Chemical News
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China: Sinopec Luoyang Petchem to wrap up FCC maintenance end Jul Aug 02,2010
Sinopec Luoyang Petrochemical is expected to complete maintenance of a 1.4-mil-mt/yr fluid catalytic cracker at the end of July, which was shut down late Jul 13 due to glitch, a refinery source said. With the unit back into operation, Luoyang Petrochemical would resume crude throughput of 600,000mt in August, flat with scheduled consumption fo...>>>
China: Blast-hit Dalian Xin'gang oil port resumes full operations Aug 02,2010
The blast-hit Dalian Xin'gang oil port in Dalian City, Northeast China's Liaoning Province, resumed full operations on Jul 29, nearly two weeks after a pipeline blast and oil spill in the area. One 300,000DWT crude jetty that had been closed since the accident has resumed normal late Jul 28, a port source told C1. An oil tanker "Yuanshanhu" c...>>>
China: PetroChina reaches purchase agreement with Rosneft on ESPO crude Aug 02,2010
PetroChina has entered into a contract with Russia's Rosneft on purchasing ESPO (Eastern Siberian Pacific Ocean) Blend crude, a source Rosneft said but declined to reveal contract period and pricing formula. The supply of ESPO blend crude was stable in the spot market at present, averaging 10-15 Aframax-sized cargoes a month. The latest deal d...>>>
China: Sinopec cuts Aug naphtha ex-refinery price by Yuan 290/mt Aug 03,2010
Sinopec set Aug naphtha ex-refinery price for its underlying refineries at Yuan 5,010/mt, down Yuan 290/mt from the previous month, according to a source with the refiner. Meanwhile, ex-refinery price of naphtha supplied to eastern chemical enterprises by Tahe Refinery was decreased from Yuan 4,800/mt to Yuan 4,510/mt. Starting from Jan 1 of 2...>>>
China: Nanjing Hongbaoli Rigid PPG Sales Volume Surged in H1 Aug 03,2010
Nanjing Hongbaoli Co., Ltd released H1 results with operating revenues of Rmb 754 million, positively up 74.11% over the same period of last year. Operating profits rose by 7.29% to Rmb 77.6492 million while total profits climbed up by 8.17% to Rmb 78.0761 million. Basic earnings were reported Rmb 0.24 per share. Gross profit margin g...>>>
America: Air Products Shares Surge After Q3 Results Aug 03,2010
* Adj Q3 EPS $1.28 vs. Wall Street view $1.27 * Revenue up 14 percent * Sees adj Q4 EPS $1.27 to $1.33 * Says won't enter bidding war for Airgas * Shares up 3.1 percent NEW YORK (Reuters) - Industrial gas supplier Air Products and Chemicals Inc, which has gone hostile in its bid for rival Airgas Inc., said its quarterl...>>>
America: Lubrizol Q2 Profit Rises, Tops Estimate Aug 03,2010
Lubrizol Corp.'s (LZ: News ) second-quarter consolidated earnings attributable to the company were $201.4 million or $2.88 per share versus $131.9 million or $1.92 per share last year. Excluding the special charges, adjusted earnings were $201.7 million or $2.88 per share for the quarter compared with $138.4 million or $2.02 per share a year ...>>>
Huntsman to acquire Indian chemicals business Aug 03,2010
Huntsman Corp. has agreed to acquire the chemicals business of Indian company Laffans Petrochemicals Ltd. Financial terms of the agreement were not disclosed. Ankleshwar, India-based Laffans was formed in 1994 to make ethylene oxide derivatives. The chemicals business, which makes amines and surfactants, has 130 employees and annual sales...>>>
Britain: BP continues with Libya well plans despite Italy drill ban call Aug 03,2010
BP is still carrying out its preparations for drilling a deepwater well offshore Libya in the Mediterranean despite calls from the Italian government for a drilling moratorium following the Gulf of Mexico oil spill, BP said Monday. Italian environment minister Stefania Prestigiacomo told the Financial Times published Monday that the M...>>>
Korea: S Korea companies clinch ME oil, gas projects worth over $3 bil Aug 03,2010
South Korea's Daewoo Shipbuilding and Marine Engineering said Monday it had won contracts to build oil facilities worth about $2.15 billion. Under a $1.8 billion deal with a South African oil company, Daewoo Shipbuilding will build a floating production, storage and offloading vessel with a production capacity of 160,000 b/d of crude a...>>>
US lawmakers voice concern over possible hike in ethanol blend Aug 03,2010
US congressional leaders have asked the Environmental Protection Agency to answer a litany of questions regarding a possible increase in the amount of ethanol used in conventional vehicles. Their bipartisan concerns over a possible ethanol-gasoline blend hike were voiced in a letter to EPA Administrator Lisa Jackson, sent Thursday, tha...>>>
UK GAS: Heavy buying pushes up UK gas prices despite long system Aug 03,2010
Some aggressive buying of the August, September and Winter 10 contracts by a couple of players in the UK gas market pushed up prices Monday morning despite bearish signals from a physically well-supplied pipeline network. The market opened with falling prices. Winter 10, which closed last Friday at 49.95 pence/therm, was seen as low as...>>>
Australian LNGL in gas talks with Bow Energy on Fisherman's Landing Aug 03,2010
Australia's Liquefied Natural Gas Limited has been holding talks with local coal seam gas supplier Bow Energy on a tie-up for its stalled LNG project at Fisherman's Landing, near Gladstone in the eastern state of Queensland, LNGL said in a statement Monday. The company had previously said it was exploring gas supply and strategic part...>>>
US coal production about even from year-ago at 20.7 mil st: EIA Aug 03,2010
US coal production totaled about 20.7 million short tons in the week that ended Friday, the US Energy Information Administration said Thursday. The production estimate, based on railcar loadings, is 3.5% higher that the previous week's estimate and about the same as the production estimate in the comparable week of 2009, EIA said. ...>>>
Europe: Market fails to follow initial August benzene contract settlement Aug 03,2010
Negotiations for the August European monthly benzene contract price settlement continued over from the last days of July and into August on Monday, when a large proportion of the market failed to reach a conclusion. An initial contract price settlement was agreed late Friday at Eur 668/mt or $873/mt, reflecting a Eur12/mt drop on a eur...>>>
Indian GAIL inks pact to market polymers from upcoming BCPL plant Aug 03,2010
India's state-run gas transmission utility GAIL Saturday signed an agreement with Brahmaputra Cracker and Polymer Limited to market all the petrochemical products from the latter's upcoming natural gas and naphtha cracker complex in the northeastern state of Assam. GAIL owns a 70% stake in BCPL, whose cracker at Lepetkata in the Dibru...>>>
Brazilian August ethylene contracts expected to be flat to July Aug 03,2010
In Brazil, ethylene contract prices for August should be at the same levels compared to July, said a source Friday. Even though prices went up Eur12/mt in July due to the exchange rate between the dollar and reals, the Brazilian contract for ethylene may be without any movements. Brazilian ethylene contract prices usually fol...>>>
China: Sinopec Hainan refinery to refine 9% more crude oil daily in Aug Aug 03,2010
Sinopec Hainan refinery plans to process 750,000mt of crude oil in August, with daily throughput 9% higher than the previous month, according to a refinery source. The refinery will continue to run at high rate in the second half of this year due to no turnaround plan, the source revealed. C1 reported earlier, Hainan refinery set crude oi...>>>
China: Sinopec to supply 736,000mt of distillates to SW. China via pipeline in Aug, up 1% on month Aug 03,2010
Sinopec plans to transmit a combined 736,000mt of gasoil and gasoline to Southwest China's Guangxi, Guizhou and Yunnan via its Southwest Oil Product Pipeline in August, up 1% from the previous month, revealed a source with pipeline department of the oil giant. Gasoil allocation was 592,000mt, up 0.3% on month, while gasoline increased 4% to 14...>>>
China: Beijing Petroleum Exchange to start spot trading of petroleum products in near term Aug 03,2010
Beijing Petroleum Exchange (BPE), which began operation on Jul 30, will start spot trading of gasoil, gasoline, fuel oil, jet, lubricant, solvent oil, naphtha, etc. in the near term, according to a source with the exchange. "Under our preliminary plan, we will launch just spot transaction, so we won't designate delivery stocks. We will conduct...>>>
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