Home / Knowledge / News / Textiles / Petrochemical majors agree to temporary solution
Petrochemical majors agree to temporary solution
15
Sep '10
Recently a dispute between Russian petrochemical companies Salavatnefteorgsintez and Kaustik, had taken place, after which Salavatnefteorgsintez stopped supplies of ethylene to Kaustk, which led to 3,500 employees of Kaustik being sent on leave.

According to Russia's Energy Minister, Sergei Shmatko, a temporary solution has now been found to the issue of pricing. Salavatnefteorgsintez will now supply Kaustik, ethylene at 19,000-19,500 roubles per ton (US $633-650), until the pricing row is settled in two months time.

Salavatnefteorgsintez stopped supplying Kaustik ethylene in August, due to which, Kaustik halted its production lines and thereafter, 3,500 personnel were sent on leave. Kaustik had accused Salavatnefteorgsintez of disadvantageous terms for supply of ethylene.

Meanwhile, Russia's anti-monopoly department had launched a investigation into abuse of its dominant position in ethylene by Salavatnefteorgsintez. The pricing of 19,000-19,500 roubles per ton, was based on a calculation done by the anti-monopoly department.

However, the minister added by saying that, it was a temporary solution and both the companies need to sit down and finalise a long term agreement on pricing, within a period of two months.

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 26th May 2017

Lenzing unleashes new eco-friendly fibre

There's a new eco-friendly fibre on the anvil—Austrian speciality...

Apparel/Garments | On 26th May 2017

PVH Corp Q1 2017 revenue rises 4%

The first quarter revenue of fiscal 2017 at apparel marketer PVH Corp ...

Courtesy: Levi Strauss & Co

Apparel/Garments | On 26th May 2017

LS&Co. to fund water saving solutions

LS&Co. will fund to the tune of more than $350,000 the solutions...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
May 2017

May 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search