Chemical News
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Europe: Plastics packaging industry facing challenges: associations May 10,2011
The plastic packaging industry is facing the multiple challenges of rising raw material prices, supply constraints and liquidity problems, the German Plastic Packaging Association IK and French Plastics Packaging Association ELIPSO said Monday in a joint statement. "Over the past year, the prices of all plastics have been strongly and steadily i...>>>
Asia OX-MX spread narrows to $33/mt after reaching six-week high May 10,2011
The Asian orthoxylene-isomer mixed xylenes spread, based on FOB Korea prices, narrowed by 40% to $33/mt Monday, after reaching a six-week high of $55/mt on Friday, as the crude and aromatics markets rebounded. Upstream, front-month ICE Brent was up by $5.05/barrel or 4.7% from last Friday to $111.83/b at 16.30 pm Singapore time (0830 GMT) Monday...>>>
Asia: Japan utilities buy into Mitsubishi Canadian shale gas project May 10,2011
A group of Japanese utilities have signed an agreement to acquire stakes in Canadian Penn West Energy's shale gas project in Cordova, northeastern British Columbia, by way of shares in a subsidiary of Mitsubishi, the companies said in a joint statement Monday. Chubu Electric, Tokyo Gas and Osaka Gas have each agreed to take a 7.5% stake in Cordo...>>>
EURO GAS: Prices rise on stronger oil and bullish fundamentals May 10,2011
Prompt prices on the Continental European gas markets have followed the bullish moves in oil prices Monday morning. In addition, colder temperatures forecast for the end of the week coupled with reduced LNG deliveries to the UK and Belgium have bolstered demand and helped to support price gains. "Oil prices continue to offer support to Europ...>>>
Asia: S Korea's SK plans to lift overseas upstream revenue by 28% in 2011 May 10,2011
SK Innovation, South Korea's largest oil refiner, said Monday that revenue from overseas oil exploration and development activity was expected to surpass Won 1 trillion ($920 million) this year, up 27.7% from Won 783 billion in 2010. The boost will largely be due to upstream activity in Colombia as well as plans to purchase crude-producing field...>>>
Nabucco delays raise questions about pipeline's viability-bank May 10,2011
LONDON-A two-year delay to the start of commercial flows of natural gas from the Nabucco pipeline has raised serious doubts about the economic viability of the project, an investment bank said on Monday. Nabucco Gas Pipeline International's decision to push back the planned start of construction of its "new gas bridge from Asia to Europe" to 201...>>>
Fuel oil supply from S. China refineries estimated to slump 23% to 95,000mt in May: on month May 10,2011
Refineries in South China are estimated to supply 95,000mt of fuel oil in May, sharply down 23% from the previous month, C1's research found. The commodity output comprises of 48,000mt of high-sulfur residue, 37,000mt of slurry and 10,000mt of bituminous feedstock. Ten major refineries are forecast to provide 47,000mt of fuel oil in May, plun...>>>
Shandong independent refineries further cut gasoline prices on stagnant sales May 10,2011
Prices of gasoline from independent refineries in Shandong Province were still on downtrend as continuous price drops damped market confidence. "Gasoline sales declined significantly mainly because traders were reluctant to buy in a falling market," said a source with Shandong Kenli Petrochemical. Gasoline wholesale prices closed at Yuan 9,050/...>>>
PetroChina Tianjin to offer 160,000mt of oil products in May, down 3% on month May 10,2011
PetroChina Tianjin is scheduled to sell a combined 160,000mt of oil products in May, down 3% from the previous month, a source closed to the company told C1. The sales target for gasoline is 45,000mt, flat on month; that for gasoil inches down 5,000mt to 115,000mt. The company set lower gasoil sales target because of limited allocation from t...>>>
Import HDPE film gains premium over LLDPE film in China, SEA May 09,2011
Following several consecutive weeks in which HDPE film prices have gained ground relative to LDPE and LLDPE film prices, import HDPE film has gained a premium over import LLDPE film in both China and Southeast Asia. According to data from ChemOrbis Price Index, HDPE film prices had been trading at a discount to LLDPE film prices for more than one ...>>>
More refrigerated propane imports flow into NWE on petchem demand May 09,2011
More cargoes of refrigerated propane are flowing into Northwest Europe in thriving petchem sector demand, industry sources said Friday. The arrival of warm weather has reduced demand in the traditional heating market, but healthy demand has emerged from the petrochemicals sector where propane is used as an alternative feedstock to naphtha as lon...>>>
Asia: ThaiOil management seeks to conduct study on Esso acquisition May 09,2011
Refiner ThaiOil's management has asked the company's board of directors to allow it to conduct a feasibility study on a possible takeover of Esso Thailand, ThaiOil CEO Surong Bulakul said Friday. Surong's comment came after local media reported that ThaiOil's board met on April 29 to consider buying ExxonMobil's 65.43% stake, or 2.264 billion sh...>>>
Americas: US benzene ranges pulled down by sharply lower crude May 09,2011
Spot benzene was talked more than 20 cents/gallon lower Thursday, pulled down by a sharp drop in crude futures. Sources said May benzene opened at a range of 412-418 cents/gallon FOB USG, with June at 414-419 cents/gallon FOB USG. Ranges moved down to 395-410 cents/gallon FOB USG for May and 395-412 cents/gallon for June by the end of the market...>>>
Sinopec plans to outsource 2.06-mil mt of distillates in May, up 3% on month May 09,2011
Sinopec sets distillates outsourcing target for May at 2.06-mil mt, slightly up 3% from the previous month, C1 learned from independent traders. The oil giant intends to outsource 1.73-mil mt of gasoil and 330,000mt of gasoline, according to the traders. Sinopec will give Yuan 300/mt of subsidy for gasoil outsourcing, versus Yuan 100/mt on mo...>>>
Domestic oil product prices may not be hiked as expected on hefty losses in crude May 09,2011
Prices of oil products for supplying domestic market may not be lifted as expected as international crude prices plummeted. "There is a small possibility for the government to raise prices under inflation pressure, especially when crude is diving," said a state-owned trader in East China. C1's calculation showed that the 22-working-day moving...>>>
Sinopec Shijiazhuang Refinery to hike May daily crude consumption by 50% to 12,000mt: on month May 09,2011
Sinopec Shijiazhuang Refinery is scheduled to process 360,000mt of crude in May, with daily throughput sharply up 50% from the previous month to 12,000mt, according to a refinery source. The refinery shut 5-mil-mt/yr crude distillate unit for maintenance during Apr 8-17, as C1 reported previously. Shijiazhuang Refinery, located in North China...>>>
Asia SM prices rise further on firmer feedstock costs, demand May 06,2011
SINGAPORE (ICIS)--Asian styrene monomer (SM) prices have risen further this week to above $1,500/tonne (?,005/tonne) CFR (cost & freight) China on the back of buoyant feedstock prices and stronger demand in China, market players said on Wednesday. SM prices are now at the highest levels seen since August 2008, ICIS data showed. The recent str...>>>
Middle East: Petkim eyes expansion at ethylene plant May 06,2011
A source based in Middle East informed a polymerupdate team member on the expansion plans of an ethylene plant operated by Petkim Petrokimya Holding A.S. The source said, "located at Aliaga in Turkey, the ethylene plant has a production capacity of 520,000 tonnes/year." The source added, "expansion at the plant will raise the production capa...>>>
NWE LDPE spot prices slide; contract prices under pressure May 06,2011
European low density polyethylene spot prices dipped this week by Eur10/mt ($14.86/mt), closing Wednesday at Eur1,460-1,465/mt FD NWE on improved product availability and slow demand. Upstream energy markets also softened this week. European naphtha closed Wednesday at $1,046.25/mt CIF NWE, down $37.50/mt on the week. At the same time, contract ...>>>
Asia: Sinopec raises toluene prices in East China, cuts them in the south May 06,2011
China Petroleum & Chemical Corp., or Sinopec, has raised its ex-works toluene prices in eastern China by 1.1% and decreased prices by 1.7% in southern China effective Thursday, said market sources. The company's four subsidiaries in East China -- Sinopec Zhenhai, Sinopec Nanjing, Sinopec Shanghai, Sinopec Jiujiang -- increased their ex-works toluen...>>>