Standard & Poor’s (S&P) has revised Reliance’s liquidity is strong with cash its rating outlook for Reliance of about $5.3 billion on November 30, Industries to negative, from sta- 2008, S&P says. That is enough to cover ble. The revision reflects Reliance’s about $3 billion of debt due to mature in increased debt and pressure on its oneyear’stime,S&Psays. profitability, S&P says. However, S&P Reliance Petroleum Ltd. (RPL), a sub-reaffirmed Reliance’s ‘BBB’ long-term sidiary of Reliance, commissioned its corporate credit rating. refinery last month, at the special eco-

“The downturn in commodities and nomic zone at Jamnagar. The refinery has oil refining, stemming from the global a capacity to process 29 million m.t./year economic slowdown, has affected profit- of crude oil. The RPL refinery is located ability, and this is expected to weaken adjacent to Reliance’s existing refinery, the company’s cash flow measures,” S&P and the two units will have a total pro-says. “Reliance’s cash flow measures are cessing capacity of 62 million m.t./year of expected to improve after its Jamnagar, crude oil. Two polypropylene (PP) plants India refinery becomes fully operational, with combined capacity for about 1 mil-and we expect its production to be ramped lion m.t./year are also being constructed up to almost full capacity in fiscal 2010.” by Reliance at Jamnagar. Commissioning

Acron Buys Chinese Distribution Company

of the PP plants will be delayed until the end of February, according to Indian media reports.

—DEEPTI RAMESH

UBE SIGNS TECHNOLOGY DEAL
WITH BOEING

Acron (Velikii Novgorod, Russia), a leading fertilizer producer with manufacturing plants in Russia and China, says it has acquired Beijing Yong Sheng Feng Agricultural Means of Production Co. (Beijing). The acquisition was made through Acron’s Agronova International (Hallandale, FL) subsidiary. The Chinese firm distributes imported and domestically produced fertilizers and is authorized to sell other chemicals.

“The acquisition will allow Acron to fur-

ther strengthen its position in China, the largest fertilizer market in the world,” says Alexander Popov, chairman of Acron.

Acron has fertilizer production at Novgorod and Dorogobuzh, Russia; and Hongri, China. Its products include NPK and bulk blends, as well as nitrogen fertilizers. The company also makes methanol, formaldehyde, urea formaldehyde resins, industrial-grade ammonium nitrate, carbon dioxide, and calcium carbonate.

—NATASHA ALPEROWICZ

Ube Industries says it has entered into an agreement with Boeing, under which the companies will co-develop materials technology for aerospace applications. They will initially focus on maturing high-temperature polymer matrix composites for Boeing’s commercial aircraft. The composites will be aimed at reducing the weight and cost of airframe structures that are in close proximity to aircraft engines, Ube says. Financial terms of the deal were not disclosed.

The companies will also try to identify other areas of mutual interest, under terms of the deal. The agreement involves an initial two-year collaboration period, which can be later extended, Ube says.

“While Ube Industries has long provided certain materials for aerospace applications, this new agreement is an important first step in leveraging Ube’s expertise in chemistry to open the door to broader supply of aerospace products,” says Koji Kihira, president/specialty chemicals and products at Ube. —DEEPTI RAMESH

New! Chemical Week Announces ‘The Sustainability Site’

Chemical Week, the world’s leading provider of news and analysis for the chemical industry, has launched www.chemweek.com/sustainability, sponsored by SRI Consulting. This dedicated site on www.chemweek.com provides relevant news and analysis of key topics concerning renewable resources, ‘green’ issues and sustainable materials and their impact on the environment.

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