Chemical News
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Asia condensate supply seen steady as splitters absorb new output: report Dec 01,2011
The supply of condensates traded in the Asia Pacific market is not likely to change in the near future from about 900,000 b/d as new condensate splitters in Qatar and Iran will absorb the incremental supply from the two countries, consultant FACT Global Energy said in its November report. Last year, some 35% of the total 2.5 million b/d of conde...>>>
West Virginia governor may call special legislative session on shale Dec 01,2011
West Virginia Governor Earl Ray Tomblin said Wednesday he may call the state Legislature into special session in mid-December so that it can consider a sweeping bill governing Marcellus Shale drilling operations. Tomblin noted that lawmakers will be in the state capitol December 12-14 conducting interim committee meetings. The bill in questi...>>>
Petrobras says secures pipeline contract for Comperj refining complex Dec 01,2011
Petrobras has signed a production and assembly contract for pipelines for its new Comperj refinery in Rio de Janeiro. The contract with Brazilian engineering company MPE is for the pipeline required for the refinery. In total, the contract includes 12,000 MT of pipeline with 4.5 km (2.8 miles) of extension and 21,700 meters of concrete for foun...>>>
US Senate Republicans propose 60-day deadline for Keystone XL decision Dec 01,2011
Thirty seven Senate Republicans proposed legislation Wednesday to accelerate approval of TransCanada's Keystone XL pipeline, the second attempt by Congress to force the Obama administration to end the controversial permitting process. Led by Senator Dick Lugar of Indiana, the lawmakers want to impose a 60-day deadline for the State Department ei...>>>
Norway's Statoil Fuel to expand distribution network in eastern Europe Nov 30,2011
Statoil Fuel & Retail, the Oslo-listed downstream fuel business of Norwegian oil and gas producer Statoil, said Tuesday it was expanding its distribution network in eastern Europe as prices were returning to normal levels in Poland. "Statoil Fuel & Retail has a robust platform for further profitable growth in central and eastern Europe, aiming a...>>>
Two Japanese producers slash oxo-alcohols plant runs to 80% on low demand Nov 30,2011
Two of the largest oxo-alcohols producers in Japan cut the runs of their plants to 80% from near 100% late last week to tackle low demand, a source close to the companies said Tuesday. The two plants are Mitsubishi Chemical's 145,000 mt/year of 2-ethyl hexanol and 95,000 mt/year of normal butanol plant at Mizushima and Kyowa Hakko's 130,000 mt/...>>>
Dow to increase caustic soda contract prices by Eur50/mt in Q1 2012 Nov 30,2011
Petrochemicals major Dow Chemical will increase caustic soda contract prices by Eur50/mt ($67/mt) effective January 1 2012, a company source told Platts Tuesday. The Q4 contract price was Eur465/mt FD NWE. Caustic soda demand continues to hold while supplies continue tightening in tandem with reduced co-product chlorine operation rates. "T...>>>
US BD nominations range from down 10-17 cents, settlement pending Nov 30,2011
All four main US butadiene producers were heard nominating contracts down 10-17 cents/lb ($220-$375/mt) for their December contract prices, sources said. The first producer to nominate was ExxonMobil, down 10 cents at 105 cents/lb. This was matched by a second producer, LyondellBasell, according to another source. A third nomination followed at ...>>>
US polyethylene contract prices roll from October to November Nov 30,2011
US polyethylene contracts were rolled over from October to November, several industry sources said Tuesday. One producer confirmed meeting competitive offers at a rollover. Other polymer sources said that Formosa and ExxonMobil had rolled their prices from October, though neither company confirmed the flat month-to-month pricing. Producers ha...>>>
NYMEX January gas futures contract settles 10.8 cents higher Nov 30,2011
The NYMEX January natural gas futures contract settled at $3.633/MMBtu Tuesday, 10.8 cents above Monday's $3.525/MMBtu close, on forecasts of cooler weather. Commodity Weather Group on Tuesday predicted below-average temperatures across the US in its six- to 10-day report. Still, the contract's strength will be limited by record levels of ga...>>>
Sinopec starts operating 1.45 mil cu m oil storage in Zhejiang province Nov 30,2011
China largest refiner Sinopec Corporation has started operations at a new 1.45 million cubic meter commercial crude storage facilities at Cezi Island in east China's Zhejiang province, its state-owned parent China Petrochemical Corporation, or Sinopec Group, said in a report on its website Tuesday. Prior to the new tanks being built, Sinopec alr...>>>
Wall Street up for second day on brighter consumer outlook Nov 30,2011
However, in a sign investors are still nervous about the European debt crisis, defensive sectors such as utilities and consumer staples were among the best performers. The Nasdaq composite index also closed lower. Helping to lift the mood on Wall Street, the Conference Board, an industry group, said its index of consumer confidence jumped to its...>>>
Total set to appeal against cancellation of French shale gas permit: CEO Nov 29,2011
Total is to appeal against the French government's decision earlier this year to cancel its permit for the exploration of shale gas, company CEO Christophe de Margerie said at the weekend. The government said in October it had decided to annul the three shale gas exploration permits it allocated in 2010 following a law enforced in July banning t...>>>
China's Xingda lowers expandable polystyrene production rate from 75% to 50% in late Nov Nov 29,2011
Xingda Group, one of China's largest producers of expandable polystyrene, has lowered its total production rate from 75% to 50% of capacity in late November due to weak demand, a source close to the company said Monday. Xingda has a total production capacity of 1.11 million mt/year among four plants in China. Its Wuxi plant has a capacity of 45...>>>
Brazil's ethanol output falls in first-half November: trade group Nov 29,2011
Ethanol output in Brazil's main center-south producing region tumbled over 25% to 751 million liters in the first two weeks of November compared with the same period last year, trade group UNICA said Monday. The sharp decline comes as bad weather conditions and a lack of investments to replace aging crops dented feedstock cane output in the regi...>>>
NYMEX December natural gas futures contract down 1.6 cents Nov 29,2011
The NYMEX December natural gas futures contract reached a two-week high overnight Monday, but at of 8:41 a.m. EST (1341 GMT) was trading at $3.526/MMBtu, 1.6 cents below Friday's $3.542/MMBtu settlement. The contract climbed 8.2 cents on Friday and 4.5 cents on Wednesday, gains energy research firm Cameron Hanover said were likely the result of ...>>>
Officials in Texas town defend ordinance in wake of Chesapeake withdrawal Nov 29,2011
Chesapeake Energy's decision to let drilling leases it held in Southlake, Texas, expire would not cause the city to rethink its tough new drilling ordinance, city officials said Monday. "I don't feel it was prohibitive," Councilwoman Carolyn Morris said of a revised drilling ordinance the Southlake City Council passed last month. "We're trying t...>>>
IEA head concerned about tight oil market, but encouraged by Libya Nov 29,2011
International Energy Agency Director Maria van der Hoeven said Monday that tight oil supplies continue to threaten the global economy, even as Libyan production returns quicker than some expected. Van der Hoeven, during an interview in Washington, said the rebuilding of Libya's petroleum sector "looks as if it's going quite fast. This of course ...>>>
US to issue more sanctions against BP, Transocean and Halliburton: Bromwich Nov 29,2011
US regulators are preparing new formal charges against BP, Transocean and Halliburton in connection with April 2010's Deepwater Horizon disaster and will issue those "incidents of non-compliance" within the next few weeks, outgoing Bureau of Safety and Environmental Enforcement Director Michael Bromwich said Monday. The sanctions will result fro...>>>
Euro area crisis threatens EU sovereign ratings: Moody's Nov 28,2011
Moody's Investors Service warned on Monday the rapid escalation of the euro zone sovereign and banking crisis threatens the credit standing of all European government bond ratings. "While Moody's central scenario remains that the euro area will be preserved without further widespread defaults, even this 'positive' scenario carries very negative ...>>>