Published on July 11, 2017
Zhejiang Petrochemical started construction of the first phase of its oil refining and petrochemical complex on the island of Zhoushan, near Shanghai, in Zhejiang province Petro China to commission new Mixed Xylene unit. Zhejiang Petrochemical's project will consist of two 400,000 barrels-per-day oil refineries and two 1.4 million tonnes-a-year ethylene plants, as per report. The project is part of Beijing's efforts to bring private investors into the country's state-controlled energy sector. ..
Published on July 10, 2017
Petronas refinery & Cracker has finalized and agreed to award a contract to a Chinese consortium of China Petroleum Pipeline Bureau and CPP Petroleum Engineering to develop additional olefins storage units in the Pengerang Integrated Complex in Johor, Malaysia. As per the contract, the consortium will carry out the engineering, procurement, construction and commissioning for four 1,750-ton butadiene bullet tanks, four 2,500-ton propylene sphere tanks and a 12,000-ton double-walled cryogenic ..
Published on July 8, 2017
There is complete uncertainty prevailing for Methanol prices in China market. Sentiments were trending for hike in values. According to reports the ports are filled with inventory stocks of Methanol on other side there is sluggish demand in domestic market coupled with domestic heavy supply. Although there has been heavy consumption of chemical by MTO plants. This high demand is strong factor for rise in prices but on other side many domestic plants are likely to restart their units after brief ..
Published on July 7, 2017
Elba a joint venture between Shell and BASF has shut down its the styrene monomer and propylene oxide plant at the Moerdijk petrochemical complex in the Netherlands. The shut down has been due to an unexpected failure of one of the reboilers in the plant. As a result, Ellba C.V. has declared force majeure on its ability to supply Shell Chemicals Europe B.V. on June 30, 2017," it added. Shell also said the duration of the force majeure was "unclear" and it was "working hard to minimize the impact ..
Published on July 6, 2017
Total and Iran have reached a preliminary agreement to build three petrochemical plants in a deal that if finalised could see the French oil major investing up to $2 billion in Iran, an Iranian oil industry. The two sides have reached an agreement for construction of petrochemical plants with the total capacity of 2.2 million tonnes of petrochemical and polymer products per year. The preliminary deal on the petrochemical plants follows Monday's agreement by Total to go ahead with the phase 11 de ..
Published on July 5, 2017
Iran has announced that there has been significant dip in exports of its petrochemical to China since May due to banking issues with top officials in Tehran. Chinese banks has refused to make payments to Iranian exports due to domestic regulations against money laundering issue that came to effect on 1st May 2017. “The problem has reached a stage that the senior officials of the Iranian and Chinese governments need to negotiate over it. Certain regulations in China need to be amended in or ..
Published on July 4, 2017
GST for the chemicals industry looks positive. In India Chemicals businesses have suffered from the added taxations on their production capacity as well as their consumption demands. The pre GST taxations have impelled the rise in the production costs of manufacturing vital chemicals, which has resulted in the price-hike of the end products and made such goods unaffordable for gross consumption. Now, the GST Bill is trusted for the inevitable progress of the Indian chemicals industry in the up ..
Published on July 3, 2017
Saudi Aramco is seeking an interest to enter exclusive talks on investing in the largest refining project under way in India. The petrochemicals-focused Saudi Basic Industries Corp. (SABIC) has committed to studying projects in Kazakhstan as part of a wider co-operation agreement between Riyadh and Astana. India’s Oil Minister Dharmendra Pradhan revealed on June 14 that Aramco was requesting exclusivity in negotiations on taking a stake in the estimated US$40 billion refinery and petrochem ..
Published on July 1, 2017
Canada based Methanex has announced its ACPC for the month of July 2017. There has been no change in Asian Contract Prices for this month. Asian Contract prices are posted at USD 320/MTS. On contrary prices has been reduced heavily for European market. Earlier the prices were Euro 450/MT which has been reduced to Euro 320/M ..
Published on June 30, 2017
Para Xylene manufacturers of Asia have nominated the Asian contract prices for the month of July. Exxon Mobil has nominated ACP around USD 830/MT while apan's JX and South Korea's SK Global Chemical made theirs at $840/mt. Japan based Idemitsu Kosan has nominated prices for around USD 815/mt, reduced by down from its initial nomination of $900/mt last week. ..
