Indorama completes acquisition of PET producer in India

MOSCOW (MRC) -- Indorama Ventures (Bangkok) informed the Stock Exchange of Thailand that it has completed the previously announced acquisition of polyethylene terephthalate (PET) manufacturer Micro Polypet (MicroPet; New Delhi), said Borderless.

Plans for the acquisition were announced on 30 November. Indorama says the acquisition includes MicroPet’s subsidiaries Sanchit Polymers and Eternity Infrabuild. Financial details of the acquisition have not been disclosed. MicroPet’s PET plant is at Panipat, India, 90 kilometers north of New Delhi, and has a production capacity of 216,000 m.t./year. Indorama says it has completed all the closing formalities and has taken charge of the Panipat plant, effective 23 December.

MicroPet is the only PET manufacturer in northern India, and its plant is integrated with Indian Oil Corp.’s (New Delhi) production site at Panipat for its feedstocks, purified terephthalic acid, and ethylene glycol, Indorama says. MicroPet also has its own power plant. MicroPet uses melt-to-resin technology, which is also used at Indorama’s AlphaPet PET plant at Decatur, AL.

Indorama Ventures is a leading producer in the polyester value chain in Thailand with strong global network and manufacturing across Asia, Europe and North America. Its products serve major players in diversified end use markets, including food, beverages, personal and home care, health care, automotives, textile, and industrial. The company’s main products are PTA, PET and polyester fibre, which are distributed across the world.

PC consumption in Russia decreased by 5% in January-November 2015

MOSCOW (MRC) - Russia's market of polycarbonate (PC) decreased by 5% to almost 81,200 tonnes in January-November 2015 compared to the same period last year, according to MRC ScanPlast.

Market by the end of the year gradually began to recover its pre-crisis positions. The decrease in PC consumption over the first eleven months was 5% compared with the last year levels. Mostly, it resulted from the growth in domestic consumption.

Thus, domestic supply in eleven months increased to 60,400 tonnes, up 17% compared to the same time a year earlier, accounting for 74% of the total consumption of PC in the country. Russia's imports of PC granules decreased to 20,800 tonnes over the reported period, down 38% year on year.
Market players did not expect PC imports to recovery in the near future. Moreover, until the end of March, buying activity will be low because of the seasonal factor.

Sector of extrusion PC decreased by 8% in the eleven months of the year. According to our estimates, it was processed about 67,200 tonnes of the feedstock. According to the producers of PC sheets, the demand by the end of the year was poor. The surplus was formed in the market of the feedstock and PC products in the end of the autumn season.

The market is expected to become balanced on spring approaching. Government programs will contribute to this, in particular for the modernisation of agriculture as well as the construction objects for the Football World Cup.

Exports of Russian PC granules fell to 445 tonnes in January-November 2015, down 90% year on year. Russia's production of PC granules increased to 60,800 tonnes over the reported period, up 8% year on year. The production of extrusion grades increased, while production of injection moulding grades continued to decline.


Asahi Kasei is likely to mothball SM plant in Japan

MOSCOW (MRC) -- Asahi Kasei, an affiliate company of a major Japanese chemical producer Asahi Kasei Corporation, is in plans to shut a styrene monomer (SM) plant permanently, according to Apic-online.

A Polymerupdate source in Japan informed that the plant is expected to be mothballed in H2 February 2016. The exact reason behind the permanent shutdown could not be ascertained.

Located in Mizushima, Japan, the plant has a production capacity of 320,000 mt/year.

As MRC wrote previously, Asahi Kasei is likely to shut its second SM plant for a maintenance turnaround in March 2016. It is slated to remain off-stream for around 2 weeks. Located in Mizushima, Japan, the cracker has a production capacity of 390,000 mt/year.

Asahi Kasei Corporation is a global Japanese chemical company. Its main products are chemicals and materials science.

Dow finalizes sale of MEGlobal to Equate

MOSCOW (MRC) -- The Dow Chemical Company announced that it has finalized the transaction to sell its ownership interest in MEGlobal to EQUATE Petrochemical Company K.S.C. and has received USD1.5 billion in pre-tax proceeds, said the company on its site.

Dow had previously announced its intent to optimize its ownership in its Kuwaiti Joint Ventures and the closure of this transaction represents progress toward delivering this commitment.

"This is a significant step in our Kuwaiti JV consolidation activities and demonstrates Dow’s drive to review our entire joint venture portfolio with a best-owner mindset, with the objective of delivering maximum value to our shareholders," said Andrew N. Liveris, Dow’s chairman and chief executive officer. "This transaction enables Dow to maintain our commitment to these long-standing joint ventures, while returning value to our owners."

MEGlobal is a world leader in the manufacture and marketing of monoethylene glycol and diethylene glycol (EG), and is headquartered in Dubai, UAE. Established in July 2004, MEGlobal currently markets over 2.5 million metric tons of EG per year globally. EG is used as a raw material in the manufacture of polyester fibers (clothing and other textiles), polyethylene terephthalate (PET) resins, antifreeze formulations and other industrial products. MEGlobal is a joint venture between Dow and Petrochemical Industries Company (PIC) of Kuwait. Through its ownership interest in EQUATE, Dow retains a 42.5 percent ownership stake in MEGlobal.

Established in 1995, EQUATE is the operator of an integrated world-scale manufacturing facility producing more than 5 million tons annually of high-quality petrochemical products, including polyethylene, ethylene, and EG, that are marketed throughout the Middle East, Asia, Africa and Europe. Formed in 2004, The Kuwait Olefins Company (TKOC) is an international joint venture among Dow, Petrochemical Industries Company (PIC), Boubyan Petrochemical Company (BPC) and Qurain Petrochemical Industries Company (QPIC). EQUATE is the single operator of Greater EQUATE, which includes TKOC, The Kuwait Styrene Company (TKSC), and Kuwait Paraxylene Production Company (KPPC) under one fully integrated operational umbrella at Kuwait’s Shuaiba Industrial Area.

The Dow Chemical Company is an American multinational chemical corporation. As of 2007, it is the second-largest chemical manufacturer in the world by revenue (after BASF) and as of February 2009, the third-largest chemical company in the world by market capitalization (after BASF and DuPont). Dow is a large producer of plastics, including polystyrene, polyurethane, polyethylene, polypropylene, and synthetic rubber.

Solenis completes acquisition of Quimatec Produtos Químicos

MOSCOW (MRC) -- Solenis has completed the acquisition of Quimatec Produtos Quimicos (Araraquara, Brazil), a manufacturer of specialty chemicals for the sugar and ethanol processing industry, as per company's press release.

The purchase includes Locatec de Araraquara, an associated logistics provider. Terms have not been disclosed.

“The purchase of Quimatec and Locatec represents a milestone in Solenis’s growth strategy in Latin America, creating new opportunities for continued development in the region,” says John Panichella, Solenis president and CEO. “With Quimatec, Solenis becomes a leading supplier to the most advanced bioethanol market in the world.” Solenis says it will leverage Quimatec’s strong sales channel to bring Solenis’s water treatment offerings to Brazil’s sugar and ethanol producers while taking Quimatec’s process chemistries and applications technology to Solenis’s heavy industry markets around the globe. Quimatec has approximately 110 employees.

Solenis, the former water treatment business of Ashland, was acquired by Clayton Dubilier & Rice (New York) last year.

Solenis is a leading global producer of specialty chemicals for the pulp, paper, oil and gas, chemical processing, mining, biorefining, power and municipal markets. The company’s product portfolio includes a broad array of process, functional and water treatment chemistries as well as state-of-the-art monitoring and control systems. These technologies are used by customers to improve operational efficiencies, enhance product quality, protect plant assets and minimize environmental impact. Headquartered in Wilmington, Delaware, the company has 30 manufacturing facilities strategically located around the globe and employs a team of approximately 3,500 professionals in 118 countries across five continents.