Five Minute Newswatch

04 June 2001 00:00  [Source: ICB Americas]

BP Amoco will set up a $2.7 billion petrochemicals joint venture with Sinopec Shanghai Petrochemical of China. BP will hold a 50 percent stake in the project, Sinopec 30 percent, and Shanghai Petrochemical, the remaining 20 percent. Page 3

The US Court of Appeals has ruled that Eli Lilly's Prozac patent is invalid because of double patenting. Generic versions of the drug could be available as early as August, when Lilly's pediatric exclusivity expires. Page 4

Bayer and DuPont have finalized an agreement on a manufacturing joint venture involving the building of an 80,000 ton-per-year plant for polybutylene terephthalate (PBT) in Europe. Page 4

Benzene prices have been dropping steeply in Western Europe because of surpluses caused by cutbacks in polystyrene production. Forecasters predict that benzene buyers will continue to enjoy low average benzene prices for much of the rest of the decade. Page 6

Ineos plans to become a larger force in the supply of CFC-free fluorochemical medical propellants after starting production of HFA-227ea. Page 5

Amines Ethyleneamines have experienced upward pricing pressure in the first two quarters as producers face high feedstock costs and tightening supplies of some derivatives because of increased demand. Industry sources are hinting at another price increase in the third quarter as high raw material costs are not abating. Page 16

A Federal Energy Regulatory Commission (FERC) ruling in a Texas case affecting chemical plants and other facilities that use cogeneration technology to produce energy is seen as a major victory for the industry. Page 10

Pharma & Fine Chemicals The prospects for analgesics at the bulk active ingredient level appear promising as the research community continues to unearth new therapeutic benefits outside of conventional pain relief applications. Page 18

Oils, Fats & Waxes In the midst of declining global crude tall oil fractionating capacity and ongoing major restructuring in the tall oil market, Rauma Forest Chemical has decided to enter the tall oil derivatives business in Europe. Page 21

Asia-Pacific The court-ordered restructuring of Thai Petrochemical that began last December has run into snags involving public death threats, embezzlement charges and possible prison time for the foreign team that was awarded control of the company. Page 24

Management CEOs on the Rise: Hector R. Ortino from Ferro Corp. Page 28

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