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Americas: Shell's unplanned outage, FM fail to move US spot ethylene

News of a production outage and force majeure by Shell Chemicals failed to move US spot ethylene Wednesday, with the market talked flat at around 50 cents/lb Mtb-Wms. While sources agreed supplies were tight in Louisiana, most buyers backed off as the calendar year draws to an ...

Europe: Desire hits oil with latest Falklands well; shares jump

UK explorer Desire Petroleum announced Thursday an oil discovery with its third exploration well off the disputed Falkland Islands in the South Atlantic, sending its shares surging. Desire said well 14/15-2 on its Rachel prospect in the North Falkland Basin found 57 meters of net ...

Asia: Pan American investment to hike CNOOC oil/gas reserves

The acquisition of BP's 60% remaining share in Pan American Energy by state-owned China National Offshore Oil Corporation will have a "significant" impact on the Chinese company's oil and gas reserves, which is perceived to be a weakness for CNOOC, an analyst said. "Overall ...

EURO GAS: Continental day-ahead hits Eur22.10/MWh on cold weather

All major Continental European day-ahead contracts traded at Eur22.10/MWh, their highest since February 2009, at around midday Monday due to colder-than-expected weather forecast for this week, traders said. By pushing above Eur22.00/MWh, it is the highest that the day-ahead ...

Americas: Cargill, Copersucar among 8 Brazil mills cleared to export ethanol to US

Eight Brazilian ethanol producers have registered as advanced renewable fuel producers with the US Environmental Protection Agency, easing controls on their exports to the world's largest fuels market, Unica, Brazil's main sugarcane group said Friday. The companies registered are ...

Europe: TNK-BP expects ESPO quality to improve further through 2011

Anglo-Russian TNK-BP expects the quality of Russia's new ESPO export blend to improve through 2011 with more quality fields coming into production, the company's vice president for sales and logistics Jonathan Kollek said Monday. "The quality of ESPO we think will improve in the ...

Asia: Australia's Molopo to list Canadian tight oil assets in Q1 2011

Australia-listed Molopo Energy announced plans Monday to list its Canadian tight oil assets on a stock exchange in North America by launching an initial public offering in the first quarter of 2011. The company plans to lists its wholly owned subsidiary Molopo Energy Canada, ...

PET price hikes on the way warns Pafa

Pafa, the UK trade association for packaging films, has warned of further raw material increases in the PET market. The association says that strong Asian demand for polyester is starting to add further inflationary pressure to prices in Europe. Pafa CEO Barry Turner said that ...

Sweet smell of success for Storopack box

Storopack has developed expanded polypropylene (EPP) packaging for two B jar Signature fragrances, Zentropy and Goldskin. The Spanish brand specialises in perfume products for the international luxury goods market. The moulding experts at Storopack suggested the use of expanded ...

Asia: Sinopec shuts PE/PP lines, cuts MEG production to up diesel output

China's state-owned Sinopec is forced to reduce production rates at downstream petrochemical plants, such as polyethylene, polypropylene and monoethylene glycol plants, in order to boost diesel production to ease the shortage in the country, company sources said Friday. The rate ...

Europe:Brady acquisition aimed at top European slot

Brady, a leading commodity trading software provider announced acquisition of Norway s Viz Risk Management for $15 million to help them become Europe s largest in the field. Viz Risk Management is a major provider of risk management and trading solutions to the energy markets, ...

Europe: NWE MEG consumers predict rise of Eur50-90/mt FD for Dec CP

Northwest European monoethylene glycol consumers are predicting an increase in the December contract price, with some buyers expecting a possible hike of Eur90/mt ($119/mt) FD NWE, according to sources Friday. One consumer said that, due to a recent softening in the euro, a ...

Middle East:Iran, Turkmenistan open Sarakhs-Tehran pipeline

Iran and Turkmenistan Sunday inaugurated the last section of a pipeline to export Turkmen gas to northeast Iran. The final half of the 1,000km pipeline which links Tehran to Khangiran refinery near the northeastern Iranian town of Sarakhs was inaugurated jointly by Iran s ...

China: Sinopec Qingdao refinery sets crude throughput target for Dec stable at 830,000mt

Sinopec Qingdao refinery is scheduled to process 830,000mt of crude in December, nearly flat with the previous month, a refinery source told . The refinery saw slightly declined refining margin recently because of lofty international crude prices against soft prices of products, ...

China: Sinopec Wuhan Petchem plans to consume 430,000mt of crude in Dec, flat on month

Sinopec Wuhan Petrochemical plans to refine 430,000mt of crude in December, with daily throughput target stabilized at 14,000mt, said a refinery source. The refinery would bring on stream a 1.8-mil-mt/yr VGO hydrotreating unit and a 1.8-mil-mt/yr hydro-cracking unit in 2013, when ...

China: PetroChina lifts Dec inner settlement price of Daqing crude by 2.8%

PetroChina pegged after-tax inner settlement price of Daqing crude for December at Yuan 4,704/mt, up Yuan 129/mt or 2.8% on month, according to a source with the oil tycoon. The price was calculated on the basis of changes in international crude prices during Oct 26-Nov 25, when ...

China: S. China's Nov fuel oil imports estimated to rise 33% on month to 300,000-350,000mt

South China is estimated to import 300,000-350,000mt of fuel oil in November, up 33% from the previous month, down 10% compared to a year earlier, an estimation showed. The likely increase was mainly due to arrivals of straight-run fuel oil cargoes as minor refineries showed more ...

China: Fushun Mining reduces shale oil price by 3.15% to Yuan 4,926/mt

Fushun Mining awarded Monday its sell tender for 15,000mt of shale oil at about Yuan 4,926/mt, down Yuan 160/mt or 3.15% from the previous one, according to a source with the refinery. The decline could be mainly attributable to weaker affordability of bunker blenders as bunker ...

Asia: Asia PX-MX spread widens to 15-month high on isomer-MX supply glut

The spread between paraxylene and isomer mixed xylenes in Asia widened to $272/mt Friday, the widest since August 2009, as MX weakened last week on increased supply, Platts data shows. PX CFR Taiwan/China settled at $1,281.50/mt Friday, down $29.50 on the week, while isomer-MX ...

Europe: Russia petchem giant Sibur inks rubber, steel JVs with Italy's Pirelli

Russia's state-owned Tostechnologii and petrochemicals producer Sibur have signed a memorandum of understanding with Italy's Pirelli for two joint ventures on tire and steelcord production, Sibur said in a statement Friday. The first JV involves the streamlining and reorganizatio...
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