Chemical News
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US Tronox plans to debottleneck its three TiO2 plants Jul 08,2011
HOUSTON-Tronox will expand capacity at each of its three titanium dioxide (TiO2) plants in the near term, the global pigment producer said on Thursday, but added that global demand is still likely to outpace supply for at least two years. "We're still in the process of developing our brownfield expansion plans," CEO Dennis Wanlass said in a quar...>>>
Salable oil product inventories of PetroChina, Sinopec build on soft demand Jul 08,2011
Oil product inventories of sales branches under PetroChina and Sinopec totaled 3.84-mil mt in 9 major grain-producing areas as of Jun 30, sharply up 24.3% from a year earlier, according to latest data released by the National Development & Reform Commission. Gasoil inventories hit 2.2-mil mt, swelling 31.6% year-on-year, the data showed. The ...>>>
Gasoline import margin improves but still negative after import tariff cut Jul 08,2011
Gasoline import margin for Chinese importers was still in negative territory, although the margin improved somewhat on the government’s cut in import tariff. In Singapore market, FOB price of 92-Ron gasoline, which has similar specifications with 93-Ron gasoline in China, was US$116.5/bbl on average during Jun 24-Jul 7, versus the average of US$...>>>
Shandong independent refineries' run rate rises 5.4 percentage points to 45% Thu: on week Jul 08,2011
Operating rates of independent refineries in Shandong Province averaged 45% Thursday, up 5.4 percentage points from one week ago, flat with a year earlier, C1's research showed. As of Jul 7, a total of 27 independent refineries were in operation, feedstock throughput of which added up to around 76,200mt per day, up 9,100mt on week. China Offs...>>>
Sinopec intends to build 1.3-mil-cu-m commercial crude tank farm in Tianjin Jul 08,2011
Sinopec Petroleum Reserve Co intends to build a 1.3-mil-cu-m commercial crude tank farm in Tianjin, according to a source with the company. This tank farm will be located to the north of Sinopec's existing crude tank farm in Tianjin, to cover an area of 32 hectares, said the source, "It will comprise 13 tanks, 100,000 cu m each." "The project...>>>
China's Wison to start up Nanjing methanol-to-olefins plant in 2013 Jul 07,2011
China's Wison (Nanjing) Clean Energy Company is expected to start up its 295,000 mt/year methanol-to-olefins plant at Nanjing in 2013, using technology from US-based Honeywell UOP, Honeywell announced Tuesday. Honeywell UOP will provide technology licenses, basic engineering, catalysts, adsorbents, specialty equipment and technical services for ...>>>
European spot ACN prices slide on weak demand, cost: sources Jul 07,2011
Spot acrylonitrile prices in Europe lost $90/mt this week as the market remained under pressure from low demand and easing feedstock costs, sources said. Buyers and sellers were in stalemate this week with disparate price views. A producer was heard offering at $2,550/mt CIF Med, way below his reported deals of over $2,700/mt in June. But mo...>>>
Platts US Morning Market Analysis: Asian SM continues to push BZ Jul 07,2011
Benzene prices in Asia rose for a third consecutive day Wednesday as the downstream styrene monomer market surged amid higher crude futures and naphtha prices. Prices on an FOB Korea basis gained $13.50/mt day on day to $1,074/mt. (See related charts: Daily standard prices: benzene, styrene, toluene, paraxylene: Jan 4 - Jul 6, 2011). August ICE ...>>>
Mexichem Q2 EBITDA up 39% on new acquisitions and PVC prices Jul 07,2011
Mexico's petrochemical producer Mexichem reported earning close to $252 million in the second quarter of 2011 before interest, taxes, depreciation, and amortization (EBITDA) -- a 39% increase compared with the same period of last year. In a filing of its preliminary results sent to the Mexican Stock Exchange Wednesday morning, the company also s...>>>
Australian Santos receives interest for Bangladesh gas from private buyers Jul 07,2011
Australian exploration and production company Santos has received expressions of interest from large privately owned industries in Chittagong that are willing to buy gas from its offshore fields in Bangladesh at market price, a company source said Wednesday. "Santos has already got over a dozen proposals from large privately-owned industries of ...>>>
South Texas worries over gas industry's water use during drought Jul 07,2011
While local water officials and residents in South Texas express fears that the rapid growth of oil and gas drilling in the region will suck up precious water supplies during a time of serious drought, state officials and industry experts say such concerns are overblown. Charlotte Krause, manager of the Pecan Valley Water District in DeWitt Coun...>>>
Nigerian crude differentials fall further on release of strategic reserves Jul 07,2011
The International Energy Agency's release of strategic reserves and the subsequent increase of available crude to buyers, particularly in the US, has seen some Nigerian crude differentials fall to their lowest levels since late last year, Platts data shows Wednesday. Differentials for Agbami, a light sweet crude which yields a lot of naphtha and...>>>
Guangxi Tiansheng likely to renew contract with S. Korea’s E1 for LPG re-export Jul 07,2011
Guangxi Tiansheng Port Co is likely to renew the contract with South Korea's E1 at the end of July 2011, with LPG re-export still being the focus of their cooperation, said a source with Guangxi Tiansheng. Guangxi Tiansheng reached an agreement with E1 after it obtained permission for LPG bonded storage in August 2007. Based on this agreement, E...>>>
Sinopec to supply 737,500mt of distillates to SW. China via pipeline in Jul, up 2.7% on month Jul 07,2011
Sinopec is expected to transmit a total of 737,500mt of gasoil and gasoline to Southwest China’s Guangxi, Guizhou and Yunnan via its Southwest Oil Product Pipeline in July, up 2.7% from the previous month, revealed a source with pipeline department of the oil giant. The source ascribed the rise to one more calendar in July. Gasoil allocation ...>>>
PetroChina plans to import gasoil in Q3 to ensure sufficient domestic supply Jul 07,2011
PetroChina has made plans for gasoil imports in the third quarter of 2011, but the volume and specific schedules are not known yet, according to a source with one of PetroChina's sales companies. Such plans indicate PetroChina's intent to ensure sufficient gasoil supply in the domestic market this quarter, as domestic output may drop notably ami...>>>
Asian LSFO prices climb on less LSWR supply from Indonesia, stronger demand Jul 07,2011
Asia's low-sulfur fuel oil market has climbed on less supply of low-sulfur wax residue (LSWR) from Indonesia this month and growing demand, C1 learned from market sources. The FOB premiums of LSFO from Southeast Asia have risen to around US$125/mt, up about US$5/mt from June, C1 learned. In addition, one fuel oil cargo from South Korea has recen...>>>
Oman's OTI didn't send PX to Europe in June: source Jul 06,2011
Oman Trading International wasn't among the companies potentially sending paraxylene from Oman to Europe in June, putting price pressure on supply in the region, a company source said Tuesday. "Sometimes we do, but no, we did not [send PX to Europe in June]," the source said. Last month, several PX market sources cited imports arriving from O...>>>
Israel Chemicals acquires Mexican specialty chemical maker Jul 06,2011
Israel Chemicals Limited has finalized acquisition of Mexican specialty chemical and functional food ingredients maker, Cosmocel Quimica, it said in a statement Tuesday. Financial details of the deal were not released, but industry experts estimated the company paid $30 million-40 million for the Mexican firm. This is Israel Chemicals' thir...>>>
Platts US Morning Market Analysis: Asian BZ higher on SM demand Jul 06,2011
Benzene prices in Asia climbed for a second day running Tuesday as a firmer downstream styrene monomer market offset an upstream fall in crude futures. The FOB Korea price climbed $4 to $1,060.50/mt on Tuesday. August ICE Brent crude futures sank 53 cents day-on-day to $111.08/b at 4:30 pm Singapore time (0830 GMT), in contrast with FOB Korea S...>>>
US ethylene expected to settle lower for June: source Jul 06,2011
The US ethylene contract price for June is expected to settle 1-2 cents lower than May, a market source said. "We think it will move down about a penny and a half," the source, a major buyer, said. May settled at 58.50 cents/lb, up just 1.25 cents/lb from April despite spot ethylene averaging 66.50 cents/lb for the month. Market sources cited...>>>