Wednesday, May 11, 2011

POLYESTER MARKET NEWS+

  1. Reliance has announced that it has started the implementation phase of building a PET plant in Dajeh, Gujarat with a capacity of 540ktpa.  This plant would be commissioned during 2013-14 with the option of further expansion of 540 ktpa. 

  1. China National Chemical Engineering (CNEC) has announced the plans of a JV with China Chengda Engineering and an undisclosed 3rd party to build a polyester and a polyamide complex that would produce 1000 ktpa PTA, 500 ktpa of PET & 40 ktpa of polyamide 6,6. 

  1. Indorama has announced to build by 2013 a polymerization plant at Purwakarta, Indonesia.  The plant would have a capacity of 300 ktpa. 

  1. Silgan Holdings has showed interest to acquiring Graham Packaging for $4.1 billion.  This would be subject to shareholder and regulatory approvals.  This acquisition which will lead to the formation of a new entity called Silgan Graham Packaging, would lead to the development of the biggest blow molder in North America with an expected sales of $6.2 billions. 

  1. Severe storms in Southeastern USA Alabama region caused the breakage in supply of TVA electrical power grid.  BP PTA at Decatur, AL and Indorama AlphaPET plants has been down since April 28. 

  1. MCT Pet has initiated its PET business from 1st April in Japan.   

  1. Hengli Chemical Fibre plans to start a total of 450 ktpa plant in 2011 in China.  During the 1st phase a 225 ktpa PET bottle resin plant will start at the end of June 2011.  Expansion site of a further 225 ktpa plant has still not been decided.  However, Hengli has very ambitious plans for an additional 800 ktpa polymerization unit at Yingkou in Liaoning province.