Published on October 30, 2017
Supply of group I Base Oil remains tight to firm in UAE due to tightened supply from Iran. Offers have reached to the mark of USD 725/tone for SN 500 category. It has been due to shortage in the supply. Supply has been slow down from Iran due to healthy demand in domestic markets of Iran. The resumption of production of SN500 from a major producer in Iran could ease some of the recent supply tightness in the region. ..
Published on October 27, 2017
India’s leading major chemical manufacturer Deepak Nitrite is soon to complete the Phenol and Acetone units. The company has set an target to achieve 1 billion dollar in next three to four years. The Phenol Acetone plant has incurred an investment of Rs. 1,4000 crore. According to company’s director ,“ We are setting up the country’s largest Phenol Acetone plant at Dahej in Gujarat with the capacity of 2,00,000 tonnes per annum. The Acetone capacity will be around ..
Published on October 26, 2017
A new petrochemical plant has been announced by Canada Kuwait Petrochemical in Sturgeon County. The project will incur a investment of 3.8 billion dollar to 4.2 billion dollar. It will further strengthen country’s economy. In December Canada Kuwait Petrochemical Corporation received a conditional royalty credit of $300 million from Alberta Energy to go towards the project. Sturgeon County also signed a Municipal Improvement Agreement with the company. ..
Published on October 25, 2017
Reliance Industries Limited has come up with new PE complex in Jamnagar. The new complex was started up in September. The unit has the production capacity of 5,0,000 mt/year while LDPE capacity of 4,00,000 mt/year. Meanwhile, RIL is building a 1.37 million mt/year steam cracker at the same site. ..
Published on October 17, 2017
Iran exported $5.57 billion worth of petrochemical and polymer products in the first six months of the current fiscal year (March 21-Sept. 22), up $1.2 billion compared to the same period of last year. According to NIPNA, the National Petrochemical Company’s official news agency, exports are expected to register a new annual record in terms of value by March as oil is being traded at around $50 a barrel in international markets. Iran earned a total of $9.55 billion in revenues from petr ..
Published on October 16, 2017
India’s leading petrochemical refinery TRIL has posted a big hike in profits in the second quarter of 2017. An increase of 12.5% with consolidated profit of 8,109 crore was witnessed with the ending of second quarter on 30th September. The revenue of Reliance Industries Ltd increased by 23.9 per cent to Rs 101,169 crore ($15.5 billion) compared to Rs 81,651 crore in the corresponding period of the previous year. The results also reflect strong underlying fundamentals of our refining a ..
Published on October 14, 2017
Marjan the first Iranian petrochemical company has sealed an agreement for sale pf petrochemical products with European nations last month. The plant will operate with a capacity to produce 1.65 million tonnes of methanol per year, with the feedstock coming from South Pars gas refineries. Beside Marjan, two other methanol projects - the first phase of Bushehr Petrochemical Co. and Kaveh Petrochemical Co. as the largest methanol project in Iran and the Middle East - will come online this year, d ..
Published on October 13, 2017
The independent oil refineries of China has formed joint venture in order to compete with state owned giant refineries and other private chemical giants. This new alliance has been named as Shandong Refining & Chemical group. This joint venture has been set up at the cost of 5 billion dollar and gathers six independent oil processors and a provincial government-backed fund as investors, and was registered in late September. Members of the alliance are expected to coordinate their production, ..
Published on October 12, 2017
South Korea based Lotte Chemical Corp believes that petrochemical market is likely to get stabilize by year 2020. The major reason behind this is lowering of oil prices in international market. “By 2020, petrochemical markets are likely to be stable to firm as oil prices are expected to remain stable at $60,” Kim said in his first interview since starting as CEO in March. “Given that, the profitability of petrochemical makers with naphtha crackers, like us, is likely to change ..
Published on October 11, 2017
The Singapore Exchange will soon be launching new SM and MEG swaps and futures contracts on October 23 this year, according to an SGX Tuesday. This will be the first time derivative contracts for SM and MEG have been offered by any clearing house in Singapore. The swaps are to be traded in 500 mt lots, while the futures contracts will trade in 100 mt increments. "SM and MEG have traditionally been traded on an over-the-counter (OTC) basis between counterparties," an SGX spokesman said. He furt ..
