Georgian Ports Reopened

Following the geopolitical tense between Georgia and Russia, the Georgian port of Poti was partially closed and reopened again recently. Earlier, Russia had effectively shut down Georgia’s largest commercial port with warships patrolling around 15km outside the port.

Vessels trade was halted although some routes are operating as usual such as the Poti and and Tblisi route. The disruption had caused severe financial impacts on petrochemicals and crude oil vessels.

MOPCO Took Over Agrium Fertilizer Project

After months of delay, Egypt’s MISR Oil Processing Company (MOPCO) has agreed to acquire EAgrium joint-venture fertilizer project making EAgrium a subsidiary of MOPCO. Under the new deal, Agrium would own 26% of the combined project, including MOPCO’s recently completed 675,000 tonne/year urea plant as the acquisition is based on share swapping.

The Egypt Fertlizer project worth $1.2 billion was delayed on 21 April due to local resistance with Egyptian government was rumoured to take over the whole project.

South America Gets Iran's Ethylene Tender

Iran's National Oil State - Iran Petrochemical Commercial Co (IPCC) has sold a tender worth 5kmta ethylene cargo to a South America buyer priced at around $1,800/tonne on a cost and freight (CFR) basis

It was marked as exceptional as most  southeast Asia buyers are bidding at low $1,300s/tonne CFR level. Speculative talks indicate cargo destination to Venezuela from Assaluyeh and/or Bandar Imam Khomeini (BIK).

China's Jianfeng Signing JV for Melamine Plant

Despite recent hiccups in melamine prices, China-based JianFeng Chemicals has signed a joint venture (JV) agreement with Austria’s Agrolinz Melamine International (AMI)for a $67 million melamine plant in southwestern Chongqing city. The melamine plant will have a capacity of 30kmta located in Baitao chemical industry park with expected construction to be determined at a later stage.

Ticona Extending Distribution with Resinex

Ticona has extended its contract with distribution company Resinex to distribute Ticona’s specialty plastics in Benelux countries, Ireland and the UK alongside with existing Eastern Europe. Resinex distributes for over nine plastic products with 400 modified grades to customers.

Petronas - Australia Gladstone LNG Ink MoU

The Directors of Liquefied Natural Gas Ltd inked down a Technology Memorandum of Understanding with SK Engineering and Construction (SKEC) for the framework for SKEC and the Company to establish a technology joint venture. The JV is 50% each for between LNG (which is partly-owned by Malaysian O&G PETRONAS) and another 50% for SKEC.

The agreement focuses on:

• Completion of the final design of the OSMRTM process technology for inclusion in the Gladstone LNG Project front end engineering and design (FEED) package
• OSMRTM process technology license to the Gladstone LNG Project process guarantee.
• Colloboration for commercialisation of the OSMRTM process technology including development, marketing and LNG related processes.