Chemical News
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Europe: NWE margins up on light and middle distillate crack strength May 05,2011
Northwest European refining margins are slightly stronger this week than last, reacting to firmer cracks in the light-end and middle distillate markets, market sources said Wednesday. Northwest European refining margins were not described in breakout territory, although four North Sea crude traders said they were positive, with one source at a r...>>>
Asia: China oil majors ask Beijing to waive or cut oil consumption tax:report May 05,2011
China's state-owned China National Petroleum Corporation and China Petrochemical Corporation, or Sinopec Group, have petitioned Beijing to waive or reduce the consumption tax on refined products to alleviate losses in the refining sector, according to a newspaper report on Tuesday. The Economic Observer quoted a source in Sinopec as saying that ...>>>
Americas: Senate bill targets repeal of US ethanol tax credit May 05,2011
A politically diverse group of senators on Tuesday introduced a bill to roll back the federal tax credit for blending ethanol into gasoline. Led by California Democrat Dianne Feinstein and Republican Tom Coburn of Oklahoma, the senators called for the elimination of the 45 cents/gal tax credit for refiners who blend ethanol, officially the "volu...>>>
Sinopec to supply 734,000mt of distillates to SW. China via pipeline in May, up 2.5% on month May 05,2011
Sinopec is expected to transmit a total of 734,000mt of gasoil and gasoline to Southwest China's Guangxi, Guizhou and Yunnan via its Southwest Oil Product Pipeline in May, up 2.5% from the previous month, revealed a source with pipeline department of the oil giant. Gasoil allocation was 550,000mt, down 2% on month, while gasoline sharply up 18% ...>>>
Fujian Refining & Petchem to hike May daily crude consumption by 13% to 23,000mt: on month May 05,2011
Fujian Refining & Petrochemical is scheduled to process 700,000mt of crude in May, with daily throughput up 13% from the previous month to 23,000mt, according to a refinery source. The refinery is now restarting an aged 4-mil-mt/yr crude distillate unit, which went into maintenance at the end of March, revealed the source. Fujian Refining & P...>>>
Sinopec Qilu Petchem expected to see daily crude throughput down tad in May May 05,2011
Sinopec Qilu Petrochemical is slated to refine 930,000mt of crude in May, with daily consumption slightly down 1% from the previous month, according to a refinery source. Qilu Petrochemical, located in Zibo City of Shandong Province, has an annual topping capacity of 15-mil mt currently. It mainly consumes domestic Shengli crude and Middle East-...>>>
PetroChina brings on stream 54,000-cu-m oil product terminal in E. China's Jiangxi May 05,2011
PetroChina has recently put a 54,000-cu-m oil product terminal into operation in Jiujiang City of East China's Jiangxi Province, a company source told C1. The terminal will mainly receive gasoline and gasoil from Northeast China for satisfying demand from Jiujiang as well as nearby Nanchang and Jingdezhen, according to the source. It is affilia...>>>
PetroChina Huabei Petchem's May crude throughput target nearly doubles May 05,2011
PetroChina Huabei Petrochemical set crude consumption target for May at 332,000mt, surging almost 100% from the previous month, C1 learned from a source with the refinery. It plans to produce 100,000mt of gasoline and 122,000mt of gasoil in the month, up 38,000mt and 51,000mt, respectively, the source revealed. The refinery will resume operat...>>>
Major refineries trapped into refining losses on hefty gains in crude prices May 05,2011
Major refineries in China saw refining margins fall into negative territories because of surges in crude costs. If calculated on the basis of ex-refinery prices of their products, gross margin from refining domestic Daqing crude was about minus Yuan 493/mt (equivalent to minus US$10.13/bbl) early May, versus minus Yuan 289/mt from two weeks ago....>>>
Europe: Total to produce new range of EPS at Feluy, Belgium, from 2013 May 04,2011
Total Petrochemicals will from 2013 start manufacturing a new range of expandable polystyrene at Feluy, Belgium, with "technical and insulating properties that are significantly better than those of conventional white EPS," the company said in a statement late Friday. Total, which developed the new EPS, will modify one of its two polystyrene lin...>>>
Asia: China methanol price rises ahead of product launch on ZCE exchange May 04,2011
China methanol prices have increased despite healthy inventory, partly due to positive sentiment ahead of the launch of methanol futures on Zhengzhou Commodity Exchange, traders said Tuesday. "From previous experience, when new commodities are listed in the futures market, the market will see a boost in the beginning," said a China-based trader....>>>
Americas: SABIC announces 8-cents/lb increase for May US styrene monomer May 04,2011
SABIC announced an 8-cent increase for US styrene monomer out of its Cosmar, Louisiana, facility, effective this week, according to a letter sent to customers. "This announcement is necessary in light of rising material costs coupled with current market conditions," according to the letter. The increase is for FOB material, the letter said. ...>>>
EURO GAS: German prompt prices rise as temperatures turn May 04,2011
Prompt prices on the Continental European markets firmed Tuesday morning as cooler temperatures returned following weeks of warm weather. However, the strengthening US dollar currency has forced the price of Brent crude down causing forward curve contracts to soften in response. On the German markets, the day-ahead contracts traded up over the m...>>>
Asia: Venezuela ministry source says China could invest $40 bil in energy sector May 04,2011
China could further increase its investments in Venezuela's energy sector in oil production, refineries, natural gas projects, terminals and in the exportation and industrialization of coke and sulfur, a source with Venezuela's Energy and Oil Ministry said Monday. "It is anticipated that the joint investments between PDVSA and Chinese companies ...>>>
Africa: Nigeria not set for gasoline hike despite crude price surge: NNPC May 04,2011
State oil company Nigerian National Petroleum Corporation Tuesday said the government had no plans to increase the domestic pump price of imported gasoline, even as a surge in global crude oil prices meant the West Africa nation pays more on subsidies. Front month ICE Brent hit a 32-month high of $127.02/barrel on April 11. "The NNPC wishes ...>>>
Asia: Taiwan's Formosa buys spot sour crude first time after refinery fire May 04,2011
Taiwan's Formosa Petrochemicals has bought 1 million barrels of spot medium sour Oman crude for loading in June for the first time in nine months since a fire hit its 540,000 b/d Mailiao refinery July 25, industry sources said Tuesday. The privately-owned refiner was heard to have bought two cargoes of Oman crude, each of 500,000 barrels, at Pla...>>>
Americas: US crude imports plunge by 1 mil b/d in Feb to 11-year low: EIA May 04,2011
US crude imports plunged by 1.056 million b/d in February to 8.013 million b/d, an 11-year low, according to the latest data from the US Energy Information Administration. Volumes were last below this level on a monthly basis in January 2000. Among the top five suppliers, only Canada and Saudi Arabia increased volumes. Canada's 44,000 b/d inc...>>>
Taiwan’s Formosa to halt 500,000-600,000mt/yr base oil unit for maintenance in late May May 04,2011
Taiwan's Formosa Petrochemical set to put its Mailiao Refinery-based 500,000-600,000mt/yr Group II base oil unit into weeklong maintenance over a minor unit glitch in late May, a company source told C1. The company's May exports, estimated at 45,000mt, would remain intact from the brief shutdown, he pointed out. Thereinto, supplies to Mainla...>>>
S. Korean refineries hike May CFR China prices by US$80-100/mt May 04,2011
South Korean refineries hiked May CFR China prices by US$80-100/mt in view of tight supplies in Asia, revealed company sources. One of South Korea's Group II and Group III base oil leading suppliers, which was based in Onsan, boosted May CFR China prices of Group II base oils by US$80/mt, a source with the refiner revealed. Its output would decl...>>>
CNOOC Huizhou defers launching 400,000mt/yr Group II base oil unit till mid or late May May 04,2011
CNOOC Huizhou Refinery deferred launching its 400,000mt/yr Group II base oil unit which was under trial run at present till mid or late May, revealed a refinery source. As C1 had reported earlier, the refinery previously set to start it in late April-early May. It would mainly produce 60N and 150N base oils upon startup. Thanks to the postpone...>>>