Chinese producers reduced PET import prices for CIS buyers

MOSCOW (MRC) -- The Supervisory Board of BASF SE decided in its meeting to propose the following candidates as shareholder representatives for election to the company’s Supervisory Board by the Annual Shareholders’ Meeting on May 2, 2014:

Dame Alison Carnwath DBE (61), London; Professor Dr. Francois Diederich (61), Zurich; Michael Diekmann (59); Munich; Franz Fehrenbach (64), Stuttgart; Dr. Jurgen Hambrecht (67), Neustadt/Weinstrasse; Anke Schaferkordt (51), Cologne.

Dr. Jurgen Hambrecht is proposed as candidate for Chairman of the Supervisory Board. Dr. h.c. Eggert Voscherau (70), who has chaired the Supervisory Board since 2009, and Max Dietrich Kley (73), who has been a member of the Supervisory Board since 2003, are no longer available for re-election.

The Supervisory Board also approved the financial statements of BASF SE and the consolidated financial statements of BASF Group as well as the dividend proposal made by the Board of Executive Directors. The Board of Executive Directors and the Supervisory Board of BASF SE will therefore propose to the Annual Shareholders’ Meeting on May 2, 2014 the payment of a dividend of EUR2.70 per share for 2013 (previous year: EUR2.60 per share). If the proposal is approved by the Annual Meeting, the dividend will be paid out on May 5, 2014.

As MRC reported earlier, BASF has recently signed a contract to divest its liquid masterbatch business in Clermont de l’Oise, France, to Audia International, a large global supplier of polyolefins and color masterbatches. The transaction is expected to close in mid 2014. The parties have agreed not to disclose financial details of the agreement. Earlier, in December 2013, BASF signed a contract to sell its Vinuran PVC modifier business to Kaneka Belgium N.V., a subsidiary of Kaneka Corporation, Japan.

BASF is the leading chemical company. It produces a wide range of chemicals, for example solvents, amines, resins, glues, electronic-grade chemicals, industrial gases, basic petrochemicals and inorganic chemicals. The most important customers for this segment are the pharmaceutical, construction, textile and automotive industries.
MRC

MOSCOW (MRC) -- The worldwide linear low density polyethylene (LLDPE) production is likely to see stable growth in the upcoming years to exceed 31.4 mln tons in 2017, reported Plastemart with reference to Merchant Research & Consulting.

The major market growth stimulators include the rising demand for LLDPE worldwide alongside scheduled capacity additions.

During 2009-2012, the global LLDPE market witnessed sustained growth, as per Merchant Research & Consulting, in 2012, the world LLDPE supply registered a 6.6% YoY increase and touched the 25.9 mln ton mark.

Asia-Pacific and North America held the largest shares of the overall supply volume. The US, China, Saudi Arabia, Canada and Brazil were the top five LLDPE manufacturing countries; in 2012, their combined share of the overall production stood at over 54% in 2012.

The world LLDPE consumption dropped considerably during the global crisis in 2008. Nevertheless, it showed positive development in 2010. Between 2010 and 2012, the overall consumption volume increased from above 21.34 mln tons to more than 25.8 mln tons.

The highest demand growth rates were registered in 2010 and 2011 – 10.7% and 13.6%, respectively. In 2012, Asia was ranked as the leading LLDPE consumer in the world, calling for approximately 44% of the overall consumption.

As MRC wrote before, LLDPE prices significantly rose in January on the back of weakening rouble in the Russian market. Price offer for LLDPE grew to Rb76,000/tonne in the late January. Russian market of linear polyethylene is totally dependent on imports, as a consequence, the price situation in foreign markets directly affects the prices in the local market. Price offer for LLDPE in the foregn markets had begun rising since December 2013, but January depreciation of the Russian rouble contributed several times to it.
MRC