Posts Tagged ‘petrochemical’

Formosa resumes production at some units of petrochemical complex in Yunlin

Taiwan?s Formosa Plastics Group (FPG) has resumed production at 54 out of the complex?s 66 units at its petrochemical complex in Yunlin County, shut adhoc by a power failure mid week. An investigation pinpointed the cause to be malfunctions of the double busbar circuit system at the petrochemical complex?s public utility area.

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Linde receives engineering contract for ethylene plant from SIBUR in Russia

Technology company The Linde Group has received an engineering contract for the licensing and front end engineering design (FEED) of one of the world’s largest ethylene plants in Tobolsk, Western Siberia.

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Plan panel proposes duty changes for petrochem industry

The Planning Commission has proposed a slew of changes in the prevalent duty structure for the petrochemical industry for the new Plan period (2012-17). To begin with, it has urged the central government to establish single national level value-added tax (VAT)/ goods and services tax (GST) on plastic and articles of states at a uniform four per cent

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Drop in monthly revenue seen by Formosa Plastics Group?s four core companies

Four core companies of Formosa Plastics Group have reported losses in monthly revenue. Formosa Petrochemical Corp has reported the largest drop in monthly revenue among the Group?s four core companies of 22.8% to NT$66.496 bln (US$2.21 bln) from April 2012, as per TaipeiTimes

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Rise in China’s plastics consumption in 2012 insufficient to melt regional supply glut

China’s consumption of plastic could grow by up to 7% in 2012 after stalling in 2011, but the rebound will not be enough to melt a regional supply glut that will curb the output of plastic manufacturers and pressure the petrochemical market, as per Reuters. Weak traditional export markets and Bejing’s steps to cool economic growth are still hitting sales. As a result, Asian plastic exporters face possibility of scaling back production further this year, in turn cutting demand for naphtha.

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SOCAR offers highest price for privatization of 10.32% stake at Petkim Petrochemical Holdings

Socar Turkey Enerji and SOCAR International DMCC OGG offered US$168.5 mln; the highest price for privatization of a 10.32% stake at Turkish Petkim Petrochemical Holding, as per Anadolu news agency. SOCAR Turkey Enerji holds a 51% stake at the Turkish petrochemical complex, while 38.67% is in free circulation at the Istanbul Stock Exchange. Petkim Petrochemical Holding manufactures plastic packaging, fabric, PVC and detergents.

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Asian Development Bank approves loan and political risk guarantee of US$400 mln for Uzbekistan?s largest-ever petrochemical plant

The Asian Development Bank (ADB) has approved a loan and political risk guarantee totaling up to $400 million to help build the largest-ever petrochemical plant in Uzbekistan. The Surgil Natural Gas Chemicals Project will produce gas for commercial use and for conversion into chemical intermediates used in the plastics and textiles industries. The developer and operator, Uz-Kor Gas Chemical LLC, is a joint venture company owned by state-controlled oil and gas company National Holding Company Uzbekneftegaz, and a consortium of Republic of Korea companies, comprising Korea Stock Exchange-listed Honam Petrochemical Corporation, Korea Gas Corporation, and STX Energy, a unit of STX Corp

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2012 outlook for petrochemicals in Taiwan to be dim

The outlook for Taiwan’s petrochemical and basic metal sectors next year will be dimmer than for other sectors, a Ministry of Economic Affairs (MOEA) official is reported in CNA. Most manufacturers expect to hit bottom in Q1-2012, but the petrochemical and basic metal sectors could continue to struggle into the second half of the year, as per a survey. This can be attributed to a large dependence on exports to China

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Two dollar spike in crude prices pulls down naphtha margins in Asia

Naphtha margins in Asia have taken a hit as crude prices jumped by over two dollars a barrel on Wednesday. Cracks for the H1-February fell by over 8 dollars to US $110.48/ton, as per Reuters. The dip is in line with a drastic fall in European naphtha cracks on Tuesday

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CPC and Formosa Petrochemical to ally

To cope with economic slowdown, Formosa Petrochemical may ally with CPC Taiwan, its chief rival on the domestic market, as per Dow Jones Newswires. Formosa Petrochemical may sell propylene to CPC Taiwan, so as to boost the capacity utilization rate of its three olefin plants, currently at 86%.

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