Waed concluded an agreement with Sadara to promote projects

(arabnews) -- The Saudi Aramco Entrepreneurship Center Company (Waed) concluded an agreement with Sadara Chemical Company to promote small and medium projects. Under the deal, Wa’ed will encourage local small and medium projects in order take advantage of the investment opportunities at the new petrochemical and plastic complex (PlasChem Park), which is under construction near the integrated Sadara chemicals complex in Jubail Industrial City II.

The PlasChem would be a cooperative initiative between Sadara and the Royal Commission for Jubail and Yanbu with the objective of establishing a world scale complex for chemical and downstream industries in Jubail.

As per the agreement, Wa’ed will promote investment opportunities in the new industrial complex (PlasChem), and will take part indirectly in developing more investment opportunities through coordination with prominent businessmen who made investments in the complex. This initiative would spur establishment of independent petrochemical projects in the Kingdom. PlasChem aims to attract projects for the manufacturing of various plastic and chemical products, in addition to creating jobs for skilled Saudi workers and utilizing new technologies.

Waed, wholly owned by Saudi Aramco, was established recently to be a major financer and incubator of new businesses in the Kingdom. It sheds light on the investment opportunities available in the local economy to small investors as well as to entrepreneurs of medium projects.

It is noteworthy that Sadara Chemical Complex, a joint venture between Aramco and the leading global firm Dow Chemical Company, has 26 manufacturing units and is world’s one of the largest integrated chemical complexes.
MRC

Gazprom makes bid for BP stake in Russia TNK-BP

(hydrocarbonprocessing) -- An arm of Russian state-controlled Gazprom has lodged a bid for BP's USD25 billion stake in its crude oil venture in the country.

The newspaper said Gazprom Neft has made an offer for TNK-BP, citing three sources involved in the process. It did not identify the sources by name.

The move will increase pressure on AAR, the group controlled by BP's Russian billionaire partners that owns the other half of TNK-BP, said the newspaper.

BP could be not reached for comment.

TNK-BP is vertically integrated with an upstream and downstream portfolio in Russia and Ukraine and international interests in Brazil, Venezuela and Vietnam. Formed in 2003, it is owned equally by BP and Alfa Access Renova.
MRC

KraussMaffei Group to find a buyer

(canplastics) -- Germany-based plastics equipment manufacturer KraussMaffei Group is working with investment company Goldman Sachs Group Inc. to find a buyer, according to the Bloomberg global news agency.

KraussMaffei, which employs almost 4,000 workers, may fetch as much as 700 million euros (USD883 million) based on an initial assessment, the Bloomberg report said. The Bloomberg story added that relevant information about KraussMaffei has already been sent out to potential bidders.

Formerly known as MPM Mannesmann Plastics Machinery GmbH, KraussMaffei was sold to Madison Capital Partner in 2006.
MRC

PolyOne plans to open new facility in South Africa

(plastemart) -- In a bid to serve customers throughout Africa, PolyOne Corporation has announced plans to open a new facility in the Montague Gardens industrial precinct in Cape Town, South Africa.

Leveraging newly acquired ColorMatrix technology, PolyOne will initially supply liquid colorants, additives and dosing equipment, which are used by customers who manufacture products such as PET containers for the beverage and personal care markets. The facility is expected to open in August 2012, providing services such as sales, technical support and rapid color development through the on-site color laboratory.

"When we acquired ColorMatrix last year, we committed to a global 'invest to grow' strategy that would add value to our customers and our shareholders. Our new facility in South Africa illustrates our commitment to this strategy," said Robert M. Patterson, executive vice president and chief operating officer, PolyOne Corporation. "While our operations will initially focus on ColorMatrix products and services, this affords us an excellent foothold to leverage other PolyOne businesses and services throughout the region in the future," Patterson added.

MRC

Russia’s prices of blow moulding HDPE started to grow again

MOSCOW (MRC) - This week the prices of blow moulding HDPE started to grow again. Amid stable demand and anticipated shortage of the material converters are trying to replenish their stock inventories to the maximum, according to MRC analysts.

This week the prices of blow moulding HDPE rose again in the Russian market. The limited supply of polyethylene, as well as a steady demand were the main causes of the prices growth. The spot quotations of Russian blow moulding HDPE (grade PE2NT76-17) reached Rb70,000-71,000/tonne, including VAT, CPT Moscow. Small volumes of Korean blow moulding HDPE (containers up to 10l) were on average at Rb68,500-69,000/tonne, including VAT, CPT Moscow. Polyethylene from Shurtan GKhK was offered on average at Rb70,000/tonne, including VAT, FCA Orenburg.

Activity in the market of blow moulding HDPE has increased seriously in recent days, when it became known that Russian producers plan to reduce the production of blow moulding polyethylene in July, and Gazprom neftekhim Salavat will stop its PE capacities on the turnaround from July, 11 for a month. Local converters are trying as much as possible, taking into account the increased prices, to replenish their inventories.

According to many market participants the market situation will worsen in July. Russian producers of polyethylene will limit the supply, and imports volumes are unlikely to be increased quickly.
MRC