Global crude futures rose by more than $1/bbl

(ICIS) -- Global crude futures rose by more than $1/bbl (┬0.73/bbl) on Monday because of worries over supply disruptions from Libya, analysts said on Monday. The crude surge was likely to continue amid lingering concerns over the spread of political unrest in the Middle East and further monetary tightening by China, they added.

Brent crude futures were up by $1.19/bbl at $103.71/bbl, while WTI crude rose by $1.15/bbl to $87.35/bbl at 12:20 hours GMT on Monday, ICIS data showed.

The hike was fuelled by concerns over the protests in OPEC member Libya, where crowds called for the country's veteran leader, Col Muammar Gaddafi, to step down.

Anti-government protestors on Sunday rallied in the Libyan capital, Tripoli, seizing military bases and weapons as army units defected to the opposition, according to media reports.

Libya has the largest proven oil reserves in Africa, with 44bn bbl as of January 2010, according to the US Energy Information Administration.


LyondellBasell's North American PE margins be pressured by supplier outages

(ICIS) -- LyondellBasell's North American polyethylene (PE) margins have continued to be pressured by supplier outages and rising feedstock costs, its chief executive said on Friday.

Speaking on an earnings conference call, CEO Jim Gallogly said the recent fire at Enterprise Products's natural gas liquids (NGL) plant in Mont Belvieu, Texas, had caused the near-term US market to be ⌠quite volatile.

In particular, US ethane and ethylene prices jumped almost immediately, while PE increases were still being negotiated, Gallogly said.

Producers were citing tight industry supply and the rising raw material costs as their rationale for PE increases, he said.

For LyondellBasell, supply was further tightened following the fire when it had to reduce rates and eventually shut down its 789,000 tonne/year La Porte cracker in Texas.

But the company said Friday that it planned to restart the cracker over the weekend, likely loosening supply.


Plastic Technologies partners with Brazilian CETEA to provide PET packaging training

(Packaging Essentials) -- Plastic Technologies, Inc. (PTI), a global leader in polyethylene terephthalate (PET) design, development and engineering services, is partnering with the Centro de Tecnologia de Embalagem (CETEA) to produce a second technical training conference for the rapidly-growing Brazilian marketplace.

PTI has been a global pioneer and leader in PET package development and production since its inception in 1982. Because of its three decades of solid PET experience, ⌠CETEA believes that PTI is ideally-suited to share its bottle-making expertise with Brazilian companies, said Assis Garcia, director, CETEA.

CETEA, a non-profit packaging research center was established in 1982. CETEA encourages creative ideas and free technical and scientific thinking among all researchers, employees and collaborators in the search for new paths to the progress of society.


Clariant's pigments business increases prices

(Clariant) - Clariant's Business Unit Pigments, a world leader in organic pigments and dyes, announces price increases across its product portfolio. The adjustments, which take immediate effect, are necessary to recover significant on-going cost inflation in raw materials, labor, energy and transportation.

Price increases of up to 8% will affect pigments, pigment preparations and dyes depending on the product range and as contracts allow. Selected individual products will experience higher increases due to the severe impact of their specific raw material cost increase.


Reliance Industries Limited and BP announced a historic partnership

(BP) -- Reliance Industries Limited and BP today announced a historic partnership between the two companies. Mukesh Ambani, Chairman and Managing Director of Reliance Industries Limited, and Robert Dudley, BP Group Chief Executive, signed the relationship framework and transactional greements in London.

The partnership across the full value chain comprises BP taking a 30 per cent stake in 23 oil and gas production sharing contracts that Reliance operates in India, including the producing KG D6 block, and the formation of a 50:50 joint venture between the two companies for the sourcing and marketing of gas in India. The joint venture will also endeavour to accelerate the creation of infrastructure for receiving, transporting and marketing of natural gas in India.

The partnership will combine BP's world-class deepwater exploration and development capabilities with Reliance's project management and operations expertise.