Qatar Petroleum International (QPI) has signed a deal with Royal Dutch Shell PLC (LON:RDSB) for QPI to take stakes in two Shell Chemicals joint ventures in Singapore. A new joint venture company called QPI & Shell Petrochemicals (Singapore) will hold 50% of Petrochemical Corp. of Singapore (PCS) and a 30% stake in The Polyolefins Co (TPC). Two Japanese consortiums, both led by Sumitomo Chemical Co. (TYO:4005), holds a 50% stake in PCS and a 70% of TPC respectively.
Sydney, Nov 12, 2009 AEST (ABN Newswire) - Asian stocks markets were mostly higher on Wednesday. The Japanese market was buoyed by the positive machinery orders data, and the U.S. dollar dropped sharply against the yen after the data. World Bank President Robert Zoellick said on a conference in Singapore today that the US dollar's role as a reserve currency is intact, but the Chinese yuan could provide an alternative in the next 10-15 years.
China's General Administration of Customs said today exports fell 13.8 percent in October from a year earlier, while imports fell 6.4 percent. The trade surplus last month was US$24 billion, up from US$12.9 billion in September and US$15.7 billion in August.
South Korea's unemployment rate slipped to 3.4% in October from 3.6% in September. The jobless rate, seasonally adjusted, fell to a nine-month low, suggesting a steady recovery in Asia's fourth-largest economy.
Company News
Elpida Memory (TYO:6665) shares rose on Wednesday after the DRAM maker announced it will farm out production to Taiwan's Winbond Electronics Corp (TPE: 2344) to gain technological clout over U.S. rival Micron Technology Inc. (NYSE:MU). Elpida will provide Winbond, which ranks sixth in the global DRAM market, with technology for manufacturing small, cutting-edge DRAM chips using a 65-nanometer process. The agreement with Winbond puts Elpida in tie-up agreements with four of Taiwan's six DRAM manufacturers. Elpida's tie-up with Winbond splits the Taiwanese DRAM industry into the Elpida camp and an alliance of U.S. chipmaker Micron and two Taiwanese firms. Earlier this month, Elpida tied up with another Taiwanese supplier ProMOS Technologies Inc. (TPO:5387).
Baoshan Iron and Steel Co Ltd (SHA:600019), the biggest steel mill in China, raised prices for its key steel products for December sales via scrapping discounts implemented in November, said an industry source. But Baosteel will keep prices of most of its steel products unchanged in December. Baoshan Iron's price hike is in line with market expectations while the local steel prices are recovering.
Casino operator Galaxy Entertainment Group Ltd. (HKG:0027) said its flagship casino resort in Macau is scheduled to open in the first quarter of 2011 after a year-long delay. The rescheduled opening follows a strong recovery in the Macau casino market during the second half of this year. Meanwhile, casino operators' confidence was boosted as China eased visa restrictions for residents of Guangdong province to visit Macau. Sands China Ltd. (HKG:1928) also plans to revive work on building hotels and casino complexes in the region.
Qatar Petroleum International (QPI) has signed a deal with Royal Dutch Shell PLC (LON:RDSB) for QPI to take stakes in two Shell Chemicals joint ventures in Singapore. A new joint venture company called QPI & Shell Petrochemicals (Singapore) will hold 50% of Petrochemical Corp. of Singapore (PCS) and a 30% stake in The Polyolefins Co (TPC). Two Japanese consortiums, both led by Sumitomo Chemical Co. (TYO:4005), holds a 50% stake in PCS and a 70% of TPC respectively.
Contact
Michelle Liang
Asia Business News Asia Bureau
Tel: +61-2-9247-4344
Email: michelle.liang@abnnewswire.net
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