Indian Oil to start new petrochemical project in Oman

(plastemart) -- State-owned Indian Oil Corp (IOC) is eager to set up a multi-billion dollar petrochemical plant in Oman. IOC seeks a commitment from Oman on supply of rich-gas (natural gas containing C2/C3 - ethane, propane, compounds). GAIL and Petronet LNG- India's largest importer of liquefied natural gas, have expressed interest in buying LNG from Oman on long-term contract. Oil and Natural Gas Corp (ONGC) and IOC are keen to join oil and gas exploration and production business in the Gulf nation.

At the 6th Indo-Oman Joint Commission Meeting leaders of the countries expressed satisfaction at their growing ties in the hydrocarbon sector. The possibility of enhancing equity of Oman Oil company in the Bina-Oman Refineries Ltd. from the current 2% to 26% has been discussed.

MRC

(prw) -- British degradable plastics company Symphony Environmental Technologies said it was ⌠delighted with its first half results.

For the six months to 30 June 2010, pre-tax profit was GBP 0.42m, compared with GBP 0.40m in the first half of 2009. Excluding non-recurring items meant underlying pre-tax profit increased by 33% from GBP 0.40m in the first half of 2009 to GBP 0.53m in the first half of 2010. Revenue increased 6% over the same period to GBP 3.90m.

MRC

(Reuters) -- Thailand's largest olefins maker-PTT Chemical Pcl, expects to operate its new 1 mln ton ethylene unit at 100% in 2010, from the current 50%. This is subject to the start up of the company's sixth gas separation plant of PTT, which is the main feedstock supply to the cracker, in Q4-2010. Chances of a fourth quarter start up seem bright after a ruling allowed lifted suspension of the gas separation plant, after work on it was suspended a year ago by a court ruling in an environmental dispute at Map Ta Phut.

MRC

MOSCOW (MRC) -- In July 2010, unblended PVC supply into the Russian market exceeded the level of 100 kt and amounted to 106 kt for the first time ever. The previous maximum was recorded in pre-crisis June 2008: 99,7 kt - according to MRC Monthly report on the Russian PVC market.

In 2009, the overall PVC market capacity (including compounds processing) decreased 25% compared to the previous year. PVC capacities utilization in Russia dropped to 85%. The PVC market went back to the level of 2006.

This year, the market has begun to recover rapidly. During the seven months of 2010 the level of PVC consumption increased 58%. Russian producers have raised utilization of their capacities, and lacking PVC volumes are delivered from Asia, the USA and Europe. In summer, spot supplies from the USA were the most attractive. In July, the share of imported resin amounted to 53%.

MRC

More information about the Russian PVC market is available in MRC Monthly reports.

PET market keeps up proving to be the most dynamically developing polymer market. PET imports in Russia in H1 increased 30,9 kt and amounted to 123,5 kt.

That trend is caused by increase in production of goods that use PET bottles for packaging. For example, production of mineral water grew by 13,6% in 2010.

The countries exporting PET into Russia are South Korea (61,2 kt) and China (51,9 kt). The overall share of these countries in imports amounted to 91,6%.

MRC

For more information about Russian PET market, please, refer to MRC Monthly reports.