Chemical News
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IEA cuts 2011 global oil demand forecast by 200,000 bbl/day Sep 14,2011
LONDON-The International Energy Agency (IEA) on Tuesday revised down its global oil demand forecast for 2011 by 200,000 bbl/day to 89.3m bbl/day on reduced economic growth expectations, particularly in North America and Europe. The IEA, a Paris-headquartered international agency that is run by members of the Organisation for Economic Co-operatio...>>>
US September EPS price hike sees partial acceptance Sep 14,2011
HOUSTON-US expandable polystyrene (EPS) prices rose this week as September price increases found partial acceptance, market sources said on Tuesday. US EPS prices were assessed by ICIS at 91–98 cents/lb ($2,006-2,161/tonne, €,484-1,599/tonne) DEL (delivered) for block and package material, up 3 cents/lb from August prices. Producers in t...>>>
TiO2 makers hike Asia Q4 offers by $500/tonne on tight supply Sep 14,2011
SINGAPORE Titanium dioxide (TiO2) prices in Asia will likely continue to increase in the fourth quarter, with global producers hiking offers by $500/tonne (€365/tonne) because of tight supply and rising raw material costs, market sources said on Wednesday. But buyers said they may not require strong volumes in the last three months of the y...>>>
Europe-Asia SM arbitrage open on paper, but risky to ship cargoes: traders Sep 14,2011
With the arbitrage window to send styrene monomer from Europe to Asia widening on paper, traders are cautiously looking into the possibility of getting cargoes into Asia, market sources said this week. The arbitrage has been open on paper since September 6, when Platts assessed the SM FOB Rotterdam price at $1,410/mt and CFR China price at $1,48...>>>
Azerbaijan's Socar continues to buy Turkish Petkim shares Sep 14,2011
Azerbaijani state upstream operator Socar Monday continued with its buy up of shares in Turkish petrochemical company Petkim. In a disclosure Tuesday the Istanbul Bourse (IMKB) confirmed that State Oil Company Of Azerbaijan Republic (Socar) Monday bought 1.1 million shares in Petkim at Turkish lira 2.2425 ($1.26) each raising its direct and indi...>>>
Chevron Phillips, Sumitomo JV shutting down Texas polypropylene plant Sep 14,2011
US chemical maker Chevron Phillips has reached an agreement with Sumika Polymers America Corporation for the permanent shutdown of their polypropylene joint venture, Phillips Sumika Polypropylene Company, and plant in Pasadena, Texas, CP Chem announced Tuesday. Sumika Polymers America Corporation is a wholly-owned affiliate of Japan-based Sumito...>>>
European Parliament gives tough offshore drilling recommendations Sep 14,2011
The European Parliament Tuesday passed a resolution saying the development of new oil and gas fields in European seas should only be allowed if the operator has prepared an adequate emergency plan and has sufficient funds to repair possible damage to the environment. Site-specific plans for all drilling, which the relevant member state would hav...>>>
Environmentalists unhappy with new Montana fracking rules Sep 14,2011
A set of new Montana regulations requiring the disclosure of chemicals used in hydraulic fracturing do not go far enough in protecting the rights of nearby property owners, according to a statewide conservation group. "We are not satisfied. We're definitely happy that the state is finally getting around to doing this, but the current regulations...>>>
European Parliament gives tough offshore drilling recommendations Sep 14,2011
The European Parliament Tuesday passed a resolution saying the development of new oil and gas fields in European seas should only be allowed if the operator has prepared an adequate emergency plan and has sufficient funds to repair possible damage to the environment. Site-specific plans for all drilling, which the relevant member state would hav...>>>
BP sees 'good' initial result from Alaska North Slope heavy oil test well Sep 14,2011
BP is getting very good results from the first of four test production wells drilled into the Ugnu heavy oil deposit on the Alaska North Slope, company officials said in an interview Tuesday. The well produced up to 650 b/d of oil mixed with sand and with the sand removed the net production was about 550 b/d, said Eric West, BP's manager on the ...>>>
PetroChina to import nearly 100,000mt of gasoil in Sep Sep 14,2011
PetroChina has placed orders for two MR-sized cargoes of imported gasoil for arrivals in September, with the combined volume at nearly 100,000mt, said a source close to Chinaoil, PetroChina's subsidiary. These two cargoes are products with sulfur content at 350ppm, to the shipped to East China and South China, said the source. Just like PetroChi...>>>
PetroChina, Sinopec's salable oil product stocks drop on stronger demand Sep 14,2011
PetroChina and Sinopec's combined salable oil product inventories settled at 4.60-mil mt in 13 major grain-producing areas on Sep 7, down by 3.29% from one month earlier, according to the latest data from the National Development & Reform Commission. Among these stockpiles were 2.77-mil mt of gasoil, down by 1.55%. These inventories fell as p...>>>
China's Aug crude imports climb 8.29% on month: GAC Sep 14,2011
China imported 21.04-mil mt of crude in August, up by 8.29% from the previous month, according to the data from the General Administration of Customs. The country hiked crude imports in the month amid less refinery maintenance, C1 found. Despite notable month-on-month growth, the imports in August were down by 2.37% from those in May, before ...>>>
Europe chemical stocks fall on eurozone debt fears, bank reforms Sep 13,2011
LONDON-European chemical stocks fell on Monday as global markets made further losses from Friday due to continuing fears over the eurozone's debt problems and a sharp drop in bank shares following the recommendation of UK banking reforms. At 09:43 GMT Barclays was trading down 1.15%, HSBC Holdings was down 1.50%, while shares in Royal Bank of Sc...>>>
China's Fujian Meide to start propane dehydrogenation unit in 2014 Sep 13,2011
China's Fujian Meide Petrochemical plans to start operations at a new propane dehydrogenation unit at Fujian city, Fujian Province, in 2014, said US' UOP late last week. UOP said it will provide the technology for the PDH unit, which will have a design capacity of 660,000 mt/year of propylene. "China's propylene consumption accounts for more ...>>>
Swiss Lonza extends $1.4 bil tender offer for US Arch Chemicals Sep 13,2011
Swiss biochemicals group Lonza said Monday it has extended its $1.4 billion tender offer for US-based Arch Chemicals to September 30 as it has yet to secure the regulatory clearances it requires to conclude the deal. The all-cash offer, equivalent to $47.20 per share, is scheduled to expire on September 12. The extension was needed because c...>>>
US ethylene cracker margins down nearly 10% on weaker spot prices Sep 13,2011
US ethylene cracker margins dipped nearly 10% week on week to levels not seen since early August on the back of falling spot prices. Margins using ethane/propane mix as feedstock dropped 3.31 cents/lb, or 9.8% to close Friday at 30.40 cents/lb, according to Platts data. Margins using ethane were also down 2.92 cents/lb, or 9.6% to 27.49 cents...>>>
High premium of US MX to blend value potentially limiting sales Sep 13,2011
The high premium of US spot mixed xylene to the blend value could limit purchases, sources said Monday, as US spot mixed xylene was assessed Friday at a 99.90 cents/gal ($320.70/mt) premium to the blend value, the highest premium in more than four years. The last time the MX spot premium to the blend value was this high was January 23, 2007, whe...>>>
NEB orders TransCanada to stick with lower interim 2011 gas tolls Sep 13,2011
Canada's National Energy Board late Friday turned down TransCanada Pipelines' application for final 2011 natural gas transportation rates for its Mainline and instead ordered the operator to continue with its lower, interim tolls for the year. In May, TransCanada proposed a final rate structure that would have hiked tolls up as much as 21 cents...>>>
US FERC finds Spectra pipeline to have limited environmental impact Sep 13,2011
Spectra Energy's New Jersey-New York pipeline expansion project will have limited environmental impact, and most effects are likely to occur during construction, the US Federal Energy Regulatory Commission said Monday in its draft environmental impact statement on the proposed 16-mile project. FERC also recommended to Spectra 33 measures to miti...>>>