Published on March 23, 2018
The decision taken by Reserve Bank of India (RBI) to ban the lending credit will have an adverse impact on chemical importers in the country. The recent scam in PNB and many other defaulters has hit hard to the Indian banking system. The central banking authority has now decided to put a weight on LC and LOU. The implementation of this law will come in April month. This will in turn affect the GDP growth of the country. An LOU is generally used to fund imports and to avail short-term credit ..
Published on March 22, 2018
Saudi Aramco has completed the discussions on investment of 7 billion dollar in Petronas’ Refinery and Petrochemical Integrated Development (RAPID) project at Pengerang in southern Malaysia. Saudi Aramco had earlier in February 2017 signed a deal with Petronas for a 50% stake in the Rapid project. RAPID, it comprises of a refinery, cracker and downstream petrochemical complex, is part of Petronas’ Pengerang Integrated Complex (PIC) based in Johor. ..
Published on March 20, 2018
Saudi Aramco has been showing keen interest in purchasing stake in a proposed $40-billion refinery and petrochemical project at Ratnagiri, India. Aramco is also seeking to supply Saudi crude oil to the refinery and marketing rights for the entire fuel and petrochemicals output from the complex. Indian Oil, Bharat Petroleum, and Hindustan Petroleum signed an agreement in June last year to build the complex, which will include three crude oil processing units with a combi ..
Published on March 19, 2018
Cyber-attackers tried to trigger a deadly explosion at a petrochemical plant in Saudi Arabia in August and failed only because of a code glitch. Investigators declined to identify the suspected attackers, but people interviewed by the newspaper unanimously said that it most likely aimed to cause a blast that would have guaranteed casualties. A bug in the attackers' code accidentally shut down the system instead, according to the report. The cyber-attack - which could signal plans fo ..
Published on March 17, 2018
The Central Board of Excise and Customs imposed a duty of $217.40 per tonne on the import of SNF from China for a period of five years, it informed the stock exchanges on Wednesday. The company has a manufacturing facility for this product. ..
Published on March 16, 2018
Tosoh Corp has shut down its cracker for maintenance turnaround. The cracker was shut down last week as per annual maintenance schedule. The unit is likely to remain off-stream for around 40 days. Unit is based at Yokkaichi in Japan and has the production capacity of 5,27,000 mt/year ..
Published on March 15, 2018
IGP Methanol (IGP)partners with COSCO, and Jinguotou (JGT) agreed to construct up to two methanol plants to supply feedstock for Jinguotou's Methanol-to-Olefins facility at Jin Zhou Port. Plant will be placed at IGP Methanol's Gulf Coast Methanol Park. Each plants will have a production capacity of 1.8 million tons of methanol per year. "IGP is pleased to begin this cooperation with internationally esteemed logistics company COSCO and JGT. The project will assure long-term stable and low-priced ..
Published on March 14, 2018
Saudi Arabia’s Sahara Petrochemicals Company and Saudi International Petrochemical Company .i.e. Sipchem will resume the merger talks after a break of four years. They have decided to restart the negotiations "in light of the recent changes in the regulatory framework," the companies said in the statement. Sipchem has a steam cracker in Al-Jubail that has an ethylene production capacity of 1.3 mln mt/year. Sahara has several affiliate companies in Saudi Arabia which have a combined ethylen ..
Published on March 13, 2018
Acrylonitrile spot prices significantly reduced in domestic market. Prices have decreased due to weaker feedstock propylene values and dull regional demand sentiments. Today prices were assessed around Rs.200/Kg for bulk quantity; reduce by Rs.20/Kg over the previous week prices. ..
Published on March 12, 2018
The South Korean company LG Chem believes the global petrochemical market to be stable for this year, and is diversifying its products to guard against falling plastic usage, the company’s chief executive said. Asian petrochemical makers typically use crude-oil derived naphtha as a feedstock to produce ethylene and other basic petrochemicals, which are mostly used to make plastics. “The petrochemical business is largely affected by oil prices, but now oil prices are stable in ..
