Dow reports US$651m net income in Q2 2010

(Dow) -- Q2 profits posted by Dow is lagging behind analysts' estimates due to reduced demand for crop-chemicals affected by adverse weather, and unexpected shutdowns of polymer plants in Texas and Argentina. Net income was US$651 mln compared with a net loss of US$344 mln a year ago. Dow lost US$300 mln in revenue because of the month long closure of its polyethylene plant in Argentina and disruption to operations at the Deer Park and Oyster Creek plants in Texas. The polyethylene plant in Argentina is Dow's largest in Latin America, Deer Park makes methyl methacrylate, and Oyster Creeks makes phenol, which is used to make specialty plastics.

MRCMRC Reference

Share in the Russian market, 2008:

polyethylene - 2.5% (including LLDPE - 33.1%);

polypropylene - 0.8% (including PP-impact - 1.1%);

polystyrene - 2.6%.

Annual sales growth in Russia, recent 5 years:

polyethylene - 55%;

polypropylene - 28%;

polystyrene - 2%.

Imports by processing technologies:

pipe extrusion;

film extrusion;

sheet extrusion;

foaming.

MOSCOW (RIA Novosti) -- A minor fire broke out on Tuesday night in the territory of Kapotnia refinery, Moscow. The incident did not affect production.

Information about the fire at the pumping unit at Kapotnia refinery was forwarded to the fire station at 2:35 AM. The cause of the fire is being investigated at the moment.

MRC

(Interfax) -- In H1, Nizhnekamskneftehim received RUB 3,46 bln. net profit compared with RUB 407m net loss during the same period last year. In Q2 the company's net profit amounted to RUB 2,02 bln., which is a 41% increase compared with Q1. The growth of net profit was due to increase in earnings and costs reduction, according to the company's estimations.

MRC

MRC Reference

Share in Russian market in 2008:

polypropylene - 25% (including

PP-block - 34.7%,

PP-random - 22.1%);

polystyrene - 34.5%.

Leader in polymer processing technologies:

sheet extrusion;

film extrusion;

threads/fibers;

moulding.

(Reuters) -- Taiwan's Formosa Petrochemicals Corp plans to delay maintenance of its 1.03 mln tpa No 2 cracker from Aug. 20 to an undecided date, probably in October, to ensure steady production. Incidents at the 540,000 bpd Mailiao complex last month shut down other parts of its giant refinery complex. Thus, it is likely that Formosa will first reopen its 700,000 tpa No 1 naphtha cracker by September/October after a fire on July 7. Simultaneously, FPG will proceed with a government-ordered inspection of a residue sulphurisation unit where another fire shut part of the complex last week.

MRCMRC Reference

Formosa

The share in the Russian market in 2008:
PVC-S - 3.0%;

PP - 0.4%.

Annual growth sales in Russia :
PVC - 79 % (over the last year) ;

PP - 272 % (over the last 3 years).

Supply by processing technologies:
profile extrusion

film extrusion

(plastemart) -- GAIL India's plan to set up a mega gas-based petrochemical overseas plant in joint venture with Reliance Industries (RIL) has taken a back seat as the state-run gas major has decided to double capacity at its Pata petrochemical plant to 900,000 tpa with an investment outlay of Rs 8,200 crore. The expansion is scheduled to take 42 months for completion, but GAIL will venture to commission the unit in just 3 years.

Though GAIL and RIL had short-listed a few countries, they have deferred their mega JV project in view of the global situation. Qatar, Iran, Algeria, Nigeria and Russia were shortlisted for exploring the possibility of setting up a 1.9 mln tons plant.

MRC