Chemical News
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Global oil, gas industry has 'unprecedented' capital available: CERAWeek panel Mar 07,2012
The global oil and gas industry boasts enormous potential for raising the capital needed to finance its future, including growing desire by China for investments in North America, financial experts on a panel at the CERAWeek energy conference in Houston agreed Tuesday. "There is a wall of money ready to come into North America from the national ...>>>
BPI boosted by strong performance in Europe Mar 06,2012
Pre-exceptional operating profits rose 21% to £21.6m, reflecting what the group called "another excellent performance from our European operations". Adjusted pre-tax profits for the year came in at £19.1m, up 21%, with earnings per share down nearly 2% at 50.25p. Total dividend per share for the year was 12.5p, up 8.7%. Assessing ...>>>
China's cotton futures surge Yuan 200/mt after India bans exports Monday Mar 06,2012
The cotton futures on China's Zhengzhou Commodity Exchange soared Monday, with active buying after India announced a ban on cotton exports, market sources said Monday. China's cotton futures are closely connected to spot monoethylene glycol and purified terephthalic acid markets. As a feedstock for cotton substitute polyester, PTA futures rose i...>>>
Braskem to increase PE, PP offers by $50-$100/mt for March Mar 06,2012
March Braskem polyethylene offer prices to the Andean countries (Peru, Colombia and Ecuador) were set to increase at least $50/mt, a company source said. "We still don't know where exactly the offers are going to be, but we might have the final decision on Wednesday," said the source. In February, Braskem's polyethylene offers to the Andean...>>>
Tokyo Gas inks MOU with PV Gas to help Vietnam procure LNG Mar 06,2012
Japan's largest gas utility Tokyo Gas Monday said that its wholly owned subsidiary Tokyo Gas Engineering has been awarded a front-end engineering and design contract for Vietnam's maiden LNG import terminal to be located at Thi Vai in the southern part of the country. The terminal is expected to begin operations in 2015. Tokyo Gas also hopes to ...>>>
Colombian utilities eye LNG import terminal to boost supplies: industry official Mar 06,2012
Three Colombian electric power generators are together proposing a liquefied natural gas import terminal on Colombia's Pacific Coast to insure gas supplies to the country, a top industry official said Monday. Planning for the $350 million LNG re-gasification facility is in advanced stages, Eduardo Pizano, president of NaturGas, Colombia's larges...>>>
Chevrolet, GMC to offer pickups capable of running on CNG or gasoline Mar 06,2012
GM units Chevrolet and GMC will begin in April offering two models of pickup trucks that can run on either gasoline or natural gas, the automaker said Monday. The vehicles, the 2013 Chevrolet Silverado and GMC Sierra 2500 HD extended cab pickup trucks, will include a compressed natural gas capable Vortec 6.0L V8 engine that can switch between C...>>>
NW Europe 1% low sulfur fuel oil cargo price hits highest since mid-2008 Mar 06,2012
Northwest European low sulfur fuel oil cargo outright prices pushed up to their highest since mid-2008 as high crude oil prices, a closed arbitrage from the US and a lack of availability of low density blending components supported values, according to trade sources. LSFO cargoes were assessed at $749.25/mt FOB Antwerp Friday, the highest since ...>>>
Ethanol price stays competitive in Brazil's key Sao Paulo state Mar 06,2012
Brazilian ethanol prices remained competitive with gasoline at the pump in Sao Paulo on Monday, but this could change by week's end as recently seen strong ethanol prices from producers to distributors trickle down to consumers, sources said. "It takes two to four weeks for drivers to see the firm price being transferred to the pump," an ethanol...>>>
Philippine investment board approves project for new natural rubber plantation Mar 05,2012
The Philippines' Board of Investments has approved a Philippine Pesos 686 million ($16 million) project to establish a new natural rubber plantation at Zamboanga del Norte, Mindanao, local news reports said Friday. Zanorte Palm-Rubber Plantation will establish nurseries to grow rubber seedling on 2,000 hectares of land at the proposed location. ...>>>
Styron Europe to hike polystyrene, co-polymer Mar prices by Eur40-100/mt Mar 05,2012
Styron Europe said it plans to increase polystyrene and co-polymer grade prices by between Eur40-100/mt ($53-132/mt) in March, effective immediately, the company announced Friday. While the company did not supply a reference price, February net PS contract prices were assessed by Platts at Eur1,440-1,450/mt FD NWE. By grade, Styron general pu...>>>
China's coke demand to grow 3% on year to up to 450 mil mt in 2012: CCIA Mar 05,2012
China's annual coke demand is estimated to reach around 440 million-450 million mt in 2012, up about 3% year on year, a release out Thursday from the China Coking Industry Association said. The estimate has been based on the forecast that China's annual crude steel output may exceed 700 million mt in 2012. The CCIA expects crude steel output to ...>>>
Spectra proposes Marcellus Shale to southeastern US gas pipeline Mar 05,2012
Spectra Energy on Friday unveiled plans for a new 1.25 Bcf/day natural gas pipeline that would move supplies from the Marcellus Shale play to customers in the southeastern US starting in late 2015. The 230-mile Renaissance Gas Transmission project will run from an existing interconnection with Spectra's Texas Eastern Transmission pipeline in Co...>>>
NYMEX April gas futures bounces off support, closes up 2.1 cents Mar 05,2012
The NYMEX April natural gas futures contract settled Friday 2.1 cents higher at $2.484/MMBtu, bouncing off support following Thursday's losses. Friday was a quiet session, with some short covering ahead of the weekend, said George Ellis, director at the Bank of Montreal. The minor rally is "playing on technical levels," he added. According to...>>>
BP Macondo settlement: there's still a long way to go, maybe Mar 05,2012
With great flourish late Friday night, BP and key plaintiffs' acttorneys in the consolidated federal Macondo damages trial announced a settlement that could cover more than 100,000 claimants. But as other attorneys familiar with the case, as well as outside legal scholars following the litigation, began to examine the settlement Saturday, a few key...>>>
Asian PVC makers move cargoes to SEA, India as China demand stalls Mar 02,2012
Asian PVC makers are increasingly diverting PVC cargoes away from China to markets such India and Southeast Asia due to sluggish demand in China and competition from cheaper domestic supply, market sources said Thursday. "India and Southeast Asia are the top destinations for these PVC cargoes as demand there is firmer than in China. In addition...>>>
Iran's Kharg inks two new methanol term deals, says all shipments normal Mar 02,2012
Iran's Kharg Petrochemical Company has inked new term contracts with two buyers to supply up to a combined 480,000 mt of methanol annually, and has found ways to continue shipping cargoes to existing buyers despite the challenges presented by tightening sanctions, a company source said Wednesday. The new contracts, which were signed around mid-F...>>>
Brazil's phthalic anhydride demand picks up on Asia's retreat from market Mar 02,2012
Demand for Brazilian phthalic anhydride (PA) was strong in February and March, as there was less Asian PA available, two PA producers in Brazil said Thursday. "We are sold out for March already," a source from Brazil's Petrom said. The company's average sales price for March-loading cargoes was $1,720/mt FOB Santos, about a $200/mt increase ...>>>
Nigeria domestic gas supply drops by 300,000 Mcf/d on pipeline repairs Mar 02,2012
Nigeria's domestic gas supply to power plants has dropped by 300,000 Mcf/d over the past one week due to repairs of leaking distribution pipelines, according to a statement Thursday by the country's ministry of power. Repairs to the Ughelli-Sapele pipeline and the Escravos-Lagos pipeline, both located in the Niger Delta, cut gas supplies to five...>>>
Shale gas in Maryland impacts two counties enormously: study Mar 02,2012
An industry-funded study of the economic impact of drilling for shale gas in Maryland's westernmost two counties found that production would create 1,814 permanent jobs by 2025 and contribute $441 million in tax revenues to the state and Garrett and Allegany counties. "The fiscal impact will be enormous, particularly at the county level," Sage P...>>>