QAPCO secures a USD302 mln to help fund its expansion plans

MOSCOW (MRC) -- Qatar Petrochemical Company (QAPCO) has secured a QR1.1 bln (USD302 mln) facility from Barwa Bank to help fund its expansion plans, as per Plastemart.

QAPCO said that it is planning a "significant unprecedented expansion" in terms of volume and size of its business and production over the coming years.

"In light of upcoming expansion plans within the petrochemical industry in Qatar over the coming years, QAPCO is committed to expand its activities and production in a planed, optimised and secured way," the company said in a statement.

"Therefore QAPCO preferred to have the option to secure more liquidity on demand, when required, instead of utilising the accumulated operational profit surpluses yielded throughout the years," it added.

As MRC reported previously, in late 2012, QAPCO inaugurated the third LDPE plant at Mesaieed Industrial City. The new facility will produce prime high pressure grade LDPE than existing QAPCO facilities, thus positioning the company as a global leader in LDPE production.

Earlier last year, the company confirmed that the planned USD 5.5 bln Ras Laffan mega petrochemical complex project was on schedule in accordance with the original timetable and scope. The complex, which will be built at an estimated investment cost of QAR20.1 bln (US5.5 bln) includes a world scale steam cracker, with the feedstock coming from natural gas projects located in the north of Qatar. The project will be carried out on a lump sum turnkey basis and is scheduled for completion in 2018.

Qatar Petrochemical Company (QAPCO) is a Qatar-based company established in 1974 and is a joint venture between Industries Qatar (80%) and Total Petrochemicals (20%). The company is currently one of the largest producers of low density polyethylene (LDPE) in the region. In addition to LDPE, QAPCO also produces linear low density polyethylene (LLDPE), ethylene, and sulfur, which it sells to over 4500 industry customers in 145 countries through its extensive global marketing network.
MRC

Evonik changes its executive board

MOSCOW (MRC) -- The executive committee of the supervisory board of Evonik Industries AG, the German speciality chemicals group, has proposed to the supervisory board to give its consent to the termination of the board position of Dr Wolfgang Colberg (53) as chief financial officer in best mutual agreement with effect to September 30, 2013, reported the company on its site.

Dr Colberg is the chief financial officer of Evonik since April 1, 2009.

Moreover, the executive committee of the supervisory board of Evonik Industries AG has proposed today to the supervisory board to appoint Ms Ute Wolf (45) as chief financial officer with effect from October 1, 2013. Ms Wolf is head of finance of Evonik since January 1, 2006.

The final decision is to be made by the supervisory board of Evonik Industries AG which is expected to resolve on this on June 21, 2013.

As MRC wrote previously, the international rating agency Moody's has upgraded the credit rating of Evonik Industries AG from Baa3 with a positive outlook to Baa2 with a positive outlook. The rating agency quotes, among other things, the robust operational performance and the clarity regarding the steps for the real estate disposal as key reasons for the upgrade.

Evonik, the creative industrial group from Germany, is one of the world leaders in specialty chemicals. Its activities focus on the key megatrends health, nutrition, resource efficiency and globalization. Evonik benefits specifically from its innovative prowess and integrated technology platforms. Evonik is active in over 100 countries around the world. In fiscal 2012, the company generated sales of around EUR13.6 billion and an operating profit (adjusted EBITDA) of about EUR2.6 billion. As part of the company's strategic portfolio expansion, Evonik plans to launch a new generation of PVC plasticizers. Evonik started construction of the production facilities with the estimated production capacity of 40,000 tpa at the Marl Chemical Park this summer.
MRC

ExxonMobil to fund training program for Houston area chemical industry jobs

MOSCOW (MRC) -- ExxonMobil will fund a USD500,000 workforce training program to enable Houston’s leading community colleges to prepare thousands of local residents for high-paying jobs in the growing local chemical manufacturing industry, reported the company on its site.

The initiative will build on the success of the nationally recognized Lee College ExxonMobil Process Technology Program and will benefit 50,000 students and educators over the next five years. ExxonMobil has contributed more than USD2.6 million over the last 10 years to manufacturing workforce training initiatives across the U.S. Gulf Coast area.

"The chemical industry supports 73,000 high-paying Texas manufacturing jobs and will add more under announced expansion plans by industry, including ExxonMobil," said Steve Pryor, president, ExxonMobil Chemical Company.

"“Our industry has made Texas the top chemical producing state in the nation, driven in large part by abundant and affordable supplies of natural gas for energy and feedstock. We contribute to a strong economy for Houston and the state."

ExxonMobil is awaiting construction permits to progress plans for a world-class petrochemical expansion in Baytown, Texas. The multi-billion dollar project would include a new ethane cracker and premium product facilities at ExxonMobil’s integrated complex and capitalize on abundant supplies of American natural gas.

If developed, the project is estimated to create about 10,000 construction jobs and 350 permanent jobs would be added to the company’s workforce of more than 6,000 in the Baytown area. The estimated multiplier effect would create another 3,800 jobs in the local community.

At his announcement at the Greater Houston Partnership, state Sen. Rodney Ellis said the proposed petrochemical expansions will require highly skilled workers.

Exxon Mobil Corporation, or ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas, United States. It is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
MRC

Bayer inaugurates regional Innovation hub Asia Pacific at the Polymer R&D center in Shanghai

MOSCOW (MRC) -- Bayer MaterialScience, polymers and high-performance plastic maker, has officially inaugurated its regional innovation hub Asia Pacific at the Polymer Research & Development Center (PRDC) in Shanghai, China, as per GV.

The hub offers a state-of-the-art facility for its polyurethane, polycarbonates and coatings businesses, where saff will work with customers to develop novel ideas for the use of high-performance plastics, foams and coatings in key sectors such as mobility, construction, IT and renewable energy.

"Our vision is for it to become indispensable in terms of competencies, projects and products. We are aiming to reach a global innovation footprint for Bayer and its partners by exporting China-made technology to the rest of the world by 2020," said Patrick Thomas, CEO of Bayer MaterialScience.

The innovation hub will employ more than 200 staff and provide support to R&D facilities in Korea, Taiwan, India and Japan. It is expected to represent a full range of R&D expertise. It will also be supported by a strong network of production sites in Asia Pacific with major production sites in Shanghai, Map Ta Phut (Thailand) and Niihama (Japan).

Asia Pacific is among the strongest growth regions for Bayer MaterialScience and accounted for EUR 3.15 billion sales in 2012. This growth is mainly driven by increasing demand from infrastructure projects and domestic demand for cars, electronic consumer goods and new housing from an affluent emerging middle class. Greater urbanization further drives construction and mobility demands. At the same time, the ever increasing demand for energy prompts governments to look at sustainable energy generating technologies, among them energy from renewable resources such as wind and solar energy.

As MRC informed previously, Bayer MaterialScience (BMS) has bought the polycarbonate sheet business of Arkema Inc., the U.S. subsidiary of the French firm Arkema Group. The terms of the deal were not disclosed. According to BMS, the transaction includes the acquisition of Arkema’s Tuffak brand, which is used in such markets as aerospace, transportation and heavy equipment.
MRC

Second person dies after Williams plant explosion in Louisiana

MOSCOW (MRC) -- A second worker has died from an explosion at a Williams Partners gas plant in Geismar, La, reported Tulsa World.

Scott Thrower, 47, of St. Amant, La. died from injuries sustained in Thursday morning’s explosion, a Louisiana State Police spokesman said. Thrower was admitted to the hospital Thursday with severe burns from the explosion at the natural gas products plan, owned by Tulsa-based Williams Partners.

Williams president and CEO Alan Armstrong and Geismar plant manager Larry Bayer held a press conference Friday near the site of the explosion and said that they are still unsure what caused the deadly explosion and massive fire at the natural gas liquids processing facility.

Two of those workers are Williams employees and the other four are contracted employees. The rest of the 77 people injured in the blast have been treated and released.

Plant technician and Williams employee Zachary Green, 29, died in the blast and Armstrong and Bayer said they have reached out to Green’s family. All 839 employees working at the plant at the time are accounted for.

The explosion occurred in the plant’s prophylene fractionation area, Bayer said. Williams still hasn’t been allowed back into the area to investigate the exact cause of the explosion.

As MRC reported earlier, there were no early detections of dangerous levels of VOC - that's volatile organic compound - but out of an abundance of caution both the company and the DEQ (Department of Environmental Quality) were doing testing not only at the plant site but miles away from the plant site following the direction of the plume.

The Geismar, La. plant is a natural gas liquids cracker that processes olefins used in the petrochemical industry. Williams Partners produces approximately 1.3 billion pounds of ethylene and 90 million pounds of polymer grade prophylene from the plant.
MRC