Praxair to supply hydrogen, nitrogen to new BASF, Yara ammonia plant

MOSCOW (MRC) -- Praxair has signed a 20-year agreement to supply approximately 170 MMscfd of hydrogen and 2,000 tpd of nitrogen to a new 750,000-tpy ammonia complex being built by a new entity formed by Yara and BASF, reported Hydrocarbonprocessing.

To help fulfill the raw material requirements of this world-scale ammonia project located in Freeport, Texas, Praxair is investing more than $400 million to add hydrogen and nitrogen production capacity and extending its Gulf Coast pipeline systems approximately 46 miles from Texas City to the Freeport area.

Praxair’s pipeline systems are supported by multiple hydrogen and air separation plants and product storage capabilities including Praxair’s innovative 2.5 Bscf high-purity hydrogen storage cavern.

The pipeline extensions are scheduled to be in operation in 2016 and the supply to the complex is expected to start in late 2017.

"his is an opportunity for Praxair to build out its presence in Freeport, Texas, one of the largest chemical complexes in the western hemisphere," said Eduardo Menezes, executive V.P., Praxair.

"Praxair’s ability to capture and process by-product hydrogen generated by multiple crackers that are being installed in the Gulf Coast and add this product to the hydrogen produced by our on-purpose steam methane reformer facilities to reliably deliver high-purity hydrogen was critical for this award.

We are excited to be a part of this project and to be working alongside Yara and BASF," Menezes expressed.
MRC

MOSCOW (MRC) -- Less than two weeks after the International Monetary Fund announced a USD17.5 billion bailout loan for Ukraine, the central bank tightened capital controls to prevent the country from running out of foreign currency, Bloomberg.

In spite of what has been pledged, Ukraine hasn’t received a major injection of IMF cash since a USD1.4 billion disbursement on Sept. 3, the lender’s website shows. With its foreign reserves dropping 61 percent to USD6.4 billion in the four months through January, the country’s "cupboard is basically bare," said Timothy Ash from Standard Bank Group Plc.

Central bank Governor Valeriya Gontareva announced new limits on the amount of foreign exchange available to importers and banned banks from lending money for clients to buy foreign currency. More restrictions may follow as the country’s economy contracts amid a deadly conflict with pro-Russian rebels in the country’s east, Gontareva said on Monday. The hryvnia fell as much as 11 percent per dollar and bonds tumbled.

"Aid can’t come fast enough," Richard Segal, head of emerging-markets credit strategy at Jefferies International Ltd. in London, said by phone Monday. "The way things are going, the central bank may need to declare a moratorium on money leaving the country, perhaps through an interruption in debt servicing as Argentina did."

Ukraine’s USD2.6 billion of 9.25 percent bonds due in July 2017, the sovereign’s benchmark security for foreign investors, dropped for a seventh day to an all-time low of 41.5 cents on the dollar at 7:24 p.m. in Kiev, increasing the yield to 56.43 percent. The hryvnia weakened to a record 31.5 per dollar on Monday before recovering to 28, the same level at which it closed on Friday, according to data compiled by Bloomberg.

The IMF-led aid package, announced on Feb. 12, totals USD40 billion when including bilateral deals with nations as well as about USD15 billion in savings expected from negotiations the country is pursuing with bond investors.
The Washington-based lender has stalled payouts under a previous funding plan as the nation held presidential elections in October, lawmakers delayed the passage of this year’s budget and while the sides negotiated the second bailout.

Ukraine’s debt is poised to extend declines as investors are underestimating losses in the country’s planned debt reorganization, analysts at Goldman Sachs Group Inc. and JPMorgan Chase & Co. said on Friday in separate reports.

The hryvnia’s 44 percent depreciation per dollar this year, following a 48 percent drop in 2014, is driving up the prices of imports and energy, while making external debt payments more difficult for Ukraine. Governor Gontereva yielded control of the currency earlier this month, allowing it to weaken in an IMF-backed move which helped eliminate an unofficial street market for currency transactions.
MRC

MOSCOW (MRC) -- In response to growing customer demand for metal replacement, PolyOne Corporation, a premier global provider of specialized polymer materials, is expanding capacity for its OnForce LFT long-fiber specialty thermoplastics, reported the company on its site.

A new, dedicated specialty production line will be added at the company’s existing Avon Lake, Ohio production facility and will be fully operational by the end of February 2015.

PolyOne’s robust glass- and carbon fiber-filled formulations retain aesthetic appeal in metal replacement and structural applications, while also offering higher stiffness, impact strength and surface finish than short-fiber filled materials.

"Demand continues to increase for lighter weight materials and the products made from them. PolyOne has a proven track record of working closely with our customers to develop innovative specialty formulations that meet their specific performance needs," said Craig Nikrant, president, Global Specialty Engineered Materials, PolyOne Corporation. "This investment is aligned with current megatrends to better serve our customers in North America across several industries, including industrial, transportation, oil & gas, and shooting sports."

As, MRC wrote before, in July 2014, PolyOne Corporation services and solutions announced a realignment of its manufacturing assets in Brazil. As part of the realignment, PolyOne will close manufacturing plants located in Diadema and Joinville, Brazil. The company will continue to operate and invest in its facilities in Novo Hamburgo and Itupeva, Brazil, while offering specialty solutions throughout the region.

PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a premier provider of specialized polymer materials, services and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC

MOSCOW (MRC) -- Michael McGarry, chief operating officer of PPG Industries, has moved a step closer to eventually being named PPG’s next chief executive on Thursday when the Downtown-based coatings company said he will add the title of president effective March 1, reported Pittsburg Post-Gasette.

News of the upcoming appointment for Mr. McGarry, 56, bolsters his position as the number two executive in the company and the likelihood that he will be the successor to Charles Bunch, chairman and CEO.

As president, Mr. McGarry will continue the responsibilities he holds as COO, including overseeing strategic business units, operating regions, information technology, environment, health, safety and purchasing.

PPG’s global sales in 2014 were USD15.4 billion.

Mr. Bunch credited Mr. McGarry with having a leading role in the company’s recent major acquisitions, including last year’s USD2.3 billion purchase of Mexican paints business Consorcio Comex, and the 2013 purchase of Dutch paints maker AkzoNobel’s North American architectural coatings business for USD1.05 billion.

Mr. McGarry joined PPG in 1981 as an engineer at the company’s chemicals facility in Lake Charles, La. He moved into various management positions in the chemicals segment before being named vice president for coatings in Europe and managing director of PPG Europe in 2006. In 2008, he became senior vice president, commodity chemicals. In 2012, he was named an executive vice president with responsibilities for operations worldwide.

PPG Industries, Inc. (PPG) is a global supplier of protective and decorative coatings. Performance Coatings, Industrial Coatings and Architectural Coatings- EMEA segments supply protective and decorative finishes for customers in a range of end use markets, including industrial equipment, appliances and packaging; factory-finished aluminum extrusions and steel and aluminum
MRC

MOSCOW (MRC) -- Less than two weeks after the International Monetary Fund announced a USD17.5 billion bailout loan for Ukraine, the central bank tightened capital controls to prevent the country from running out of foreign currency, said Bloomberg.

In spite of what has been pledged, Ukraine hasn’t received a major injection of IMF cash since a USD1.4 billion disbursement on Sept. 3, the lender’s website shows. With its foreign reserves dropping 61 percent to USD6.4 billion in the four months through January, the country’s "cupboard is basically bare," said Timothy Ash from Standard Bank Group Plc. Central bank Governor Valeriya Gontareva announced new limits on the amount of foreign exchange available to importers and banned banks from lending money for clients to buy foreign currency. More restrictions may follow as the country’s economy contracts amid a deadly conflict with pro-Russian rebels in the country’s east, Gontareva said on Monday. The hryvnia fell as much as 11 percent per dollar and bonds tumbled.

"Aid can’t come fast enough," Richard Segal, head of emerging-markets credit strategy at Jefferies International Ltd. in London, said by phone Monday. "The way things are going, the central bank may need to declare a moratorium on money leaving the country, perhaps through an interruption in debt servicing as Argentina did."

Ukraine’s USD2.6 billion of 9.25 percent bonds due in July 2017, the sovereign’s benchmark security for foreign investors, dropped for a seventh day to an all-time low of 41.5 cents on the dollar at 7:24 p.m. in Kiev, increasing the yield to 56.43 percent. The hryvnia weakened to a record 31.5 per dollar on Monday before recovering to 28, the same level at which it closed on Friday, according to data compiled by Bloomberg.

The IMF-led aid package, announced on Feb. 12, totals USD40 billion when including bilateral deals with nations as well as about USD15 billion in savings expected from negotiations the country is pursuing with bond investors.
The Washington-based lender has stalled payouts under a previous funding plan as the nation held presidential elections in October, lawmakers delayed the passage of this year’s budget and while the sides negotiated the second bailout.

Ukraine’s debt is poised to extend declines as investors are underestimating losses in the country’s planned debt reorganization, analysts at Goldman Sachs Group Inc. and JPMorgan Chase & Co. said on Friday in separate reports.
IMF Lifeline

The hryvnia’s 44 percent depreciation per dollar this year, following a 48 percent drop in 2014, is driving up the prices of imports and energy, while making external debt payments more difficult for Ukraine. Governor Gontereva yielded control of the currency earlier this month, allowing it to weaken in an IMF-backed move which helped eliminate an unofficial street market for currency transactions.

MRC