Top Chemical News from ChemNet.

Light feeds remain most profitable for US steam cracker operators Aug 10,2010

US steam cracker operators saw margins mixed on the week as spot ethylene closed slightly lower week on week. Spot prices appeared to peak early in the week following several trades heard done at 37 cents/lb but have since pulled back on the expectation that Dow will restart its LHC 7 olefins unit at Freeport, Texas at some point in the next week...>>>

Russia to monitor upstream, downstream oil with single system Aug 11,2010

Russia's energy ministry is developing a united monitoring system to review the county's oil production, transportation and refining in order to make the industry more transparent and reduce the illegal oil trade, a ministry spokeswoman said Tuesday. The ministry announced the "Oil Control" concept in a statement late Monday, saying that ...>>>

China's Sinopec to launch crude storage tanks at Cezi Island 2011 Aug 11,2010

China's largest refiner Sinopec plans to complete construction of its 13.5 million cubic meter capacity (84.91 million barrels) commercial crude storage tanks at Cezi Island in East China's Zhejiang province in 2011, its parent company China Petrochemical Corporation said on its website Monday. The Yuan 13 billion ($1.92 billion) investme...>>>

Some peak oil followers dispute Simmons Macondo statements Aug 11,2010

Some followers of the peak oil theory had recently taken issue with comments by leading proponent Matt Simmons, who died Sunday, over the effects of the Macondo spill and had begun to question his credibility. Simmons, 67, died Sunday of an apparent heart attack at his home on North Haven island in Maine (story 1556 GMT). Art B...>>>

UK's EnCore seeks Esmond offshore gas storage project investment Aug 11,2010

UK independent EnCore Oil is hoping to find investors for its UK North Sea Esmond gas storage project, the company said Tuesday. It has engaged investment bank Jefferies to market the project, and the work is "ongoing," EnCore said in a financial results statement. "The marketing of our 100% owned Esmond gas storage project continues, and...>>>

Japan's Inpex considering stake sale for Ichthys LNG buyers Aug 11,2010

Japan's Inpex Corp is considering selling stakes in the upstream portion of its Ichthys project in Australia to prospective LNG buyers, a company official said Tuesday. The company has already received interest from some buyers in taking upstream stakes, the official said. But as yet the company has not decided on the extent of any sale,...>>>

US FERC monitors Florida gas market after prices spike Aug 11,2010

The US Federal Energy Regulatory Commission is monitoring the natural gas spot market at the Florida city-gates after prices shot up to $14/MMBtu last week at a time when generator demand was high and pipeline maintenance limited supplies, a FERC spokeswoman said. "Our staff is on it. I know there are a lot of extenuating circumstances wi...>>>

China's July coal exports up 12.1% on-year Aug 11,2010

China exported 1.39 million mt of coal in July, up 12.1% on a year earlier and 9.4% higher than in June, according to preliminary figures released by China Customs Tuesday. In January-July of 2010, China exported a total 11.53 million mt of coal,down 10.8% from the 12.92 million mt shipped out in January-July last year. China's...>>>

China: Shandong Huaxing Petchem to start operation of 6-mil-mt/yr CDU Nov Aug 11,2010

Shandong Huaxing Petrochemical plans to start operation of a 6-mil-mt/yr crude distillate unit and a 1.4-mil-mt/yr coker before the end of November, according to a source with the refinery. With this new CDU on line, Huaxing Petrochemical's topping capacity will hit 8.5-mil mt/yr and the refinery will replace Shandong Changyi Petrochemical as...>>>

China: Huaying Petchem starts construction of 10-mil-mt/yr fuel oil blending base Aug 11,2010

Huaying Petrochemical started building a 10-mil-mt/yr fuel oil blending center in Daya Bay in Huizhou City of South China’s Guangdong Province on Aug 9, boasting the largest one in China when completed in 2013, according to traders in Huizhou. The project would mainly comprise 1.03-mil-cu-m heavy oil tank farm, a 300,000-DWT oil jetty and two ...>>>

China: Sinopec to export from S. China 155,000mt of distillates in Aug, flat on month Aug 11,2010

Sinopec plans to export a combined 155,000mt of distillates produced by subsidiary refineries in South China in August, according to refinery sources. The exports comprise 80,000mt of gasoline and 75,000mt of gasoil, both flat with the previous month, the source revealed. In addition, Sinopec is scheduled to export 125,000mt of jet from the r...>>>

Demand for spot ARA propane remains weak Aug 11,2010

Demand for spot propane in the Antwerp-Rotterdam-Amsterdam area remains extremely weak, according to industry sources. FCA propane loaded on trucks and railcars and FOB propane loaded on barges is used in many parts of Northwest Europe as a heating and cooking fuel, with summer demand lower than winter demand as a result. Curren...>>>

Philippines' JG Summit to run PE plant until Sep on good margins Aug 11,2010

Philippines' JG Summit is expected to continue running its 200,000mt/year high-density polyethylene/linear low-density polyethylene swing plant in Batangas until September on the back of good production margins, a company source said Tuesday. The company is a non-integrated producer that buys ethylene feedstock on a spot basis. ...>>>

China's Jul crude oil imports fall 15% on month to 19-mil mt: GAC Aug 11,2010

US styrene offers for August were heard between 48 and 49 cents/lb on Monday, down slightly from last week as variable cost estimates were lower. One seller said any spot deal would have to be backed up with spot feedstock purchases. With spot benzene at 295 cents/gal for August and ethylene offered at 37 cents/lb, variable costs for sty...>>>

China's Jul crude oil imports fall 15% on month to 19-mil mt: GAC Aug 11,2010

China's crude oil imports in July fell to 19-mil mt, down 14.68% from the previous month, 3.21% lower than a year earlier, according to data from the General Administration of Customs.Market sources ascribed the on-month drop to less crude oil throughput of state-owned refiners Sinopec and PetroChina, both of which had refineries under ma...>>>

China: Shandong Hongye to Launch PU Resins Project in Late August Aug 12,2010

Shandong Hongye Chemical Industrial Group announced recently that its sole resin and PU resin project successfully finished commissioning in early August and was predicted to launch in the end of August. According to relevant person in the company, the project would consume 40 thousand tons adipic acid per year, almost 29% of the company’s ...>>>

China: Cangzhou Dahua Reported Sharp Growth in TDI Profit in H1, 2010 Aug 12,2010

Hebei Cangzhou Dahua Co. Ltd. reported first-half 2010 results last Thursday. Operating revenue was up by 36% year-on-year to Rmb 1191 million while net profit rose to Rmb 62.12 million, up by 16% compared with the same period last year, with earning per share of Rmb 0.24. In the first half of this year, production and sales volume of urea...>>>

Chemtura Reveals Plan to Finance Bankruptcy Exit Aug 12,2010

Chemtura Corp. plans to offer “$450 million in aggregate principal amount of unsecured senior notes due 2018,” the company said Aug. 9. The proposed offering is part of Chemtura’s exit financing package in line with its Chapter 11 plan of reorganization, if the plan is confirmed by the US bankruptcy court. A hearing is scheduled for Sept. 16....>>>

China: PetroChina Jinxi Petchem to refine 42% less crude oil in Aug Aug 12,2010

PetroChina Jinxi Petrochemical set crude oil throughput target for August at 290,000mt, slumping 42% from the previous month, a source with the refinery said. The refinery shut a 1.5-mil-mt/yr coker for 45-day maintenance on Aug 1, the source said. It plans to revamp a 3-mil-mt/yr crude distillate unit a 1-mil-mt/yr fluid catalytic cracke...>>>

China: PetroChina Daqing refinery cuts Aug crude oil throughput target by 53% on turnaround Aug 12,2010

PetroChina Daqing refinery plans to refine 290,000mt of crude oil in August, sharply down 53% from the previous month, according to a refinery source. The refinery would start overhauling all of its units from Aug 17, expected to last 45 days, the source revealed. Daqing refinery, located in Northeast China's Heilongjiang Province, has a topp...>>>