Construction of Braskem Idesa Etileno XXI olefins complex is 62% complete

MOSCOW (MRC) -- The Etileno XXI olefins complex that Brazilian petrochemical company Braskem is building in Mexico is more than 62% complete, reported Plastemart.

CEO Carlos Fadigas confirmed that Etileno XXI will be ready for start-up in Q3-2015.

The complex will include an ethane cracker with annual production capacity of 1.05 Mt of ethylene that will be used to produce two grades of polyethylene (PE), with two high-density polyethylene (HDPE) lines totaling 750,000 tpa and one conventional low-density (LDPE) line of 300,000 tpa.

The two stake holders are Braskem with a 75% stake and Mexico‘s Idesa with the balance 25%.

As MRC wrote before, in 2012, Braskem Idesa announced the approval of a line of credit in the amount of USD700 million by the Brazlian National Economic and Social Development Bank - BNDES to finance the construction of the largest petrochemical complex being developed in the Americas: Braskem Idesa- Etileno XXI Project. The group of financial institutions will also include Mexico's development banks, Bancomext and Nafinsa- Nacional Financiera, and commercial whose loans are subject to the completion and closing of the formal documentation.

Etileno XXI Project, located in Nanchital, Veracruz, Mexico, continues to progress within schedule, land movement and site preparation works are 70% completed and the civil construction started on may 18th with the first foundations.
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MOSCOW (MRC) -- Eastman Chemical, a global specialty chemical company, is increasing prices on the following products effective 1 April 2014, or as contracts allow: Santoflex 6PPD (para-phenylenediamines), as per the company's statement.

Thus, the offlist price will increase by USDUSD 0.05/LB (USDUSD 0.10/KG) globally.

These increases are due to elevated operating costs, especially in raw materials.

Para-phenylenediamines (PPDs) are known as antidegradants, which are chemicals that prevent premature aging and degradation of rubber. Eastman is one of the world's largest producers of chemicals for the rubber and tire industry. These rubber chemical products help control the process of manufacturing rubber, while improving its durability, flexibility, and appearance.

As MRC wrote previously, responding to a market need for a suitable material to use in hand-held and other electronic medical device housings that is tough and resistant to aggressive cleansers and disinfectants, Eastman Chemical Company is expanding its Eastman Tritan copolyester portfolio for the medical market with the introduction of Tritan copolyester MXF121. Tritan MXF121 is a bisphenol A (BPA)-free alternative to polycarbonate (PC) and PC/acrylonitrile butadiene styrene (ABS) that can stand up to today’s aggressive disinfectants and withstand the stresses of daily use and handling.

Eastman (headquartered in Kingsport, Tennessee, USA) is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction, and consumables.
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MOSCOW (MRC) -- Celanese Corporation, a global technology and specialty materials company and a global leader in EVA emulsions, has announced the appointment of Amy Hebert as Vice President, Europe region, reported the company in its press release.

The Company informed that Hebert has joined Celanese from Albemarle Corporation where she most recently led the catalyst business as vice president.

Commenting on the appointment, Mark Rohr, Chairman and CEO of Celanesesaid, "Amy's leadership skills and industry knowledge will be an asset to our long-term success in Europe, which accounts for almost 40% of our global sales. In her new role in Europe, Hebert will be accountable for profitably growing Celanese's businesses in the region, optimizing manufacturing and maintaining cost competitiveness."

As MRC informed before, Celanese Corporation has recently announced that it would increase the price of vinyl acetate-based dispersions sold in Europe, the Middle East and Africa. PVAc homopolymer, vinyl acetate ethylene (EVA) and vinyl copolymer dispersions will increase by up to EUR50/tonne effective April 1, 2014, or as contracts allow. This price increase affects all applications including, but not limited to, adhesives, paints and coatings, building and construction, nonwovens, glass fiber, carpet, paper and textiles.

Celanese Corporation is a global technology leader in the production of differentiated chemistry solutions and specialty materials used in most major industries and consumer applications. Based in Dallas, Texas, Celanese employs approximately 7,400 employees worldwide and had 2013 net sales of USD6.5 billion.
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MOSCOW (MRC) -- State-controlled PetroChina Co. 601857.SH -0.26% Ltd.'s 2013 net profit rose 12% from a year earlier, due to reduced refining losses and growth in overseas oil and gas production, said the Wall Street Journal.

Beijing-based PetroChina and parent China National Petroleum Corp. have for years been building their international portfolio of upstream assets, and between them spent USD20 billion on oil and gas projects in Australia, Mozambique, Peru and Brazil in 2013, according to data provider Dealogic. PetroChina's November 2013 purchase of a 25% stake in Iraq's giant West Qurna-1 field was among its recent acquisitions boosting its reserves.

PetroChina 's net profit for the year ended Dec. 31 rose to 129.6 billion yuan (USD20.8 billion) from CNY115.3 billion the previous year, it said on Thursday.

Revenue rose 2.9% to CNY2.26 trillion, partly driven by a higher contribution from overseas production. Overall crude output for domestic and foreign fields rose 1.8% from a year earlier, while total natural gas output jumped 9.5% year-over-year.

Operating losses from its refining and chemical businesses narrowed to 24.4 billion yuan from 43.5 billion yuan, helped by the Chinese government's increase in the prices of refined products in September.

As MRC wrote before, PetroChina in 2012 overtook Exxon Mobil as the world’s biggest publicly traded producer of oil. The company announced it pumped 2.4 million barrels a day last year, surpassing Exxon by 100,000 barrels.

PetroChina Company Limited, is a Chinese oil and gas company and is the listed arm of state-owned China National Petroleum Corporation, headquartered in Dongcheng District, Beijing. It is China's biggest oil producer.
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MOSCOW (MRC) -- The oil giant Exxon Mobil has agreed for the first time to report on how climate change could affect its business model, said The Guardian said.

The groups said on Thursday that Exxon had agreed to prepare a public report on "carbon asset risk" – the prospect that the company might be forced to leave some of its oil and gas in the ground as a result of climate regulations.

The campaigners said the move by Exxon was an important step forward in getting companies to recognise that oil, gas and coal holdings could potentially drop in value under climate regulations.

"Who better than Exxon Mobil to start answering the tough questions about the inevitable transition to a low-carbon global economy?" Mindy Lubber, president of the green investor network Ceres, said. "Market forces such as carbon-reducing regulations, weakening demand for oil and coal in many parts of the world and rapid growth of renewables clearly show that energy leaders of tomorrow will be those that address carbon asset risks today."

Exxon declined to comment on Thursday. Under the agreement between Exxon and Arjuna Capital, the oil company will report on the risks to its business model posed by stranded assets, how the company is preparing for potential regulations and how it will be affected by climate risks, the campaigners said.

Environmental groups have been lobbying oil companies to acknowledge the risk that their fossil fuel holdings could drop in value as governments adopt climate regulations limiting greenhouse gas emissions. Exxon’s agreement to look at its carbon risks was the first big victory for the campaigners, and offers them hope of gaining traction on the issue.

The campaign, built on research by the British group Carbon Tracker, aims to put pressure on companies to get out of coal, oil and gas holdings on the grounds that potential regulations could reduce the value of fossil fuel reserves.

BP rejected the call to look at its carbon risks. The company in its latest sustainability report said the campaigners were being simplistic.

The International Energy Agency was even clearer on that threshold, finding: “No more than one-third of proven reserves of fossil fuels can be consumed prior to 2050 if the world is to achieve the 2C goal, unless carbon capture and storage technology is widely deployed.”

As MRC wrote before, fourth quarter 2013 earnings were USD8.4 billion, down 16% from the fourth quarter of 2012. Full year 2013 earnings were USD32.6 billion, down 27% from 2012. ExxonMobil delivered strong business results in 2013 while remaining focused on improving profitability and long-term shareholder value. Disciplined use of capital, project execution and asset management are positioning the company to deliver sustained superior financial performance across the business cycle.

ExxonMobil 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.
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