Lotte Chemical UK after the transaction renamed Alpek Polyester UK Ltd
MOSCOW – Polyethylene terephthalate (PET) production facilities, formerly known as Lotte Chemical UK in the UK, are currently owned by Alpek’s subsidiary and operate under the name Alpek Polyester UK Ltd., the company said.
The deal, announced in October, includes a 350,000-ton-per-year PET plant in Wilton. This is Alpek’s first acquisition outside of America.
Soloshenie entered into force on January 1, 2020.
The new business will operate within the Alpek Polyester enterprises as the legal entity Alpek Polyester UK Ltd.
The acquisition is consistent with Alpek’s growth strategy, creating significant value by integrating assets and expanding Alpek Polyester’s global presence to more than 2.8 million tons of PET worldwide in 6 countries and 15 with more than 4,800 employees.
According to the ICIS-MRC Price Survey , at the end of December last year, activity in foreign PET markets was very low amid holidays in Europe. Prices in the Chinese market remained at the level of the second half of the third week of December. Activity in the Russian spot PET market at the end of 2019 increased sharply. Free volumes for spot buyers in a significant amount remained only at the Kaliningrad plant Ecopet.
Alpek is the largest petrochemical company in Mexico and the second largest in Latin America. Its activities are divided into two main segments: “polyesters” (terephthalic acid, polyethylene terephthalate and polyester fibers) and “plastics and chemicals” (polypropylene, foamed polystyrenes, caprolactam, polyurethanes and other special and industrial chemicals). Alpek is a leading global manufacturer of purified terephthalic acid and PET; It owns the continent’s largest expanded polystyrene company and one of the largest polypropylene plants in North America. Alpek currently has 19 factories in Mexico, the USA and Argentina. Alpek is part of the Mexican conglomerate Grupo Alfa. Alpek also owns DAK Americas.
Lotte Chemical UK, a subsidiary of KP Chemical, is part of the Lotte Group’s petrochemical Japanese-South Korean conglomerate and produces purified terephthalic acid (TPA) and PET for use in the packaging industry.
Borealis AG (“Borealis”) and NOVA Chemicals Corporation (“NOVA Chemicals”) today announced they have reached an agreement for Borealis to buy NOVA Chemicals’ 50% ownership interest in Novealis Holdings LLC (“Novealis”).
Formed in 2018, Novealis is the joint venture between affiliates of Borealis and NOVA Chemicals, which subsequently formed a 50/50 joint venture with an affiliate of Total S.A. to launch Bayport Polymers LLC (“Baystar”) in Houston, Texas, US.
Despite a 9 percent decrease, Urals spot prices in Northwest Europe were still one and a half times higher in 2019 than in 2016 ($63.3 versus $41.1 per barrel, according to Refinitiv), when the first OPEC + agreement was signed.Petrochemicals Bioplastic Masterbatches
As a result, the Russian budget again, as in 2017-2018, received additional income, which reached 6.2 trillion rubles (just over $100 billion) from the moment the deal was concluded, as follows from estimates of the Russian Ministry of Energy.
According to CCFGroup Index, the prices of flakes for HC re-PSF were averaged at 6,084yuan/mt in 2019, down 11.86% from 2018, that of HC re-PSF in Zhejiang averaged at 8,445yuan/mt, down 11.54%, that of conventional close virgin PSF averaged at 7,122yuan/mt, down 14.22%. Black re-PFY yearly average price scored at 7,874yuan/mt, down 13.33% from 2018. Petrochemicals Bioplastic Masterbatches
The challenges will continue in 2020
Recycled chemical fiber plants experienced periodical feedstock shortage, overseas capacity expansion, market shares squeezed by virgin polyester and environmental protection regulation in 2019. Frequent production curtailment and suspension was seen and demand was sluggish.
At Domotex 2020, RadiciGroup introduces Renycle, a new range of products with recyclate content. The Group also announces the acquisition of a material recovery company Petrochemicals Bioplastic Masterbatches
RadiciGroup is starting off the new year 2020 under the banner of sustainability: the market launch of Renycle, a range of yarns obtained from recycled nylon, and the acquisition of Zeta Polimeri, an Italian company with thirty years’ experience in the recovery of synthetic fibre and thermoplastics. Both concrete actions fall within the Italian Group’s strategy aimed at environmental protection and meeting the requests of an increasingly demanding market.
At Domotex 2020 (Hall 11 C48), RadiciGroup is exhibiting a number of innovative solutions for the recovered fibres sector targeted at fashion fabrics, furnishings and automotive applications. These new products are the result of the Group’s vertically integrated nylon production and the synergies among its various business areas, from chemicals to engineering polymers and synthetic yarns.
Oil prices have had a tumultuous week since the US launched a drone attack in Baghdad, killing Iranian General Qassem Soleimani.
With tensions peaking after the US and Iran traded missile attacks, oil markets priced in a risk premium. PPetrochemicals Bioplastic Masterbatches
However, as long as the flow of oil barrels to the market is not affected, Rystad Energy continues to see a downward risk to prices, with further pressure on OPEC to implement even deeper production cuts in order to keep Brent oil prices around $60 per barrel through 2020.
Iran produced 197,500 tons of polyester yarn during the first eight months of the current Iranian year (March 21-Nov. 21) to register an increase of around 22% compared with the output in last year’s corresponding period.
The country had produced 162,000 tons of the product during last year’s first eight months, the Persian economic daily Donya-e-Eqtesad reported, citing data from the Ministry of Industries, Mining and Trade. Petrochemicals Bioplastic Masterbatches
Polyester fiber is one of the widely used commercial fibers in weaving, knitting, embroidery, sewing and home furnishings.
The Heimtextil 2020 Trade Fair was a success for the Pakistani businessmen, who received encouraging response from customers and visitors, hence brightening the prospects for enhancing homemade textiles exports from the country.
The 50th anniversary edition of Heimtextil, held in Frankfurt Germany from January 7 to 10 presented more sustainable products than ever before; according to press statement. Petrochemicals Bioplastic Masterbatches
This time, a total of 231 exhibitors represented Pakistan in the fair, which has been an attractive platform for export businesses and a trendsetting launch event to present new season products at the start of the year.
A textile yarn is a continuous thread of staple or filament fibers which is arranged in a form suitable for weaving, knitting, or other form of fabric assembly. A yarn is a textile product of substantial length and relatively small cross-section consisting of fibers with twist and also filaments without twist. The yarn can be twisted with one or more yarns to make added value or aesthetics. Usually, yarns have been constructed of fibers of finite length called staple fibers.