Chemical News
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China: Nanjing blast kills 13, forces nearby film extruder to close Aug 03,2010
As the death toll rose to 13 in the powerful explosion July 28 at an empty plastics factory in Nanjing, the widespread and massive damage forced at least one plastics company to cease production. Film extruder Nanjing Jinzhongda New Material Co. Ltd. said 46 of its employees were injured, with two in critical condition. ...>>>
China: After closures, Taiwan's Formosa to delay maintenance Aug 04,2010
* Maintenance delayed to October -local paper * Company may first reopen its No.1 cracker after fire TAIPEI (Reuters) - Taiwan's Formosa Petrochemicals Corp said on Monday it would delay maintenance of its No.2 cracker to ensure steady production after incidents last month shut down other parts of its giant refinery complex. The 540,...>>>
Global chemical M & A market will gradually recover in 2010 Aug 05,2010
According to investment bank said that in early 2009 reached its lowest point, the global industrial M & A recovery in 2010. Investment bank Young & Partners president Peter Young said: "With the financial markets improved in 2010, we will see a substantial increase in trading volume." He added: "The chemical industry M & A ...>>>
China: Sinopec HK acquires BP Zhuhai's LPG tank farm: market sources Aug 04,2010
Sinopec Hong Kong has acquired BP Zhuhai's 200,000-cu-m underground tank farm for refrigerated LPG at US$100-mil, according to some market sources in South China. Sinopec HK may take delivery of the tank farm in September, they said. Sinopec HK probably bought this tank farm for LPG re-exports, and it can also build up stockpile with the tank...>>>
China's crude apparent consumption gains 18.56% H1'10: NBS Aug 04,2010
China recorded about 215.30-mil mt of crude apparent consumption in the first six months of 2010, up 18.56% over the same period last year, according to the data from the National Bureau of Statistics. China's crude imports surged 29.97% in the six months to 117.97-mil mt and its output climbed 5.33% to 98.48-mil mt, while exports plunged 56....>>>
China's Jiangsu Sanmu delays new PA plant startup to early Sep Aug 04,2010
China's Jiangsu Sanmu Group Corporation has deferred startup of its new 50,000 mt/year phthalic anhydride plant to early September, as the company is grappling with a shortage of electricity, a company source confirmed Tuesday. According to the source, Jiangsu Sanmu was to start up the phthalic anhydride plant "either Wednesday or Thursda...>>>
The Shell and PetroChina Takeover of Arrow Energy due to be implemented on August 23 Aug 04,2010
Shell and PetroChina planned to purchase Australia Arrow Energy with $3.45 billion on August 23th. Arrow’s Board of directors brought the acquisition plan into effect by vote in early July while Federal Court of Australia approved the plan on July 29th. Shell said it was satisfied with all trade clauses. >>>
China: China's Wanhua takes over Hungarian BorsodChem Aug 04,2010
The complete merger of China's Wanhua Industrial group with the Hungarian PVC and chemicals company BorsodChem is rapidly becoming a reality as minority shareholder Wanhua prepares to buy out BorsodChem’s current owners. The move, agreed by both firms, will give the Chinese industrial group a 100% stake in Kazincbarcika-based BorsodChem and c...>>>
German: Dow Reviewing Thai Investments Aug 04,2010
SCHWALBACH, Germany -- Dow Chemical is considering investing up to US$150 million more to integrate downstream products into its petrochemical production in Thailand now that the US-based chemical giant sees some light at the end of the tunnel in getting its suspended project to proceed. Gerard van Harten, vice-president for manufacturing an...>>>
Japan: Nippon Shokubai's MEG Facility at Ukishima to Restart on August 5th Aug 04,2010
Nippon Shokubai’s 105kt/y MEG facility located at Ukishima would resume production on August 5th as schedule after two-week maintenance. Besides, its 105kt/y MEG facility in Chidori was planned to shut down for one-month maintenance from August 16th. Nippon Shokubai Co., Ltd. (Nippon Shokubai) is a leading chemical company and Japan's ...>>>
UK-listed EnQuest to buy Canada's Stratic for $132 million Aug 04,2010
Recently listed North Sea upstream company EnQuest has agreed to buy Canadian-based producer Stratic Energy for a total of C$135 million ($132 million) in a stock-and-debt deal, boosting its reserves in the North Sea, EnQuest said Tuesday. EnQuest was only created in March and brought together the North Sea assets of Sweden's Lundin P...>>>
Australia's Nexus denies Shell takeover talk after share surge Aug 04,2010
Australian junior oil and gas producer and explorer Nexus Energy on Tuesday denied reports of a potential A$480 million ($437 million) takeover offer from global major Royal Dutch Shell that sent its share price soaring. "Nexus advises that it has not been approached by any party nor is in discussions with any parties in respect of a t...>>>
Britain: BP delays Macondo injectivity test to Tuesday on leak Aug 04,2010
BP said late Monday it would delay until Tuesday injectivity testing on its blown-out Macondo well in the US Gulf of Mexico due to a small hydraulic leak found in the capping stack hydraulic control system. The test was expected to start Monday, ahead of plans to start a static kill operation on Tuesday. "During final prepara...>>>
German-Czech GATRAC introduces day-ahead gas capacity booking Aug 04,2010
GATRAC, a cross-border partnership of the Czech gas transmission system operator NET4GAS and Germany's ONTRAS-VNG Gastransport, said Tuesday it planned to introduce the possibility to book day-ahead capacity. At the same time, the company has improved the technology of its trading platform to simplify the booking process. Th...>>>
South Korea's Posco tenders to buy late-September LNG cargo Aug 04,2010
South Korea's largest steelmaker Posco has tendered to buy a spot LNG cargo for delivery in late September to its Gwangyang LNG import terminal, several market sources said Tuesday. Posco is building a third storage tank, with a capacity of 165,000 cubic meters, at Gwangyang, on the south-central coast of the country. The tan...>>>
September NYMEX gas tumbles after bumping up against $5/MMBtu Aug 04,2010
The September NYMEX natural gas futures contract tumbled Monday to settle at $4.701/MMBtu after a solid week of gains last week. Enerjay broker Jay Levine said the market had a good run but hit resistance at $5/MMBtu. "That's as good a reason as any," he said. "Easy come, easy go." PFGBest analyst Phil Flynn said he thinks th...>>>
China: Sinopec Ji'nan Refinery sets Aug crude oil throughput target stable at 380,000mt Aug 04,2010
Sinopec Ji'nan Refinery is slated to refine 380,000mt of crude oil in August, flat with the previous month, a source with the refinery said. Ji'nan Refinery, located in Ji'nan City of Shandong Province, has a topping capacity of 6.4-mil mt per year. It plans to expand processing capacity of a 1.4-mil-mt/yr crude distillate unit, which has been...>>>
China: PetroChina Daqing Petchem to refine 7% more crude oil daily in Aug Aug 04,2010
PetroChina Daqing Petrochemical is scheduled to process 560,000mt of crude oil in August, with daily throughput 7% higher than the previous month, according to a refinery source. The refinery set higher crude oil throughput target for August, because nearby PetroChina Daqing Refining & Chemical would be in turnaround in the whole month, the so...>>>
China: Weifang Hongrun negotiating with state oil giant on acquisition: market sources Aug 04,2010
Weifang Hongrun Petrochemical Auxiliary Co Ltd, China's third largest independent refinery by capacity, was negotiating with a state-run oil giant headquartered in Beijing on acquisition, a source close to the issue told C1 Tuesday. The potential buyer was one of the top four oil companies in China, according to a fuel oil importer based in Sh...>>>
Spot NWE benzene prices gain $10/mt as buyers return to market Aug 04,2010
Spot Northwest European benzene prices gained around $10/mt as the market traded upwards with buyers returning to the spot market Tuesday morning. The September market was heard traded twice at $935/mt and $945/mt for 1,000 mt CIF ARA barges, with Vitol and Mitsui confirmed as the buyers. There were also unconfirmed reports o...>>>
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