Chemical News
-
Asia: Disrupted coal/iron ore flows and Japan quake hit dry bulk rates: Genco May 06,2011
Weather-related disruptions to coal and iron ore exports from Australia and the effects on trade of the Japanese earthquake all contributed to lower dry bulk freight rates in the first quarter of 2011, Gerry Buchanan, president of New York-listed dry bulk shipowner Genco Shipping and Trading, said Wednesday. Talking to analysts at the company's ...>>>
Middle East: Yemen LNG says production, exports normal despite unrest May 06,2011
The Yemen LNG project, the biggest foreign investment in the country, continues to operate normally despite unrest in Yemen, the project's general manager said Thursday. "Everything is normal," said Francois Rafin of Yemen LNG by telephone from Sanaa. "The wells are producing. We are shipping. There's absolutely nothing exciting to report. Beyon...>>>
Europe: Russia's Rosneft closes deal for PDVSA's 50% stake in Ruhr Oel May 06,2011
Russia's largest oil producer Rosneft said Thursday it has closed a deal to acquire Venezuelan state oil company PDVSA's 50% stake in major German refiner Ruhr Oel. "As a result of this deal, about 18% of our company's refining capacity will be located in the industrial center of Europe, and Rosneft will get access to the oil products and petroc...>>>
Asia: Woodside makes new oil find at Australia's Laverda North oil field May 06,2011
Woodside Petroleum has made a new oil discovery at the Laverda North-2 appraisal well off Western Australia, raising expectations that the area holds more than 100 million barrels, the company said in a statement Thursday. The Laverda North-2 well, drilled last month, discovered a gross interval of 18 meters of new oil-bearing sands, Woodside sa...>>>
EIA ANALYSIS: US oil demand drops sharply for week ended April 29 May 06,2011
US oil demand fell an eye-popping 1.256 million b/d to 18.332 million b/d during the week ending April 29, with every product category declining except middle distillates, data from the US Energy Information Administration showed Wednesday. Of the 1.256 million b/d decline, "other oils" or petrochemical feedstock accounted for about 75% of the ...>>>
PetroChina Fushun Petchem to refine 18% more crude in May May 06,2011
PetroChina Fushun Petrochemical plans to process 550,000mt of crude in May, sharply up 18% from the previous month, a refinery source told C1. The refinery is expected to keep daily throughput at 15,000mt in the first half of May because of hefty stock of FCC feedstock, the source said, adding the throughput would rise to 21,000mt in the second ...>>>
Sinopec Luoyang Petchem to trim May daily crude throughput by 3% to 19,000mt May 06,2011
Sinopec Luoyang Petrochemical plans to process 600,000mt of crude in May, with daily consumption slightly down 3% on month to 19,000mt, according to a refinery source. The refinery is scheduled to start 45-day turnaround in end August, once in three years; it set crude throughput target for the whole year of 2011 at more than 7-mil mt, as C1 rep...>>>
Guangdong minor refineries' run rate rises 2 percentage points to 18% Thu: on week May 06,2011
Operating rates of independent refineries in South China's Guangdong Province averaged 18% Thursday, up 2 percentage points from one week ago, 1 percentage point higher than the same period last year, C1's research found. Up until May 5, a total of five minor refineries were in operation, feedstock throughput of which amounted to 6,250mt per day...>>>
Sinopec, PetroChina to exclusively supply GB IV gasoline in E. China's Nanjing from Jun 1 May 06,2011
Petrol stations subsidiary to Sinopec and PetroChina will exclusively offer GB IV gasoline in Nanjing City of East China's Jiangsu Province from Jun 1, according to sources with sales branches of the two majors. The fuel will become available from private and foreign petrol stations there a month later, revealed the sources. It is unknown whe...>>>
Major domestic refineries' operation rate rises to 88.42% May 06,2011
Major domestic refineries' operation rates averaged 88.42% on May 5, up 3.62 percentage points from two weeks ago, up 6.61 percentage points from a year earlier, C1's research showed. Dalian Wepec and Fushun Petrochemical resumed normal production between late April and early May after maintenance, which pushed up Northeast China-based refinerie...>>>
Americas:Natural gas: From household to industrial fuel in US May 05,2011
Natural gas market is an oversupplied one with considerable demand, almost 40 percent, originating from the households of US for heating purposes. However, the rising fuel costs and the need for alternate fuels are expected to raise the stature of natural gas from a household fuel to that of an industrial one. A report from the US Potential Gas...>>>
Americas:Oil slips further on demand concerns May 05,2011
World oil prices extended losses in Asian trade Thursday mainly on demand concerns in the US, world's largest oil consumer. Light sweet crude for June delivery was seen trading at $108.64 a barrel at 12.00 noon Singapore time while Brent crude was at $ 120.76 a barrel in London. Analysts also attributed oil's decline to concerns over Chinese...>>>
Asia:Japan tragedy isn't the end for uranium miners May 05,2011
Companies Mentioned: AREVA Bannerman Resources Ltd. Cameco Corp. Denison Mines Corp. Extract Resources Ltd. Hathor Exploration Ltd. Kalahari Minerals plc Mega Uranium Ltd. Rio Tinto Strateco Resources Inc. Terra Ventures Inc. Ur-Energy Inc. Uranerz Energy Corp. Uranium Energy Corp Uranium One Inc. The Energy Report: Geordie, take us through what...>>>
Asia:India to hike diesel by Rs 18/litre to get par with global price May 05,2011
World's fourth largest oil consumer, India is all set to increase fuel prices, especially petrol and diesel prices, as Assembly polls to some States are ending next week. India's central bank, the RBI also urged to hike fuel prices immediately to avoid increase in country's fiscal deficit. India has not allowed state oil firms to revise die...>>>
Europe: Arkema's Lavera declares force majeure on PVC output: sources May 05,2011
Petrochemicals producer Arkema has declared force majeure on its polyvinyl chloride production site at Lavera, in southern France, market sources said Wednesday. "It's official. Arkema has declared FM at Lavera; a letter has been sent to clients," a source said. Another source said "this will contribute to tightening PVC stocks further." ...>>>
Asia: Poor downstream demand, surging feed costs restrict Asian OX makers May 05,2011
Asian orthoxylene producers are unable to pass on their high isomer-grade mixed xylenes feedstock cost to their downstream phthalic anhydride markets due to weak demand for PA, said traders Wednesday. This has led to the Asian OX price to be capped at $1,356/mt, reached April 21, Platts data showed. The Asia OX/isomer-MX spread flipped into n...>>>
Americas: Second US producer announces 8-cent SM contract increase for May May 05,2011
A second North American producer has nominated the May styrene monomer contract price 8 cents higher, a source confirmed Tuesday. Ineos on Tuesday said the May increase was 8 cents, matching an earlier announcement from SABIC. "Some have gone up 7 [cents], some have gone up 8 [cents]," the source said. "But everyone is going up." Variable c...>>>
International Coal says court ruling could cost it $104 million May 05,2011
A trial court judge has ruled that International Coal Group broke a coal supply agreement with Allegheny Energy Supply and Monongahela Power and could owe the two companies $104 million, ICG said Tuesday. ICG, which on Monday said it reached a deal with Arch Coal to be acquired by Arch in an all-cash transaction valued at $3.4 billion, said it r...>>>
Europe: Israel's ORL inks spot gas deal with Yam Thetis on Egypt supply cut May 05,2011
Israel's Oil Refineries Limited said Wednesday that it has signed a two-day spot agreement to buy natural gas from the Yam Thetis consortium to replace supplies it was due to receive this month from Egypt. Gas supplies from Egypt to Israel, Jordan and Syria were cut off last week following an explosion at a terminal near El Arish. It is unclear ...>>>
Americas: Spectra Energy banking on shale production, Florida power market May 05,2011
Pipeline company Spectra Energy is betting big on production growth from North American shales and increasing power generation demand from Florida, allocating some $5 billion over the next five years for capital investment in both areas, company officials said Tuesday. During its first-quarter earnings call, Spectra President and CEO Greg Ebel s...>>>