Chemical News
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US Iran sanctions seen to have little impact on NWE polymers soon Nov 28,2011
New US sanctions on Iran that target the petrochemical industry are likely to have a little impact on the European polymers market in the near term given the slow demand and surplus supply on the continent, sources said. But the impact over the longer term is unclear, with industry players keeping a close eye on European governments' reaction an...>>>
Shell nominates Dec monoethylene glycol ACP at $1,280/mt CFR, down $120/mt from Nov Nov 28,2011
Shell Chemicals has nominated its December Asia Contract Price for monoethylene glycol at $1,280/mt CFR, down $120/mt from its November nomination, the company's customers said this week. Earlier this week, Saudi Basic Industries Corporation, or Sabic, the world's largest producer of MEG, nominated its December MEG ACP at $1,250/mt CFR, $150/mt ...>>>
ASIA SPOT LNG: Japan Korea Marker falls to $17.425/MMBtu on high Jan inventory Nov 28,2011
The Platts January Japan Korea Marker ended the Asian trading week Friday lower at $17.425/MMBtu than $17.50/MMBtu at the start of the week, as buyers managed their high inventories, and sellers waited to see if the recent burst of cold weather would result in utilities facing short positions, spurring late January demand. Sources said Japan's K...>>>
Norway's Statoil to shut output at some North Sea fields Nov 28,2011
Norway's Statoil said Friday it will shut output at some of its North Sea oil and gas fields over the weekend as a major storm heads to the region. It declined to say which fields would be concerned, but said they were situated in the Norwegian sea. "We will reduce production on a few installations as a precautionary measure," Ola Anders Skau...>>>
NWE 50 ppm up on stronger diesel, but low Rhine keeps market subdued Nov 28,2011
Premiums for 50 ppm sulfur gasoil nudged up for the second straight trading day in Northwest Europe, tracking an uptick in the value of diesel, traders said. But they added that key German demand for the product remains subdued because of the low water levels in the Rhine river. On Thursday, Platts assessed 50 ppm at a $17.75/mt premium to t...>>>
EU ministers voice 'serious concerns' over offshore oil, gas rules Nov 28,2011
Energy ministers from the UK, the Netherlands and Malta raised concerns at a meeting in Brussels late Thursday over new safety rules for EU offshore oil, gas drilling proposed by the European Commission last month. All three EU countries said they welcomed the rules proposed by the EC in October but had "serious concerns" over some of the detail...>>>
Asian shares, euro fall on Europe deadlock Nov 25,2011
MSCI's broadest index of Asia Pacific shares outside Japan .MIAPJ0000PUS fell 0.4 percent on Friday, hovering near a seven-week low hit the day before. Japan's Nikkei .N225 opened down 0.3 percent on Friday, hitting a fresh two-and-a-half-year low, but was later trading flat. European shares fell for the sixth consecutive session in low volume o...>>>
Australia's WorleyParsons wins deal for Ecuador refinery project Nov 25,2011
Australian engineering and services company WorleyParsons has been awarded a $200 million contract for project management consultancy at the $12 billion Refineria del Pacifico refinery and petrochemicals project in Ecuador. The 300,000 b/d refinery project, in the province of Manabi, is a joint venture between PetroEcuador and PDVSA Ecuador. ...>>>
China purified terephthalic acid, polyester market balance key to restoring confidence - sources Nov 25,2011
Price stability and an equilibrium between supply and demand are key to restoring confidence in the Chinese purified terephthalic acid and polyester industry, said market participants gathered in Hangzhou, eastern Zhejiang province Wednesday for a meeting. Both PTA and polyester makers have been under severe cost pressure since the start of the ...>>>
European polyethylene contract prices fall further following spot prices Nov 25,2011
European polyethylene contract prices for November fell further this week as converters tried to narrow the gap between contract and spot prices, industry sources said. Net contract prices were still higher than spot material available, sources said. In the LDPE market for instance, according to Platts data, the premium of contract price over s...>>>
Turkmenistan to increase gas supplies to China to 65 Bcm/year Nov 25,2011
Ashgabat and Beijing have signed an agreement to increase supplies of Turkmen natural gas to China to 65 billion cubic meters/year from the previously planned 40 Bcm/year, according to a Wednesday statement on the website of Turkmenistan's government. The agreement was signed during a state visit by Turkmenistan's President Gurbanguly Berdymukha...>>>
Iraq's Basrah provincial council in legal challenge to Shell gas deal Nov 25,2011
The provincial council of Basrah in southern Iraq has decided to mount a legal challenge against a multi-billion gas deal between the central government and Shell, saying the project does not guarantee enough benefits for the province, officials said Thursday. The Basrah Gas Company, a joint venture between Shell, Japan's Mitsubishi and the stat...>>>
North Sea Forties crude oil falls to three-month low on growing supply Nov 25,2011
The Forties crude premium to benchmark Dated Brent fell to its lowest level in more than three months Wednesday, pressurized by growing supply from the North Sea and Libya, and declining refining margins, said traders. The grade was assessed at a discount to Dated Brent of $0.26/barrel, down $0.04/b from Tuesday and its lowest level since August...>>>
Norway's Statoil to develop Vilje South oil field in North Sea Nov 25,2011
Norway's Statoil said Thursday it would develop the Vilje South oil field in the North Sea which will come on stream in late 2013. "The Vilje partners have taken the investment decision to develop Vilje South, an extension to the main field included in its original plan for development and operation (PDO)," Statoil said. Recoverable reserves ...>>>
Wall Street falls for sixth day Nov 24,2011
A weak German bond sale sparked fears the debt crisis was even beginning to threaten Berlin, with the leaders of France and Germany still at odds over a longer-term structural solution. The poor demand for German government bonds showed that investors viewed investing in the euro zone as being too risky. Debt problems plaguing Europe and the ...>>>
S Korean YNCC's Q3 net profit surges 79% on year due to strong demand Nov 23,2011
Yeochun Naphtha Cracking Center (YNCC), South Korea's largest producer of ethylene, said Tuesday its third-quarter net profit surged 78.7% year on year to Won 129 billion ($112.6 million) due to solid demand for its products. Operating profit rose 71.1% from a year earlier to Won 178.8 billion in the quarter ended September, while sales gained 3...>>>
Iran says US sanctions won't impact petrochemical sales to Europe Nov 23,2011
Iran's National Petrochemical Company said Tuesday that new US sanctions specifically targeting the petrochemicals industry would have no impact on the sale of petrochemical products to Europe, the semi-official Mehr news agency reported. "Having received a new permit from the European Union, exports of petrochemical products to this region will...>>>
CP Chem restarting Sweeny, TX olefins complex following loss of steam Nov 23,2011
ChevronPhillips Chemical was in the process of restarting ethylene production at its olefins complex in Sweeny, Texas, following a power and steam outage overnight, a source with knowledge of company operations said Tuesday. CP Chem operates three crackers in Sweeny, with a combined ethylene capacity of more than 4 billion lb/year (1.8 million m...>>>
Cheniere inks 3.5 mil mt/year LNG deal with Gas Natural Fenosa Nov 23,2011
Cheniere Energy Partners' Sabine Pass Liquefaction unit has reached an LNG sale-and-purchase agreement with a unit of Gas Natural Fenosa, under which the Spanish company's subsidiary would buy as much as 3.5 million mt/year of LNG (equivalent to 448,000 Mcf/d of gas), the Houston-based company said Monday. Sabine Liquefaction is developing a tw...>>>
SemGroup to build 60,000 Mcf/d US Midcontinent gas processing plant Nov 23,2011
SemGroup Corp plans to build a natural gas processing plant for SemGas LP in the Midcontinent region, the Tulsa, Oklahoma-based company said Tuesday. SemGroup plans to buy a pre-engineering 60,000 Mcf/day processing plant from Exterran for the project, it said. The new plant and equipment are needed to meet the growing demand for midstream se...>>>