HC Petrochemical shut aromatics plant in South Korea

MOSCOW (MRC) -- Hyundai Cosmo Petrochemical has shut its No 2 aromatics plant owing to technical issues, reported Apic-online.

A Polymerupdate source in South Korea informed that the plant was shut on December 11, 2013. A restart schedule for the plant has not been confirmed.

Located at Daesan, South Korea, the plant has a PX production capacity of 800,000 mt/year and benzene production capacity of 120,000 mt/year.

As MRC informed ealier, PTT Global Chemical has recently awarded an engineering, procurement and construction (EPC) contract to SK Engineering and Construction and PTT Maintenance and Engineering for a debottlenecking project that will increase aromatics capacity by 16% to about 1.2-million t/y at its Aromatics II complex in Rayong, Thailand, said Apic-online.

The approximately USD128.8-million project will increase paraxylene capacity to 770,000 t/y from 655,000 t/y, benzene capacity to 390,000 t/y from 355,000 t/y and will add 20,000 t/y of orthoxylene capacity. Completion of the expansion is scheduled for the end of 2015.

HC Petrochemical manufactures and markets paraxylene. The company was founded in 2009 and is based in Seosan Si, South Korea. HC Petrochem is a joint venture between Cosmo Oil and Hyundai Oilbank.
MRC

BASF Wintershall to sell some non-operated assets to MOL

MOSCOW (MRC) -- Wintershall Holding GmbH, a wholly owned unit of BASF SE (BAS.XE), will sell some non-operated assets in the North Sea to Hungary's MOL group (MGYOY) to focus on its own exploration and production activities in the region, said the Wall Street Journal.

"With the divestment of non-operated assets, we can concentrate on strengthening our competencies in exploration, field development and production activities on own-operated assets in the North Sea," Wintershall Chairman Rainer Seele said.

The transaction will garner USD375 million for Wintershall and the deal is expected to close in the first quarter of 2014, pending regulatory approval. The deal will be financially retroactive to Jan. 1, 2013.

MOL gains 14 North Sea licenses as well as non-operated equity stakes in other developments, including Broom, Cladhan, Catcher, Scolty Crathes, Blakeney and the Lucius prospect. The deal also includes Wintershall's equity share in the Sullom Voe Terminal and the Brent Pipeline System.

Wintershall and MOL also signed a cooperation agreement to jointly pursue exploration and production in both the North Sea and the Middle East region.

As MRC wrote before, MOL Hungarian Oil and Gas Public Limited Company hereby informs the capital market participants that it has reached an agreement with JSR Corporation (JSR) to establish a joint venture in Hungary and construct a new plant to manufacture solution polymerization styrene-butadiene rubber (S-SBR).
MRC

PolyOne announces 33% increase in quarterly dividend

MOSCOW (MRC) -- The Board of Directors of PolyOne Corporation, has declared a dividend of eight cents (USD0.08) per share on the common stock outstanding, representing a 33% increase to the quarterly cash dividend,said Polyone.

The eight cent (USD0.08) per share dividend will be paid on January 9, 2014, to shareholders of record on December 17, 2013. This represents the third increase to PolyOne's dividend and a doubling since the company re-instituted its quarterly cash dividend in March 2011 at USD0.04 per share.

"We are pleased to announce an increase in our quarterly dividend. As a result of the relentless execution of our four pillar strategy, we have created a foundation for sustained growth," said Stephen D. Newlin, Chairman, President, and Chief Executive Officer. "During the third quarter of 2013, we increased adjusted earnings per share by 29%, our 16th consecutive quarter of double-digit EPS expansion.

Mr. Newlin added, "This dividend increase underscores our confidence and ability to meet our aggressive targets that will allow us to continue creating value for our shareholders. We remain committed to returning cash to shareholders through dividends and share repurchases."

PolyOne Corporation, with 2012 revenues of USD2.9 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises Pledge(SM), PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles.

As MRC reported earlier, PolyOne has agreed to sell its vinyl dispersion, blending and suspension resin assets to Mexico-based Mexichem. PolyOne is going to receive USD250 million in cash for this deal. The sale is subject to satisfaction of regulatory requirements and other customary closing conditions.

PolyOne Corporation is a global provider of specialized polymer materials, services, and solutions. PolyOne is a provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins. The company's full-year revenues in 2012 increased 4.5% to USD3.0 billion, compared to USD2.9 billion in 2011.

MRC

PTT Global Chemical to shut HDPE plant for maintenance in Thailand

MOSCOW (MRC) -- Thailand's PTT Global Chemical (PTTGC) is in plans to shut its high density polyethylene (HDPE) plant for maintenance turnaround, as per Apic-online.

A Polymerupdate source in Thailand informed that the plant is likely to be shut in Q1, 2014 for maintenance turnaround. The schedule and duration of the turnaround could not ascertained.

Located in Map Ta Phut, Thailand, the plant has a production capacity of 300,000 mt/year.

As MRC wrote previously, PTT Global Chemical has recently awarded an engineering, procurement and construction (EPC) contract to SK Engineering and Construction and PTT Maintenance and Engineering for a debottlenecking project that will increase aromatics capacity by 16% to about 1.2-million t/y at its Aromatics II complex in Rayong, Thailand.

The approximately USD128.8-million project will increase paraxylene capacity to 770,000 t/y from 655,000 t/y, benzene capacity to 390,000 t/y from 355,000 t/y and will add 20,000 t/y of orthoxylene capacity. Completion of the expansion is scheduled for the end of 2015.

PTT Global Chemical is a leading player in the petrochemical industry and owns several petrochemical facilities with a combined capacity of 8.45 million tonnes a year. PTTGC is 49% owned by state-controlled parent PTT Pcl, and uses ethane and liquefied petroleum gas (LPG) from the gas plant as feedstock for its I4-2 olefins plant.
MRC

HDPE imports to Russia decreased by 28% in the first eleven months of the year

MOSCOW (MRC) - Imports of high density polyethylene (HDPE) to Russia have decreased significantly on the back of growing domestic production and weak demand. Russia's HDPE imports decreased by 28% in the first eleven months of the year, compared to the same period last year, according to MRC ScanPlast.

HDPE imports to Russia was the lowest in the last four years in November and reached 16,100 tonnes. In general, total imports of HDPE to Russia decreased to 267,800 tonnes from January to November of this year, from 370,200 tonnes year on year.

Such a significant decline in imports resulted from the growing of domestic production, which increased by 42% to 918,200 tonnes and weaker demand in some sectors of consumption. Structure of imports by sector consumption in November was as follows.

Imports of pipe HDPE to Russia fell to the minimum level 2,600 tonnes in November. Total imports of pipe HDPE to Russia decreased to 64,700 tonnes in the first eleven months of the year, from 118,100 tonnes year on year. The main reason for such a serious decline in the pipe HDPE imports was weak demand and high prices in foreign markets.

Russia's imports of blow moulding and injection moulding HDPE in November were practically the same as in October and reached 2,800 and 3,000 tonnes respectively. Total imports of blow moulding and injection moulding HDPE to Russia were 32,200 and 46,000 tonnes in the first eleven months of the year, from 45,700 and 43,300 tonnes year on year.

Russia's imports of film and extrusion HDPE (for coating of large diameter steel pipes) in November was 2,500 tonnes and 4,000 tonnes respectively. Total imports of film and extrusion HDPE to Russia were 43,200 and 66,900 tonnes in the first eleven months of the year, from 92,500 and 55,600 tonnes year on year respectively. Russia's imports of HDPE in other sectors in the first eleven months was 14,700 tonnes.


MRC