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Americas:Oil nears $90 as demand soars

Global oil prices continued their northern journey Wednesday as energy demand expected reach record levels amid freezing weather in Europe and the United States. Light sweet crude for February delivery was seen trading at $89.98 a barrel at 12.00 noon Singapore time while Brent ...

China aims to expand thermal power capacity by 80 mln kw in 2011

China will increase its thermal power output capacity by 80 million kilowatts this year, as thermal power continues to play a major role in the country's power supply. From 2011 to 2015, China will increase its thermal power capacity by 260 million to 270 million kilowatts, Zhang ...

China:China again raises petrol, diesel price

Record demand increase for energy and short supply forced China to raise prices of gasoline and diesel prices with immediate effect. According to National Development and Reform Commission(NDRC), gasoline and diesel prices 310 yuan (about $46 ) per tonne and 300 yuan per tonne, ...

China:Chinese oil demand hits record Level

China's oil consumption hits record level as it devours 13 percent more oil in November than did in the same month in 2009 and refineries are running at full steam, shows an analysis by the Platts news service Oil demand from China in November hit a record 9.3 million barrels per ...

Qatar Petroleum, Shell sign MoU for Ras Laffan petchem project

SINGAPORE-Qatar Petroleum and Shell have signed a memorandum of understanding for the joint development of a world-scale mixed feed cracker and petrochemicals complex at Ras Laffan in Qatar, Shell said on Tuesday. The project would include a monoethylene glycol (MEG) plant with a ...

Americas: US producers target January PET increases on higher costs

All but one US PET producer was on board for a January price increase, industry sources said Monday. Wellman was the sole producer not to have issued a 3 cents/lb price hike for January 1, but the company could simply push whatever it does not get from December's 6 cents/lb ...

Asia: S Korea extends tax cuts on imported oil products, petchems to 2011

South Korea's finance ministry said Tuesday it would extend tax breaks on oil product imports to 2011 in a bid to curb inflation that threatens the country's economic recovery. Tariff on gasoline, diesel, kerosene and heavy fuel oil imports, that was cut from 5% to 3% in 2010, ...

Europe: Dutch chemicals company DSM to buy US Martek for $1.09 billion

Dutch chemicals group DSM is to acquire US-based Martek Biosciences Corp for $1.09 billion in cash, the companies said in separate statements Tuesday. The transaction, equivalent to $31.50 a share, has been approved by DSM's supervisory board and Martek's board of directors, they ...

China's steel trading firm listed in ASX

A leading Chinese steel trading firm managed to get listed in Australian Securities Exchange (ASX) on Thursday, as the market opened the trading day at 11 a.m. of Sydney local time. Rongtai International Group Holdings Limited aimed to issue 15 million ordinary shares at an offer ...

China: Sinopec Jinling Petchem to upgrade topping capacity by 34% to 18-mil mt/yr in 2012

Sinopec Jinling Petrochemical is expected to expand crude processing capacity by 34% to 18-mil mt per year in 2012, a refinery source told C1. The refinery plans to build an 8-mil-mt/yr crude distillate unit while scaling down annual capacity of an old one from 3-mil mt to 2-mil ...

Chinese investment in US manufacturing rises

On a spotless factory floor, workers wearing hair nets snap together metal frames, cables, and photovoltaic cells to produce metallic-blue solar panels. This sort of work could be done just about anywhere, yet since October, China's Suntech Power Holdings Co has been making the ...

Asia: S Korea GS Caltex eyes higher price for 2011 gasoil term supply deals

South Korean refiner GS Caltex is in the final stage of term negotiations to supply both 10 ppm and 500 ppm sulfur gasoil for next year, sources familiar with the matter said. It has already finalized term contracts with two buyers for 500 ppm sulfur gasoil and at least four ...

Qatar Tasweeq's LPG cargo heads East without buyer, in rare move

Qatar's Tasweeq has a mixed refrigerated LPG cargo that is currently sailing to Japan -- but in a rare occurrence -- has yet to find a buyer, several trade sources including Japanese importers said this week. The cargo, which loaded from Ras Laffan over December 3-4 on MOL vessel ...

China's imports of Singapore gasoil skyrockets 70,135% in Nov: GAC

China imported 39,332mt of gasoil from Singapore in November, leaping 70,135% from the previous month, according to data released by the General Administration of Customs. Meantime, China imported 37,091mt of gasoil from Russia, 33,048mt from Taiwan and 5,313mt from Japan, versus ...

China: Crude imports of Zhanjiang Customs surge 89% yoy in Nov: GAC

Zhanjiang Customs recorded 2.27-mil mt of crude imports in November, sharply up 89.19% from the same period last year, according to data released by the General Administration of Customs. The customs saw crude imports surge, because PetroChina's 10-mil-mt/yr Qinzhou refinery in ...

China: NSRD to offer 32,000mt of fuel oil from storage

The Shenzhen Nanshan Power (NSRD) is scheduled to offer about 32,000mt of fuel oil in total from storages of subsidiary three oil-fired gas turbine power plants in the near term, revealed a company source. The three power plants shifted to burn natural gas in the second quarter ...

BASF breaks ground for Shanghai innovation park

BASF, the world's leading chemical company, announced the groundbreaking for a new innovation technology park on Monday as it expands in China and the Asia-Pacific region. The new innovation park will open in the first half of 2012 in the Pudong New Area of Shanghai, said Saori ...

China: Sinopec Tianjin Petchem to refine 9.7% more crude in Jan

Sinopec Tianjin Petrochemical plans to process 1.1-mil mt of crude in January, with daily consumption 9.7% higher than the previous month, a refinery source told C1. The refinery saw increasing crude throughput after it expanded annual topping capacity from 5.5-mil mt to 13-mil ...

Americas:Bolivia to invest $1.73 bln in energy next year

Latin America's Bolivia said it will invest $1.73 billion in the energy industry in 2011, focusing on gas to ensure adequate production to supply Argentina and Brazil, as well as the domestic market. According to country's energy ministry, this will going to be a level of ...

Middle East:Iraq daily oil output exceeds 2.6 million bpd

Giving a much awaited boom towards its set goal of achieving 2.25 million, Iraq's oil output has exceeded 2.6 million barrels a day on Monday. According to country's oil ministry, oil production will reach its planned higher targets "sooner than expected. Iraq has awarded 15 oil ...

Latest World News

china

Bill Gates talks nuclear
Bill Gates talks nuclear
Microsoft co-founder Bill Gates confirmed on Wednesday that he is ...
China offers inspirations to global dilemmas
China offers inspirations to global dilemmas
BEIJING, Jan. 22 (Xinhua) -- Policies of China's new leadership in the ...
Merck to put $1.5b in R&D
Merck to put $1.5b in R&D
Merck Sharp & Dohme (MSD), the world's second-largest drug producer by ...

world

market

IMF chief warns of risks to recovery
IMF chief warns of risks to recovery
DAVOS, Switzerland, Jan. 25 (Xinhua) -- The International Monetary ...
China's farm product pricing plan shifts to market orientation
China's farm product pricing plan shifts to market orientation
The Number One Document also proposed a new pricing plan for China's ...
Chinese investors look to overseas opportunities
Chinese investors look to overseas opportunities
SHANGHAI, Jan. 25 (Xinhua) -- China, the world's top manufacturer and ...

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Retailer's Net Profit Falls 3%
Retailer's Net Profit Falls 3%
A Wal-Mart store is seen in Stratford, Connecticut, the United States. ...
Gaming Firms Find Going Tough
Gaming Firms Find Going Tough
Employees demonstrate Sony Ericsson Mobile Communications' Xperia Play ...
Boeing Wins Biggest Order of US$26b
Boeing Wins Biggest Order of US$26b
A formation of nine Royal Air Force Red Arrows Hawk aircraft fly ...

trade

sports

Yao's gift of sport for all
Yao's gift of sport for all
Chinese NBA player Yao Ming teaches a boy with special needs how to ...
Lucrative golf industry lures stiff competition
Lucrative golf industry lures stiff competition
Two models stand beside golf equipment and bags at a recent golf ...
Li Na wins French Open women's singles title
Li Na wins French Open women's singles title
History-making tennis legend Li Na notched the first-ever grand slam ...
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