Synthetic fiber manufacturer to hold IPO

MOSCOW (MRC) -- Century Synthetic Fiber Corporation plans to make its initial public offering (IPO) of shares on 9 December 2014 and get listed at the HCM City Stock Exchange after that, as per GV.

The State Securities Commission allowed the new company, a synthetic fiber manufacturer, to issue 3 million shares at a reference price of VND18,000 (USD 2.8) each.

The company and its major shareholder, Red River Holding, held a roadshow on 26 Nov. 2014 to introduce the potential of the stock.

After holding the IPO and issuing its audited financial report for this year, Century Synthetic Fiber will file for the listing of its shares at the HCM City Stock Exchange sometime in the second quarter of 2015.

The IPO aims to raise funds for the company's VND729-billion (USD 34.3-million) factory expansion plan which began last May at Trang Bang in Tay Ninh Province, company officials said.

The company also plans to put 50% of the factory's capacity to commercial use in the third quarter of next year.

From 2008 to 2013, the company's revenues increased by 39% and its profits, by 65%. It expects the expansion to help increase by about 20% its revenues, to VND2.3 trillion (USD 108.4 million), and its profits, to VND132 billion (USD 6.2 million), in 2016.

In the first nine months of 2014, its revenues reached more than VND1 trillion (USD 47.1 million) and its profits, VND82 billion (USD 3.8 million).

As MRC informed earlier, in September 2014, work started on the Vung Ro refinery complex- a USD3.2 bln petrochemical refinery complex in the central province of Phu Yen. It is designed to produce 8 mln tpa of products, including polypropylene, benzene, toluene, petrol RON 92 and RON 95. The refinery complex is expected to commence operation in 2017.
MRC

MOSCOW (MRC) -- Plummeting oil prices and tight money are putting the squeeze on recyclers, say attendees of a recent forum held by the China Plastics Processing Industry Association in Guangzhou, said Plasticsnews.

From a June peak of USD115 per barrel, oil prices tumbled to less than USD70 per barrel, after OPEC ministers meeting in Vienna declined to cut back on their own production. The price drop has been driven by the U.S. fracking boom and weakening demand from slowing economies in Europe, Japan and — ironically — China.

Fan Yu Shun, president of Lianyungang Long Shine Plastics Co. Ltd., identified tight credit as a key industry challenge. The problem is especially acute, Fan said, for small-and medium-sized companies in a capital-intensive industry — which describes much of the plastics recycling business in China.

Despite the money crunch, Fan’s company is pushing ahead with plans to more than double capacity at its 20,000-square-meter plant in Lianyungang, Jiangsu province, to 50,000 metric tons per year.

As China enters the third year of its "Green Fence" regulations regarding the import of scrap plastics, attendees are bullish on the toughened environmental standards from both business and an environmental point of view.

The rules and regulations are very clear, said Steven Tan, director of international operations at Guangdong Kingfa Science and Technology Co., Ltd., which claims to be the country’s biggest recycler and was a co-sponsor of the forum.

President Lingzhang Zeng of Ganzhou Hengxin Plastic Co. Ltd., is a strong backer of government-sponsored industrial parks for recyclers. Three years ago, Hengxin opened a 100-worker, 10,000-square-meter facility in one of these industrial parks.

Ganzhou Hengxin is an 8-year-old recycler in Jiangxi province with annual sales of about 70 million RMB (USD11 million). Increasingly, recyclers are factoring the rules and regulations into their long-term planning.

Some are shipping scrap to Southeast Asian countries for pre-processing. At a Thailand plant, Manifold annually sorts and cleans 2,000 metric tons of scrap PP and PE for export to China.

MRC

MOSCOW (MRC) -- The ICA Fluor industrial engineering-construction joint venture between Fluor and Empresas ICA signed a contract with Pemex Refinacion for the construction of the delayed coker unit that will be installed at the Miguel Hidalgo refinery in Tula, Mexico, said Hydrocarbonprocessing.

The total contract value is USD1.3 billion, and Fluor will book its USD650 million share of the contract in the fourth quarter of 2014.

ICA Fluor was awarded a contract for Phase I of the residue recovery project for the Miguel Hidalgo refinery in 2013.

This Phase II contract involves providing detailed engineering, procurement and construction (EPC) services for the 86,000-bpd capacity plant. It is the first package to be converted to the EPC stage under the open book established in the Phase I contract.

The mechanical completion of the project is scheduled for the second quarter of 2018.

"This project is a major step in the modernization of Mexico’s oil processing facilities," said Juan Carlos Santos Fernandez, director general of ICA Fluor.

"We are proud to be in the position to support Pemex with our Mexican engineering and construction resources to advance the key goals set forth in its strategic plan," he added.

As MRC wrote before, in September 2013 Pemex announced a USD3.5 billion expansion of the existing refinery at Tula, the country's second biggest, near the planned the location for the new refinery. The existing Tula refinery can process 325,000 bpd.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene, polypropylene, polystyrene.

MRC

MOSCOW (MRC) -- India’s Reliance Industries has signed a memorandum of understanding with Mexico’s Pemex to jointly assess the potential for upstream oil and gas business in Mexico and other international markets, said Upstreamonline.

Reliance and Pemex will share their expertise and skills to further strengthen the relationship between the two players.

Environmental and social responsibility will be on the agenda for the players, as well as best practise techniques in deep-water development and shale gas.

Reliance said this collaboration with Pemex was part of the company’s growth strategy to expand its global footprint.

As MRC wrote before, Mexico's state run Pemex approved a post-reform corporate revamp- finalizing a corporate restructuring including the creation of new business units that will focus on fertilizers and ethylene.

Pemex, Mexican Petroleum, is a Mexican state-owned petroleum company. Pemex has a total asset worth of USD415.75 billion, and is the world's second largest non-publicly listed company by total market value, and Latin America's second largest enterprise by annual revenue as of 2009. Company produces such polymers, as polyethylene, polypropylene, polystyrene.

Reliance Industries is one of the world's largest producers of polymers. The company's polymer production in 2010-11 (polypropylene, polyethylene and polyvinyl chloride) made 4,094 kilo tonnes.
MRC

MOSCOW (MRC) -- Munich-based chemical company Wacker is expanding its product range of functional silanes with a new arylalkoxysilane monomer, the producer said on its site.

Marketed as GENIOSIL XL 70, this additive is designed as a water scavenger for silane-curing adhesive and sealant formulations. It is particularly suitable for products that must avoid unpleasant odors when applied. Due to its high flash point, the additive is also easier to store and handle. The new water scavenger is compatible with all GENIOSIL silane-modified polymers and organofunctional silanes.

GENIOSIL XL 70 is a clear, colorless, low-viscosity silane which belongs to the arylalkoxysilane group. Unlike conventional water scavengers for silane-curing adhesives and sealants, the liquid has only a very faint odor. Consequently, the water scavenger is ideal for adhesives and sealants used over large areas. Compounders can formulate products such as parquet adhesives and liquid water-proofing systems that do not create odors with the additive and are in line with increasingly stringent occupational health and safety regulations.

As silane-curing adhesives and sealants react with water, water scavengers are an essential component in such products. They protect the polymers from moisture inherent to a formulation via fillers and other ingredients. Moreover, water scavengers ensure that the product can be used without restriction throughout its given minimum shelf life. The required dosage of GENIOSIL XL 70 depends on the formulation components and the desired shelf life of the end product.

As MRC reported earlier, Wacker has developed a thermally conductive adhesive for electronics applications. The new silicone rubber with the trade name SEMICOSIL 975 TC is characterized by high thermal conductivity and good flow and processing properties. Even light pressure is enough to form an ultrathin adhesive layer between the contact surfaces. This ensures not only good bonding, but also optimum heat dissipation by the heat sink.

Wacker Chemie AG is a worldwide operating company in the chemical business, founded 1914. The company is controlled by the Wacker-family holding more than 50 percent of the shares. The corporation is operating more than 25 production sites in Europe, Asia, and the Americas. The product range includes silicone rubbers, polymer products like ethylene vinyl acetate redispersible polymer powder, chemical materials, polysilicon and wafers for semiconductor industry.
MRC