Chemical News
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China to restrict construction of refining project with capacity below 10-mil-mt/yr Apr 28,2011
The Chinese government will limit construction of crude refining project with capacity less than 10-mil mt per year, according to Guidance Catalog for Adjustment of Industrial Structure (2011) lately issued by the National Development and Reform Commission. The guidance catalog will become effective from Jun 1. The threshold prescribed in the...>>>
China to eliminate CDU with capacity below 2-mil-mt/yr by 2013 Apr 28,2011
China will shut crude distillate unit with annual capacity below 2-mil mt by the end of 2013, excluding Gelmud Refinery in Qinghai and Zepu Refinery in Xinjiang, according to Guidance Catalog for Adjustment of Industrial Structure (2011) lately issued by the National Development and Reform Commission. A total of 25 major refineries should be clo...>>>
Dow restarting Texas City plant after power restored Apr 27,2011
HOUSTON-Dow Chemical was restarting its Texas City operations after power was restored on Tuesday, the company said. The Dow complex and three refineries were shut down after a power outage struck Texas City on Monday night. A shelter-in-place order for Texas City was lifted by mid-day on Tuesday. "Dow's Texas City operations facility is c...>>>
Japan's Kaneka restarts 178,000 mt/year Kashima PVC plant after quake Apr 27,2011
Japan vinyls producer Kaneka restarted its 178,000 mt/year PVC plant in Kashima, eastern Japan, Monday after an unplanned shutdown following the March 11 earthquake, a company official said Tuesday.The source said it was still early to say when the operating rates will hit 100% as this also depends on the state of utility facilities in Ka...>>>
USGC ethane prices rise 8 cents/gal on demand, short covering: trade Apr 27,2011
Mont Belvieu purity ethane prices surged 8 cents/gal Monday, boosted by strong demand from the chemical sector and short covering ahead of April expiration, according to trade sources. Platts assessed purity ethane for April at 89.25 cents/gal, up 8 cents from Thursday. Purity ethane prices had not reached that high since September 10, 2008, whe...>>>
Naphtha cracks firm $2/b on week as outright price stays high: trade Apr 27,2011
European front-month naphtha crack spreads have firmed by $2/barrel in the past week on the back of a strong outright naphtha price and a still narrow east/west spread, according to trading sources Tuesday. The front-month crack spread -- the relative value of a product to crude oil -- was at minus $3.30/b Tuesday morning from minus $5.30/b a we...>>>
UK GAS: Healthy system eases prompt pressure after Easter break Apr 27,2011
UK prompt natural gas prices eased off Tuesday after the Easter break on the back of a healthy system and comfortable outlook further forward, while contracts further forward came off on bearish news in the crude oil market, traders said. Natural gas for immediate delivery softened by 0.10 pence a therm on last Thursday's close to 53.30 p/th by ...>>>
Americas: Gas industry needs to 'step forward' to develop safe fracking: Chu Apr 27,2011
The US federal government is investigating the safety of hydraulic fracturing in natural gas production, but the industry should "step forward" to develop best practices, US Energy Secretary Steven Chu said Monday. "We need to look into this, that it's possible to extract that shale gas in a way that protects the water," Chu said in an interview...>>>
Europe: Quality of Russia's crude reserve base falling: state study Apr 27,2011
The quality of Russia's crude oil reserve base is declining and may lead to a drop in output, according to a natural resources ministry study published late Monday. Russia, the world's largest oil producer, produced over 500 million mt (10 million b/d) in 2009 but only has economically accessible reserves enough to maintain that output level for...>>>
Asia: Samsung, Saipem picked for EPC work on Indonesia's Cepu block Apr 27,2011
US oil major ExxonMobil has picked South Korea's Samsung and Italian construction company Saipem to carry out engineering, procurement and construction work on the Cepu block in East Java, Indonesia, a senior official at Indonesia's upstream regulator, BPMigas, said Tuesday. The contracts are expected to be inked early May, BPMigas vice chairman...>>>
Americas: US drilling regulator: 'You can't drill your way to lower oil prices' Apr 27,2011
Michael Bromwich, the chief regulator for US offshore drilling, on Monday waded into Washington's growing debate about high oil prices, saying his agency's pace of reviewing oil and gas exploration plans has no relation to the rising cost of gasoline. "Even if we permitted the hell out of everything tomorrow -- every pending permit, some permits...>>>
PetroChina Lanzhou Petchem may halve crude throughput in Jul on turnaround Apr 27,2011
PetroChina Lanzhou Petrochemical plans to shut 5-mil-mt/yr crude distillate unit and 3-mil-mt/yr fluid catalytic cracker for month-long maintenance early July, a refinery source said, adding its July crude throughput would slump nearly 50% as a result. Lanzhou Petrochemical, located in Northwest China's Gansu Province, has a topping capacity of ...>>>
China's Q1 naphtha exports plunge 32% to 180,612mt: GAC Apr 27,2011
China exported 180,612mt of naphtha in the first quarter of 2011, sharply down 32% from the same period last year, according to data released by the General Administration of Customs.The decline could be mainly attributable to turnaround of major exporter Dalian Wepec, lasting from end February to the first half of April, market sou...>>>
China: Oil product prices expected to be raised moderately mid-May Apr 27,2011
Domestic oil product retail ceilings are expected to be lifted in mid-May, but the rises might be lower than the latest two hikes. As of Apr 25, the 22-working-day moving average price of Brent, Dubai and Cinta crude climbed 5.03%, C1's data indicated. The benchmark price is more likely to rise as high as 6-7% by May 9, the date with price adjus...>>>
China's Q1 gasoline exports rise 1.65% yoy to 1.43-mil mt: GAC Apr 27,2011
China recorded 1.43-mil mt of gasoline exports in the first half of 2011, slightly up 1.65% from a year earlier, showed data from the General Administration of Customs.State-owned oil majors Sinopec and PetroChina were prudent in exporting gasoline in the first quarter because of supply crunch, market sources pointed out.The nation's...>>>
Indonesia's PTPN X, Japan's Nedo to build ethanol plant in East Java Apr 26,2011
Indonesia's PT Perkebunan Nusantara X and Japan's New Energy and Industrial Technology Development Organization, or Nedo, plans to begin construction of a fuel-grade ethanol plant in Mojokerto, East Java, in May, the state-owned plantation company said to local media over the weekend. According to PTPN X President Director Subiyono, construction...>>>
Asia: Asian BZ stronger overnight Apr 26,2011
Asian benzene prices were assessed higher overnight, supported by gains in naphtha prices. The Asian naphtha prices gained $2/mt to $1,077.75/mt CFR Japan Monday. Asian benzene prices were assessed at $1,222/mt FOB Korea Monday, up $5/mt from Thursday. The US benzene price was at a nearly $43 premium to the Asian price. The European price ended las...>>>
Europe: Swiss energy trader EGL signs Turkish joint venture deals Apr 26,2011
Switzerland-based energy trading company EGL Group has signed separate joint ventures with Turkish state gas importer and pipeline operator Botas and Turkish LPG and LNG trading group Demiroren, the three companies announced in statements released Monday. The agreement with Botas allows for the two groups to cooperate in areas of oil and natural...>>>
Asia: Plugging of Pennsylvania Chesapeake well to start Friday, leak halted Apr 26,2011
Plugging of a Chesapeake Energy natural gas well in Bradford County, Pennsylvania, is scheduled to start later Friday, according to a spokesman for the state Department of Environmental Protection. Flows from the well, whose wellhead connection ruptured Tuesday and spilled thousands of gallons of hydraulic fracturing fluid onto surrounding farm ...>>>
Africa: Libyan rebels say need four weeks to assess damage to oil fields Apr 26,2011
Libyan rebels will need four weeks to assess damage to two key oil fields that came under attack by troops loyal to Libyan leader Moammar Qadhafi earlier this month, the head of the rival National Oil Company Wahid Bougaighis said Sunday. He told a press conference in Benghazi, headquarters of the opposition Transitional National Council, that t...>>>