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Nov ICIS Petrochemical Index (IPEX) jumps 4%

HOUSTON (ICIS news)--The ICIS Petrochemical Index (IPEX) for November surged by 4% to a reading of 284.48 points from 273.63 in October, following two consecutive months at a decrease. The index was up 6.6% from a year earlier. The latest month saw nine of the 12 petrochemical ...

UK oil giant BP quarterly profits slide by 45%

LONDON, Oct. 23 (Xinhua) -- Britain's oil giant BP on Tuesday reported a 45 percent plunge in its third quarter profits, hit by a slowdown in production and problems in its refinery business. Underlying profits in the three months to Sept. 30 were 3.87 billion U.S. dollars, ...

Indonesia's oil company eyes Iranian oil block

JAKARTA, Oct. 23 (Xinhua) -- After winning an oil and gas tender in Qatar recently, Indonesia's state oil and gas company PTPertamina is now setting its sights on an exploration right in Iran. "We are biding for the Laleh block," Pertamina upstream director Sukusen Soemarinda was ...

Algeria, Venezuela discussing oil, other energy projects

Algeria and Venezuela are discussing oil, energy and other new cooperation projects, Venezuelan government officials said Tuesday. Venezuela's Energy and Oil Ministry said state oil company PDVSA President Rafael Ramirez and his Algerian counterpart, Chakib Khelil, will announce ...

Hungary's MOL signs cooperation deal with Qatar

MOL, Hungary's oil and gas company, has signed a deal with Qatar Petroleum for cooperation in upstream oil and gas and in petrochemicals. The cooperation could cover new or existing natural gas and crude oil exploration, development and production, oil recovery projects, ...

Russia's OMZ and Czech Cheteng in strategic petrochem partnership

Russia's OMZ (Uralmash-Izhora Group) and Czech CHETENG s.r.o., have entered a strategic partnership aimed at joint implementation of LSTK projects in the chemical and petrochemicals sectors. Projects taken up by the partnership include: - A gas processing complex in the Republic ...

Argentina jacks up tax rates on oil and gas concessions

Argentina has hiked the tax rates on its oil and natural gas concessions, a planning ministry spokeswoman said Thursday, with the rate for production rising 720%. Argentina's President Nestor Kichner issued a decree on Wednesday authorizing an increase of 720% in the concession ...

PetroChina to invest $1.3 bln in new energy by 2010

BEIJING, Oct. 2 -- PetroChina, the country's largest oil and gas producer, will invest 10 billion yuan (1.3 billion U.S. dollars) in building facilities for new energy production by 2010, a senior company official has said. Hu Wenrui, vice president of PetroChina, told a recent ...

China's oil, gas pipelines extend 62% over four years

BEIJING, Oct. 8 (Xinhua) -- China saw its oil and gas pipelines extend by 62 percent in the last four years to 48,000 kilometers, according to the National Bureau of Statistics. By the end of last year, China's oil pipelines reached 24,136 kilometers in length, with transmission ...

PetroChina secures environmental clearance for oil and petrochemical projects

Asia's top oil and gas company - PetroChina, has won environmental clearance for its oil and petrochemical projects. The six projects, including a 200,000 bpd refinery and one mln tpa ethylene complex in the remote northwestern region near the Kazakhstan border, are to be ...

Price trends of oil, polymer feedstock & commodity polymers in Asia for the week of Sep 17, 2007

SUMMARY Crude oil futures escalated past US$80 per barrel as fast-forming Hurricane Humberto stunned the area around the Texas-Louisiana border and rendered shut down of three refineries. Naphtha rose in line with robust crude prices. EDC and VCM prices dropped due to bearish ...

Brazil, Venezuela to resume southern gas pipeline project

RIO DE JANEIRO, Sept. 20 (Xinhua) -- The presidents of Brazil and Venezuela announced Thursday that they will resume the project of the so-called "Southern Gas Duct," a pipeline aimed at transporting natural gas from Venezuela to Brazil, and to Argentina through Bolivia. ...

US BLM halts oil, gas development in part of Alaska oil reserve

The US Bureau of Land Management has discontinued planning for oil and national gas activity in the southwestern portion of the National Petroleum Reserve-Alaska, citing the "high level of concern" about the potential impact on the western Arctic caribou herd, the agency said ...

Oil prices dip in Asian Trading as concerns over Atlantic hurricane eases

Light, sweet crude for September delivery fell to US$71.31 a barrel in Asian electronic trading on the New York Mercantile Exchange, midmorning in Singapore. September Brent crude fell to US$69.68 a barrel on the ICE futures exchange in London. Oil prices dipped on expectations ...

Chemical Makers Oppose House Energy Bill

The House earlier this month passed a comprehensive energy bill that has few provisions in common with the bill the Senate passed in June, and chances of a House Senate compromise are unclear, sources say. Lawmakers will meet over the next several weeks to work out some of their ...

Brazil's state-owned oil company to start technology cooperation with Mexican counterpart

RIO DE JANEIRO, Aug. 7 (Xinhua) -- Brazil's government-owned oil and gas company Petrobras announced Tuesday that it had signedtwo agreements with Mexico's national oil company Pemex to work together in technology development. The Brazilian company will contribute to the ...

CNOOC, SPC sign production sharing contract

BEIJING, Aug. 6 -- China National Offshore Oil Company Limited (CNOOC Ltd.) announced Monday that its parent China National Offshore Oil Corporation (CNOOC) has signed a production sharing contract with Singapore Petroleum Company Ltd. (SPC) for a block in the South China Sea. ...

CNOOC to exploit oil with US firm despite new tax policy on oil exports

BEIJING, July 31 -- China National Offshore Oil Corp. (CNOOC), the country's largest offshore oil producer, is in talks with a U.S. firm for a possible product-sharing contract on an oilfield in the South China Sea. The contract, likely to be inked in a few weeks, will make Texas...

Indonesia expects 14 new oil fields to boost oil production

JAKARTA, Aug. 29 (Xinhua) -- Indonesia is expecting a boost in national oil production from 14 new oil fields so as to meet next year's oil production target of 1.034 million barrels per day (bpd), local press said Wednesday. The government was optimistic it would be able to ...

European Commission clears Ineos' proposed acquisition of Borealis' Norway operations

The European Commission has cleared British chemicals company Ineos' proposed E290 mln acquisition of Borealis' operations in Norway. Ineos is a British company active in the production and distribution of specialty chemicals. Borealis Norway consists of polyolefin production ...
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