Helioplast opens new plastic packaging plant in Bosnia

MOSCOW (MRC) -- Import prices of Chinese polyethylene terephthalate (PET) for Ukrainian buyers were reduced by USD10/tonne this week, but demand remained weak, according to ICIS-MRC Price report.

Companies' representatives and PET converters said prices of Chinese PET grades, including delivery to the Ukrainian port, were heard in the range of USD1,350-1,380/tonne CIF Odessa, excluding VAT. After a long week-end in China, companies were willing to make concessions to their customers in order to stimulate demand.

Ukrainian traders also said sales of imported PET were very sluggish. All importers are experiencing a dollar shortage in the country. Transactions plummeted in the commodity market because of the legal restrictions imposed by the National Bank of Ukraine (NBU's Act No. 49 dd. 07.02.2014) for purchasing of foreign currency. Converters and traders are experiencing difficulties with buying of the dollar and the withdrawal of foreign currency overseas, in order to settle dollar contracts. Some converters suspended PET chips purchasing this week and continued to use only their stocks.

Offer prices of Middle Eastern PET remained stable.

At the same time, prices of Belarusian and Lithuanian PET were heard in the domestic market at UAH17,000-17,300/tonne CPT Kiev, including VAT, following the increase in foreign exchange rates. A trader said the price rise in UAH equivalent in February was poorly received by customers. Seasonally weak demand was also one of the causes of a sales slump, the source said.
MRC

MOSCOW (MRC) -- Mitsui Chemicals is in plans to shut a naphtha cracker for maintenance turnaround, reported Apic-online.

A Polymerupdate source in Japan informed that the cracker is likely to be taken off-stream on June 19, 2014. It is slated to remain off-stream for around one month.

Located in Osaka, Japan, the plant has an ethylene production capacity of 450,000 mt/year.

As MRC wrote earlier, Dow Chemical has signed a long-term ethylene off-take agreement with a new Japanese joint venture that will allow the chemical producer to enhance its performance plastics franchise. The joint venture is being formed between Japanese companies Idemitsu Kosan and Mitsui & Co. to construct and operate a Linear Alpha Olefins unit on the US Gulf Coast.

Mitsui Chemicals,a Japanese chemical company, is a part of the Mitsui conglomerate. The company has a turnover of around 15 billion USD and has business interests in Japan, Europe, China, Southeast Asia and the USA. The company mainly deals in performance materials, petro and basic chemicals and functional polymeric materials.
MRC

MOSCOW (MRC) -- INEOS Oxide has today confirmed that it has successfully expanded its Ethylidene Norbornene (ENB) plant at its Antwerp facility, increasing its capacity to 28,000 tonnes, making it the single largest ENB plant in the world, said the producer in its press release.

The expansion was completed during Q4 2013. "We are pleased to be able to announce that we have successfully expanded our ENB plant to support our customer’s needs." said Hans Casier, CEO INEOS Oxide. "Ongoing global growth, and demand from new ENB customers, in particular those producing ethylene-propylene-diene rubber, requires new capacity. Debottlenecking the Antwerp plant is a unique step by INEOS that will provide sufficient ENB for the next 2-3 years."

ENB is used primarily in the production of ethylene-propylene-diene rubber (EPDM). Because it is extremely wear and weather resistant this high performance rubber is increasingly favoured for use in the automotive, white goods and construction industries. Its unique molecular structure means ENB is also used in the high value fragrance and flavours industry as a scent carrier.

As MRC informed before, INEOS Enterprises announced that it has agreed to purchase Sasol Solvents Germany GmbH, one of European leading solvent manufacturers. The acquisition which is conditional on approval by the relevant competition authorities comprises production facilities in Germany, based at Herne and Moers, employing around 520 people.

INEOS Oxide is a leading producer of Ethylene Oxide and Ethylene Oxide Derivatives, Propylene Oxide and Propylene Oxide Derivatives, plus a range of solvents and specialty chemicals, with production facilities in Antwerp Belgium, Koln Germany, Lavera France, Plaquemine Louisiana and Hull United Kingdom.

MRC