Taiwan's TSRC to acquire Dexco Polymers

(MarketWatch) -- Taiwanese synthetic rubber maker TSRC Corp. said it would pay US$168 million to acquire Dexco Polymers Operating Company LLC and Dexco Polymers LP in a statement to the Taiwan Stock Exchange on Friday.

In a second statement, also released Friday, TSRC said the acquisition would help it to upgrade its technology, provide its customers a wider array of products, and diversify its customer base across Asia, Europe and the Americas. It also said the agreement still needs to be approved by U.S. and Taiwan regulators and estimated that could happen by the second quarter of 2011.

TSRC makes commodity synthetic rubber for car tires and specialty thermoplastic elastomer products which are used in adhesives, industrial compounds, and shoes.


Honam gets full acceptance to acquire remaining shares of Titan

(bernama.com) -- South Korea's Honam Petrochemical Corp has received full acceptance to take Titan Chemicals Corp Bhd private, by acquiring the remaining 27.25% shares it does not own at RM2.35 apiece.

Titan shares, for which acceptance had been received by Honam after the posting date and up to 5pm closing date on Dec 24, 2010, were listed as 27.25 per cent, representing 470.89 million shares, said Titan in a filing to Bursa Malaysia today.

On Nov 1, 2010, Titan received a notice of unconditional takeover offer from Honam to acquire all remaining shares (excluding treasury shares) following Honam's sale and purchase agreement in July to buy a 72.32 per cent stake, or 1.25 billion shares, in Titan Chemicals for RM2.94 billion.

Titan is Malaysia's largest integrated olefin-polyolefin producer and one of the largest polyolefin producers in the region.

It operates a total of 10 integrated process facilities in Pasir Gudang and Tanjung Langsat in Johor, and also has plants in Indonesia.


China Petrochemical Corp. targets 6 bcm gas capacity by 2015

(menafn.com) -- Shen Chen, head of China Petrochemical Corp.'s natural gas projects management department, said that the firm plans to build 6 billion cubic meters (bcm) of annual natural gas production capacity in the Yuanba gas field, located in southwestern Sichuan by end-2015, equivalent to half of its largest field, Puguang, Reuters reported.

Furthermore, the state-owned group also seeks to add 3 bcm of gas capacity at Dawan and Maoba blocks in Puguang gas field, which are run by its listed arm China Petroleum & Chemical Corp (Sinopec Corp), within the upcoming year, revealed Chen.

Sinopec has spent $9.44 billion in the Puguang gas field, which is China's third largest gas field; and has related pipelines that would ship 12 bcm of gas per year to eastern China. It has also drilled a number of productive exploration wells in Yuanba since last year, company officials said.


Fire broke out at aromatic plant of Petronas Chemicals

(fibre2fashion) -- Malaysia's Petronas Chemicals revealed that its aromatic plant has stopped its operations following an incident of fire in its naptha hydrotreater unit.

The fire broke out late at night on December 24 at the company's petrochemical complex in the north-eastern state of Terengganu, which is known for oil production in Malaysia.

There were no reports of casualties from the aromatic plant, which also manufactured ethylene and polyethylene. The fire was controlled within a short span of time.

Operations at the aromatic plant have been stopped temporarily as a safety measure. However, the operations at other units of the company's petrochemical complex have not been affected. An investigation into the cause of fire is still in progress. The investigation will also review the degree of damage caused by the incident of fire.


Four new projects of National Petrochemical Company of Iran

(plastemart) -- Four new projects of the National Petrochemical Company of Iran will commence production in the Iranian calendar month of Esfand (February 20 to March 20).

This will include the PVC unit of Arvand Petrochemical Complex, the largest such plant in the world with production capacity of 240,000 tpa. The other petrochemical units include the light polyethylene of Amir Kabir Complex, part of phase 2 of Fajr Complex and the hard polystyrene unit of Tabriz Complex will come on stream by the end of the Iranian calendar year (March 20).