Chemical News
-
China: PetroChina Qinzhou refinery expects to process 9.6-mil mt of crude in 2011 Mar 15,2011
PetroChina Qinzhou refinery set crude throughput target for 2011 at 9.6-mil mt, revealed a refinery source. The refinery plans to refine 800,000mt of crude in March, with daily consumption flat with the previous month, according to the source. Qinzhou refinery, or Guangxi Petrochemical, is the first 10-mil-mt/yr oil refining project of PetroC...>>>
Asia: Japan shuts 32% of refining capacity on quake; may not import large quantities of oil products Mar 15,2011
Quake-stricken Japan has shut a combined 1.45-mil bbl of refining capacity so far, accounting for about 32% of the total, according to some seniors with Japanese oil companies. Although oil product supplies became tight in some areas of Japan, the country will not likely import a large amount of gasoline, gasoil and fuel oil, the sources believe...>>>
Asia: One Japanese fuel oil cargo to flow to China as scheduled despite earthquake Mar 15,2011
One 30,000-mt 700CST fuel oil cargo from Japan was scheduled for loading in Kawasaki in Japan's southeast coastal areas in Mar 19-20, for shipment to Zhuhai in South China, according to the shipping schedule provided by a Chinese importer. This cargo will not be delayed by the earthquake, said Tonen General, producer of this cargo. This will...>>>
Asia: Japan's Mitsui buys all of Pertamina's LSFO cargoes for Mar exports Mar 15,2011
Japan's Mitsui has bought all the five low-sulfur fuel oil cargoes that Indonesia's Pertamina offered for March exports, in view of impact of the earthquake, C1 learned from market sources. These cargoes, 30,000mt each, are all V500 fuel oil. Four of these cargoes are scheduled for loading in Balikpapan, one in Dumai. Previously Mitsui plann...>>>
Americas:Crude Oil: Problem with the Pump Mar 14,2011
The cost of oil and other commodities might be slowing growth right now... or even reversing it. Pick your poison. Is it because the price of oil rose to a 2 1/2-year high this week? Maybe. Is it because the dollar sank to a four-month low? Maybe. Is it because gold hit another all-time high to start the week? Well, it's probably not that, ...>>>
Americas:How US dollar is fast declining Mar 14,2011
Even silver and gold bears realize that the dollar is in decline, but few realize the extent of such a decline and how massive shifts in capital flows in 2008 will affect the dollar in 2011. The Flood into the US Dollar If you remember back to the days surrounding the credit crisis, you will probably first think of the massive opportunity t...>>>
Middle East:Libya will turn into a failed State Mar 14,2011
Italian energy company Eni warned the "worst potential outcome" for oil-rich Libya is that it will turn into a failed state. International energy companies evacuated their staff from Libya in February as demonstrations turned violent in the country. By March, the situation spiraled out of country, creating havoc in the global energy market. ...>>>
Middle East:Alternative energy, the best bet for future investments Mar 14,2011
Over the last few years there has been increasing concern about the rapidly depleting natural, non-renewable energy resources of coal, oil and natural gas. Human nature always seeks opportunity in adversity, and for the savvy there is the chance to capitalise. Governments and private companies have been investigating the renewable energy techno...>>>
Americas:Ghanaian oil sector laws opaque: Oxfam Mar 14,2011
Oxfam International said new rules proposed by Ghana don't go far enough to improve economic transparency in the country. The Parliament in Ghana ratified a bill last week that regulates how the country spends its oil money. The measure sets up a watchdog group to monitor the spending of oil revenue but excluded an earlier provision preventing ...>>>
Japan's quake hit areas remain under blackout Mar 14,2011
Most parts of japans' quake hit regions remained under blackout as around 5.57 million households were affected while more than 1 million households had had their water supply cut off. Power outage that disabled a nuclear reactor's cooling system, triggering evacuation orders for about 3,000 residents as the government declared its first-ever ...>>>
Americas:Metals-Energy Update: Gold holds ground, Oil tumbles Mar 14,2011
The safe haven demand for gold continued to be intact even as the yellow metal failed to hold to sustain the record high of $1445 achieved for April Futures at Nymex on March 7 and ended lower at $14521 an ounce on Friday. Crude oil for April delivery at Nymex witnessed a fall of 3.1% as Japan shut its refineries after a devastating earth quake on ...>>>
Asia:Oil stays below $100 as Japan struggles to recover Mar 14,2011
Global oil prices plunged below $100 on the first day of trading since Japan's deadly tremor that caused extensive damages to world's third largest economy. Light sweet crude for April delivery was seen trading at $99.61 a barrel at 12.00 noon Singapore time while Brent crude was at $112.15 a barrel in London. Analysts said' Japan impact' w...>>>
Americas: US MSTDP margins continue to slide on lower benzene, paraxylene Mar 14,2011
Following record high levels in late February, MSTDP margins in the US have turned sharply lower as prices for benzene and paraxylene have fallen. After being estimated near $470/mt back on February 18, MSTDP margins have shed roughly $145 to be pegged at $327.57/mt at market close Wednesday. The decline in margins was attributed, in part, to f...>>>
Asia: Australia's AGL plans co-gen facility for plastics maker Qenos Mar 14,2011
AGL Energy plans to build a A$45 million ($45.4 million) gas-fired co-generation facility at Australian plastics manufacturer Qenos' Altona plant in the southeastern state of Victoria, the companies said Thursday. The plant will have a nominal capacity of 21MW and when coupled with a heat recovery steam generator, will produce up to 88 mt/hour o...>>>
Europe: NWE spot benzene slump briefly halted on back of Asian climb Mar 14,2011
The recent slump in Northwest European benzene prices was briefly halted Friday morning, with a $33/mt rise in the Asian market briefly pulling European levels $10/mt higher in early trading. After closing at $1,230/mt for March and April Thursday evening, March bids were seen at $1,240/mt Friday morning, with offers heard at $1,250/mt for 1,000...>>>
Americas: Peabody CEO blames Texas blackouts on lack of coal-fired capacity Mar 14,2011
The head of Peabody Energy, the largest US coal producer, Thursday blamed the rolling blackouts that hit Texas earlier this winter on a lack of coal-fired baseload generating capacity in the state. "If we go for a long time without building baseload coal [generators], you'll get an unreliable electricity supply like the state of Texas now has," ...>>>
Asia: Japan nuclear outages set to trigger spot LNG demand: consultant Mar 14,2011
The temporary shutdown of 20% of Japan's nuclear capacity due to the massive earthquake there will boost demand for fuel oil and spot LNG to make up shortfalls in power generation, Bernstein Research said Friday. The scale of the damage to the country's nuclear power plants may also trigger a rethink of the government's plan to build out new nuc...>>>
UK gas, Asian LNG prices surge on earthquake-led demand in Japan Mar 14,2011
UK forward gas contracts and Asian LNG prices surged Friday as an earthquake in Japan triggered the shut down of nuclear and coal-fired power stations in the country, with LNG as a possible substitute fuel, which means cargoes may be diverted away from the UK and toward Asia, traders said. "The impact of the earthquake in Japan on the UK market ...>>>
Americas: BP expands Brazilian ethanol business with $680 mil deal Mar 14,2011
BP signalled a major expansion of its Brazilian ethanol business Friday agreeing to buy most of Brazil's privately-held ethanol and sugar producer Companhia Nacional de Acucar e Alcool (CNAA) for some $680 million plus debt. The move will allow BP to more than quadruple its Brazilian ethanol production capacity to some 1.9 billion liters/year, a...>>>
Asia: Massive Japan earthquake shuts refineries, power plants, ports Mar 14,2011
Japanese refiners Cosmo Oil and JX Nippon Oil and Energy shut their refineries in the eastern part of the country following a massive earthquake that struck the area on Friday afternoon. Several power plants and ports in the Tokyo Bay area were also closed. An 8.9-magnitude earthquake struck the northeast coast of Japan at 2:46 pm local time (05...>>>