Indorama gets $300 Million Loan from IFC to Raise Recycling Capacity

The International Finance Corporation (IFC) has extended its maiden blue loan worth $300 million to Thailand-based Indorama Ventures, a leading plastic resin manufacturer, to fight marine pollution in Asia and Latin America. Indorama will utilise the loan to recycle 50 billion PET (polyethylene terephthalate) bottles globally per annum by 2025, with focus on Thailand, Indonesia, … Read more

Invista Completes Nylon 6,6 Capacity Expansion in Shanghai

Invista has completed its nylon 6,6 polymer capacity expansion at its polymer plant at the Shanghai Chemical Industry Park (SCIP). The company added a 40,000 ton per year capacity bringing the plant’s total capacity to 190,000-ton per year. “This new polymer capacity is part of Invista strategic investments to supply the strong local and regional … Read more

Roth Capital Partners’ SPAC Acquires Plastics Recycler PureCycle Technologies

Roth CH Acquisition I Co. announced that it has acquired polypropylene (PP) recycling firm PureCycle Technologies in a deal that values PureCycle’s post-transaction equity at about $1.2 billion. Under the deal, a new holding company named PureCycle Technologies Inc. will be created and listed on the Nasdaq exchange under the symbol ‘PCT.’ The deal includes … Read more

Final LDPE Unit at Sasol’s Lake Charles Complex Reaches Beneficial Operation

Sasol’s low-density polyethylene (LDPE) unit at the Lake Charles Chemicals Complex (LCCP) at Louisiana, USA, reached beneficial operation on November 15. The LDPE unit is the seventh and final LCCP unit to come on line. The LCCP is now 100% complete with total capital expenditure forecast to be within the previously communicated guidance of $12.8-billion. … Read more

WR Grace Licenses Unipol PP Tech to Rosneft, Pertmania JV in Indonesia

W. R. Grace & Co. has licensed its UNIPOL PP Process Technology to PT Pertamina Rosneft Pengolahan dan Petrokimia (PRPP), a joint venture between Indonesia’s PT Pertamina and Russia’s Rosneft Oil Company. The UNIPOL PP facility, located in Tuban, Indonesia, will include two lines, each designed to produce 580 000 ton per year for a … Read more

LG Chem Partners with Neste of Finland for Production of Eco-Friendly Resins

LG Chem has signed a strategic partnership with Neste, a leading biodiesel producer based in Finland, to accelerate the production of eco-friendly resins from biomaterials. Neste is a leading company in the biodiesel field with its own proprietary process technology. 80% of this global company’s operating profit is generated from biofuels and eco-friendly products. Through … Read more

Lubrizol, Grasim Industries Partner for India’s Largest CPVC Resin Plant

Lubrizol Advanced Materials, a global specialty chemical leader and the market leader for CPVC, and Grasim Industries Limited have entered into a definitive agreement to manufacture and supply CPVC resin in India to meet growing demand for chlorinated polyvinyl chloride (CPVC) pipe and fittings. Once commissioned, this near 100,000 metric-ton state-of-the-art CPVC plant at Grasim’s … Read more

Celanese to Expand GUR Polyethylene Production Capacity at Texas Facility

Celanese has announced the ‘addition of a new GUR ultra-high molecular weight polyethylene production line (UHMW-PE)’ at its Bishop manufacturing complex in Texas, US. The expansion is expected to support significant growth of the company’s portfolio of GUR engineered materials. “Electric vehicle demand is expected to have a compounded annual growth rate of greater than … Read more

Formosa Delays Construction of Louisiana Cracker Project Citing Pandemic

Formosa Plastics affiliate FG LA LLC said it is deferring major construction on a petrochemical facility in St. James Parish, The Advocate reported. Formosa Plastics is citing the coronavirus pandemic for its decision to delay construction work on its $9.4 billion petrochemicals project in Louisiana. A statement from the company said building won’t begin until … Read more

NOVA Chemicals to Sell its Expandable Styrenics (EPS) Business to Alpek

Nova Chemicals announced that it has agreed to sell its expandable styrenics business to a subsidiary of Alpek S.A.B. de C.V. The parties expect to close the transaction in the fourth quarter. The sale of its expandable styrenics business is an important step in Nova Chemicals’ plan to focus on its olefin and polyethylene business, … Read more

Mitsubishi Chemical to Sell its Polymer-Flocculant Sales Business

Mitsubishi Chemical Corp. has concluded agreements to transfer its polymer flocculant sales business to MT AquaPolymer, Inc. and Hymo Corp. Once the transfer is complete, the two companies will outsource the manufacture of polymer flocculants to MCC. The transfer is subject to obtaining approval from competition authorities. MTAP is a leading Japanese manufacturer of polymer … Read more

Bhansali Engineering Polymers Reports Rs 35.5 Cr Net Profit for Q2 FY20-21

Bhansali Engineering Polymers Ltd., a polymer and other allied products manufacturer based in India announced its results for the second quarter ended September 30, 2020. Q2 Results- QoQ The company’s net profit grew 2672.5% to Rs 35.5 crores ($4.9 million) for the period ended September 30, 2020 as against net loss of Rs 1.38 crores … Read more

Hengli Petrochemicals to Invest $1.69 Billion to Build New PTA Units

Hengli Petrochemical, a Chinese polyester manufacturer is planning to add additional two 2.5 million metric ton per year purified terephthalic acid (PTA) production unit in south China. The new units’ operations are scheduled to start at the end of 2021. Hengli will invest about 11.5 billion yuan ($1.69 billion) to build the units in the … Read more

DSM to Sell its Resins, Functional Materials Businesses to Covestro for $1.9 Billion

Royal DSM has reached an agreement to sell its Resins & Functional Materials (RFM) and associated businesses to Covestro AG for an Equity Value of €1.6 billion ($1.9 billion). Completion of the transaction, which is subject to the customary conditions and approvals, is expected in the first half of 2021. The transaction will include all … Read more

Hexion to Sell Phenolic Resins, Hexamine, Forest Products Businesses for $425 Million

Hexion Inc. announced that it has entered into a definitive agreement to sell its Phenolic Specialty Resin, Hexamine and European-based Forest Products Resins businesses for approximately $425 million to Black Diamond and Investindustrial. The consideration consists of $335 million in cash and certain assumed liabilities with the remainder in future proceeds based on the performance … Read more

Indian Oil to Build PP, Base Oil Plants and Enter Textiles Ops

Indian Oil Corporation (IOC) will invest Rs 17,825 crore ($2.4 billion) in setting up a petrochemical plant and lube oil base stock (LOBS) integration project at its Gujarat Refinery, and is looking at diversifying into the textile business. In a regulatory filing, IOC said its board at a meeting on September 21 “accorded approval for … Read more

Thyssenkrupp to Build Second Bioplastics Plant in China

Thyssenkrupp’s plant engineering business recently won another order to build a bioplastics plant based on the patented PLAneo technology. The plant will be built in South China and will produce 30,000 tons of polylactide (PLA) annually. PLA is a compostable bioplastic made from 100% renewable biomass, making it an eco-friendly, low-CO2 and economic alternative to … Read more

Sumitomo Chemical to Build PP Compounding Plant in China

Sumitomo Chemical Co. has set up its new Zhuhai Sumika Polymer Compounds Co., Ltd. Wuxi branch, as a new production facility for polypropylene (PP) compounds, to enhance its automotive materials business in Wuxi, Jiangsu Province, China. Wuxi Plant is located on the premise of Sumika Electronic Materials (Wuxi) Co., Ltd., which is under the control … Read more

Braskem’s new La Porte Polypropylene Plant begins Commercial Production

Braskem, a Brazilian petrochemical producer said on September 10th that the company’s 450,000 metric tons per year polypropylene plant in LaPorte, Texas, along the Houston Ship Channel completed its initial commercial production. “The launch of commercial production at our new world-class polypropylene production line in La Porte clearly affirms Braskem’s position as the North American … Read more

Lukoil Selects Lummus Novolen Technology for its New PP Plant in Russia

Lummus Technology announced that its Novolen business has been awarded a contract by Lukoil NNOS for a petrochemical facility in Kstovo, Russia. Lummus’ scope includes the technology license for a polypropylene unit, as well as basic design engi-neering, training and services, and catalyst supply. The plant’s capacity is 500,000 metric tons per year. “This award … Read more