Aiming to expand its horizons in Middle East, Sika, a multinational Swizz based company engaged in business of specialty chemicals, has commenced a new epoxy resin manufacturing unit in its Dubai facility. The idea behind this new project is to increase company’s production flexibility, reduce inventories, optimize cost structures, and shorten delivery span. Since Sika majorly deals with concreate admixtures, epoxy resins thus make up a prominent part of its flooring solutions.
Aiming to restructure its business portfolio for sustained growth, BASF Petronas Chemicals Sdn Bhd (BPC) has announced a permanent turnaround at it Butanediol (BDO) and derivatives plant at Kuantan, Malaysia by March 2021.
On Sunday, 15 countries gathered to solidify their participation in Regional Comprehensive Economic Partnership (RCEP) by signing a free-trade agreement (FTA) to strengthen their trade ties and ensure easier availability of goods and services across the countries. It is being predicted that trading of polymer products is likely to receive a strong boost from the agreement signed between the Asia-Pacific nations. Analysts anticipate that the most immediate impact of RCEP could be the regionalization of polyethylene (PE) and polypropylene (PP) trades within the Association of Southeast Asian Nations (Asean) region, northeast Asia and Oceania.
State-owned GAIL India has posted a consolidated net profit of INR 1,068.16 crore in the quarter ended September 2020, down by about 8.5% from INR 1,167.58 crore in the corresponding period last year. Overall turnover slipped by 23.7% to INR 14,104.80 crore owing to lower gas prices during the quarter. GAIL highlighted about 18% cent improvement in its physical performance by transporting natural gas, 9% in gas marketing, 10% in LPG transmission, 22% in petrochemical sales and 12% in Liquid Hydrocarbon Sales, compared to Q1FY21.
Firming demand and spike in consumer durables sales as the nation gets closer to the Diwali festival, has pushed up the Indian polymer offers since the first week of November. Market players are eyeing to regain the momentum lost due to strict COVID-led lockdowns starting March this year by ramping up operations in their manufacturing units to leverage great benefits on the fresh demand pick-up. Indian low-density polyethylene (LDPE) Liquid Packaging grade prices were assessed at USD 1,300-1,335/t while Adhesive Film grade prices were settled around USD 1,250/t Ex-Depot Bhiwandi w.e.f. 2nd November. While linear low-density polyethylene (LLDPE) film grade was assessed at USD 1,090/t Ex-Depot Bhiwandi, Ex-Depot prices for high-density...
Finland based oil refining and marketing company Neste, Oyj has entered into a pact with the South Korean chemical giant LG Chem, aiming to produce the biopolymers and biochemicals globally. As per the pact, LG Chem will replace the fossil feedstocks used for manufacturing polymers and chemicals with ‘Neste Renewable Hydrocarbons’ in the near term, thereby lending its significant contribution towards transforming the world into a circular bioeconomy.
As US heads towards Presidential Elections, the energy policy makers in India are keeping a close watch on the results which would decide its impact on the India-US ties. While Joe Biden promises strong push towards renewable energy sources, Trump’s victory may strengthen India’s oil, infra and defense sector. As soon as incumbent Donald Trump pulled US out of the Paris climate change agreement, which aims at mitigating the impact of greenhouse gas emissions on the global temperature rise, Biden launched a campaign promising the US to achieve the target of net zero emissions by 2050 and investing USD 1.7 trillion in the next ten years towards actualizing the same.
Taking forward the vision of self-reliant India, Meghmani Finechem Limited (MFL) announces plan for the expansion of its Caustic Soda facility from 294 KTPA to 400 KTPA. Besides this, the company is also willing to boost the capacity of its Captive Power Plant at its Chlor Alkali and Derivative unit from 96 MW to 132 MWT.
Indian fuel retailers celebrate the festive season as Gasoil consumption rose by 6.6% from the last year’s figure during the October month. This has been the first such rebound since the nation entered COVID-19-related lockdown restrictions in March this year. Indian Oil Corporation (IOC), Hindustan Petroleum Corp. (HPCL) and Bharat Petroleum Corp. Ltd. (BPCL) own about 90% of the domestic retail fuel outlets.
Grasim Industries Ltd., Aditya Birla’s flagship company has inked pact with Ohio-based Lubrizol Advanced Materials, a subsidiary of Warren Buffett’s Berkshire Hathway, to manufacture and supply chlorinated polyvinyl chloride (CPVC) resin that is widely used in hot and cold water delivery pipes in India. This polymer will be manufactured at Grasim’s Chlor-alkali unit located at Vilayat, Gujarat.