Saudi Kayan Petrochemical Company starts trial operations of Ethylene Glycol and Poly Propylene plants

Sept 2: 8Saudi Kayan Petrochemical Company (SKPC) has started trial operations of its new Ethylene Glycol and Poly Propylene plants at its Jubail Industrial City complex situated in Saudi Arabia. Notably, the company had commenced trial operations of an Olefins plant at the complex on July 25,2010, that will supply part of the feedstock for the newly started EG and PP plants.
 8According to the company, the complex, when completed, will be the largest petrochemical complex in the world, and will produce a variety of petrochemical products, including: Ethylene, Propylene, Poly Ethylene, Poly Propylene, Ethylene Glycol, alongwith a series of specialized products, that will be locally produced for the first time, such as, Amino Ethanols, Amino Methyls, Di Methyl Formamide, Di Methyl Ethanol, Di Methyl Ethanol Amine, Ethoxylates and Poly Carbonates, amongst others.
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CRISIL reaffirms ratings to WCIPL's bank facilities

Sept 2: The Indian credit rating agency, CRISIL, has reaffirmed the 'A' rating to the Rs 15.5 crore Rupee term loan of Wacker Chemie India Private Limited (WCIPL). According to the agency, the reaffirmation has been done on account of the considerable support the company receives from its Germany based parent, and the established position of the company in the market. However, despite these merits, the company is susceptible to the hindrances posed by its smallness in operations and risks arising out of customer concentration in its revenue profile, according to CRISIL.
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Kerala Minerals and Metals Limited tender for Hydrated Lime supply

Sept 2: Kerala Minerals and Metals Limited (KMML) is seeking bids for the annual supply of 22,000 Metric Tonne (MT) of Hydrated Lime, its requirement for the entire FY11. As per the specifications outlined in the tender document, the product has to contain at least 70% of Calcium Hydroxide. Furthermore, the company has said that the successful bidder will have to make his own arrangements for making the delivery. The last date for submission of the bids has been fixed as September 15,2010.
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EIL tender for civil and structural works for MRPL

Sept 2: Engineers India Limited (EIL), on behalf of Mangalore Refinery and Petrochemicals Limited (MRPL), is seeking bids for the execution of civil and structural works for the Petro Fluidized Catalytic Cracking (PFCC) unit of the ongoing refinery project of MRPL.
8The prospective bidders should have successfully executed , in the last seven fiscals, at least: one similar order worth at least Rs 11.35 crore, or, two similar orders each valued at Rs 6.81 crore. Moreover, the minimum annual turnover of a participating bidder should be at least Rs 22.70 crore in any of the last three fiscals.
8The last date for submission of the bids has been fixed as September 21, 2010.
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Briefs I

Sept 2: 8Jindal Poly Films Limited (JPFL) has scheduled a meeting of its Board of Directors on September 3,2010 for deliberating upon a proposal of issuing bonus equity shares by the company.
8Khaitan Chemicals and Fertilizers Limited (KCFL) has announced that a dividend of Rs 1.20 per equity share of Rs 10, for FY10, has been declared in its recently convened AGM.
8Essel Propack Limited (EPL) has notified that its Annual General Meeting (AGM) will be convened on September 24,2010.   Details

India's export-import figures for July 2010

Sept 1: 8India's exports as well as imports during July 2010 were higher by 9.4% and 29.7% respectively against those during July 2009. According to the information released by the Ministry of Commerce and Industry, the country's exports and imports during July 2010 were worth Rs 76,064 crore and Rs 1,36,625 crore respectively. While, those during July 2009 were worth Rs 69,521 crore and Rs 1,05,312 crore respectively.
 8In a similar trend, the country's cumulative values of exports and imports, during the April-July 2010 period, improved by 22.8% and 25.9% respectively, to Rs 3,15,302 crore and Rs 5,15,617 crore respectively, from those of Rs 2,56,739 crore and Rs 4,08,518 crore respectively in the corresponding period of the previous fiscal.
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Showa Denko KK to set up joint venture Chemical Alumina plant in Indonesia

Sept 1: The Japan-headquartered Showa Denko KK (SDK) and PT Antam Tbk (PAT), headquartered in Indonesia, have entered into a mutual agreement to build a Chemical Alumina plant at West Kalimantan in Indonesia. The companies have finalized the deal based upon the results of a joint feasibility study. According to the companies, construction of the plant is expected to be completed by December 2013, and the commercial operations of the plant are likely to commence from January 2014. And, the plant will bear a production capacity of 3,00,000 tonne per annum and will entail an investment of  USD 450 million.
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KBR to construct Lithium Hydroxide plant for Chemetall Foote Corporation

Sept 1: 8The Texas-headquartered engineering service provider, KBR, has bagged a contract from the German company, Chemetall Foote Corporation, for providing engineering and procurement services for the latter's proposed Lithium Hydroxide plant at Kings Mountain in North Carolina of USA. The project is partly funded by the US Department of Energy with USD 28.4 million. The project, expected to be completed by the end of 2011, is an outcome of the growing demand for the product.
 8Commenting on the contract, John Quinn, the President of KBR Downstream, said, "This award is significant as it represents a growing and relatively new industry within the energy sector.We are proud to build upon our existing relationship with Chemetall Foote and look forward to applying and expanding our capabilities in a growing market".
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RCFL tender for HDPE bags supply

Sept 1: Rashtriya Chemicals and Fertilizers Limited (RCFL) is seeking bids for the supply of Laminated High Density Poly Ethylene (HDPE) Woven bags, conforming to the IS 9755 2003 specification. The participating bidders should provide their respective production capacities, power facilities available, sources of raw materials, and lists of major clients served during the last three fiscals, alongwith their bids. Besides, each bidder should have supplied at least 20 lakh HDPE bags during the last three fiscals.The company has set September 9,2010 as the last date for bid submission.
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MRPL tender for civil works at refinery plant

Sept 1: Mangalore Refinery and Petrochemicals Limited (MRPL) is soliciting bids for undertaking the annual rate contract for the civil works related to its capex modification jobs at its refinery plant. According to the eligibility criteria dictated by the company, a prospective bidder should have at least three years of similar experience in any refinery or petrochemical industry, and he should have successfully executed at least one single work order for civil work, worth at least Rs 3.15 lakh, during the last three fiscals. The deadline for submission of the bids has been set as September 9,2010.
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Briefs I

Sept 1: 8Dharamsi Morarji Chemical Company Limited (DMCCL) has reported a loss of Rs 11.58 crore in Q1FY11 against the loss of Rs 8.85 crore in Q1FY10. The net sales turnover recorded by the company in the first quarter of the current fiscal stands at Rs 18.22 crore in comparison with that of Rs 5.81 crore in the same quarter of the last fiscal.
 8The Board of Directors of Kiri Dyes and Chemicals Limited (KDCL), at its meeting on September 1,2010, approved the proposal to increase the Authorized Share Capital of the company from Rs 50 crore to Rs 200 crore. Moreover, the Directors also have approved another proposal to issue redeemable preference shares aggregating upto Rs 150 crore in the meeting.
 8Andhra Petrochemicals Limited (APL) has notified that its Register of Members as well as its Share Transfer Books will remain closed from September 20,2010 to September 30,2010 due its Annual General Meeting (AGM) to convened during the period.   Details

Briefs II

Sept 1: 8Indian Oil Corporation Limited (IOCL) has notified that the dividend of 130%, if approved in its AGM on September 1,2010, will be paid to the eligible shareholders by October 20,2010.
 8V G Sankaranarayan, the Director (Technical) of Fertilizers and Chemicals Travancore Limited, has taken over the additional charge of the Chairman and Managing Director of the company with effect from September 1,2010.
 8Kanoria Chemicals and Industries Limited (KCIL) has announced that a dividend of Rs 1.50 per equity share, for FY10,has been declared in its recently convened AGM.     Details