Sabic to triple Q2 2010 profit

(Bloomberg) -- Saudi Basic Industries Corp., the world's biggest petrochemicals maker, may have seen second quarter profit more than triple after demand for plastics recovered in a strengthening global economy.

Sabic will report 5.8 billion riyals ($1.6 billion) in net income after 1.8 billion riyals in the same quarter last year, according to Bloomberg. Sabic traditionally releases quarterly results within a month after the end of a quarter.

A global economic recovery is helping Sabic overcome last year's slump, when sales of its automotive, construction and consumer products weakened. The company's U.S. plastics business is improving as demand for materials needed to make automobiles and electronic goods increased.

MRCMRC Reference

Sabic. The share in the Russian market in 2008:
PE - 0.2%;
PP - 0.4%;
PS - 0.2%.

Annual sales growth in Russia over the last 5 years:
PE - 33%;
PP - 62%

Indorama in search for US PET recycling plant site

(prw) -- Less than two months after opening a massive PET plant, Indorama Polymers Public Co. Ltd. already is talking about expanding its Decatur, Ala., site to add recycling operations there.

Officials with Bangkok-based Indorama are deciding between Decatur and Asheboro, N.C., as potential sites for PET bottle recycling. As much as 25 percent of this recycled PET then would be blended into virgin resin, operations vice president Yash Awasthi told the Decatur Industrial Development Board.


Chevron reports second quarter 2010 results

(BUSINESS WIRE) -- Chevron Corporation today reported that earnings for the second quarter 2010 are expected to be higher than in the first quarter. Upstream earnings are projected to be in line with first quarter results. Downstream results, inclusive of the former Chemicals business segment, are expected to be significantly higher than the first quarter. Additionally, earnings are expected to benefit from favorable non-cash foreign currency effects due to the strengthening of the U.S. dollar in the second quarter.


Kaustik purchases remaining BZS stocks

(Finam) -- After purchasing 97% stocks of Bereznikovskiy Sodovy Zavod (BZS - Berezniki Soda Plant), Sterlitamak based Kaustik (Bashkhim group) has sent all the minor BZS stockholders obligatory offer about purchase of BZS equities, according to requirements of ⌠About joint-stock companies" law. Offer price forms RUB 7.281 ($236) for one equity. Terms of offer accepting are 70 days since the announcement date. Sberbank has provided bank guarantee of the offer.

MRCMRC Reference

New South Asia Petrochem PET plant to be built by March 2012

(plastemart) -- Plans are underway to build a polyethylene terephthalate (PET) plant in Egypt by India's South Asia Petrochem (SAPL). To be built at an outlay of US$170 mln, at the approved site at Port Said; start-up is planned for March 2012. SAPL had earlier suspended the project due to lease deed problems at its initially proposed site at Port Said. But the project has been resumed after fresh approval from the Egyptian Government for the restructured project. Output from the plant will cater to demand in Egypt - a net importer of PET bottle chips, and, due to its strategic location will also be exported to North Africa, Europe, USA and the Middle East.