January, 2006

BASF, Huntsman, China cos mull building further MDI plant in China

said it is considering, together with Huntsman Corp and a group of Chinese companies, to construct a new MDI (diphenylnethane diisocyanate) plant in China to meet growing demand for this product.

The Chinese companies are Shanghai Hua Yi Group Co, Sinopec Shanghai Gao Qiao Petrochemical Corp and Shanghai Chloro-Alkali Chemical Co Ltd.

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Parsing China's Trade Surplus

Some numbers just make you sit up and take notice. After seeing those out of Beijing on Jan. 11 -- showing China's trade surplus had topped $101 billion last year, triple the 2004 figure -- the world definitely noticed. The big jump came in spite of a 2% revaluation of China's currency, the yuan, in July. With the latest figures, trade hawks in the U.S. and elsewhere are sure to call for a more significant appreciation of the yuan to slow the flood of exports from mainland factories.

India's petroleum minister to head to China to firm up energy deals

NEW DELHI (AFX) - Petroleum Minister Mani Shankar Aiyar is to visit China this week on a trip seen as aiming to firm up energy cooperation between the Asian giants. The two countries said in April they will team up to bid for some energy projects as they seek to keep their economies booming while still competing for others.

Bayer MaterialScience to open one China plant a year through 2009

SHANGHAI (AFX) - Bayer MaterialScience AG said it plans to put at least one world-class industrial raw materials plant into operation a year until 2009 at the Shanghai Chemical Industry Park (SCIP), the Shanghai Daily reported, citing a company official.

The new plants will focus mainly on production of polyurethane, which is widely used in construction and refrigeration insulation, the paper said citing Peter Vanacker, head of the company's polyurethane sector.

China sets 60.8 bln yuan corporate bond quota for 43 firms

BEIJING (AFX) - China's National Development and Reform Commission (NDRC), the country's top economic planning body, said it has issued a quota of 60.8 bln yuan in corporate bonds for next year. In a statement carried on its website, NDRC said these quotas would be allocated to 43 companies, including the State Power Grid Co, Sino Chemical and China Huaneng Group. The NDRC did not give details of other companies on the list.

In 2005, domestic firms issued a total of 65.4 bln yuan in corporate debt, the NDRC added.

( 1 usd = 8.1 yuan)

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