Dow Chemical completes sale of Angus Chemical, gets USD1.4bn proceeds

MOSCOW (MRC) -- The Dow Chemical Company announced the completed sale of ANGUS Chemical Company to Golden Gate Capital. The company finalized the divestiture of its Sodium Borohydride business to Vertellus Performance Chemicals LLC and certain of its affiliates.

Together, these previously committed divestitures total more than USD1.4 billion in gross proceeds to Dow and illustrate the company's drive to maximize value across its integrated portfolio - pointing resources toward more strategic uses. Since 2013, the company has signed or completed transactions that are expected to generate USD2.9 billion in proceeds.

The company said that the sale of ANGUS Chemical Company includes the business headquarters and R&D facility in Buffalo grove, IL; manufacturing facilities located in Sterlington, LA and Ibbenbueren, Germany; a packaging facility in Niagara Falls, NY; as well as the associated business, working capital, customer contracts, process technology, business know-how and certain intellectual property.

The divestiture of Sodium Borohydride includes a manufacturing facility located in , the associated business, inventory, customer contracts and lists, process technology, business know-how and certain intellectual property.

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. EBITDA was up 15% in 4Q at USD2.4 bn. Net profits were down 24% at USD734. Dow's sales in 4Q were unchanged on a year earlier at USD14.38 bn. MRC

Brazilian subsidiary of Bostik opens new powder plant

MOSCOW (MRC) -- Bostik, a leading global adhesive specialist for industrial manufacturing, construction and consumer markets, has taken another decisive step to boost its activities in fast-growing economies through the opening by its Brazilian subsidiary, Fortaleza, of a new powder plant in Queimados, 40 km from Rio de Janeiro, as per AZOBuild.

The new facility manufactures cementitious tile adhesive (CTA) products for both internal and outdoor use, and has an annual production capacity of 100,000 metric tons of powder. The high-grade products produced in this plant are in increasing demand from the Rio de Janeiro state construction industry, whose current dynamic growth has partly been fuelled by the FIFA World Cup and the upcoming 2016 Olympic Games.

In addition to its manufacturing activity, the Queimados site has a distribution centre covering the entire Rio de Janeiro State, and also incorporates a dedicated quality control laboratory. This is the third production facility operated by the Brazilian subsidiary, and its fourteenth distribution centre.

The Queimados plant represents a new milestone in the Bostik group's continued international expansion, especially in fast-developing geographic markets. The new factory comes in the wake of other plant inaugurations in Changshu, China, in April 2013, and in Johro Bahru, Malaysia, in September 2014. The company also recently opened the new Bostik Smart Technology Centre in Venette, France, which will serve as its third centre of excellence for R&D in adhesive materials.

As MRC wrote previously, on 2 February 2015, Arkema finalized the acquisition of Bostik, the world's No. 3 in adhesive. With this acquisition, the group reaches a new milestone in its development, and confirms its ambition to become a world leader in specialty chemicals and advanced materials. BostikпїЅs growth prospects and the complementarities identified between the two groups will sustain the success of this high value creating project.

Bostik develops high-performance and high-value-added bonding and sealing products for the nonwoven, industrial, construction, and consumer markets. Bostik employs about 4,900 people across 48 production facilities - 18 in Europe, 10 - in North America, 8 - in Asia, 6 - in Australia and New Zealand, 2 - in Africa, and 4 - in South America.
MRC

European PS prices for CIS countries dropped

MOSCOW (MRC) - February import contract prices for European polystyrene (PS) are expected to be cut, as per ICIS-MRC Price Report.

European producers will go to the drop in prices following the decrease in the price of styrene monomer. As MRC reported earlier, February contracts for styrene monomer in Europe have been agreed at the level of EUR895/tonne, down EUR55/tonne compared to the previous month.

According to ICIS-MRC Price Report, price offers for expandable polystyrene (EPS) from a Polish producer for the supply into the CIS countries will be cut by EUR50/tonne for the February shipment. February prices for high impact polystyrene (HIPS) and general purpose polystyrene (GPPS) were cut by EUR50/tonne.

Consumers of EPS in Ukraine also reported a decrease in prices of Russian EPS. Price offers for Russian GPPS and HIPS for February delivery remained steady in roubles, but the prices in the dollar terms were reduced, said a PS importer in Ukraine.
MRC

Petronas awards JGC EPCC contract for LNG complex expansion project

MOSCOW (MRC) -- Petronas LNG , a wholly-owned subsidiary of Petronas, has awarded an engineering, procurement, construction and commissioning (EPCC) contract to JGC Corp. for the expansion of Petronas' liquefied natural gas (LNG) complex in Bintulu, Sarawak, Malaysia, as per the company's press release.

The contract involves the EPCC work relating to the LNG storage and shipping facilities at the complex, specifically, construction of the piping and associated facilities connecting the existing six LNG storage tanks and the seventh new LNG storage tank with the shipping facilities.

Petronas' complex has eight production trains with a combined capacity of 25.7-million t/y. JGC is currently executing the EPCC work on the ninth train, which will add 3.6-million t/y of capacity and is scheduled for completion at the end of this year.

This project will be "important in helping Japan's energy security, as they currently rely on Malaysia for more than 15% of its total LNG imports," JGC noted.

The Petronas LNG Complex comprises three LNG plants owned and operated by Petronas’ joint venture companies - Malaysia LNG Sdn Bhd, MLNG Dua Sdn Bhd and MLNG Tiga Sdn Bhd.

JGC has been responsible for the construction of LNG plants worldwide accounting for about one third of the global LNG production capacity. Demand for expansion and renovation projects in live operating plants is expected to grow worldwide. In the field of such projects, even higher level of construction safety management is required as the key for successful project completion.

Petronas, short for Petroliam Nasional Berhad, is a Malaysian oil and gas company wholly owned by the Government of Malaysia. The Group is engaged in a wide spectrum of petroleum activities, including upstream exploration and production of oil and gas to downstream oil refining; marketing and distribution of petroleum products; trading; gas processing and liquefaction; gas transmission pipeline network operations; marketing of liquefied natural gas; petrochemical manufacturing and marketing; shipping; automotive engineering; and property investment.
MRC

PP imports to Ukraine decreased by 15% in 2014

MOSCOW (MRC) - Imports of polypropylene (PP) in Ukraine decreased to 113,400 tonnes in 2014, down 15% year on year. The greatest decrease in imports occurred for PP block copolymer, according to MRC DataScope.

December PP imports in the country rose to 10,800 tonnes following 8,500 tonnes in November. The main increase in PP imports occurred for supplies from Europe and Middle East. Total imports of PP in the country decreased to 113,400 tonnes in 2014, compared with 133,100 tonnes year on year. The largest drop in demand occurred for PP block copolymers because of the shutdown of some plants in the eastern regions of Ukraine. Structure of PP supplies over the reported period looked as follows.

December imports of homopolymer PP increased to 8,700 tonnes, compared to 6,700 tonnes in November on the growing supplies from Saudi Arabia. Ukraine's homopolymer PP imports were 88,500 tonnes in 2014, down 12% compared to 2013. The largest drop in demand occurred for the injection moulding sector - about 36% (15,100 tonnes) over the period, while the demand for raffia decreased by 5% to 52,900 tonnes.

December imports of block copolymers of propylene exceeded 1,000 tonnes, compared to 700 tonnes in November. Total imports of PP block copolymers in the country fell to 11,500 tonnes in 2014, compared with 16,000 tonnes year on year.

Demand for extrusion copolymers for pipe and sheets production reduced more than two times. for the production of pipes and sheets. Demand in the injection moulding sector decreased to 10,500 tonnes in 2014, down 25% year on year. The main suppliers were producers from Europe.

December imports of PP random copolymer in Ukraine declined to 840 tonnes, compared to 716 tonnes in November. Total imports of PP random copolymers in Ukraine were about 10,000 tonnes in 2014, compared with 11,900 tonnes year on year.

Demand from producers of PP pipes reduced by 34% in 2014 to 4,100 tonnes; demand in the injection moulding sector fell by 5% over the reported period to 3,800 tonnes. Total imports of other propylene copolymers over the reporting period were 3,400 tonnes, compared with 4,300 tonnes in the same time a year earlier.


MRC