South Korean petrochemical makers to invest USD 6.7 bln

(chemnet) -- South Korea's petrochemical makers plan to invest Won 7.5 trillion (USD6.7 billion) this year on the upgrading and expansion of their production facilities, up 2.7% from estimated investments of Won 7.3 trillion last year, the Korea Petrochemical Industry Association said Thursday.

The expected 2012 investment figure will be a record high, said KPIA, but it noted that the growth in investment will be slower this year compared with an estimated 28.1% rise in spending last year.

The industry group also said South Korean petrochemical companies are planning to export USD47.5 billion worth of product in 2012, up 4.4% from estimated exports of USD45.5 billion last year.

Meanwhile, South Korea is expected to import USD18.5 billion worth of petrochemical products this year, up 8.8% from an estimated USD17 billion in 2011, it added.

MRC

(chemmonitor) -- The Saudi Arabia-based company Polyolefins Co (SPC) possesses a polypropylene (PP) unit in the Eastern province. The plant produces 720,000 tonnes annually.

The company restarted the unit after maintenance last week. Currently, the plant is operated in full.

The plant's shutdown was entailed by power outage at the site. The facility was off stream more than a week.

SPC is trying to satisfy the buyers' demand for PP. One more Saudi Arabia producer Saudi Basic Industries Corporation (SABIC) operates PP units at the same site.

MRC

(polyestertime) --Polyden Folien have launched their new range of packaging films made with Cardia Biohybrid technology that meet highest packaging performance standards.


Cardia Biohybrid proprietary technology combines renewable thermoplastics with polyethylene material to reduce dependence on finite oil resources and to reduce carbon footprint.

Polyden Folien Managing Director, Peter Moser, said "The combination of packaging performance, environmental profile and cost effectiveness made Cardia Biohybrid technology the solution for Polyden Folien's sustainable packaging needs."


Polyden Folien's product launch of flexible films made with Cardia Biohybrid technology is consistent with the company's business development of sustainable packaging.

Cardia Bioplastics is benefiting from the trend towards sustainable packaging with products used in a broad range of packaging applications, including flexible film, injection moulding, blow moulding, foam, extrusion and coating applications.

MRC

(nasdaq) -- Exxon Mobil Corp.'s (XOM) fourth-quarter earnings edged up 1.6% as high oil prices offset impacts from lower production and weak refining margins.

The company has been distancing itself from the refining and marketing, or downstream, business globally. A number of major energy companies have been repositioning amid a boom in alternative shale energy fields and a glut of refining capacity. However, big investments in shale natural-gas resources, such as Exxon's $25 billion acquisition of XTO Energy in 2010, remain a bet for the future as natural-gas prices remain at historic lows.

Exxon Mobil, the world's largest publicly traded oil company by market value, reported a profit of $9.4 billion, or $1.97 a share, up from $9.25 billion, or $ 1.85 a share, a year earlier.

Revenue increased 16% to $121.61 billion. Analysts polled by Thomson Reuters most recently projected earnings of $1.96 on revenue of $119.7 billion.

Exploration and production earnings were up 18% mostly owing to higher prices as production fell 9% on an oil-equivalent basis.

Refining and marketing slumped 63% on weaker refining margins and lower petroleum product sales.

During the quarter, Exxon Mobil repurchased 69 million common shares at a cost of $5.4 billion, including $5 billion to reduce shares outstanding.

On Friday, Chevron Corp. (CVX) reported that its fourth-quarter earnings declined 3.2%, missing expectations, amid losses at its refining business. On Thursday, ConocoPhillips (COP) said its fourth-quarter profit rose 66% as higher oil prices and asset sales helped offset weak refining results.

Shares closed Monday at $85.49 and were inactive premarket.

MOSCOW (MRC) -- In 2011, the growth of chemical production in Russia slowed down and made 5.2%. In 2010, this figure was 14.6%. The highest production growth last year fell on the producers of polyamides and polystyrene, according to MRC analysts.

The volume of production of polyamides in primary forms grew more than by 20%, production of polystyrene - by 14%. The other polymers production grew less by 10%.

The total production of olefins (ethylene and propylene) made 3,686 million tonnes. The output of ethylene increased to 2,468 million tonnes, which was by 3.7% more than in 2010. Production of propylene actually stayed at the level of 2010 - about 1,218 million tonnes. The output of styrene rose to 486 thousand tonnes, with an increase of 2.6%. Benzol production remained the same and made 1.1 million tonnes.

The production of caustic soda has been gradually shortening since 2007 on the back of complete halt of plants (e.g., Usolyekhimprom) as well as reducing of capacities utilization at other facilities. Last year Khimprom (Cheboksary), Khimprom (Volgograd), Sibur-Neftekhim and Novomoskovskij Chlor reduced caustic soda output.

The total volume of caustic soda production declined by 2.5% to 1,047 million tonnes (calculated on 100% basis). With 128,500 tonnes of them fell at the solid caustic soda.


MRC