Petrochemicals industry update

Middle East

Iran is expecting to produce approximately 44 million t of petrochemicals by the end of the Iranian year, which is 20 March 2011. In the first five months of the year Iran produced 16 million t. 17.4 million t of the 16 million were exported and the rest were sold within the domestic market.

Asia

Hyundai Oilbank Company Limited of South Korea and Cosmo Oil Company Limited of Japan have formed a joint venture. The partnership, which is called HC Petrochemical Company Limited, has begun operations to produce paraxylene.

Europe

Uhde Inbenta-Fischer, Germany has been awarded a contract by OCTAL Petrochemicals. Uhde will construct a 550,000 tpy polyethylene terephthalate resin plant near the company’s existing PET facility in the Salalah Free Zone.

Russia is expecting investments in its petrochemical industry to reach US$ 3 billion in 2010. This is as the country is beginning to see a clear recovery from the recession. Russia accounts for only 2% of global petrochemical production and hopes that the high level of investment will boost the figure.

Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/17092010/petrochemical_update_september/