New Fertilizer JV by Ecuador-Venezuela

Ecuador and Venezuela is signing an official agreement between both energy ministers for a new fertilizer project joint-venture. This will make both coutries as the major producer of fertilizers in the region. The agreement involves a construction of 300,000 bpd refinery which is to be completed by 2013. The stakeholders are known to be Petroecuador of Ecuador 51% stake and Venezuela's PDVSA owning 49%.

Lotte Daesan Commissioned South Korea New PP Unit

South Korea based company, Lotte Daesan has commissioned up its new 300,000 tonne/year capacity polypropylene (PP) plant in Daesan. Lotte Daesan complex has previously undergone expansion on its ethylene, benzene, linear low density polyethylene (LLDPE), butadiene (BD) and monoethylene glycol (MEG) plants. The PP unit is now under quality control measure before going to market.

Agropolychim Switching to DAP and MAP Chemical Plants

A Bulgarian fertilizer producer, Agropolychim is switching to diammonium phosphate (DAP) and monoammonium phosphate (MAP) at its Devnya plant which has a capacity of 850 tonnes/day of DAP/MAP. The chemical plants has flexibility to swing either DAP/MAP or triple superphosphate (TSP). Agropolychim produces around 25,000-27,000 tonnes/month of TSP mostly for export market.

SABIC Closing UK Aromatics

With sharp increase in feedstock prices, more companies are forced to temporarily shut down petchem units until prices stabilize. SABIC Europe is planning to close down two UK aromatics units at North Tees, near Seal Sands, and the paraxylene plant at Wilton, near Redcar. The closure is planned in end 2008.

BASF Shuts Down Butyl Acetate Unit

BASF is preparing for a turnaround of its 90,000 tonne/year butyl acetate unit in Ludwigshafen, Germany expected to commence on 22 which most likely will push the price up.

SABIC Europe Closing Aromatics Unit

After the recent spike in oil price, petchem business is facing challenges. Due to poor economics, SABIC Europe is closing down two UK aromatics units at North Tees, near Seal Sands, and the paraxylene plant at Wilton, near Redcar.

Yara Formed Joint-Venture with NOC Fertiliser

Norway’s Yara has signed major agreements with National Oil Corp (NOC) and the Libyan Investment Authority (LIA) to form a joint venture for the production and marketing of mineral fertilizers

The JV comprise of 50% stake by Yara and remaining owned by LIA and NOC. The JV was setup to upgrade existing ammonia and urea production plants with capacity of approximately 700,000 tonnes/year of ammonia and 900,000 tonnes/year of urea located at Marsa el-Brega and additional new fertilizer plants.

Albermarle Acquired China JVs

Albemarle, a US-based specialty chemicals maker has acquired 100% of two polymer additive joint ventures in China namely Ningbo Jinhai Albemarle Chemical & Industry, and Shanghai Jinhai Albemarle Fine Chemicals. The acquisition has moved Albemarle as the top position of manufacturer and supplier of polymer antioxidants in China doubling its antioxidant production capacity.

Dow - Rohm and Haas Deal Amounting $750 Million

US producer Dow Chemical in a buy-over deal with Rohm and Haas will need to pay a $750m (€473m) termination fee if it abandoned its $18.8bn deal to buy the specialty-chemical firm, Rohm and Haas. The deal was a two-way and deal and if Rohm and Haas subjected to a pull-out, the company had to pay Dow a $600m termination fee.

Japan Aronkasei Buys Mikuni

Aronkasei has signed an agreement to buy all the shares of Daicel Industries wholly-owned subsidiary Mikuni Plastics. The main reason for selling was due to lack of synergies between parent company, Daicel and Mikuni Plastics, a producer of polyvinyl chloride (PVC) fittings, plastic automobile parts and home appliance components. Aronkasei which produces PVC fitting and pipes however, could be expecting synergies from the integration of Aronkasei and Mikuni Plastics in business operations and production.