Formosa Petrochemical tu shut Mailiao LDPE plant for maintenance

MOSCOW (MRC) -- Formosa Petrochemical Corp (FPC) is likely to take its low density polyethylene (LDPE) plant off-stream, as per Apic-online.

A Polymerupdate source in Taiwan informed that the company has planned to shut the plant for a maintenance turnaround on February 9, 2017. The plant is expected to remain off-line for around 30 days.

Located at Mailiao in Taiwan, the plant has a production capacity of 240,000 mt/year.

As MRC informed before, in 2015, Formosa Plastics unveiled plans to build a monoethylene glycol (MEG) plant and another polyethylene (PE) unit at its Point Comfort complex in Texas, according to air-permit applications. The initial pages of the applications do not list the capacity of the plants or the grade of the PE. Construction on the second PE plant started in Q4-2015, and it should start operations in December 2017. Construction on the MEG plant started in November 2015, and operations should start in September 2017.

Formosa Petrochemical is involved primarily in the business of refining crude oil, selling refined petroleum products and producing and selling olefins (including ethylene, propylene, butadiene and BTX) from its naphtha cracking operations. Formosa Petrochemical is also the largest olefins producer in Taiwan and its olefins products are mostly sold to companies within the Formosa Group. Among the company's chemical products are paraxylene (PX), phenyl ethylene, acetone and pure terephthalic acid (PTA). The company's plastic products include acrylonitrile butadiene styrene (ABS) resins, polystyrene (PS), polypropylene (PP) and panlite (PC).
MRC

OPaL commissions mega petrochemical complex at Dahej, starts production at some units

MOSCOW (MRC) -- The ONGC Petro additions Ltd (OPaL) has commissioned its mega petrochemical complex at Dahej and started production in some of its units, reported Plastermart.

The 1,100 kTPA capacity dual feed cracker unit has been operational and last week it delivered its first consignment of about 40 tons, The plant that was to be made operational in 2014, but was marred by several delays along with cost escalation.

OPaL is setting up a grassroot mega petrochemical project at Dahej as a part of the India's first Petroleum, Chemicals and Petrochemical Investment Region (PCPIR).

OPaL would be ramping up its capacity in the coming months. "We are currently operating the polypropylene (PP) unit at 50% capacity. But in about four months, the plant will operate at 100% of its capacity of 340 kilotonnes per annum. The polyethylene (PE) plant too will operate at full capacity from the current 50% production within few months," Satyanarayana, CEO, OPaL told Times Of India.

As MRC wrote earlier, in late 2016, OPaL started up its new cracker in India. Located at Dahej in the western India state of Gujarat, the cracker has an ethylene production capacity of 1.1 million mt/year and propylene production capacity of 400,000 mt/year.

OPaL is a joint venture of Oil and Natural Gas Corp. (ONGC - 26%), Gas Authority of India Limited (GAIL - 17%) and Gujarat State Petroleum Corp. (GSPC - 5%), with the balance held by other investors and public shares.
MRC

Moodys upgrades credit ratings for Korean SK Innovation

MOSCOW (MRC) -- SK Innovation Co., South Korea's top oil refiner, said Monday that its rating was raised by global credit appraisers for its strong bottom line, said Yonhapnews.

Moody's Investors Service has raised its rating on SK Innovation to 'Baa1,' from 'Baa2,' the highest-ever grade given by the global rating agency to the refiner, it said.

Another rating agency, the Standard & Poor's, also upped its rating on SK Innovation to 'BBB+' from 'BBB,' according to the firm.

The rating given to SK Innovation is the highest among Seoul-based oil refiners, it added. The rating upgrades came as SK Innovation saw its 2016 earnings nearly double last year from a year earlier, thanks to better-than-expected results from its petrochemical business and expanded refining margin.

Net profit stood at 1.72 trillion won (USD1.49 billion) last year, compared with a profit of 868 billion won a year earlier, the company said earlier.

Operating income surged 63 percent on-year to reach a record 3.23 trillion won, while sales sank 18.3 percent to 39.52 trillion won over the cited period.
MRC

Oxea declares force majeure on Butyl Acetate in Europe

MOSCOW (MRC) – The international chemical company Oxea declares force majeure on Butyl Acetate in Europe until further notice. Due to technical issues at its production plant in Marl, Germany, Oxea is unable to maintain the manufacture and supply of Butyl Acetate, said Hydrocarbonprocessing.

“Oxea is already working to ensure that the impact is as minimal as possible. During the force majeure period, Oxea will continuously inform its customers about the situation and details regarding the supply capability,” the company said in a press release.

Oxea is a global manufacturer of oxo intermediates and oxo derivatives, such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These products are used for the production of high-quality coatings, lubricants, cosmetics and pharmaceutical products, flavorings and fragrances, printing inks and plastics. Oxea employs more than 1,400 people worldwide. Oxea is owned by Oman Oil Company S.A.O.C.
MRC

Trinseo raises February prices for PS and copolymers in Europe

MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex binders and synthetic rubber, and its affiliate companies in Europe have announced price increases for all polystyrene (PS), acrylonitrile-butadiene-styrene (ABS) and acrylonitrile styrene copolymer (SAN) grades, said the producer on its site.

Effective as of 2 February, or as existing contract terms allow, the contract and spot prices for the product listed below increased as follows:

- STYRON general purpose polystyrene grades (GPPS) - by EUR250 per metric ton;
- STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR270 per metric ton;
- MAGNUM ABS resins - by EUR250 per metric ton;
- TYRIL SAN resins - by EUR200 per metric ton.

As MRC informed before, Trinseo last raised its prices for all PS, ABS, SAN and polycarbonate (PC) grades on 4 January 2016, as stated below:

- STYRON GPPS, STYRON and STYRON A-TECH HIPS - by EUR110 per metric ton;
- MAGNUM ABS resins - by EUR105 per metric ton;
- TYRIL SAN resins - by EUR90 per metric ton;
- CALIBRE PC resins - by EUR220 per metric ton.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.0 billion in revenue in 2015, with 18 manufacturing sites around the world, and more than 2,200 employees.
MRC