polymers into Pakistan by rail or road across the Punjab border, from its plant in Panipat. In an unprecedented move, buyers in Pakistan will be able to take delivery of imported cargoes directly at Lahore, instead of the Karachi. IOC has recently started commercial operations at 600,000 tpa polypropylene plant at Panipat, and is in talks with prospective buyers in Pakistan and Bangladesh. The plant started test runs in April and has been running at 80% capacity since early June. IOC plans to export about 10% of its PP capacity six months after starting commercial operations. Priority offshore PP markets will be neighboring Pakistan, Nepal, Bangladesh and Sri Lanka, although the company also wants to develop a customer base in Southeast Asia, China and Europe.

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(PlasticsToday) -- "Developing technological applications for future electronics" is the primary mission of a new research facility set up by Bayer MaterialScience in Singapore.

Using self-developed material technologies, Bayer MaterialScience will pursue joint projects at the center with collaboration partners to create advanced technological breakthroughs in electronics. These include functional films that can be applied to flexible screens and 3D displays, and nanomaterials like conductive inks used in printed electronics or energy-efficient lighting technologies.

The functional films center will initially address opportunities in Korea, Taiwan, and Japan, and eventually the whole of Asia Pacific including South East Asia. Potential applications for these functional films include mainly information technology, automotive and electronics industries, but also areas such as climate protection.

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Bayer is an international chemical and pharmaceutical concern. Founded in 1863.

The share in the Russian market in 2008:
PS - 0.7% (ABS - 7.2%).

Annual sales growth in Russia over the last 5 years:
PS - (-10%).

Polymers processing technologies:
injection molding.

MOSCOW (LUKOIL) -- In Moscow Annual LUKOIL general stockholder meeting took place. Annual Company report 2009 was adopted and accountant report by the results of the last financial year.

Stockholders approved 52 ruble dividend for one usual stock according to Company's results in 2009 (50 rubles by 2008).

The reward and expense compensation for Board members and Revision Committee was approved. KPMG was confirmed as independent Company auditor. The Meeting has elected the Board and Revision Committee and adopted changes in Regulations of preparing and realization of general stockholder meeting and strategic deals for the company.

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24 June 2010 10:57 [Source: ICIS news]

SINGAPORE (ICIS news)--Here is Thursday's end-of-day Asia oil and chemical market summary from ICIS.

CRUDE: Aug WTI $76.24/bbl, down11 cents BRENT: Aug $76.16/bbl, down 11 cents
Crude prices edged lower on Thursday afternoon following on from losses the previous day. Crude prices fell on Wednesday after an unexpected build in US crude stocks and reports that the economic recovery in the US had slowed. At 8:30 GMT, the Dubai Mercantile Exchange (DME) August Oman futures contract settled at $73.96/bbl, down $1.72/bbl on the previous close.

NAPHTHA: $658.50-659.50/tonne CFR Japan, up $2-4
The first half August contract closed higher on Thursday at $658.50-659.50/tonne CFR (cost and freight) Japan. Asian naphtha crack spread versus Brent widened to a three-session high of $90.47/tonne. Meanwhile the second half August contract was valued at $659.00-660.00/tonne CFR Japan and the first half September contract stood at $659.00-660.00/tonne CFR Japan.

BENZENE: $790-805/tonne, up $5
Prices edged higher with the August bid-offer level cited at $792-805/tonne FOB Korea. Some deals were heard for July loading at $795/tonne FOB Korea and for August at $800-803/tonne FOB Korea, but this could not be confirmed.

TOLUENE: $730-745/tonne, up $10
Prices firmed in the afternoon with deals heard for August loading at $740-750/tonne FOB Korea. A bid for H2 July loading was also cited at $730/tonne FOB Korea.