Chemical News
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China's April acrylonitrile imports jump 58% on year to 53,583 mt May 27,2011
China imported 53,583 mt of acrylonitrile in April, an increase of 57.5% year on year, but down 3.5% compared with March, customs data released late Tuesday shows. The largest supplier of ACN to China in April was the US at 16,603 mt, followed by South Korea at 13,502 mt and Japan at 10,205 mt. Asian ACN prices reached a historic high of $2,875/...>>>
BASF to build 300,000 mt/year single line TDI plant in Europe May 27,2011
BASF will build the world's largest single line toluene diisocyanate (TDI) plant at one of it's existing integrated sites in either Antwerp, Belgium or Ludwigshafen, Germany a company statement said Thursday. The TDI plant will have a capacity of 300,000 metric tonnes/year and will start production in 2014, BASF said. The company added that "eng...>>>
Initial nomination calls for 7-cent drop for June US propylene CP May 27,2011
A major US propylene producer's initial contract nomination called for a decrease of 7 cents/lb for June, multiple sources said Thursday. Two market participants said ExxonMobil had nominated the decrease for June contracts, although this could not be confirmed with the company. The decrease, while anticipated, seemed to fall short of market ...>>>
Santos to invest over $100 mil in gas drilling offshore Bangladesh May 27,2011
Australia-based exploration and production company Santos will invest over $100 million in a three-well drilling program in block 16 in the Bangladeshi sector of the Bay of Bengal beginning in the fourth quarter, the company said Wednesday. "The wells will target new pools of gas not intersected by the existing Sangu field development which Sant...>>>
US LNG export proposals may be too optimistic: SocGen analyst May 27,2011
Days after Cheniere Energy received received approval from the Department of Energy to export US natural gas to non-Free Trade Agreement countries from its Sabine Pass LNG terminal in Louisiana, an analyst cautioned that the company's construction plans and cost estimates may be too optimistic. Societe Generale's Laurent Key said in a late Wedn...>>>
Shell, Rosneft CEOs, Russia deputy PM discuss Arctic, Black Sea projects May 27,2011
Shell CEO Peter Voser, Russian Deputy Prime Minister Igor Sechin and Rosneft President Eduard Khudainatov met to discuss cooperation in exploration and development of oil and gas resources offshore in the Arctic Sea and Black Sea, the Russian government said in a statement late Wednesday. Sechin and Voser discussed Shell's current projects in R...>>>
CNOOC offers 19 offshore South China Sea blocks for joint exploration May 27,2011
China's state-owned offshore oil and natural gas producer China National Offshore Oil Corp., or CNOOC, has offered 19 offshore blocks in the South China Sea for joint exploration with foreign companies, according to a notice posted on its website. The company is offering 12 blocks in the east area of South China Sea, and seven blocks in the west...>>>
Shandong independent refineries run at 42% Thu, down 6.6 percentage points on week May 27,2011
Operating rates of independent refineries in Shandong Province averaged 42% Thursday, sharply down 6.6 percentage points from one week ago, 6 percentage points higher than a year earlier, C1's research showed. The refineries saw accumulating oil product inventories due to weak performances of the market, according to refinery sources. As of M...>>>
Sinopec may step up gasoil outsourcing after May plan poorly accomplished May 27,2011
After accomplishing only about 20% of its outsourcing plan for May and leaving over 1-mil mt of purchase gap, Sinopec may step up gasoil outsourcing notably if international crude rebounds, C1 learned from market sources. The company has suspended gasoil outsourcing at present, mainly because oil product prices are under downward pressure and ou...>>>
PetroChina Kunlun Gas starts trial operation of Yuechang Jetty in E. Guangdong May 27,2011
PetroChina Kunlun Gas started trial operation of east Guangdong-based 5,000-DWT Yuechang Jetty for LPG on May 25, according to a source with the jetty. The trial run is expected to last one or two months, the source said. This jetty is operated by Shantou Deyuan Gas Chemical Development Co (transliteration), which was acquired by Kunlun Gas earl...>>>
USGC ethane prices slips on chemical plant outages: sources May 26,2011
Purity ethane prices for May delivery in the US Gulf Coast market fell nearly two cents Wednesday morning, trading as low as 72.50 cents/gallon on the back of outages at some of the region's petrochemical plants, said market sources. A fire forced Flint Hills Resources to shut down its light olefins plant in Port Arthur, Texas, Tuesday morning, ...>>>
NWE PET converters say resin supply improving May 26,2011
Northwest European polyethylene terephthalate converters said this week that supplies of PET bottle grade resin were improving and spot market offers were becoming more regular. "There is much better supply. I can feel it; they [PET producers] are all trying to contact me and asking me for my forecasted volume for June. I think supply is very g...>>>
China imports 498,255 mt of methanol in Apr, down 6.6% from Mar May 26,2011
China imported 498,255 mt of methanol in April, down 6.6% month on month following a surge in March, according to data released by Chinese customs late Tuesday. In March, the country imported 533,203 mt of methanol, almost double from February shipments of 275,769 mt. In April, significant increases in supply from Saudi Arabia, Qatar and Indo...>>>
ANALYSIS: Could global butadiene prices be set to fall? May 26,2011
The global butadiene market is currently enjoying record high prices, with the US Gulf Coast, Europe and Asia all trading at previously unseen price levels in recent weeks. Yet there were signs of a potential fall in the global value of butadiene as Asian sources reported weakening Chinese demand this week, while there were fears in the US Gulf ...>>>
Industrial action looming at BHP-Mitsubishi Queensland coking coal mines May 26,2011
BHP Billiton-Mitsubishi Alliance, or BMA, is on a collision course with 3,500 to 4,000 of its employees at seven of its Bowen Basin coking coal mines in Queensland, Australia, who are currently voting on whether to take industrial action over changes to their job security, shift patterns and rights to union representation at company meetings, a uni...>>>
Israeli government considers intervention in gas market: sources May 26,2011
The Israel Antitrust Authority and several ministries are considering imposing limitations on oil and gas exploration companies in the country to prevent a monopolistic situation from emerging, government officials said Wednesday. Noble Energy and the Delek Group, which own the Yam Thetis consortium and hold majority stakes in the Tamar and Levi...>>>
China delays oil and gas talks with Russia - source May 26,2011
Beijing has delayed high-level talks with Moscow -- originally scheduled for late May -- because of a commercial dispute between Russian and Chinese companies over the price of oil supplies, as well as future supplies of Russian gas, a source close to the Russian government said Tuesday. The source said the talks between Russian Deputy Prime Min...>>>
US CFTC manipulation allegation: $50 million profits, $15 million losses May 26,2011
Accusations against the jointly-owned trading companies of Parnon Energy and Arcadia lodged Tuesday by the US Commodity Futures Trading Commission say "artificial spread prices" in WTI swaps trade, created by the actions of the two companies in 2008, led to profits in that play of more than $50 million. Concurrent losses in the physical market o...>>>
Russia ESPO crude premiums hit 3-month low on overhang, weaker margins May 26,2011
Premiums for Russian ESPO crude have fallen to a three-month low as the market was inundated by supplies following sell tenders issued by producers for July-loading cargoes this week, while June cargoes were still looking for homes, industry sources said Wednesday. Results of the latest tender by Surgutneftegaz to sell five ESPO crude cargoes of...>>>
Indonesia to fall short of 2011 oil output target - BPMigas May 26,2011
Indonesia's crude and condensate production this year will likely average between 933,000 b/d and 945,000 b/d, below its target of 970,000 b/d as a result of unplanned shutdowns, the chairman of upstream regulator BPMigas said Tuesday. "The average production this year is expected reach 933,000 b/d in minimum or 945,000 b/d in maximum," R. Priyo...>>>