Balaji Amines' subsidiary commences production of ethyleneamines

Balaji Speciality Chemicals Pvt. Ltd., a subsidiary of Balaji Amines Ltd., commenced production of ethy-leneamines and related products, including ethylenediamine (EDA), piperazine (PIP) and diethylenetriamine (DETA), after having received consent to operate by Maharashtra Pollution Control Board (MPCB) in June 2019.

Clariant adds desiccant packet capability at Cuddalore site

The Clariant Healthcare Packaging business unit is now producing desiccant packets at its plant in Cuddalore, Tamil Nadu. The addition expands the range of desiccant products immediately available to customers in the region and increases global capacity.

The plant now manufactures both Continu-Strip continuous-roll desiccant packets and individually cut desiccant packets in a full range of sizes. Both types of these packets can be manufactured to pharmaceutical customer requirements using a choice of desiccants – Sorb-It silica gel, Tri-Sorb molecular sieve, Getter Pak activated carbon, or 2-in-1 Pak combinations – in sizes that meet specific container or shelf-life requirements.

Kansai Nerolac Paints reports 6.6% rise in net sales; EBITDA up 13%

Kansai Nerolac Paints Ltd., one of India’s leading paint companies, has declared net sales of Rs. 1,456.8-crore in Q1FY20, a growth of 6.6% over the corresponding quarter of the previous year. EBIDTA was Rs. 249-crore, a growth of 13%, while lower non-opera-ting income and higher depreciation resulted in net profit growth of 5.8%.

Clariant and SABIC defer Performance Materials Business Area plans

Clariant and SABIC have agreed to temporarily suspend discussions on the intended business combination High Performance Materials (HPM), consisting of Clariant’s Additives and high value Masterbatches and parts of SABIC’s Specialties business. The decision, attributed by the two companies to “the current market conditions,” “was taken to safeguard the best interests of the respective shareholders of both companies,” Clariant said in a press release.

India & Saudi Arabia seek to enhance bilateral hydrocarbon cooperation

Mr. Dharmendra Pradhan, Minister of Petroleum & Natural Gas and Steel, held a meeting in New Delhi with Mr. Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources, Saudi Arabia and Chairman, Saudi Aramco. Both the Ministers discussed about further enhancing India-Saudi Arabia hydrocarbon cooperation to become a strong pillar of the existing overall strategic partnership between the two countries. Mr. Al-Falih emphasized the need for capitalizing on the growing momentum in bilateral hydrocarbon cooperation.

Long-term investments in biosimilars delivering expected results: Biocon

Robust performance by the Biologics and Small Molecules business segments has fuelled a 25% growth in Q1FY20 revenues at Biocon Ltd., to Rs. 1,490-crore.

Revenue from Biologics grew by 96% to Rs. 490-crore, confirming the validity of the company’s long-term investment strategy of expansion of geographical footprint and increased penetration of products in key developed and emerging markets. Revenue from Small Molecules at Rs. 480-crore was driven by steady API sales and a multi-fold growth in Generic Formulations.

Strides enters China in a joint venture with Sihuan Pharmaceutical

Strides Pharma Science Ltd. has announced that its step down subsidiary, Strides Pharma Global Pte, Singapore (SPG) has entered into a Joint Venture (JV) with Sun Moral International (HK) Ltd., a wholly-owned subsidiary of Sihuan Pharmaceutical Holdings Group Ltd. (Sihuan), one of China’s leading pharmaceutical companies. The JV, Sihuan Strides HK Ltd., will be 49% owned by SPG, while the Sun Moral International (HK) will own the balance 51%.

Relief for Europe methanol tank space, spot sticks near three-year low

Europe’s methanol spot prices remain close to a three-year low in mid-August, after several months of difficulty for traders looking for tank space in Rotterdam slowly abates.

- Spot prices last this low in August 2016

- Rotterdam tank space hard to find in Q2, early Q3

- Buyers sniff around spot which is below Q3 contract levels

India 9-month auto industry downturn affects ancillary trade, petchem

India’s nine-month long demand slump in automobile industry - July sales dipping to its lowest level in 20 years - has affected the auto components and ancillary industries including petrochemicals triggering job cuts and production slowdown.

The automobile industry constitutes 7.1% of the country’s GDP, and 49% of the manufacturing GDP.

Saudi Aramco to acquire 20% stake in Reliance oil to chems business

Saudi Aramco is set take a 20% stake in Reliance Industries’ oil to chemicals division in a deal giving the business an enterprise value (EV) of $75bn, the Indian petrochemicals producer said on Monday.

US chems pummeled as Dow Jones falls 3.05%

US-listed chemical stocks fell sharply on Wednesday as the Dow Jones Industrial Average declined by 3.05%. The index closed at 25,479.42, down 800.49 points. The S&P 500 closed at 2,840.60, down by 85.72 points or 2.93%. The stock markets fell after the yield on a 10-year Treasury note fell below that for a two-year note. Normally, the yields on longer term notes are higher than those for shorter term ones. Such inversions have preceded recessions.

Europe BD could tighten in September as market re-balances

European butadiene (BD) could shift towards tightness next month following changes in operations downstream. Following Butachimie’s announcement that it will delay its planned turnaround on adiponitrile (ADN) at Chalampe, France until late September, some BD players are growing more concerned over its impact on market fundamentals late in the third quarter.

Romania's Ciech soda ash plant hibernation could shift European fundamentals

European soda ash fundamentals could radically alter from 18 September as Ciech looks to hibernate its plant in Govora, Romania following the termination of a deal for industrial process steam with its supplier. According to a source, the plant is being prepared for the hibernation and currently running at 20-30% reduced rates.

Asian MA softens on thin buying interest, potentially longer supply

Asian import offers for maleic anhydride (MA) are down as sellers sought to generate buying interest. However, trade remains muted and if supply lengthens in coming weeks, upon completion of plant turnarounds in Taiwan and South Korea, this could weigh in further on MA demand, market participants said.

Brexit hurting gas plant profits as sterling tanks

Losses in the value of sterling related to Britain’s impending exit from the EU have significantly dented the profitability of UK gas-fired power plants. Generators are having to fork out more British pounds to secure the same volume of euro-denominated European emissions allowances (EUAs) than when the currency was stronger. This has further tightened profit margins that had already been cut by a rally in the carbon market.

BASF, Toray ink supply agreement to bring tape technology to the auto sector

Toray Advanced Composites and BASF have signed a manufacturing and supply agreement focused on the production of continuous fiber-reinforced thermoplastic (CFRT) tapes for the automotive and industrial markets. Toray Advanced Composites will produce high quality and affordable CFRT tapes using Ultramid engineering thermoplastics developed and produced by BASF. The fiber manufacturer will reinforce BASF’s Ultramid PA6 (polyamide) resins with either glass fiber or with carbon fiber.

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