Advanced Petrochemical to invest in USD1 bln in propylene project in South Korea

MOSCOW (MRC) -- Saudi Arabia’s Advanced Petrochemical Co. plans to invest in a project worth around USD1 billion to produce propylene in South Korea, as per Plastemart.

The propane dehydrogenation (PDH) project, a joint venture with South Korea’s SK Gas, is due to start up in H1-2016, as per a company statement on the Saudi bourse.

The project, with annual production capacity of 600,000 tons, will be financed 40% equity and 60% debt. Advanced will hold a 35% stake in the project.

As MRC wrote previously, in 2012, Advanced Petrochemical Company (Advanced) and Aramco Total Refining and Petrochemical Company (Satorp) signed on a sales agreeent for the supply of 50,000 tonnes per year of propylene from Satorp Refinery to be built in Jubail Industrial City (2) to Advanced. Under this agreement, Satorp will provide Advanced with 50,000 tonnes of propylene annually for an initial period of three years and it will be renewed on an annual basis. And it was expected to commence supply starting from January 1, 2014 and Satorp will supply propylene by a pipeline from Jubail (2) to Jubail (1).
MRC

MOSCOW (MRC) -- The Dow Chemical Company, the largest US chemical maker by sales, has declared a dividend of 37 cents per share, payable October 30, 2014, to shareholders of record on September 30, 2014, reported the company on its site.

This marks the 412th consecutive cash dividend issued by the Company. Dow has paid its shareholders cash dividends every quarter since 1912.

As MRC informed previously, in February 2014, The Dow Chemical Company announced that its Board of Directors has declared a 15% increase in the first quarter dividend, from USD0.32 per share to USD0.37 per share.

The Dow Chemical Company is an American multinational chemical corporation headquartered in Midland, Michigan, United States. Dow is a large producer of plastics, including polystyrene (PS), polyurethane, polyethylene (PE), polypropylene (PP), and synthetic rubber. In 2013, Dow had annual sales of more than USD57 billion and employed approximately 53,000 people worldwide. The company's more than 6,000 products are manufactured at 201 sites in 36 countries across the globe.
MRC

MOSCOW (MRC) - European polypropylene (PP) producers announced a decrease in September prices for the deliveries to the markets of the CIS countries of EUR20-40/tonne compared with the August level, according to ICIS-MRC Price Report.

September contract price of propylene in Europe was agreed down EUR50/tonne below the August level. Nevertheless, a serious fall in the price of the feedstock (propylene), European producers said that they intend to cap the decline in export prices of polypropylene in September, including deliveries to the CIS markets. Market participants reported that the decline in export prices was capped by EUR20-40/tonne.

Negotiations on September delivery of European homopolymer PP were done in the range of EUR1,200-1,260/toone FCA. Price offers for PP block copolymer started from EUR1,260/tonne FCA.

Some market participants said that ongoing weakening of euro exchange rate contributes to the decrease in export prices of European PP.
MRC

MOSCOW (MRC) -- Myriant Corporation, a global renewable chemicals company, has announced the signage of a distribution agreement with Azelis Group, a specialty chemicals distribution leader, reported Azelis in its press release.

Azelis is now distributing Myriant’s bio-succinic acid in the Nordics, Benelux, France, Iberia, Italy, the United Kingdom and Ireland, targeting customers in the industrial and base chemicals markets.

"As a global chemical distribution powerhouse, Azelis offers a far-reaching chemical portfolio with extensive distribution networks providing Myriant the necessary support and connections with chemical companies seeking to integrate “green” chemicals into a wide range of applications," said David LeBlanc, Head of Global Sales and Marketing for Myriant.

As MRC wrote before, in 2012, Azelis announced their appointment as distributor by leading producer Momentive, to service the Coatings sector in Russia. From October 1st 2012, Azelis offers Momentive"s high quality range of water based dispersions for paints, under the well known brand name AXILAT.

Myriant currently supplies bio-succinic acid from its flagship facility located in Lake Providence, Louisiana, with nameplate capacity of 30 million pounds per year. Globally, the annual worldwide market for succinic acid is estimated at approximately USD7.5 billion in existing and new applications, in the field of polymers, urethanes, plasticizers and coatings. Myriant's high purity bio-succinic acid is made from renewable feedstocks and is chemically equivalent to petroleum-based succinic acid while providing a lower environmental footprint. Myriant’s bio-succinic acid reduces harmful green house gas emissions by 94% compared to petroleum-derived succinic acid and by 96% compared to petroleum-derived adipic acid, a chemical that succinic acid can replace.

Azelis, a global leader in the sales, marketing and distribution of specialty chemicals, has a strong commitment to sustainability and achieving reduction of green house gases is one of its top corporate priorities.
MRC

MOSCOW (MRC) -- Xianglu Petrochemicals is in plans to restart a purified terephthalic acid (PTA) plant which shut unexpectedly, as per Apic-online.

A Polymerupdate source in China informed that the plant is likely to be restarted on September 22. It was shut on July 22 owing to a power failure.

Located at Xiamen in China, the plant has a production capacity of 1.65 million mt/year.

As MRC reported earlier, China’s polyester maker Tongkun is in plans to start a new purified terephthalic acid (PTA) plant in 2017. To be located at Zhapu in Zhejiang province, China, the plant will have a production capacity of 1.5 million mt/year.

Xianglu Petrochemicals (Xiamen) Co., Ltd. produces petrochemicals. It offers terephthalic acid products. The company was founded in 2003 and is based in Xiamen, China.
MRC