Kuwait to invest US$15bn in petrochemical industry

(Arabian Oil and Gas) -- Kuwait is set to invest US$15 billion in petrochemical projects in the future, according to Saad Al Ajmi, DMD of financial and administrative affairs of Kuwait based Petrochemicals Industries Company (PIC).

Al Ajmi said in an interview with a local newspaper that his company has already invested $5 billion in the last three years, and he mentioned that his company has gone a long way to achieve its vision through establishing different projects inside and outside the State of Kuwait.

As per the company's strategy, Al Ajmi said that his company aims to increase the participation of the private sector in the petrochemicals projects, and draw on the lessons from the success of EQUATE.


Stamicarbon's acquisition of Noy Engineering expanded its polymer portfolio

(Plastemart) -- With effect from January 1, 2011, Stamicarbon, the licensing and IP Center of Maire Tecnimont S.p.A., has acquired the Italian engineering company Noy Engineering from Tecnimont. With this acquisition the extensive licensing, innovation and customer service experience of Stamicarbon is combined with the polyester and polymerization technologies of Noy Engineering.

Noy Engineering designs and builds plants worldwide, based on proprietary technologies. It has developed an extensive portfolio of Polymer technologies PA6.6 & PA6, PET and Acrylic. There are more than 100 plants already designed, constructed and in operation with Noy's technologies, which is equivalent to more than 1 million metric tons per year production installed worldwide.


PP production in Ukraine fell by 20%

MOSCOW (MRC) -- The volume of PP production in Ukraine summarizing 2010 fell by 20% and made about 78 KT, according to MRC analysts. The reduction in production volumes was stipulated by scheduled and unscheduled shutdowns of Linik (ТNК-ВР Ukraine Group).

Considerably long production suspension in May - June was stipulated by almost complete maintenance of production complex of Lisichansk oil refinery. In August because of abnormal high temperature the accident at the feeding electrical substation resulted in unscheduled shutdowns of the production complex.

In November because of accidents at one of complex lines PP production was suspended for a few weeks. All these factors resulted in serious reduction in production volumes.


IRPC to invest US$800 mln to expand propylene capacity

(Plastemart) -- In a bid to meet growing demand in the region, IRPC - the polymer business arm of PTT Plc, is to invest US$800 mln to expand propylene capacity by 260,000 tons to 710,000 tpa. The expansion is a part of a five-year business plan with an investment outlay of US$2 bln to develop high-grade plastics, which offer high better margins.

US$700 mln will be invested in building three power plants under the small power producer scheme and US$500 mln will be invested in upgrade of existing facilities such as industrial land, oil pipelines and tanks. All the investments are part of IRPC's Phoenix Project which covers 19 ventures to be developed between 2010 and 2014, some of which are under construction and some pending board approval and feasibility studies.


Azelis to completes the acquisition of Finkochem

(Azelis) -- Azelis, the leading pan-European specialty chemicals distributor, today completed the acquisition of Finkochem d.o.o., a company specialising in the sales and distribution of a wide range of raw material for the food, chemical industries (detergents and homecare), plastics additives, metallurgy and rubber.

With this strategic acquisition in Serbia, Azelis greatly reinforces its position in the region as Finkochem is the second largest distributor in the country.

Finkochem was established in 1991 by Al Metalchem Ltd Cyprus, employs 20 people, mostly in sales & marketing and is based in the centre of Belgrade. This well known company in the Serbian market services more than 300 customers from their warehouse located near Belgrade.