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China raises petroleum product imports by 29.41% on month in Nov: GAC

China imported 3.52-mil mt of petroleum products in November, up 29.41% from October, according to the latest data from the General Administration of Customs. The country was estimated to import about 1.82-mil mt of fuel oil in the month. Its fuel oil imports from Southeast Asia ...

Americas: Algonquin starts open season on planned Northeast expansion project

Spectra Energy on Monday launched a non-binding open season to expand the Algonquin Gas Transmission line to deliver additional Appalachian and Marcellus Shale gas supply to the Northeast and New England. Seeking to tap further into Marcellus production, the Algonquin Incremental ...

Asia: Inpex to build 4.5 mil mt/year Indonesia Masela LNG plant in 2 stages

Japan's Inpex plans to build a 4.5 million mt/year floating LNG plant for Indonesia's Masela block in two stages, as a single train has been deemed not viable, Evita Legowo, oil and gas director general at Indonesia's Energy and Mines Ministry, said Tuesday. The first train will ...

UK GAS: Prompt stable on unchanged system ahead of cold spell

UK prompt gas prices were relatively stable Tuesday as the supply system remained unchanged on the day despite the forecast return of colder weather in the next few days, traders said. Some traders said that with the cold drawing nearer they were surprised prices softened ...

Americas: US oil stocks likely to decline 3 million barrels: analysts

Weekly oil data from the US Energy Information Administration and the American Petroleum Institute should show a draw of about 3 million barrels in US commercial crude stocks for the reporting week ended December 10, analysts polled by Platts said Monday. API is scheduled to ...

Europe: Disagreements lead to delays to NWE 2011 ULSD term contracts: sources

Signing of term supply contracts for ultra-low sulfur diesel in Northern Europe for next year have been delayed because of disagreement over contract conditions, trading sources said. Usually, such agreements are in place by October for the year ahead, the sources added. ...

China: Shandong Changyi Petchem slashes daily throughput by 70% on feedstock shortage

After shutting down a 5-mil mt/yr crude distillate unit and restarting a 1-mil-mt/yr one on Dec 12, Shandong Changyi Petrochemical's daily throughput plunged from around 10,000mt to 3,000mt, down 70%, according to a source with the refinery. "This is because the oil product ...

Asia: Russia, Vietnam extend VietsovPetro JV agreement until 2030

VietsovPetro, a Russian-Vietnamese joint venture, agreed on December 10 to extend its cooperation for 20 years until 2030, further deepening bilateral energy relations between the two countries. The current agreement on the joint venture is due to expire at the end of this year. ...

China:Sinopec to buy on Argentina s Occidental Corp

Chinese oil giant China Petrochemical Corp., or Sinopec, agreed to buy all of Occidental Petroleum Corp.'s assets in Argentina for $2.45 billion, the company said. The deal, announced Friday, falls in line with stated goals of state-owned China Petrochemical, known as Sinopec, ...

China: PetroChina to ship 1.61-mil mt of distillates to southern China in Dec, up 2% on month

PetroChina plans to transport by barge a combined 1.61-mil mt of gasoline and gasoil from Northeast China to southern China in December, up 2% from the previous month, a survey found. The supply of gasoline is 705,000mt, up 1.4% on month, and gasoil increased 2.4% to 905,000mt. ...

Ameircas:Oil falls below $88 as US stockpiles grow

World oil prices eased below $88 a barrel in Asian trade Wednesday mainly after reports of increase in US fuel stockpiles indicating weak energy demand. Light sweet crude for January delivery was seen trading at $87.92 a barrel at 12.00 noon Singapore time while Brent crude was ...

Europe:Oil climbs towards $89 in Europe

Global oil prices advanced towards $89 a barrel mark Tuesday as the US dollar seems to lack any clear direction while cold conditions in US and Europe once again boosted optimism heating fuel demand will increase. Light sweet crude for January contract was seen trading at $88.76 ...

Asia:India fuel prices likely to go up next week

Petrol prices in India are likely to move up by at least by Rs 2 next week, according to oil marketing companies. The government is likely to hike diesel prices on 22 December when the Empowered Group of Ministers (EGoM) meets once the parliament session is over. The EGoM, headed ...

Asia: PX prices race higher in Asia

Paraxylene (PX) prices on Monday raced higher in Asia. Prices firmed on the back of a spike in downstream PTA price futures on the Zhengzhou Commodity Exchange. FOB Korea prices of PX were assessed up at the USD 1365/mt levels, a gain of USD 30/mt from last Friday s assessed ...

Asia: LDPE, LLDPE prices moving down from mid-Nov highs in SEA

In Southeast Asia, prices for LDPE and LLDPE film have begun to lose some ground over the past few weeks as concerns about possible monetary tightening measures inside China have pressured sellers to agree to some discounts in order to move material, especially as prices for LDPE ...

China: Formosa eyes turnaround of no.3 cracker in Q3, 2011

An industry source based in Far East Asia informed a polymerupdate team member on the shutdown plans of a No.3 cracker operated by Formosa Petrochemicals, Taiwan. The source said, "located at Mailiao, Taiwan, the No.1 cracker has a production capacity of 700,000 mt/year. The ...

ExxonMobil lawsuit may send 'shockwaves' through US chems

BAYTOWN, Texas-The $81.25m ( 60.94m) lawsuit filed against ExxonMobil for alleged pollution violations at its Baytown complex in Texas could have major ramifications for the US refining and chemical industries, a director involved with the case said on Tuesday. "I think it has ...

Asia: BPA prices likely to face pressure from new capacity in Q1 2011

Prices for bisphenol-A will face downward pressure in the first quarter of 2011 as about 475,000 mt/year of new production capacity will come online then, mostly in the Middle East. BPA is a raw material used for making polycarbonate, a plastic found in household appliances, ...

China: PetroChina's daily crude throughput in Dec estimated to stable at 404,000mt on month

Refineries affiliated to PetroChina are expected to refine 12.5-12.55-mil mt of crude in total in December, with daily throughput slightly up 0.96% from the previous month to 404,000mt, a survey showed. Jinzhou Petrochemical would lift operating rate by 12% in December when it ...

Europe: UK's Yule Catto to buy PolymerLatex for up to $586 million

UK specialty chemicals group Yule Catto & Co said Monday it is to acquire German emulsion polymer producer PolymerLatex for up to Eur443 million ($586 million). PolymerLatex is owned by PolymerLatex Holdings BV, owned by funds controlled by private equity group TowerBrook Capital ...
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