Trans Polymers to launch polyethylene plant in Pakistan

(plastemart) -- Trans Polymers Ltd. - a British and Pakistani joint venture is in the process of finalizing plans to build a 350,000 tpa polyethylene (PE) plant near Port Qasim in Karachi, Pakistan, at cost of US$701 mln. The project promoters are Trans Polymers (UK) Limited, a private UK investment company comprising British, Pakistani, GCC, EU and Malaysian investors, and its Pakistani subsidiary, Trans Polymers (Pakistan) Ltd.

The promoters also have an offtake agreement in place with Ravago of Belgium to import a portion of the production. Currently, Pakistan imports all its PE and PP requirements. The proposed project has received approval from the government of Pakistan, which has granted various foreign investment incentives as well as favorable tariff concessions. Construction, commissioning and warranty testing of the plant is estimated to take 34 months and commercial production is expected by the fourth quarter of 2013.


KPC intends to buy a stake in Indian Oil

(plastemart) -- Kuwait Petroleum Corporation is keen to pick up strategic stake in Indian Oil Corporation, which is preparing for a follow-on public offer later this fiscal year. The government, however, is planning to sell 10% of its stake in the company to the public through a follow-on offer and not a strategic sale.

Kuwait is also keen to strike long-term crude supply agreements with India and participate in IOC's upcoming Rs 29,777 crore refinery and petrochemical complex at Paradip in Orissa. Kuwait is the third largest supplier of crude oil to India, selling over 11 mln tpa.


Borouge founds sales unit in China

(plastemart) -- Borouge has launched a marketing and sales company in Beijing in a bid to increase sales of compounded plastics in automotive and white goods sectors. Five months ago, it opened a compounding facility in Shanghai, and four months ago it revealed plans to build a second plant in Guangzhou.


DOP supply geography expands in Russia

MOSCOW (MRC) -- Tight supply of Russian DOP has led to imports increase and supply geography expansion - according to MRC analysts.

In April, the Russian market faced DOP shortage due to suspensions for scheduled maintenances of the producers. Supply from abroad was also tight due to serious difference in price between the domestic and imported DOP. Roshalsk plasticizers plant is going to resume production late шт October. Yet, Russian companies are accumulating imports.

DOP imports amounted to 8,5 kt over the first twenty days of September, and overall August imports amounted to 8,1 kt. At the same time, DOP supply geography expanded in September. The plasticizer from Romania, Ukraine, China, the Czech Republic and Taiwan appeared in the market.

Russian producers have not announced October DOP prices yet. Imported DOP in the Russian market is offered at USD 2.670 - 2.900/mt, FCA.

Russian polymers market prospects will be discussed at Russian Polymers Summit on October 14, 2010 organized by ICIS and MRC. For more information please refer to Summit official web page.



LG Chem named the ICIS Company of the Year

NEW YORK and LONDON (PRNewswire) -- ICIS Chemical Business magazine is pleased to announce that South Korea-based LG Chem has been named the ICIS Company of the Year.

"Congratulations to LG Chem for an outstanding financial performance in
2009 - a difficult year in which most companies struggled with the impact of
the global economic crisis, " said Joseph Chang, Global Editor of ICIS
Chemical Business. "We commend CEO Peter Bahnsuk Kim and his team for their superb efforts."

In 2009, LG Chem registered an 8% increase in group sales in local
currency, a 45% increase in operating profits and a 51% jump in net income
for the year at a time when so many other firms experienced the worst of the
slump, noted ICIS Insight Editor Nigel Davis.

LG Chem's Executive in Russia James Han is going to participate in Russian Polymers Summit on October 14, 2010, organized by ICIS and MRC. For more information please refer to Summit official web page.