Chemical News
-
BG Group to miss 2015 output target on Egypt, UK woes Feb 06,2013
The UK's BG Group no longer expects to meet a medium-term production target of more than 1 million b/d of oil equivalent by 2015, the company said Tuesday, as short-term production issues in Egypt and the UK continue to weigh on BG's upstream. BG, presenting its fourth-quarter results, said it produced a total of 58.9 million boe (an average 640...>>>
NWE monoethylene glycol prices buoyed by upcoming turnaround season Feb 05,2013
European monoethylene glycol spot prices moved higher in the week to Friday as the turnaround season in Europe approaches and as Asian prices increased, sources said. FCA prices were assessed Friday Eur10/mt ($13.6/mt) higher on the week at Eur910/mt for NWE. Polyethylene terephthalate and antifreeze producers were both in the spot market to ...>>>
Dow announces price increases on solvents effective February 15 Feb 05,2013
Dow Chemical will raise its prices for oxygenated solvents by 5 to 9 cents/lb starting February 15, it said in a Friday letter to customers that was obtained by Platts on Monday. Dow said it will increase acetone and acetone derivatives, including methyl isobutyl ketone 9 cents/lb ($198/mt), while increasing other oxygenated solvents, including...>>>
German RWE expects H1 2013 settlement with Gazprom on gas imports Feb 05,2013
German energy group RWE expects a settlement with Gazprom during first half 2013 on its long-term gas imports from the Russian producer, the company said Monday. A spokeswoman for the company confirmed that a settlement was expected in the first half of the year. RWE's chief financial officer Bernhard Guenther was quoted in German newspaper B...>>>
New LNG study just one factor in export decisions: US DOE official Feb 05,2013
A recent study highlighting the net economic benefits of US liquefied natural gas exports is not the final word on whether to approve pending export applications, according to a top official at the US Department of Energy. "One thing to emphasize is that the department has not outsourced this decision making process," Christopher Smith, deputy a...>>>
Anadarko, Ecopetrol to start joint Colombia exploration this year Feb 05,2013
Anadarko Petroleum's Colombia unit will begin acquiring 2D and 3D seismic data at deepwater offshore blocks it operates in Colombia with an eye to begin a drilling program with partner Ecopetrol in 2014. Anadarko has six offshore blocks totaling 8 million gross acres. Colombia's state-led Ecopetrol, which produces 80% of the country's oil, an...>>>
Genesis Energy to build Louisiana crude rail facility, pipeline Feb 05,2013
Genesis Energy plans to spend about $125 million on new rail and pipeline infrastructure to connect ExxonMobil's Baton Rouge, Louisiana, refinery to more than 500,000 b/d of new crude supply, the midstream company said in a statement Monday. The project includes upgrades to the company's Port Hudson, Louisiana, terminal including barge and truck...>>>
East China MX stock surges 20% on week to 54,000 mt amid weak buying ahead of holidays Feb 04,2013
Inventory levels of mixed xylenes imported into East China increased by 9,000 mt, or 20%, week on week to 54,000 mt Friday, market sources said Friday. "Almost 60% of the MX inventory currently in East China storages is solvent-grade mixed xylenes. [And there is weak demand for] solvent-grade MX in China due to the Lunar New Year holidays," a Ch...>>>
NWE MTBE factor at 10-week low on weaker exports, non-oxy gasoline demand Feb 04,2013
The Northwest Europe MTBE factor, the relative price of MTBE to gasoline, fell Thursday to its lowest level since November 21, 2012 on weakened export demand and a switch in focus to non-oxygenated gasoline blends, according to industry sources. Spot MTBE was assessed at $1,256/mt FOB ARA Thursday, or at a 1.184 factor to spot European gasoline...>>>
LyondellBasell no longer planning to expand US metathesis unit: CEO Feb 04,2013
LyondellBasell is dropping plans to expand a metathesis unit to boost propylene production at its Channelview, Texas, facility, and will instead focus its efforts on debottlenecking projects at its ethylene units, company CEO Jim Gallogly said Friday during a call with investors to discuss fourth-quarter earnings. The company said in December 20...>>>
Panamax coal freight rates weaker as grain activity slows Feb 04,2013
Panamax coal freight rates on established routes from South Africa's Richards Bay and Indonesia to India remained stable Friday, with a downward bias, as support from the South American grain season began to weaken, sources said. "Vessels are ballasting to the east coast of South America for the grain cargoes," a Singapore-based source said. ...>>>
Eni's $1.4 bil development for Indonesian offshore Muara Bakau block approved Feb 04,2013
Italy's Eni will spend a total of $1.445 billion to develop the Jangkrik North East offshore gas field in Indonesia's Muara Bakau block in the Makassar Strait, the head of Indonesia's upstream regulator SKK Migas said Friday. The field contains 417.5 Bcf of gas reserves and is expected to start production by 2015. "We have approved Eni's dev...>>>
Nigeria's NNPC says Trans-Sahara gas pipeline project on track: report Feb 04,2013
A major pipeline project that will transport natural gas from Nigeria to Europe through Algeria remains on track, Nigeria's state news agency reported Friday, citing Nigerian National Petroleum Corp. The report comes amid concerns that progress on the project may have been stalled by delays in getting Nigeria's oil reform through parliament. ...>>>
German 50 ppm gasoil premium at two year low on limited demand Feb 04,2013
The premium for 50 ppm gasoil barges in the Amsterdam-Rotterdam-Antwerp region has fallen to its lowest level since Platts began assessing it on January 4, 2011 as German demand for heating oil remains unseasonably low. The FOB ARA 50 ppm barge premium to the front month ICE 0.1% gasoil futures contract was assessed at $1.75/mt, a day-on-day fa...>>>
New Colonial-Buckeye line to enable USGC products to reach Pennsylvania and New York Feb 04,2013
A new pipeline connecting Colonial Pipeline's system and Buckeye Pipe Line system at Paulsboro, New Jersey, that will begin pumping products this month will enable refined products from the US Gulf Coast to be piped to eastern Pennsylvania and upstate New York, Colonial said Friday. At Paulsboro, the Colonial system was linked to the Buckeye sys...>>>
Paraxylene ACP sellers yet to renominate for Feb amid higher spot prices: sources Feb 01,2013
The four paraxylene Asia Contract Price-based sellers, ExxonMobil, Idemitsu Kosan, JX Nippon Oil and Energy and S-Oil, who typically lower their nominations to meet bid levels have not done so for the February ACP as spot prices have increased, sources close to the negotiations said Thursday. Last week, the four producers nominated their Februa...>>>
NWE LLDPE C4 prices hold steady on bullish Middle East sentiment Feb 01,2013
European linear low density polyethylene C4 prices held steady this week, supported by bullish sentiment in the Middle East, sources said. While European LDPE and high density PE spot prices fell on lower risk appetite in the European PE market, the import driven LLDPE C4 market retained relative strength. "There are no special offers or dea...>>>
February US benzene CP settles 36 cents lower at $4.80/gal: sources Feb 01,2013
The February US benzene contract price settled 36 cents/gal ($107.64/mt) lower at $4.80/gal ($1,435.20/mt), sources said Thursday. The last time the benzene CP settled lower was in September, when it settled at $4.20/gal, down 40 cents from August. Sources expected a drop in the CP settlement due to lower spot benzene prices that have been tr...>>>
ASIA THERMAL COAL: Bad weather drives up Indonesian, Australian prices Feb 01,2013
Chinese buyers needing coal promptly would have to pay higher prices currently due to supply constraints created by weather-related disruptions in both Indonesia and Australia, sources said Thursday. "People who have been caught short are buying at higher prices as offer prices have gone up," a Singapore-based trader said. "No seller in Indonesi...>>>
Pakistan government ratifies $1.5 bil Iran gas pipeline project Feb 01,2013
Pakistan government has ratified the $1.5 billion Iran pipeline project, which will bring around 750,000 Mcf/day of gas to the energy-starved country by January 2015, an official from petroleum ministry said Thursday. The federal cabinet on Wednesday evening approved the deal for the laying of the 785 km Pakistan segment of the pipeline that is ...>>>