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China's Nov gasoline output down tad to 6.6-mil mt: NBS

p>China produced 6.6-mil mt of gasoline in November, slightly down 0.08% from record-high 6.61-mil mt in the previous month, 2.06% higher than a year earlier, showed data from the National Bureau of Statistics. Market sources ascribed the fall to 1.04% on-month decrease in crude ...

Asia: Benzene prices decline in Asia

Benzene prices on Wednesday declined in Asia. Prices fell on the back of softer crude and naphtha rates on the one hand coupled with a decline in other aromatics including toluene. Softer prices of benzene in the west exacerbated the bearish pricing undertone in Asia. FOB Korea ...

Europe: First UK shale gas well results positive, fracking in January

Results of the UK's first shale gas well look positive and operator Cuadrilla Resources could move on to fracturing tests in January, aiming to stimulate gas production from the shale, part owner AJ Lucas said. Cuadrilla started drilling the well, in the Bowland shale near ...

Americas: Chu defends federal estimate of Macondo oil flow rate

US Energy Secretary Steven Chu on Tuesday defended the calculations he and others in the federal government made in estimating how much oil flowed from Macondo wellhead in the Gulf of Mexico earlier in 2010, after indications surfaced last week that BP may dispute those estimates ...

China: S. China commercial fuel oil inventory down tad to 1.66-mil mt Wed

Commercial fuel oil inventories of major oil terminals in South China totaled 1.65-1.67-mil mt up till Dec 8, slightly down 20,000mt from one week ago, up 160,000mt compared with one year earlier, a survey showed. The volume accounted for 66% of the total storage capacity of the ...

Europe: New Russia oil tax plan to go to government in Q1:Energy Minister

Russia's energy ministry expects proposals on changes to the country's tax system for the oil industry to be handed to the government for review in the first quarter of 2011, energy minister Sergei Shmatko said Wednesday, indicating a delay in the move that was initially expected ...

Asia: BP's sale of Pakistan assets hits snag as Supreme Court pulled in

BP's sale of its oil and gas assets in Pakistan has hit a snag after a local political heavyweight filed a case with the country's Supreme Court asking it to stop the sales process, as state-owned companies might end up buying them back at a far higher price than what BP paid the ...

Middle East:Iran to build wind farms in Pakistan

An Iranian Company linked to the country's Energy Ministry said it plans to build a massive wind farm in Pakistan's southern Sindh province. Iranian company SANIR, which is affiliated with the Energy Ministry, said it signed a $100 million deal in Pakistan to build a 1,000...

China: Jiangsu Jurong Petchem to postpone operation of 1-mil-mt/yr RFCC until Feb-Apr'11

Jiangsu Jurong Petrochemical in East China has postponed the plan to start operation of a 1-mil-mt/yr residue fluid catalytic cracker (RFCC) in December 2010, according to a source with the company. It will bring this unit on line in February-April 2011, said the source. The ...

China: Government rumored to raise import tariff of mixed aromatics

The Chinese government is rumored to lift import tariff of mixed aromatics to hold back imports used as gasoline blendstock. There were two possible schemes: 1, raising import tariff rate of mixed aromatics with aromatics content at 65-80% from the current 3% to 5-6% while ...

China: Sinopec Guangzhou Petchem trims Dec crude throughput target by 3% to 970,000mt

Sinopec Guangzhou Petrochemical is scheduled to consume 970,000mt of crude in December, down 30,000mt or 3% from one month earlier, a refinery source said. The refinery would revamp 5.2-mil-mt/yr crude distillate unit, 1.5-mil-mt/yr fluid catalytic cracker, 1.8-mil-mt/yr hydro...

Asia:Areva seals deal for nuclear reactors to India

French nuclear giant Areva has won a contract to sell two nuclear reactors to India following talks between French President Nicolas Sarkozy and Indian Prime Minister Manmohan Singh. The agreement foresees the construction of two European pressurized water reactors for an ...

Asian PE/PP market firm as local deliveries disrupted

The Asian polyethylene and polypropylene market firmed this week as disruptions of domestic polymer deliveries in China prompted demand for imported material, market sources said late Tuesday. On Tuesday, film-grade high density polyethylene prices rose $10/mt and were assessed ...

China:Commodities: How Gold beat Crude Oil

Which is the most investor-friendly commodity in the world today? Gold, crude oil, silver or base metals? Everyone would simply put his or her hand up to vote for gold as the hottest and most investment attractive commodity these days. Few years ago, it was crude oil that was the ...

Americas:Argentina inching towards major gas find

Argentina is likely on the verge of a major natural gas discovery following exploration by Repsol-YPF's unit in the country, Argentine news media reported. News of the likely new gas find, initially reported by lapoliticaonline, followed reports that exploration by Repsol-YPF had ...

Europe:Russia: Gas is no political tool

Russian efforts to diversify its natural gas export options aren't meant to make European consumers more dependent, the Russian president said Monday. A stormy relationship between gas transit nation Ukraine and Russian energy monopoly Gazprom prompted Russia to propose its Nord ...

Americas: Dec-Jan backwardation in US benzene market widens to 13 cents/gal

The December-January backwardation in the US benzene spot market widened Tuesday as prompt benzene values surged on tight supply. Sources reported December benzene trades at 355, 358 and 360 cents/gallon DDP USG. Those trades widened the December-January backwardation to roughly ...

GPCA:Middle East petchem producers urged to look at emerging markets

The Middle East petrochemical industry should focus on emerging markets to grow, Gulf Petrochemicals & Chemicals Association Chairman Mohamed Al-Mady said at the fifth GPCA Forum in Dubai Wednesday. "GPCA's strong growth is consistent with the growth of regional companies," Al...

Americas: Near-term look-alike coal prices largely steady, CSX sees $1 drop

Near-term NYMEX look-alike coal values Tuesday mostly held to Monday's levels, while the Eastern rail market saw a $1 drop in the front months. In look-alike, the first three quarters of 2011 traded within a 5-cent range of Platts' Monday's assessments. Also, Q2 and Q3 deals were ...

Asia: EU suspension of duty on Pakistan ethanol unlikely to hike imports

The European Union's proposal to suspend import duty on a number of products from Pakistan including ethanol for three years because of the devastating floods in the South Asian country might not really lead to a big increase in exports. The agreement is subject to approval by ...
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