Idemitsu Kosan to shut SM plant in Japan for maintenance

MOSCOW (MRC) -- Idemitsu Kosan is likely to shut a styrene monomer (SM) plant for maintenance turnaround, as per Apic-online.

A Polymerupdate source in Japan informed that the plant is likely to be shut in end-March 2015. It is likely to remain off-stream for around one month.

Located in Chiba, Japan, the plant has a production capacity of 210,000 mt/year.

As MRC informed earlier, on September 2014, Idemitsu Kosan shut down a naphtha cracker for maintenance turnaround. It was restarted in November 2014. Located at Tokuyama in Japan, the cracker has an ethylene capacity of 623,000 mt/year and propylene capacity of 450,000 mt/year.

Besides, Idemitsu SM Malaysia, an affiliate of Idemitsu Kosan, restarted its SM plant on September 15, 2014. It was shut for maintenance turnaround. Located at Pasir Gudang in Malaysia, the plant has a production capacity of 240,000 mt/year.

Idemitsu Kosan is a Japanese petroleum company. It owns and operates oil platforms, refineries and produces and sells petroleum, oils and petrochemical products. The company runs two petrochemical plants in Chiba and Tokuyama. The two naphtha crackers can produce up to 997,000 tonnes of ethylene per year.

Imports of linear polyethylene in Russia grew by 7% in January-February 2015

MOSCOW (MRC) - Following the record low imports of linear low density polyethylene (LLDPE) into Russia, February's external LLDPE supply increased into the country grew to 16.800 tonnes. Russia's LLDPE imports increased by 7% in the first two months of this year compared to the same period in 2014, according to MRC DataScope report.

January LLDPE imports into the country because of a number of factors (rouble devaluation, long holiday shutdowns, reducing lending) decreased to 10,300 tonnes, but in February, this figure rose to 16,800 tonnes. Total LLDPE imports in Russia were 27,100 tonnes in January - February 2015, compared with 25,200 tonnes year on year. The main increase in demand occurred for the local producers of the film production.

February imports of film LLDPE in the country grew to 15,400 tonnes, compared with 9,600 tonnes in January. Expectedly, local producers of stretch films and multilayer film production seasonally increased their consumption. Total imports of film LLDPE in Russia over the reported period exceeded a little more than 25,000 tonnes, compared with 23,000 tonnes year on year. Demand for linear PE significantly increased in February from the local producers of overall product (rotational moulding). Importing this type of polyethylene rose to 470 tonnes, compared to 27 tonnes in January. However, despite the growth in imports, the shortage is still felt, and pent-up demand moved to March. Russia's imports of LLDPE for rotomoulding over the first two months of the year made about 500 tonnes, compared with 820 tonnes year on year. LLDPE imports into the country in other sectors of consumption also seasonally rose in February to 900 tonnes; the two months' imports exceeded 1,500 tonnes.

NOVA Chemicals announces SEC de-registration

MOSCOW (MRC) -- NOVA Chemicals Corporation has announced that it has filed a Form 15 with the Securities and Exchange Commission and will no longer file with the SEC periodic and current reports under Section 15(d) of the Securities Exchange Act of 1934, as amended, said the producer in its press release.

Effective the date hereof, the company will satisfy its reporting obligations under the Indenture, dated as of July 30, 2013, between the company and US Bank National Association, as trustee, pursuant to which the company issued its 5.25% Senior Notes due 2023 and the Indenture, dated as of October 28, 2014 (together with the 2013 Indenture), between the company and the trustee, pursuant to which the company issued its 5.00% Senior Notes due 2025 (together with the 2023 Notes), in each case, by posting the financial statements and reports required by each of the Indentures on a password-protected online data system.

The company has caused the trustee to deliver a Notice of de-registration to all holders of the Notes.

As MRC reported previously, in early 2013 NOVA Chemicals decided build two polyethylene (PE) plants and expand its ethylene capacity. NOVA has taken several actions to secure additional ethane feedstock supply for its crackers in Corunna, Ontario, and Joffre, Alberta.

Nova Chemical is one of the largest world's petrochemical companies, a manufacturer of polyethylene, styrene polymers, monomers, and many other related products.

Cosmo Films offers high-barrier metallized film

MOSCOW (MRC) -- Cosmo Films, known for its specialty films offers multiple barrier products. One such product is a highly effective high barrier metallized BOPP film, said the producer in its press release.

The film generally used as part of a duplex/triplex laminate structure with OPP/PET/PE offers good lamination bond. The end-pack can be used for all food/personal care applications where moisture barrier is of utmost importance. The film also offers optimum gas barrier properties.

Along with barrier properties, the film has good heat seal strength for pouching applications. The film can be used for cold sealing as well.

Available in 12/15/18 microns, the film’s metallization offers superior anchorage with the film. The treated metallized surface may be used for printing.

“We are also working on a coated product with drastically enhanced gas barrier properties," says CEO Pankaj Poddar.

As MRC wrote before, Cosmo Films Ltd. may start chemical coating of films in the United States. Cosmo has two U.S. plants, in Addison, Ill., and Hagerstown, Md., plus five warehouses in the United States and Canada. It entered the market in 2009, when it bought the GBC Commercial Print Finishing business of ACCO Brands Corp., which specialized in thermal lamination film.

Cosmo Films Limited Established in 1981, Cosmo Films Limited is one of the global leaders and manufacturers of BOPP Films. It is the largest exporters of BOPP films from India and largest manufacturer of thermal lamination films in the world. The films make their way into flexible packaging, labels and lamination industry.

Eni decreased net profit for 2014 almost 5 times

MOSCOW (MRC) -- The Board of Directors approved Eni’s consolidated financial statements and the separate draft financial statements of the parent company for the year ending December 31, 2014, said the producer in its press release.

Consolidated net profit amounted to EUR1,291 million and net profit of the parent company amounted to EUR4,455 million. These results and the underlying business trends were commented through the press release on Eni's preliminary results for 2014. This press release was issued on February 18, 20151.

The Board of Directors intends to submit a proposal for the distribution of a cash dividend of EUR1.12 per share (EUR2.24 per ADR) at the Annual Shareholders’ Meeting. Included in this annual distribution is EUR0.562 per share which was paid as an interim dividend in September 2014. The balance of EUR0.56 per share (EUR1.12 per ADR) is payable to shareholders on May 20, 2015, the ex-dividend date being May 18, 2015 and the record date being May 19, 2015.

The review of the sustainability performance has been included in the 2014 Integrated Annual Report, to provide a comprehensive insight into the Company’s business model.

An Annual Report on Form 20-F will be filed with the U.S. Sec and the Italian market authorities as early as in the in the first decade of April 2015. This report will be disseminated through the Company’s headquarters and on Eni's website and through other sources provided by the regulation in force.

Enclosed are the 2014 IFRS consolidated statements of the companies within the Eni group as included in the approved Consolidated financial statements and the statements of the parent company Eni SpA.

As MRC wrote before, Eni is open to talks with Gazprom about a possible partnership in Mozambique but is not aware of any interest from the Russian state gas monopoly in buying a stake in its gas assets there. Eni retains 50% of what is its biggest-ever gas discovery. The Mamba field holds an estimated 75 trillion cubic feet of gas.

Eni is an Italian multinational oil and gas company headquartered in Rome. It has operations in in 79 countries, and is currently Italy's largest industrial company with a market capitalization of 68 billion euros (USD 90 billion). The Italian government owns a 30.3% golden share in the company, 3.93% held through the state Treasury and 26.37% held through the Cassa depositi e prestiti. Another 39.40% of the shares are held by BNP Paribas.