Archive | April, 2010

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Steel price hikes will hit petrochemical projects

Price contract mechanisms for iron ore were recently altered to reflect spot prices and commentators agree this could result in big hikes in steel prices. As petrochemical projects are composed largely of steel, it is pretty obvious that project costs will rise. Today’s Financial Times quotes Lakshmi Mittal, chairman of the world’s largest steelmaker, ArcelorMittal, […]

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Poland’s Ciech achieves refinancing deal

Good news for Poland’s largest chemical maker, Ciech, which has secured a $460.5m loan from a consortium of banks in a debt restructuring deal that took eight months to conclude.The zloty (Zl) 1.34bn (€345.4m) agreement will address the financing needs of the main company, 14 Polish subsidiaries and Romanian soda ash subsidiary Uzinele Sodice Govora, […]

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Hungary to rely on exports for chemicals recovery

BorsodChem, TVK, MOL and others are in for a tough 2010 as a new report suggests there will be no recovery before 2011. Hungary’s chemical industry has suffered from plummeting domestic demand as well as falling demand from export countries, particularly Germany.According to www.companiesandmarkets.com, 75% of the country’s polymer production is exported. While Germany has […]

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Poland privatization heats up: Germany’s PCC submits bit for fertilizer firms

Germany’s Petro Carbo Chem (PCC) has submitted a binding bid for controlling stakes in Polish state chemical firms Zaklady Azotowe Tarnow (ZAT) and Zaklady Azotowe Kedzierzyn (ZAK), state industry restructuring agency Nafta Polska said on Tuesday.According to ICIS  news, the bid had been submitted within the agreed privatization deadline, with PCC having had its exclusive […]

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Nord Stream pipeline will benefit chemical producers

Construction of the E8.8bn Nord Stream gas pipeline from Russia into Germany officially began last week. This should be good news for European chemical manufacturers who rely on natural gas as a feedstock, or for those planning to introduce more flexible feedstocks to their manufacturing capability. The gas, available from 2011/12, should bring more choice […]

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DuPont cooperates in Hungary

Hungarian paint company Poli-Farbe and US-headquartered chemicals giant DuPont will put a jointly developed family of paint products on the market in the framework of a licensing contract, according to the Budapest Business Journal.The products contain Teflon, making the surfaces they cover resistant to dirt and easy to clean, said Poli-Farbe managing director Antal Szabó. […]

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Ciech extends debt restructure deadline

Shares in Poland’s struggling chemical group, Ciech, have jumped after it revealed the deadline for concluding debt restructuring talks had been extended to 16 April from 1 April. The move gives the group more breathing space and enables talks to resume with potential bidders for the group. Ciech was withdrawn from the current Polish chemical […]

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