pu industry memorabilia in the first half of 2011 · expansion of mdi production at kumho mitsui...

PU INDUSTRY MEMORABILIA IN THE FIRST HALF OF 2011

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Expansion of MDI Production at Kumho Mitsui ChemicalsJuly 28, 2011 -- Mitsui Chemicals, Inc. (Toshikazu Tanaka, President & CEO) and Korea Kumho Petrochemicals Co., Ltd. (Chan Koo Park, Chairman & CEO), a subsidiary of Kumho Asiana Group, announced a 45,000 ton production augmentation of MDI (Diphenylmethane diisocyanate) at Kumho Mitsui Chemicals, Inc. (Wan Jae Kim, President), a joint venture of the two companies, to meet growing demands for the material.

OUtliNE Of ExPaNSiON Product : MDI (diphenylmethane diisocyanate) Location : Yeosu-City, Jeollanamdo-Province, Korea Increase : 45,000 tons/year (155,000 tons to 200,000 tons/year) Commercial operation : January 2013 (tentative)

Demand for MDI, which has wide applications including automobile interior components, refrigerator insulation, construction material, and LNG tanker insulation in Korea, has continued to show steady growth. Kumho Mitsui Chemicals (KMCI) decided to augment production capacities to meet expanding local and growing export demands resulting from overseas expansion of Korean manufacturers. This augmentation will strengthen KMCI's current position as Korea's top MDI manufacturer not only on the local market but also as a global provider. Mitsui Chemicals will continue to strategically intensify and expand its MDI operations in the sustainably growing Korean market.

Note on MDI (diphenylmethane diisocyanate) MDI, alongside TDI (tolylene diisocyanate), is a major urethane material. MDI has wide applications including insulation for housing and refrigerators, construction waterproofing material for roofs, cushion material for automobiles and furniture, ingredients in adhesive materials, and others.

Overview of Kumho Mitsui Chemicals, Inc.

Businesses : Manufacturing and sales of MDIEstablishment : May 1988Capital : 35,000 million Korean wonEquity : Mitsui Chemicals, Inc. : Korea Kumho Petrochemical, Co., Ltd. 50 : 50President : Chan Koo Park (Executive vice president: Hisao Kokeguchi)

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PU MAJOR SUPPLIER MOVEMENT

IN THIS PUBLICATION:

•PU Major Suppliers Movement P.1•Government Policy P.14

• Force Majeure PU Event P.17•PU Industry Conferences P.22

PUdaily NEWS


Yeosu, Korea – June 14, 2011 – BASF, the world's leading chemical company, today signed a Memorandum of Agreement to expand its Yeosu facility for MDI (diphenylmethane diisocyanate). The ceremony was attended by Park Joon-Yung, Governor of Jeollanamdo Province, Kim Chung-Seog, Mayor of Yeosu City, Wayne T. Smith, President of BASF Polyurethanes, Dr. Melanie Maas-Brunner, Senior Vice president of BASF Asia Pacific Polyurethane business and Chin-wook Cho, CEO of BASF Korea. BASF and other companies will collectively invest a total of KRW 80 billion (approximately EUR50 million*) in Yeosu Industrial Complex between 2011 and 2012, increasing the capacity of the MDI site from its current 190,000 t/a to 250,000 t/a. Around 40 new jobs will be created through the expansion. "This investment will help us secure reliable supply to our customers not only in Korea, but also throughout the Asia Pacific region,” said Wayne Smith. “It demonstrates our strong commitment to the polyurethane industry and to supporting our customers' dynamic growth." "According to our Asia Pacific Strategy 2020, we will invest EUR2.3 b i l l ion in the As ia Pacific region between 2011-2015. With this investment we are supporting the plans of Jeollanamdo Province for

BASF to expand MDI site in Yeosu, Korea

rapid and sustainable development. At the Yeosu site, we are producing products that help our customers increase energy efficiency and lower carbon emissions," said Albert Heuser, President, Market and Business Development Asia Pacific for BASF. BASF's Yeosu site was established in 1998 and currently has an annual production capacity of 190,000 tons of MDI, 160,000 tons of TDI (toulene di-isocyanate), and 20,000 tons of CCD (Carbonyl Chloride Derivatives). The site employs 280 people and was designated a foreign investment area in 2000.

About BASF Polyurethanes

BASF is the leading supplier of Polyurethane Solutions for systems, specialties and PU basic products. With its global network of 38 polyurethane system houses and its comprehensive product and service portfolio, BASF is the preferred partner of its customers in many industries. With its world-scale plants, BASF secures its leading market position in the production of polyurethane basic products in all regions of the world. Polyurethanes make life more comfortable, safer and more pleasant while helping to save energy sustainably. They contribute towards improved insulation of buildings and more attractive, lightweight design of cars. Producers of shoes, mattresses and household goods as well as sports equipment use the unique advantages of polyurethanes provided with the knowledge and expertise of the polyurethane experts of BASF world-wide.

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PUdaily NEWS


Bayer MaterialScience plans to invest roughly €100 million in the expansion of the high-tech production plant for MDI at the Bayer Brunsbüttel Industrial Park in Germany. The project is part of the phased optimization concept announced previously for isocyanate production in Europe. The first of the coordinated phases is the construction of a new high-tech production plant for TDI in Dormagen with an annual capacity of 300,000 metric tons per annum (tpa). The facility is scheduled to come on stream in 2014. Somewhat later, the annual capacity of the existing MDI plant in Brunsbüttel will be expanded from 200,000 metric tons to a total of 420,000 tpa. The TDI plant at the site will be converted to MDI as part of this measure. The responsible authorities are expected to initiate the first step, what is known as the scoping process, in May 2011. The plant is scheduled for commissioning in 2015/2016, depending on the length of the permitting process and developments in the market. MDI has been produced in Brunsbüttel since 1988. “We have extensive experience with the production of MDI,” says Weintritt. Bayer MaterialScience will deploy the latest technologies for this project. The new aniline plant, for example, will use the same adiabatic process used at a plant taken on stream in China in 2008. This process conserves resources and uses less energy than other processes.

On the groundbreaking ceremony of polyurethane system production site in Qingdao on May 24, vice president Dr.AzitaOwlia of Bayer Materialscience Polyurethane Division said that Bayer would expand its 350 kt/y MDI facility to 1000 kt/y in Shanghai Chemical Industry Park, and the HDI capacity would also be expanded to 80 kt/y.

Dr. Ou added that except from the current 350 kt/y was going to be expanded to 500 kt/y, there would be another 500 kt/y facility to build there, and the 80 kt/y HDI facility included the newly added 50 kt/y. Polycarbonate business' HQ will also be moved to Shanghai and its capacity will be expanded to 500 kt/y.

These chemical giants not only have ambitions for upstream products like MDI, and also extend their attention to downstream industries to share the extra profit brought by upgraded consumption in

Bayer is to Expand Its MDI and HDI Capacity in Shanghai

China. I t i s hea rd tha t Baye r p ro jec t s to bui ld 5 new plants in 2012 with the investment of €100 mn, and the plants include 3 polyurethane system plants, 1 po lycarbonate sheet p lant and 1 polycarbonate synthesis and design of color center.The expansion came one after another except from Bayer, BASF, Huntsman, Yantai Wanhua and other producers with MDI technologies all released such plans. However, an industrial people stated that now domestic MDI, TDI, PPG and other polyurethane feedstock markets had overcapacity already, Bayer and other companies' expansion would result further overcapacity and squeeze the market share of some domestic companies like Yantai Wanhua.

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PUdaily NEWS


Shell Global Solutions will provide ethylene oxide and ethylene glycol (EO/EG) licensing technologies and tailored consultancy services and CRI will offer catalysts to produce EO/EG to achieve cost savings, according to Ken C. Lai, Shell Global Solutions's Asia Pacific director of licensing.Chang Yizhi, an industry analyst with the CIC Industry Research Center, said that the domestic EO/EG supply is not adequate to meet the demand and thus the EO/EG industry will have a bright future if production costs can be controlled.Domest i c EO consumpt ion w i l l reach 6.8 million tons by 2012, while domestic production capacity is currently only 4.7 million tons, according to a report by Zhejiang-based

Shell, CRI Eye Expansion in China`s EO/EG Market

I N E O S O x i d e h a s t o d a y confirmed that it is considering plans to expand its Ethylene Oxide (EO) and Ethylene Oxide Derivatives (EOD) capacity as part of its strategy to grow its global business over the next few years. As part of its growth strategy INEOS' Oxide business is considering an investment in the US Gulf which would incorporate EO, Glycol and EOD's, building on

INEOS Oxide Plans Expansion of EO and EOD Capacity

its existing presence and experience in this market.The US is an obvious location for INEOS Oxide to consider its next expansion. It is a market we know well, where INEOS Group already has a well placed manufacturing presence, that is capable of taking full advantage of competitively priced feedstocks." "It is early days yet but should we proceed it is expected that any unit would be at least 500kt of EO with appropriately sized Glycol and derivative units. We are considering all options that will build on our experience as the leading EO/EOD manufacturer in Europe to grow our company and serve our customers globally over the coming years."Various sites are currently under consideration in the Gulf Coast area as part of the company's growth strategy. Other locations globally are also being considered and confirmation of the location of the first investment is expected later this year. INEOS has also confirmed that the construction of its new 1 mln tpa Ethylene Terminal, at its Zwijndrecht facilities in Belgium is progressing well. Operation of the new deep-sea terminal, announced in July 2010, is expected to start in 2012, as planned.

brokerage firm Zheshang Securities."CRI catalysts can help achieve cost savings of $10 mil l ion each year f o r t y p i c a l m e d i u m -sized 300 kilo ton /annum EO plants in Ch ina , " La i said.Ma King Way, business director of CRI/Criterion Marketing Asia Pacific, predicted that domestic demand for catalysts used in producing EO/EG would double from the current 2,000 tons to 4,000 tons within six years.

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PUdaily NEWS


Shaanxi Shaanhua Will Expand 100kt/year BDO Project

PUdaily, Shanghai-During April 6-10, the 15th Investment & Trade Forum for Cooperation between East & West China opened in Xi'an, Shaanxi. At this conference, Shaanxi Shaanhua signed a contract with Shaanxi Hua country government

to expand the BDO facility of 100kt/year and the total investment of this project is RMB250 million. Meanwhile, this project includes 100kt/year BDO facility, the matched 50kt/year THF facility and 10kt/year GBL facility.

H e n a n K a i x i a n g Chemical Began to D e b u g N e w B D O FacilityPUdaily, Shanghai-On June 2, Henan Kaixiang Chemical Co., Ltd launched the trail run of a 2×4, 5000 t/year 1,4-butanediol (BDO) project in Yima, Henan province. The project is the major construction project in Henna province and it was totally invested RMB 0.8 billion in the first-stage project. After being put into production, it can not only prolong the methanol industry chain but recycles the hydrogen released by the process of methanol production.

Fujian Petrochemical TDI Project Enters Into Design Stage

PUdaily, Shanghai-On June 9, Fujian Petrochemical Industrial Group Co., Ltd is walking into detailed design stage of its 100ktpa TDI relocation program. This relocation also includes PVC and caustic soda projects with total investment of 4 billion Yuan and among which, TDI item will be invested with capital of 2.3 billion Yuan and expects to be finished by the end of 2012.

Guodian Yinglite's 200 kt/y BDO Facility Starts WorkingPUdaily, Shanghai-Sources from China Guodian Corporation say, Guodian Yinglite Energy Chemical Group Co., Ltd began to build the 200 kt/year BDO facility, 92 kt/year THF facility and 300 kt/year acetic acid facility on June 26, 2011. Thereby, Guodian Yinglite Energy Chemical Group's investment project with total 23 billion Yuan has completely come into operation.This BDO project, including 200 kt/year BDO facility, 92 kt/year THF facility and 15 kt/year GBL facility, is totally invested 3.668 billion Yuan. After the completion, the BDO project will become the largest facility with the most advanced technology engineering of the whole world.According to Guodian Yinglite, the phase 1 project in Yinglite Industry Park will be finished in September 2012 and it will produce the qualified products at the end of 2012.

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PUdaily NEWS


INVISTA Opens Spandex Plant Expansion in Foshan, China

FOSHAN, China, May 5, 2011 -- INVISTA, the recognized leader in spandex production and a wide range of other apparel fibers, fabric treatment and fabric technologies, expanded its spandex venture plant in Foshan. The plant will add approximately 12.5 kilotons of spandex production, raising total annual capacity to 24.5 kilotons in response to Asia's growing demand of high-quality spandex products. With a total investment of more than US$227 million, the venture between INVISTA and Foshan Plastics Group Co., Ltd remains the largest foreign investment ever in Guangdong's fiber industry. The plant now operates four production lines producing spandex fibers for multiple textile processing applications. INVISTA is the only spandex producer with production capabilities in Asia, Europe, North America and South America. As one of the largest spandex plants in the world, the venture site utilizes world-class production technology and strives to achieve safety, health and environmental excellence in operations. To date, the Foshan expansion project and site operations teams have achieved more than 4.5 million safe work hours with no incidents. In addition, it has received the "Safety Manufacturing and Fire-fighting Excellence Award" from the Xinan Town of Sanshui District, Foshan government for four consecutive years since 2007. In China, INVISTA also operates manufacturing plants and ventures in Qingpu district of Shanghai and Lianyungang of Jiangsu province, as well as sales and marketing offices in Beijing, Shanghai, Guangzhou and the Hong Kong SAR. The company is expanding its airbag fiber plant in Qingpu, and is moving forward with engineering for construction of a nylon intermediates and polymer facility in Shanghai.C

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PUdaily NEWS


BOrSOdChEm tdi iN StartUP

BorsodChem has put its new 160,000 tonne/year toluene di-isocyanate (TDI)-2 plant into trial operation, the Hungarian isocyanates producer said on Monday.

The capacity of the TDI plant at Kazincbarcika, northern Hungary, could be increased by another 40,000 tonnes/year if market demand requires it, BorsodChem added. Upon the successful completion of the trial period – expected to last about two months – the new plant would bring BorsodChem's overall TDI capacity to 250,000 tonnes/year, positioning the firm as Europe’s number one TDI manufacturer, the company said. "The new plant, which utilises BorsodChem's proprietary state-of-the-art technology, will operate considerably more efficiently than the existing

[90,000 tonne/year] TDI-1 plant," the company said in a press release. "Due to the current unfavorable cost evolution of input materials, however, it is expected that the new plant will run at full capacity only at a later stage," it added.

In June, BorsodChem CEO Wolfgang Buchele warned that Europe may face a temporary oversupply of TDI by the middle of this decade, with two more worldscale plants set to come on stream in coming years. BorsodChem would consider idling its TDI-1 facility for an indefinite period, following the launch of TDI-2, he added. Until the February takeover of BorsodChem by China's Wanhua Industrial Group, the company was struggling to finance the completion of TDI-2. But the conclusion of this investment is now seen by BorsodChem as only the first step in an ambitious isocyanates expansion planned by the new owners.

Erste Group Bank analysts have noted that TDI-2 poses a competitive threat to the smaller-scale 80,000 tonne/year TDI facility run by Zachem, a Polish subsidiary of the Ciech group.

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PUdaily NEWS


Budapest, 1 February 2011 – Hungarian isocyanate producer BorsodChem Zrt. announces that Wanhua Industrial Group (Wanhua), a strategic investor, has today acquired full control over BorsodChem by exercising a call option which it was granted as part of BorsodChem's financial

restructuring in June 2010. Wanhua acquired all the shares held by Funds advised by Permira (Permira) and Vienna Capital Partners (VCP), the company's previous majority owners. The acquisition by Wanhua enables the further growth of BorsodChem and secures jobs at the company. As part of the restructuring last year, Wanhua provided BorsodChem with new funds of EUR 140 million (approximately HUF 39 billion), which the company currently is using to complete the construction of the new TDI-2 (toluene di-isocyanate) plant and the new Nitric Acid plant. The long-term development of BorsodChem is now secured by Wanhua, which is financially backed by a syndicate led by the Bank of China. "The integration of BorsodChem into the Wanhua Group creates the third largest isocyanate producer in the world by turning both companies from two regional players into one global company. I am convinced of the future benefits of our partnership, sharing industry know-how and driving genuine synergies." – Jason Ding, Chief Executive Officer of Wanhua Industrial Group says. "Wanhua will leverage BorsodChem on its path towards globalization. Within the Wanhua Group, BorsodChem will be responsible for Wanhua's European operation. We aim to expand BorsodChem and make it the most competitive isocyanate producer in Europe. " – adds Mr Ding. "Wanhua has acquired a successfully re-engineered company with efficient production technologies and committed employees. The strategic cooperation with Wanhua will make BorsodChem an even stronger partner to the European customer base of the Group. In addition, it creates an access for BorsodChem to the Asian markets. With these excellent future perspectives BorsodChem will remain one of the largest employers in Hungary." – says Wolfgang Büchele, Chairman and CEO of BorsodChem. Funds advised by Permira, Permira and VCP as former majority shareholders are glad to have concluded this transaction with Wanhua, while VCP continues to support Wanhua as a partner. "By developing a world-class management team with crisis and restructuring experience and implementing a successful re-engineering programme, Permira has achieved that now BorsodChem is a lot stronger and much more competitive than four years ago. We are convinced that the new owner will continue along the growth strategy that Permira and VCP initiated. " – says Christian Neuss, Partner at Permira. >>

WaNhUa aCqUirES fUll CONtrOl Of BOrSOdChEm

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PUdaily NEWS


About Permira

Permira is a European private equity firm with a global reach. The firm

advises funds with a total committed capital of approximately €20 billion (US$28 billion). Permira's funds, raised from pension funds and other institutions, make long-term investments in companies with the ambition of transforming their performance and driving sustainable growth. Permira is wholly independent and owned by its Partners. The firm's teams are based in Frankfurt, Guernsey, Hong Kong, London, Luxembourg, Madrid, Menlo Park, Milan, New York, Paris, Stockholm and Tokyo. They specialise in five key sectors of activity: Consumer, Financial Services, Healthcare, Industrials and TMT. The Permira Funds have made over 190 private equity investments since 1985 and have returned €16 billion to their investors over the past decade. For more information visit: www.permira.com

<< "This transaction is highly significant for Central Europe and will pave the way for further investments by Chinese companies in the region. Having been invested in and committed to BorsodChem for more than a decade, we would be pleased if we could continue to be involved in the company under Wanhua's stewardship" – says Heinrich Pecina, Senior Partner of VCP.

About BorsodChem

BorsodChem is an important European chemicals producer with two main product groups:

polyurethane raw materials (MDI, TDI) and vinyls (PVC resins and caustic soda). It sells more than half of its output on Western European markets. A significant amount of its production is sold to customers in Central and Eastern Europe. BorsodChem is establishing an increasingly relevant position outside Europe. More information: http://www.borsodchem-group.com/ (Methyl di-phenylene isocyanate (MDI) is mainly used in polyurethane foams. Rigid foams are mostly used in construction, refrigeration, packaging and insulation. MDI is also used to make binders, elastomers, adhesives, sealants and coatings. Toluene di-isocyanate (TDI) is used in the manufacture of polyurethane flexible foams for upholstery, mattresses and automotive seats. Smaller uses for TDI include polyurethane elastomers and coatings.)

Wanhua Industrial Group

Wanhua is the largest isocyanate producer in the Asia Pacific region. Wanhua is a global

technology leader in the industry with the world's largest and most integrated isocyanate manufacturing complex coming into production in 2010. Wanhua sells its products into 40 countries across North America, Western and Eastern Europe, Japan, the Middle East and South East Asia. For more information, please visit the website at www.wanhuagroup.com

About VCP

VCP is a leading independent

investment company and financial advisor in Converging Europe. VCP focuses on corporate finance and selective direct investments in companies with high potential for growth. With offices located in Vienna, Zagreb, and Warsaw, strengthened by a comprehensive network of cooperation partners, VCP possess the critical local presence, knowledge and cross-cultural understanding, essential to execute transactions in a goal-oriented, time efficient and thorough manner. For more information visit: www.vcpag.com

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PUdaily NEWS


Perstorp today announces the agreement to acquire the pentaerythritol, Penta, bu s i ne s s f r om Ash l and In c . The acquisition is part of a larger, ambitious investment campaign to increase polyol capacity.Perstorp has, through its subsidiary Perstorp Polyols Inc., signed an agreement with Hercules Incorporated, a subsidiary of specialty chemicals company Ashland Inc., for the acquisition of its Penta business, related technology and certain assets. It does not include the manufacturing plant in Louisiana, Mo., any real estate or employees. The transaction is fully in line with the companies' strategies going forward. For Perstorp this is part of an ambitious investment campaign to increase Polyol production."The Penta business is a core area within Perstorp and these products have been key in the development of Perstorp as an international company. The US market in particular has historically been a focus for us for this business", Perstorp President and CEO Martin Lundin says. "This acquisition is an opportunity to further grow together with our customers in their various applications."

Perstorp Acquires Ashland's Penta Business And Invests in Increased Polyol Capacity

"Perstorp plans to supply all needs out of the plants we are running at present and we will have sufficient capacity to supply both our current, and new customers. With the additional volumes, as well as equipment and know-how resulting from this acquisition, we plan to increase capacity to meet the customers' long-term needs", Ulrika Andersson, Business Unit Manger Penta & Formates, says.The acquisition is subject to fulfillment of certain conditions and is expected to be completed within 60 days. The polyalcohol Penta is used in applications such as alkyd resins, PVC stabilizers, synthetic lubricants, varnishes, and other products and Perstorp is now producing Penta in three

different production plants in Germany, the US and Sweden. Investments will mainly take place in Perstorp's US facility.

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PUdaily NEWS


Solvay and Rhodia announced the signing of a framework agreement according to which Solvay will launch a friendly cash offer for 100 % of the share capital of Rhodia. The cash offer values the equity of Rhodia at EUR 3.4 billion and the enterprise value at EUR 6.6 billion. The offer represents a premium of 50 % compared to the closing price of Rhodia on 1 April 2011.The offer will be launched in France and extended to the USA in the coming days. Solvay expects that the offer will be closed by late August 2011. The transaction has been recommended unanimously by the board of directors of Rhodia. Solvay says it will fully finance the transaction with its cash resources.The new group's strategy is based on the following strengths: 90 % of its combined sales of EUR 12 billion are realised in businesses where it is already among the top three worldwide. According to Solvay, the company is a leader in high performance speciality polymers, in soda ash and hydrogen peroxide, while Rhodia holds leadership positions in speciality materials (silica, rare earths), products for consumer markets (surfactants, natural polymers, acetate tow) and

Solvay to Acquire Rhodia for EUR 3.4 Billion

engineering plastics based on polyamide 6.6.Future geographic expansion will be driven by a significant presence in the emerging markets, which already generate 40 % of sales of the combined group. The complementary nature of the industrial activities of Rhodia and Solvay should provide the combined group with a balanced presence in its different market segments: speciality chemicals for consumer goods, construction, automotive, energy, water, environment, and electronics.Beyond the revenue synergies, the annual cost synergies are estimated to amount to EUR 250 million within three years. The

cost synergies are expected to result from the alignment of cost structures in line with good industry practices used in groups of a comparable size. Two thirds of these synergies will come from external cost optimisation. Therefore, no major downsizing is planned in the context of this combination. To facilitate a smooth and rapid

integration of the two groups, Jean-Pierre Clamadieu, Chairman and CEO of Rhodia, will join Solvay's Executive Committee in the role of Deputy CEO once the offer is closed. Clamadieu is also intended to succeed Solvay's current CEO Christian Jourquin upon his retirement.In addition, Gilles Auffret, COO of Rhodia, will be appointed CEO of Rhodia and member of the Executive Committee of Solvay. Solvay is headquartered in Brussels and employs about 16,800 people in 40 countries. In 2010, its sales amounted to EUR 7.1 billion. Rhodia employs around 14,000 people worldwide and generated sales of EUR 5.23 billion in 2010.

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PUdaily NEWS


THE WOODLANDS, Texas, May 25, 2011 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today announced that it has signed a license agreement

with Chinese chemicals manufacturer Yantai Wanhua Polyurethanes Co., Ltd., for the production of Propylene Oxide (PO) and Methyl Tertiary Butyl Ether (MTBE) - a co-product of PO. The financial terms of the arrangement were not disclosed. Yantai Wanhua, a leading Asian polyurethanes producer, plans to leverage the license to build a worldscale PO/ MTBE plant at its facility in Yantai, Shandong province, with construction expected to commence later this year and beneficial production due in late 2013. Huntsman's polyurethanes division has worldscale production facilities in the U.S., the Netherlands and China,

including a 240/750 ktpa PO/ MTBE plant in Port Neches, Texas and is a global leader in PO technology. Mr. Ding Jiansheng, chairman of Yantai Wanhua Polyurethanes Co., Ltd., commented, "This

Huntsman and Yantai WanHua PolYuretHanes sign Po/mtBe license agreement

Commenting on the agreement, Peter R. Huntsman, President and Chief Executive Officer of Huntsman Corporation,

said, "Huntsman is pleased with the negotiations and the relationship that has been built between our Company and Yantai Wanhua - one of China's finest manufacturing companies. We anticipate this relationship will extend into other business opportunities that will be beneficial for both companies. We look forward to working with Yantai Wanhua in building this PO/ MTBE facility."

co-operation with Huntsman is a win-win solution for both parties and for the polyurethane industry. Huntsman is one of the leading PO technology holders and definitely the right partner to work with to realize our vision: to be a first-class, green chemical producer. With China's huge chemical market potential and Wanhua's local expertise, the PO/MTBE license will foster a true success in our Wanhua Yantai portside integrated chemical complex."

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PUdaily NEWS


SAUDI ARABIA -- Asahi Kasei Chemicals, Saudi Basic Industries Corp. (SABIC), and Mitsubishi Corp. have signed an agreement to establish a joint venture to implement a project to produce acrylonitrile (AN) in Saudi Arabia.The Asahi Kasei Group has identified AN operations as a focus for global expansion through strategic investment of management resources. Solid demand

Asahi Kasei and Mitsubishi Sign Agreement to Produce Acrylonitrile in Middle East

About Asahi Kasei

Asahi Kasei Corporation, provides innovative solutions based in chemistry and materials science to a diverse range of markets including fibers, chemicals, consumer products, housing, construction, electronics, and health care.

growth for AN is forecasted to continue worldwide, and Asahi Kasei Chemicals had been considering the construction of a new AN plant to meet rising demand in the Middle East and North Africa as well as to supply Asian markets where there is concern of shortfall.As such, Asahi Kasei Chemicals advanced study and negotiation with SABIC and Mitsubishi regarding the establishment of a joint AN production base in Saudi Arabia with superior cost-competitiveness. Having concluded today's agreement to establish a joint venture to facilitate concrete preparations for an AN project in Saudi Arabia, the three partners will now begin formulating the basic plant design and advance work on a detailed business plan. A final decision on capital expenditure will be made in 2012.With its current production capacity of 750,000 tons/year (in Japan and Korea) as well as a new plant in Thailand (start-up scheduled for mid-2011) and in Korea (start-up scheduled for January 2013), the Asahi Kasei Group's AN production capacity will be the largest in the world at some 1.4 million tons/year upon completion of the new plant in Saudi Arabia.

For more Polyurethane Information, please feel free to contact us:

Contact: Ms. LucyTel : +86 (0)21-61159288-831Fax : +86 (0)21-61159277Email : [email protected]

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PUdaily NEWS


Interest Rates and Deposit Reserve Ratio Increase

Within the first half of 2011, the Central Bank has raised the deposit reserve ratio for six times and after this regulation, the deposit reserve ratio of large and middle scale financial institutions achieve 21.5%. Thereby, this activity tightens the capital liquidity further in the market, controls rising prices and releases the inflation pressures.

On the other hand, the Central Bank has also increased the interest rates for three times, which indicates that the government determines to curb inflation firmly. Consequently, under the circumstance of the increasing threshold from the

Central Bank, partial enterprises are suffering running pressures, including polyurethane industries.

Renminbi to U.S. Dollars Exchange Rate Tendency

Considering the RMB exchange rate against the U.S. dollar, the middle rate was quoted at 6.4723 on June 28, increased by 27 basis points, and this will definitely influence import and export trades.

Hence , a se r i e s o f n a t i o n a l p o l i c i e s p u t forward within the first half of 2011 impact the overall chemical industry roundly.

Government Policy

1. Brazi l Init iates Ant i-Dumping Investigation on Crude MDI

PUdaily, Shanghai-On June 8, 2011, Brazil Ministry of Development Industry and Foreign Trade announced to initiate anti-dumping investigation on Crude MDI from America, Belgium and China.

Global Major MDI Manufacturers' Capacity & Capacity Involved in This Anti-Dumping (Unit: 10KT)

Leading Manufacturer

MDI Capacity (Excluding MDI Splitter

Facility)

Capacity Involved in This

InvestigationBASF Belgium:56, America:29,

China:12, South Korea:19 97

Bayer Germany:36, Spain:15, America:30, China:35, Brazil: 4.5, Japan:13

65

Dow Portugal&Germany:28, America:34

34

Huntsman Netherlands:40, America:45, China:12

57

Yantai Wanhua Hungary:18, China: 80 80

Anti-dumping Duty

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PUdaily NEWS


PUdaily, Shanghai-Yesterday (May 9, 2011) Chinese Commercial Ministry issued review decision to continue to impose anti-dumping duty on

chloroprene rubber i m p o r t s f r o m Japan, America and EU. This decision sha l l enter in to force since from May 10, 2011 with period of 5 years.

Statistics show that chloroprene rubber is superior to common rubber, w i t h e x c e l l e n t adhesion, ageing-r e s i s t a n t a n d

stretch-proof properties. Meanwhile, it also has heat and light resistances. Besides, chloroprene rubber is widely used as insulated cable jacket, efflorescence resistance products, mucilage shoe soles, coating and rocket fuel and besides that, the common all-purpose adhesive is also made of chloroprene

3. India Publishes Anti-Dumping Investigation on PVC From China

PUdaily, Shanghai-On April 21, 2011, Indian Ministry of Commerce & Industry released the anti-dumping investigation on imports of PVC (Poly Vinyl Chloride Paste Resin) from China, Japan, South Korea, Malaysia, Russia, Taiwan and Thailand.

Under this investigation, the Designated Authority of India still regards China as a non-market economy country and it adopts the production prices in India to calculate the normal value of Chinese products. Finally, China's export enterprises are affirmed as 31.70% dumping margin but the related enterprises haven't answered the lawsuit.

In addition, taking into account of the imports volume, market share, imports price, capacity, sales volume&costs, profit margin and inventory, the Indian Authority confirms that the PVC products from China have a extent of 20-25% of dumping on Indian domestic industry.

rubber. At the moment, total global productive

capacity of chloroprene rubber is about 400kt/year. American Dupont, Germanic Bayer, France ENI and NIHON Denka are the leading producers. At home, Chongqing Changshou Chemical Co., Ltd and Shanxi Synthetic Rubber Group Co., Ltd. (under the jurisdiction of China Bluestar International Chemical Co., Ltd.) are the only two enterprises in China to produce chloroprene rubber with total productive capacity of 53kt/year. Among which, Chongqing Changshou Chemical' s capacity accounts for 30kt/year.

As early as in 2005, these two enterprises had jointly launched anti-dumping lawsuits on chloroprene rubber imports from Japan, America and EU successfully.

It is reported that Chinese Commercial Ministry had released the five-year anti-dumping duty on chloroprene rubber imports from Japan, America and EU on May 10, 2005 and since from May 10, 2011, China will continue to execute this anti-dumping duty for another five years.

2. China Continues to Impose Anti-dumping Duty on Imported Chloroprene Rubber

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Government Policy

PUdaily NEWS


4. Indonesia Imposes Anti-dumping Duty on China's Textile and Clothing

PUdaily, Shanghai-April 12, 2011, Indonesia government began to carry out all kinds of protection measures, like anti-dumping duty to avoid Chinese low-priced commodities swarming into the local market.

Hatta Rajasa, Minister of Economy Development Department, indicates that the selling prices of Chinese commodities in Indonesia are below the production costs. Hence, they need to implement protection measures or impose anti-dumping duty.

According to Mari Elka Pangestu, Trade Minister of Indonesia, for the moment, Indonesia has imposed anti-dumping duties on China's electric wire, steel, textile and clothing products and other products are under investigation.

5. Chinese Shoe Enterprises Target to Add Value After European Union's Cancel of 16.5% Anti-dumping Duty PUdaily, Shanghai- Since from April 1, European Union has

officially cancelled the high anti-dumping duty of 16.5% to China's leather shoes. In order to get ride of the 5-year-long unreasonable trade protection measures, China has made unremitting endeavors.

After that, although the anti-dumping times has been finalized, China's shoes' enterprises begin to increase the additional value by all means. Including Aokang Group and Jindi Leather Shoes Plant in Wenzhou start to conduct technological innovation in succession and they begin to cast off the low prices-oriented advantages.

As this anti-dumping act mainly aims at China's genuine leather shoes, opening up various substitutes materials is another way to protect the market. Therefore, in order to avoid the risks of anti-dumping policy, more than 90% of shoes enterprises in Wenzhou, including Aokang, Jindi and Juyi Leather Shoes begin to use PU synthetic leather to produce shoes and thereby to reduce the losses brought by the anti-dumping policy as far as possible. "On the other hand, this will also promote the technical progress of PU materials." Relevant responsible person of Wenzhou Huadeli Shoe Company said. It is reported that both women's and men's shoes made of top-grade PU synthetic leather are very popular in European market

Wen zhou i s Ch i n a ' s impo r t a n t production base of leather shoes and the advantaged economic environment affords the broad market spaces to Wenzhou's synthetic leather industry.

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Government Policy

PUdaily NEWS


Perstorp Restarts TDI, Chlor-Alkali Units; Force Majeure RemainsPerstorp has restarted its toluene di-isocyanate (TDI) and chlor-alkali units at Pont-de-Claix, France,

and is running them at full rates, but the declarations of force majeure for both products remain in place, a company source said on Tuesday.

Perstorp restarted the chlor-alkali facility on 6 January and the TDI unit on 7 January. The company had earlier planned to bring the units back on line on 8 January.

The source stressed that the facility's stocks remained low, particularly for chlor-alkali products (liquid chlorine, salt and caustic soda).

The company would not lift the declarations of force majeure until inventories are back to normal, the source added. Perstorp's chlor-alkali inventories were already very low at the end of December, before the outage occurred, and it was expected that it could take up to three months before stocks are replenished, the source said.

"If demand for TDI is at a normal level in February, we possibly won't fully recover stocks until mid-to-end-February. If demand is higher than normal, it will take another one to two months from February," the source added.

Perstorp declared force majeure on supplies of TDI and chlor-alkali products at the Pont-de-Claix site on 31 December, after an unexpected technical incident affected the site's electrolysis unit.

According to Perstorp, the site's nameplate chlorine capacity is 170,000 tonnes/year and the TDI capacity is 126,000 tonnes/year.

Perstorp Declares Force Majeure on TDI & Caprolactones

Due to an unpredictable incident occurred on its electrolysis plant, Perstorp is temporarily shutting down the production of TDI (Scuranate T80, Scuranate T65, Scuranate T100) and ChlorAlkali (Liquid Chlorine, Salt and Caustic Soda) at its production site in Pont-de-Claix, France.

This Force Majeure situation, which is outside of Perstorp's control, will affect manufacturing abilities for at least 6 to 10 days. Many actions have been taken to minimize outages.

Notice of Force MajeureThe severe weather conditions in the United Kingdom with prolonged extreme cold has forced Perstorp

to temporarily shut down the production of Capa™ caprolactone monomer and polycaprolactone polymers at the production site in Warrington, U.K.

This Force Majeure situation, which is outside of Perstorp's control, will affect our manufacturing abilities for as long as the extreme weather situation continues. We hope to be able to restart manufacturing next week, but we will likely face a production loss of more than one week. Many actions have been taken to minimize outages. We cannot, however, rule out further disruptions in the near future.

Product deliveries are likely to be impacted from the beginning of January. Demand for the Capa™ product range is currently very strong. Due to the aforementioned outage, it will be impossible for us to be fully in line with our delivery commitments and requested volumes for the first half of 2011.

As a consequence hereof, Force Majeure is hereby declared as regards deliveries of Capa™ Monomer, Capa™ Polyols and Capa™ Thermoplastics from the Perstorp Group.

During this period of interference of the Force Majeure, the management of Perstorp is making every effort to mitigate the consequences of the Force Majeure declaration. The quantities of product available will be allocated in a fair and equitable manner amongst our customers.

Force Majeure PU Event

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PUdaily NEWS


Dear Valued Customer,

The severe flooding of the lower Mississippi river and surrounding areas is limiting raw materials

from being delivered into our Geismar, Louisiana production facilities.

As a result, BASF is declaring force majeure on all toluene diisocyanate (Lupranate T80 and Lupranate 8020) products effective immediately.

Retroactive beginning May 1,2011, deliveries of products will be allocated on a fair and reasonable basis utilizing the past 6 month (Nov 2010 -April 2011) purchases for the base.

Your sales representative will be in touch with you to discuss the situation in more detail.

We appreciate your patience as we work through this very difficult time.

PUdaily, Shanghai-Sources from BASF's global headquarters say its acetylene production unit in Ludwigshafen, German caught on fire on May 30. The fire was put out within fifteen minutes and it has no loss until now.

Currently, BASF is still investigating the cause of the fire and with regard to the specific restart time, BASF claims it cannot be confirmed now.

It is reported that BASF owns the total capacities of BDO & its derivatives 535, 000 tons/y and the BDO facility in Ludwigshafen reaches 190, 000 tons/y.

BASF Force Majeure on TDI

Enterprise Products Partners declared force majeure on polymer-grade propylene due to feedstock concerns stemming from recent refinery outages in Texas, as per Platts. The declaration could last through

BASF Global Headquarters Declare Force Majeure on BDO

Enterprise Declares Force Majeure on Propylene

May, although no allocations were presently in effect.

Power outages idled the BP, Marathon, and Valero refineries in Texas City, Texas, on Monday night and early Tuesday morning, triggering a shelter-in-place declaration that lasted through mid-day Tuesday. At least two refineries - Valero's and Marathon's - were reported to be in restart mode as of Tuesday afternoon, but it was unclear when all three would be running at full speeds.

Such uncertainty prompted Enterprise to declare the force majeure. Enterprise's declaration could provide further upward pressure to already record-high spot and contract propylene values, as RGP has been in very short supply.

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PUdaily NEWS


Shell Declares Force Majeure on MEG After Cracker Issues

Shell has declared force majeure on monoethylene glycol (MEG) after shutting down its 800,000 tonne/year mixed-feed cracker in Pulau Bukom, Singapore, market sources said on Monday.

"We have declared force majeure under some of our chemicals contracts," said a company spokesperson, without elaborating which products have been affected.

"This is because the ethylene cracker unit on our Pulau Bukom manufacturing site is facing operational issues and this has affected our ability to supply product to some of our customers," the spokesperson said. "The rest of our operations at Bukom are not affected," the spokesperson added.

Sources said that the cracker was forced to shut since 18 March and that MEG was one of the products affected. The cracker had recently completed a turnaround and was restarted over the weekend of 12-13 March.

The spokesperson said Shell was working to resume normal operations and supply as soon as possible so as to minimise potential impact on its customers.

"We very much regret the impact this has on some of our customers. We will continue to work with them and to keep them regularly updated with regard to our ability to resume normal operations and supply," the spokesperson added.

Shell's 750,000 tonne/year MEG plant in Singapore opened in December 2009. "Things are in a bit of a flux now because it is just the first working day after the FM so they are waiting

to assess the market situation," according to a source close to the company.

Sasol-Huntsman Lifted the Force Majeure Declaration on Maleic Anhydride Sasol-Huntsman has lifted the force majeure declaration at its maleic anhydride (MA) plant in Moers, Germany, a company source said on Friday. The force majeure was enacted on 4 March 2011 because of technical problems associated with the start-up of the facility's new 45 KTa reactor. It was lifted on 30 April and the extra capacity is now online, giving a new nameplate capacity of 105 KTa. The European MA market has been in tight supply since the fourth quarter of 2009, because of the closure of BASF's 115 KTa MA plant in Feluy, Belgium.

Despite the lifting of Sasol-Huntsman's force majeure, MA availability remains l o w b e c a u s e o f limited stock levels and high demand, sources said. Spot prices are at record levels of EUR

1.800-2.000/tonne (USD 2.571-2.857/tonne) for liquid and flake. Liquid spot prices have been at historic highs for 10 weeks, and solid spot prices for six weeks. At the time, the spot price increases were attributed to the Sasol-Huntsman force majeure.

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PUdaily NEWS


Huntsman Polyurethane Plant in Osnabrück Caught on Fire

PUdaily, Shanghai-It is reported that Huntsman's polyurethane plant located in Osnabrück, German caught on fire in the afternoon, local time, May 27.

Local fire department received the report on PM 4:20 and then they hurried to the factory to put out the fire right away. Luckily, no one was hurt in the fire. Currently, Huntsman has not declared the cause of the fire and specific damages.

It is said that this polyurethane factory in Osnabrück began to construct in 2008 and it offered 160 posts. It mainly produces TPU and the products are widely used in shoes, electric wire, piping, thin film and textile fields. In addition, TPU can also produce coatings and adhesives.

PUdaily, Shanghai-An 8.9-magnitude earthquake struck the northeast coast of Japan at 2:46 pm local time (0546 GMT), sending a 10-meter tsunami sweeping across the coast near Sendai. The quake struck at a depth of 24.4 km, some 130 km (80.6 miles) east of Sendai on the coast of Honshu, the Japan Meteorological Agency said. The followings are the impacts brought by this severe earthquake.

• Refinery A Cosmo Oil official confirmed a fire at

storage tanks at its 220,000 b/d Chiba refinery and said that the refinery was shut.

Nippon Oil and Energy, Japan's largest refinery also shut its 145,000 b/d Sendai, 189,000 b/d Kashima and 270,000 b/d Negishi refineries. Several power plants and ports in the Tokyo Bay area were also closed.

Except for above force majeure events, Japan happened massive earthquake on March and that had great impacts on PU industry at home and abroad

Showa Shell is running its 185,000 b/d Keihin refinery in Tokyo Bay as usual, a company official said while an Idemitsu official confirmed that its 220,000 b/d Chiba refinery was operating normally. Fuji Oil too said that its 192,000 b/d Sodegaura refinery was operating normally.

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PUdaily NEWS


• Petrochemical Industry Apart from this, this huge earthquake also impacts the global petrochemical industries. Mitsui Chemicals also fel l 12.23%, Mitsubishi Chemical was down 11.80% and JX Holdings plummeted 16.46%.Mitsui Chemicals' operations at Kashima in Chiba prefecture were all shut. Nippon Oil & Energy shut its paraxylene facilities in Kashima, with a combined capacity of 600,000 tonnes/year and in Kawasaki with a combined capacity of 350,000 tonnes/year, market sources said. JFE Chemical produces coal tar, benzene, toluene and xylene and industrial gases including oxygen, nitrogen and argon.

• Major Chemical Reacts After the Quake

Sources from Mitsui say, the related feedstock plants stop working and thus Mitsui's TDI facility in Kashima has been shut down with no damage. Currently, the specific duration of the shutdown is still unclear. Saudi Basic Industries Corp., the Middle East's largest listed company, shut down its only facility in Japan after the Asian country was hit by a devastating earthquake Friday but the company's operat ions and sales are largely unaffected, Chief Executive Officer Mohamed Al Mady said Sunday. A Dow Chemical (DOW.N) facility in Japan has flooded after a devastating earthquake and tsunami struck the island nation, but the company said there were no reports of injuries at the plant. Dow has 31 facilities in Japan, and a spokesman said limited communication is making it difficult to determine the quake's full affect on its operations.

• InfluencesonPUIndustryAccording to market insiders, the shutdown s t a t e o f J a p a n ' s refinery and chemical industries will shock t h e i n t e r n a t i o n a l c h e m i c a l s a n d meanwh i l e , s ome products prices will be likely to go up. Propylene, ethylene a n d o t h e r o l e f i n

products will ascend the prices due to the shutdown of refineries. Japan is a country known as fine chemicals and high-end chemicals and thus the supplies of some chemicals will be restricted, such as the polycarbonate. Currently, China needs to import the polycarbonate and its main manufacturers include Teijin, Asahi Kasei and Mitsubishi and other fist-line enterprises in Japan. As for global propylene oxide price, it will be pushed up to a top level because of the Japan quake. In Japan, including Asahi Glass Company and Nippon Oil Corp. (NOC), the total propylene oxide capacity reaches 400kt/year while along with the break off brought by the quake, the market prices will be boosted up. According to analysis report from UBS Securities, since from 2006, demands for propylene oxide from China's downstream polyether polyols industries have kept increasing and the imports volumes have been enlarged as well. In the year of 2010, the imports of propylene oxide totaled 62,000 tons, accounting for 25% of the apparent consumptions. In 2011,

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the gap between supply and demand will expand further. Except the supply prob lems, th is earthquake in Japan will have impact on the international rubber market. In 2010, the imports volumes of rubber in Japan reached 750,000 tons and one market player says the rubber purchasing of Japan's Bridgestone, YOK and Sumitomo will be affected due to the traffic stuck.

PUdaily NEWS


Past Conferences Held by PUdaily2011 Western Summit on

China PU FoamOn July 19, 2011 Western Summit on China

PU Foam, organized by www.chem366.com and www.pudaily.com, held as scheduled in Chongqing, China.

All suppliers, traders and downstream market players from the industrial chain of about one hundred people expressed their concerns about the PU foam tendency in the near future.

Li Jianbo, secretary general of Isocyanate Professional Committee, started with a report on current progress of technical specification in building insulation industry. Senior analyst from www.chem366.com shared the investigation reports of TDI and PPG, especially discussed the PU foam trends in western market.

Additionally, experts from Bayer, GRACO, Nanjing Jinling Stepan Chemical Co., Ltd. and Honeywell all introduced the latest technical progress and equipments with details.

2nd Summit Forum on China Polyurethane Elastomer-2011

From April 27 to April 29, PUdaily and chem366 successfully held the second Summit Forum on China Polyurethane Elastomer-2011 in Huangshan, Anhui Province, China.

Along with rapid development of polyurethane market in recent years, PU elastomer products are widely used in many sectors, such as shoe materials, spandex, synthetic leather, pipelines, etc and it is estimated that PU elastomer will keep 15% annual growth before 2015 and many large manufactures take the chance to expand capacities.

In order to push forward PU elastomer applications in China; promote PU elastomer technology development; further advance the friendly relationships between raw materials suppliers, elastomer producers and downstream clients, Chem366 (PUdaily) organizes the China Polyurethane Elastomer Summit Forum from April 27-April 29, 2010 in Hangzhou, Zhejiang Province.

The Coming Conference From PUdaily4th Forum on the Application of Polyurethane in Autos

For years, polyurethane has made a continuous growth in automobiles, following the fast expansion of the industry. Polyurethane materials are widely used in cushion, headrest, acoustic insulation, instrument panel, sun visor, door, roof liner, etc. In addition, polyurethane has also taken a growing portion in coatings, sealants, sealing strips, chocks, bumpers, baffles, etc of autos.

Aiming at promoting the application of polyurethane products in the automotive industry, accelerating the development of polyurethane technology, as well as facilitating the communication between the PU suppliers and the auto and component producers, and basing on the great success of "The 1st Forum on the Application of Polyurethane in Autos", www.chem366.com and Shanghai Automotive Trade Association will coordinate to hold "The 4th Forum on the Application of Polyurethane in Autos" in Beijing, November, 2011.

Time: November 16-17, 2011Location: BeijingOrganizer: Shanghai IsChem Info Tech Co., LtdCo-organizer Shanghai Suntower Business Consulting Co., LtdDesignated Website: www.chem366.com; www.pudaily.com

PU Industry Conferences

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PUdaily NEWS


PUdaily Will Participate Utech Asia 2011 in Sep. 6-8 at No.1118 BoothTime: September 6-8, 2011Location: Shanghai New International Expo Centre (SNIEC)Pudaily's Stand: No. 1118Website: http://www.utechasia.nl

Other Conferences will be held in the next months of this yearExhibitions Dates Venue

2011 Shanghai (China)International Solar Energy

Exhibition

8.16-8.19 Shanghai New International Expo Centre

2011Shanghai International Automotive Manufacturing

Technology & Materials Show


The 7th Shanghai International Energy-saving & Advanced Building Materials

Exhibition


2011 The 13th China International Plastics & Rubber

Industry Exhibition

8.25-8.27 Q i ngdao In t e r na t i ona l Convention & Exhibit ion Center

Intertextile-home shanghai 8.29-9.1 Shanghai New International Expo Centre

The 17th China International Furniture Exhibition


2011 The 11th China Plastics Exhibition & Conference

9.22-9.24 Ta i z h o u I n t e r n a t i o n a l Conference & Exhibit ion Center

6th International Flame-retarding Technology & Material Industry

Exhibition in China &International Forum


Shanghai International Flame-retarding and Functional Lining

& Fiber and Chemical Fiber Exhibition


UTECH Asia 2011 / PU China 2011


2011 China International Footwear Fair (CIFF) and Moda

Shanghai


The 12th Asian-Pacific International Plastics & Rubber

Industry Exhibition


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PU Industry Conferences

pu industry memorabilia in the first half of 2011 · expansion of mdi production at kumho mitsui...

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