Chemical News
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Indonesia's Petral seeks 92 RON gasoline on Asia Platts Market on Close (MOC) Mar 02,2012
Indonesia's Pertamina Energy Services -- the Singapore-based trading arm of state-owned Pertamina -- was seeking spot gasoline on the Platts Market on Close assessment process Thursday, after nearly a year's absence. PES, better known as Petral, sought 100,000 barrels of Pertamax-specifications, 92 RON gasoline for March 19-21 delivery into Jaka...>>>
US defends SPR's potential for quick response to oil-supply emergencies Mar 02,2012
The US government on Thursday pushed back against a prominent analyst's argument that major shifts in pipeline flows have left the country's emergency oil stockpile unable to quickly inject supplies into the market when needed. Ed Morse, Citi Group's managing director and global head of commodity research, said last year's sale of 30.6 million b...>>>
Weak EU and US demand pushes Ngai Hing Hong into loss Mar 01,2012
Slack export demand caused by the eurozone debt crisis, coupled with uncertainty in the US, pushed Hong Kong compounder Ngai Hing Hong into a loss for the last half of 2011. But the company said those setbacks were offset by solid results in its mainland Chinese business, and it said it plans to continue its shift its focus there. Ngai Hing Hong...>>>
China to begin test runs of methanol-fueled cars in 3 provinces from March Mar 01,2012
China's Ministry of Industry and Information Technology on Tuesday said it will begin trial runs of methanol-fueled cars in three provinces from March, with the evaluation to be completed in two to three years, the official Xinhua news agency reported Tuesday. The test will be carried out in the western province of Shaanxi, the northern province...>>>
US mixed xylene ties record price on tight supplies Mar 01,2012
US mixed xylene prices were 7 cents/gal higher Tuesday, hitting a record-tying $4.40/gal FOB USG on tight supplies and two deals, sources said. The last time US MX was assessed at $4.40/gal FOB USG was April 29, 2011. A deal for MX was done Monday after the market-on-close window at $4.39/gal FOB USG for March, and another deal was heard done at...>>>
Spot NWE acetone climbs 53% since Feb 1 as output, stocks tumble Mar 01,2012
Spot acetone prices in northwestern Europe have surged 53% since February 1 to Eur1,150/mt FD ($1,550/mt) Tuesday as several plant outages across France, Germany and Spain reduced stocks and output, market participants said. Since the start of the year, acetone prices have soared by 78%, Platts data show. Prices began to increase sharply at t...>>>
US PPG increases $45 liquid caustic soda price, effective immediately Mar 01,2012
Petrochemical producer PPG has increased US liquid caustic soda prices by $45/st for all grades, effective immediately or as contract allows, the Pittsburgh-based company said in a letter to its customers. In the letter dated Tuesday, and obtained by Platts Wednesday, PPG said the price increase was because of strong supply and demand imbalance ...>>>
EURO GAS: Prompt up on colder outlook, curve falls further Mar 01,2012
Following a bearish close on Tuesday on the Continental gas markets, on both the prompt and curve, trading on Wednesday morning was mixed, with most day-ahead contracts bullish, while the curve slid further. Dutch TTF day-ahead contracts gained 35 euro cent from close of business Tuesday, changing hands at Eur23.90/MWh by 1200 GMT. On both neigh...>>>
Rosneft approves changes to 300,000 b/d crude oil supply contract with China Mar 01,2012
The board of directors of Russia's Rosneft Tuesday approved changes to the existing contract with China National Petroleum Corp on supplies of 300,000 b/d of crude to China to resolve a longstanding price dispute, company spokesman Rustam Kazharov said Wednesday. The details of the changes will be announced on March 20, in line with the informat...>>>
US crude imports from Canada reach record high 2.436 million b/d Mar 01,2012
US crude imports from Canada climbed to a record high 2.436 million b/d in December, data released by the US Energy Information Administration showed Wednesday. Imports were up 75,000 b/d from November, leaving Canada as the number one exporter of crude to the US. Saudi Arabia came in second at 1.293 million b/d, while Mexico came in third at 94...>>>
China toluene traders hold on to stocks amid weak domestic prices Feb 29,2012
China's toluene traders are choosing to accept higher inventory levels and incur tank costs rather than sell into the weak domestic market, industry sources said this week. "It's a sticky situation now. The cost of imported toluene is very high. If I sell off volumes domestically, I will not be able to replenish my stock at a reasonable price," ...>>>
Sabic, Mitsui sign license agreement to make polyurethane feedstocks Feb 29,2012
Saudi Basic Industries Corporation or Sabic Tuesday said it had reached agreement with Japan's Mitsui Chemicals to produce two feedstocks required to make polyurethane, days after Japanese media reported the companies were joining forces to make urethane in Saudi Arabia. Sabic said Tuesday it has signed a license agreement with Japan's Mitsui Ch...>>>
Ukraine says some European companies want to use its gas storage Feb 29,2012
Some European energy companies are seeking to use Ukraine's vast underground natural gas storage capacity for storage of gas for the high-demand season, an official at the national energy company Naftogaz Ukrayiny said Tuesday. Ukraine, a major transit country for Russian gas exports to Europe, controls some of the biggest natural gas storage ca...>>>
European refining margins drop as middle distillate cracks fall: sources Feb 29,2012
European refining margins have been falling as the middle distillate complex's prices relative to crude drop, sources said Tuesday. Diesel's value compared with crude or crack fell $0.03 to close to a five-month low Monday, to be assessed at plus $15.07/barrel, and has fallen $1.69 since February 20, Platts data showed. "Middle distillate cr...>>>
UK oil, gas output seen staging brief recovery after record slump in 2011 Feb 29,2012
UK oil and gas production is forecast to recover gradually over the next five years, following a major dip in 2011, as several recent large offshore projects come on stream, according to a survey by industry association Oil & Gas UK. Production in 2012 is expected to rise slightly to 1.85 million b/d of oil equivalent from 1.8 million boe/d in 2...>>>
FEATURE: US refiners scrutinize biodiesel producers in wake of bogus credits Feb 29,2012
After getting burned buying fake renewable fuel credits, US refiners have increased their scrutiny of biodiesel producers by visiting plants, examining feedstocks and sticking to larger, established players. "Six months ago, no one did this type of due diligence," Beth Hilbourn, a consultant for Turner, Mason & Co. who tours biofuel plants and c...>>>
EU will review polyethylene terephthalate anti-dumping duties against several Asian countries Feb 28,2012
The European Commission is to review whether or not to continue anti-dumping duties for polyethylene terephthalate resin coming to the European Union from India, Indonesia, Malaysia, Taiwan and Thailand, according to the Official Journal of the European Union late Friday. The anti-dumping measures currently in force for those countries mentione...>>>
Brazil to inject $30 billion through 2015 to prop up ethanol supply Feb 28,2012
The Brazilian government will inject Real 52 billion ($30 billion) in the next four years to revive declining ethanol production and attract new private investments in the sector, according to the Ministry of Agriculture. The aggressive investment plan aims to help Brazil maintain a 25% ethanol blend in regular gasoline and keep ethanol as a maj...>>>
US Genomatica, Japan's Mitsubishi plan bio-BDO project in Asia Feb 28,2012
US-based Genomatica said Monday it and Japan's Mitsubishi Chemical Corp. are planning to jointly pursue a bio-BDO (1,4-butanediol) project in Asia. The pair signed an agreement to "exclusively negotiate definitive agreements for a joint commercial operation" of a BDO plant, which will be built at a still undetermined site in Asia, Genomatica sai...>>>
Malaysia's Petronas to likely withdraw from Indonesia's East Natuna gas project Feb 28,2012
Malaysia's state-owned oil and gas company Petronas will likely pull out from its partnership with Indonesia's Pertamina to develop the East Natuna gas project, a senior Pertamina official said Monday. "The official statement has not been made [by Petronas]. But the reason [for withdrawal] is because the project is not its priority," Pertamina's...>>>