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Americas: Chevron Phillips Chemical declares FM on polymer-grade propylene

Citing operational issues, Chevron Phillips Chemical (CP Chem) on Tuesday declared force majeure on polymer-grade propylene, the company said in a letter to customers. The company noted in the letter that it was unable to meet all of its product obligations and as a result was ...

Americas: Lower polyethylene export prices popping up in Houston

Lower US polyethylene export prices have begun to show up in Houston, trading sources said Wednesday. High density polyethylene deals were talked at 53 cents/lb in railcars or 55.5 cents/lb ($1,224/mt) FAS Houston for blow molding and injection grades. Several traders commented, ...

Asia: China puts 5-yr duty on Indonesia, Malaysia, New Zealand methanol

Methanol imports into China originating from Indonesia, Malaysia and New Zealand will now face five years of antidumping duties following the final results of an investigation into the matter, according to the country's commerce ministry. The three main producers in these ...

Africa: Egypt's EGPC inks H1 2011 ex-Suez naphtha term deals

The Egyptian General Petroleum Corporation has concluded term negotiations with its customers for the export of naphtha over January-June 2011 at lower premiums compared with H1 2010, industry sources said Thursday. Suez-loading cargoes are of heavy full range naphtha with a ...

Walter buy Mobile coal terminal, securing export capacity

Walter Energy said Tuesday that it has bought the Mobile River Coal Terminal Co. from a subsidiary of US Steel in a move to secure export shipping capacity and hold down port costs for its export business. Terms of the deal, which came on the heels of Walter's $3.8 billion ...

Europe: Italy's Eni, Russia's Gazprom extend strategic agreement to 2012

The heads of Italian Eni and Russian Gazprom have extended the strategic agreement between the companies until 2012, Eni said Thursday. Gazprom CEO Alexei Miller and Eni CEO Paolo Scaroni signed an extension of the November 2006 deal in Moscow Thursday. The previous deal would ...

Asia: Indonesia likely to roll over crude, LNG pricing formulae to H1 2011

Indonesia is likely to roll over its current official crude oil price formula for the first half of 2011 as it represented the spot market, Evita Legowo, director general for oil and gas at the Energy and Mines Ministry, said Thursday. "We are likely to maintain our ICP formula ...

Americas: Final deal on 150,000 b/d Alberta upgrader by late January: energy minister

Alberta is aiming to sign a final agreement by late January with NorthWest Upgrading and Canadian Natural Resources Limited for a 150,000 b/d bitumen upgrader in the province, the province's energy minister said Wednesday. "It has taken us a bit longer than anticipated, but we ...

Asia: S China's teapot refineries find respite in 'power kerosene'

South China's non state-owned, independent refiners and importers have started importing a rare cocktail blend called "power kerosene" -- a blend of kerosene and gasoil -- as they look at ingenious ways to make up for their lack of access to crude oil and boost margins in the ...

China: Three more companies granted oil product wholesale licenses

Three more companies have been granted oil product wholesale licenses by the Ministry of Commerce of PRC (MOFCOM), according to an announcement released by MOFCOM on Dec 22. These three companies are PetroChina Quanzhou Sales Co, Yuhua Chemical Co, both in Fujian Province, and ...

China: Jiangsu Deqiao Storage expected to expand capacity to 300,000 cu m end'11

Jiangsu Deqiao Storage is expected to expand storage capacity of its tank farm from the current 126,000 cu m to 300,000 cu m by the end of 2011, a company source told C1, adding the expansion was underway. Jiangsu Deqiao Storage brought on stream 126,000-cu-m tank farm in ...

Asia:India's solar mission faces severe criticism

Leading entrepreneurs in the field of solar energy criticized certain aspects of the Jawaharlal Nehru National Solar Mission that ambitiously targets 20,000 MW of solar energy in India by 2022 in three phases. Speaking on the sidelines of the TiE Entrepreneurial Summit's 'Clean ...

China: SHFE's fuel oil delivery stock builds 3.38% to 600,100mt Fri: on week

Fuel oil delivery stock for futures in nine appointed terminals of the Shanghai Futures Exchange amounted to 600,100mt as of Dec 24, up 19,600mt or 3.38% from one week ago, according to data released by SHFE. Fuel oil delivery warrants rose by 16,100mt to 475,300mt. The delivery ...

China: PetroChina Qinzhou refinery raises Jan crude throughput target by 7% to 800,000mt: on month

PetroChina Qinzhou refinery is slated to process 800,000mt of crude in January 2011, up about 50,000mt or 7% from the previous month, according to a refinery source. Qinzhou refinery started commercial operation this August and recorded 600,000mt of crude throughput in the ...

China: PetroChina Fushun Petchem sets crude throughput target for 2011 at 8.3-mil mt, down 3% yoy

PetroChina Fushun Petrochemical plans to process 8.3-mil mt of crude in 2011, down 3% from the previous year, a source with the refinery told C1. The refinery set lower throughput target as it has shut all secondary units at No. 1 plant as preparation for relocation and would ...

China:China defends solar, wind power subsidies at WTO

Continuing its WTO trade war with the US, China on Thursday defended subsidies for wind and solar power by saying its policies are best for fighting climate change. The US had made complaints against China on these subjects along with tyre tariff issues. However, analysts said ...

Europe:Europe to keep an eye on increased biofuel use

Europe looking for precautionary measures to ease out indirect impact of biofuels on environment as the continent largely depends on it to meet their energy demands. Europe needs to make sure the increased use of biofuels doesn't have indirect impacts on the regional environment, ...

Ameircas:Oil keeps climbing as winter splash returns

World oil prices advanced further Friday ahead of Christmas holidays as reappeared cold storms in Europe and the US continued to support the black gold. London s Brent crude was seen trading at $94.69 a barrel at 7.00 a.m London time after hitting as high as $94.75 in early trade...

Eruope:Escalation of Ivory Coast conflict will trigger cocoa prices, Rabobank

Growing political crisis in Ivory Coast should send cocoa prices higher as the West African nation produces nearly 40% of the world's raw cocoa, Rabobank warned in its latest Agri Commodity market report. Rabobank predicts that in 2011, the global cocoa market is going to be ...

Africa: Nigeria has 40-day stock of fuel despite refinery closures: NNPC

State-run Nigerian National Petroleum Corp Thursday said it has over 40-days of petroleum products in stock despite the closure of refineries on the back of pipeline attacks. "The NNPC has well over 40 days sufficiency of petroleum products that will last all through the ...
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