Top Chemical News from ChemNet.

China's electricity rationing curbs petchem operations, demand Aug 05,2010

Ongoing electricity rationing in East and mid-China's provinces, on the back of record high consumption levels, have resulted in operation cutbacks at downstream factories and reduced demand for petrochemicals, industry sources said this week. According to a statement released by the National Development and Reform Commission Tuesday, Ch...>>>

DME sets new record high for physical Oman crude delivery in July Aug 05,2010

The Dubai Mercantile Exchange said Wednesday it set a new record last month for the physical delivery of Oman crude cargoes in September at 15.1million barrels, surpassing the previous high of 14.1 million barrels in June. This would equate to 30 cargoes of 500,000 barrels each. Total open interest on futures contracts between S...>>>

Philippine refiner Petron wins court battle with government over tax Aug 05,2010

The Philippines government has lost its decade-long battle over tax dues with Petron Corp., the country's largest refiner, local media reported Wednesday. At stake was some Pesos 580 million ($12.75 million) in excise tax that the government claimed Petron owed. But the Supreme Court ruled that Petron had complied with proper procedures f...>>>

America: No US Senate oil spill vote before recess, Reid says Aug 05,2010

US Senate Majority Leader Harry Reid said Tuesday he would not hold votes before the chamber's August recess on dueling energy proposals to address offshore drilling. The Nevada Democrat had planned to hold test votes Wednesday on a bill of his own and a Republican alternative -- both legislative responses to the Macondo wellhead disaste...>>>

Australia's NWS LNG tenders to sell mid Sept cargo, bids due Tues Aug 05,2010

Australia's North West Shelf LNG Wednesday launched a tender to sell a mid-September loading cargo, several market sources said. Bids are due by the following Tuesday, they added. The project's last tender was launched mid-June, for a July 19 loading cargo. At that time, market sources said the winning bid was around the mid-$6s/MMBtu, im...>>>

US oil and gas M&A activity highest in Q2 2010 since Q3 2008: PwC Aug 05,2010

Merger and acquisition activity in the US oil and gas sector reached its highest level in more than a year and a half during the second quarter, according to a report issued Wednesday by PricewaterhouseCoopers. With improved credit markets and buyer-seller expectations finally aligning, coupled with increased CEO confidence and stabilize...>>>

China: Hebei group hikes August reference met coke prices by Yuan 50/mt Aug 05,2010

Hebei Coking Industry Association has raised its reference metallurgical coke prices by Yuan 50/mt ($7.40/mt) for August deliveries compared with July's levels for July, it said in a statement Tuesday. The statement did not give specific prices for August deliveries. But an HBCIA executive told Platts that the August reference price for ...>>>

China: Sinopec Yanshan Petchem to refine 8% more crude oil in Aug Aug 05,2010

Sinopec Yanshan Petrochemical is expected to refine 950,000mt of crude oil in August, up 8% from the previous month, a source with the refinery said. The refinery's production would be affected little by glitch of an 800,000-mt/yr reformer, which would be under maintenance for a week, the source said. Yanshan Petrochemical, located in Beijing...>>>

China: PetroChina Kunlun Gas buys LPG distributors in Beijing: informed source Aug 05,2010

PetroChina's LPG wholesale company Kunlun Gas has recently purchased a few LPG distributors in Beijing, an informed source said without giving more details. The move may mark the company has formally stepped into LPG retail market in North China, market sources reckoned. It would be convenient for Kunlun Gas to manage LPG distributors in Beij...>>>

China: PetroChina raises gasoil inner settlement prices Aug 05,2010

PetroChina elevated Wednesday inner settlement prices of gasoil between regional marketing companies and provincial sales branches, by Yuan 100/mt for the sales branches in outside provinces and Yuan 50/mt for those inside, according to a company source. The increases would stimulate provincial sales branches to continue to boost gasoil wholes...>>>

China: Gasoil wholesale prices climb over rising international crude, tight supply Aug 05,2010

Domestic gasoil wholesale prices have been rising this week due to continuous rises in international crude prices, also thanks to tight supply and slightly stronger demand. As Brent crude gained from US$78.68/bbl on Jul 30 to US$83.84/bbl on Aug 3, the average gasoil wholesale price climbed from Yuan 6,693/mt to Yuan 6,769/mt, up 1.14%, C1's d...>>>

China: Shandong independents' gasoil inventories drop notably over better sales Aug 05,2010

Shandong-based independent refineries' gasoil stockpiles declined obviously in the second half of July as their sales improved, C1 found. The 12 refineries surveyed by C1 held about 206,000mt of gasoil inventories on Jul 30, notably down 29,000mt or 12.34% from the middle of July. These refineries' gasoil sales grew as traders replenished thei...>>>

China: S. China commercial fuel oil inventory stable at 1.65-mil mt Aug 05,2010

Commercial fuel oil inventories of major oil terminals in South China totaled 1.64-1.66-mil mt up till Aug 4, flat with week ago, while 59% higher than the same period last year, a survey found. The volume accounted for 63% of the total storage capacity of the terminals. About 30,000mt of fuel oil entered into the terminals in the past week, c...>>>

China: Yunnan Yunwei's DMF Facility to Start Commissioning in end-August Aug 05,2010

According to relevant people from Yunnan Yunwei Co., Ltd., the company’s 100kt/y DMF facility would carry out commissioning and test run at the end of August. The company is specialized in a variety of chemical products with annual capacities of 85,000 tons for Calcium Carbide, 28,000 tons for Polyvinyl Alcohol (PVA), 85,000 tons for Vinyl A...>>>

August US propylene contracts appear set to climb 2 cents/lb Aug 05,2010

August US propylene contracts appeared set to rise as sources this week reported a possible settlement of plus 2 cents/lb. One seller reported initial settlements with two buyers at plus two cents while another buyer concurred that a two cents increase was likely. If sellers are successful in pushing through a price hike at that level,...>>>

China: Factors Impacted on PP Market Prices Aug 05,2010

Followed by several month of fall, China polypropylene (PP) market rebounded over CNY10,500/tonne since in July. Distributors regained confidence, and expected an upturn market. However, the fast climbing prices were caused by re-sellers’ speculation, instead of stronger demand from end-users. Therefore, distributors believed the uptrend was unlike...>>>

BASF reaches agreement with Cognis Holding Luxembourg S.à r.l. to purchase Cognis Aug 05,2010

June 23, 2010 – Ludwigshafen, Germany – BASF SE has reached an agreement with Cognis Holding Luxembourg S.à r.l. controlled by Permira Funds, GS Capital Partners and SV Life Sciences to acquire the specialty chemicals company Cognis for an equity purchase price of ?00 million. Including net financial debt and pension obligations, the enterprise val...>>>

China: Jiangsu Fullmark Chemicals' Ployols Monthly Sales Reaching Rmb 10 Million Aug 06,2010

Jiangsu Fullmark Chemicals recently introduced a new ployol product widely used in building industry, with its monthly sales amounting to Rmb 10 million. Established in 2001, Jiangsu Fullmark Chemicals Co., Ltd. is a joint venture of Mitsubishi Corporation and Jiangsu Fuli Chemicals Co., Ltd. It is a leading player with total capacity of aro...>>>

America: Air Products Increases Prices for Polyurethane Additives Aug 06,2010

LEHIGH VALLEY, Pa., Aug. 4 /PRNewswire-FirstCall/ -- Air Products (NYSE: APD) today announced that, effective September 1, 2010, or as contracts allow, it will increase prices in North America, South America and South Africa on select Dabco® amine catalysts by 5%. This price increase is necessary to offset key raw material cost increases...>>>

China: Yantai Wanhua to Announce Q2 Results on Aug 18 Aug 06,2010

Yantai Wanhua is to announce its Q2 results on Aug 18, according to the company's security department. Analysts estimated that seasonal demand and price-up would bring the company good results this quarter. In the first quarter of this year, the company reported sales income of Rmb 2.049 billion, up 69.1% year-on-year. Net profit incr...>>>