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Asia: Taiwanese source comments on restart schedule of Formosa PTA plant

An industry source based in Taiwan informed a polymerupdate team member that the restart process of a PTA plant operated by the Formosa Chemical & Fibre Corp (FCFC) has commenced. The source said, "located at Loong-Der, Taiwan, the plant has a production capacity of 700,000 mt...

Europe: ExxonMobil shuts Oso output after Nigeria attack: union official

ExxonMobil has shut in oil production in Nigeria after armed gunmen boarded an offshore facility Sunday night, after a fresh militant attack in the heartland of the OPEC member's oil industry. The oil major released few details about the disruption, but a senior oil union ...

Americas:Gold, oil plunge in New York closing

Gold and oil plunged at weekend close Friday after the greenback strengthened amid a Chinese move to raise key rates. Gold futures on the Comex Division of the New York Mercantile Exchange suffered a sharp drop, falling below $1,400. The most active gold contract for December ...

Middle East:Bidding for Iran-Pakistan nat gas pipeline soon

Bidding for a long-awaited natural gas pipeline stretching from Iranian gas fields to Pakistan will open soon, the Pakistani prime minister said. Islamabad signed an agreement with Iran in June to move ahead with a gas pipeline stretching from the South Pars gas field in Iran. ...

Europe: NWE polystyrene converters resist producer price increases

p>European polystyrene converters are resisting producer demands for substantial November price increases despite continued tight supplies, with demand starting to ease heading into the seasonal end-of-year lull in activity, sources said. Some producers this week reduced their ...

Middle East:Iran's economy under threat on large energy subsidy

Iran s economy is in a deteriorate state due to under-pricing of domestic energy as a large subsidy that burdens the economy and contributes to deep inefficiencies in the energy sector, said IEA. According to International Energy Agency s World Energy Outlook, Iran's fossil-fuel ...

Americas: US EP mix to purity ethane spread narrows on steady propane price

p>The price spread between Mont Belvieu ethane/propane [EP] mix to purity ethane has narrowed to 7 cents on receding ethane prices and steady propane values, market sources said Thursday. EP mix is comprised of 80% ethane and 20% propane. Platts assessed purity ethane prices at ...

Asia: Narrow OX margins forcing Asian producers to halt, slash production

p>Narrow orthoxylene margins over feedstock isomer-MX has forced a Taiwanese producer to consider cutting production below 30%, and another South Korean producer to shut the plant, company sources said Friday. While a source at Taiwan's Formosa Chemical & Fibre Corporation, the ...

Americas: US West Coast port is 'more than a pipe dream': Cloud Peak CEO

p>The construction or expansion of coal terminals in the US Pacific Northwest is inevitable, Cloud Peak Energy CEO Colin Marshall said Thursday, as building Asian demand for Western US coal outstrips the region's existing port capacity. "In terms of the port, I'd say it's ...

Asia: ExxonMobil, Shell in shortlist for Indonesia's Natuna gas project

p>ExxonMobil, Shell, France's Total, Malaysia's Petronas and Norway's Statoil are the five companies which have been shortlisted by Indonesia's state-owned Pertamina to be potential partners for the long-awaited Natuna D-Alpha gas block development, a source close to the matter ...

Americas: Atlas deal brings cheap shale gas to Chevron portfolio: CEO

p>Chevron agreed to buy Marcellus Shale natural gas producer Atlas Energy because it was inexpensive and Chevron would still benefit from a $1.4 billion drilling carry supplied by Atlas' Indian joint venture partner, Reliance Industries, CEO John Watson told investors in Miami ...

Europe: 'Possible' to find 50 mil b/d of new crude output by 2035: Tanaka

p>The world should be able to find more than 50 million b/d of new crude production by 2035 if sufficient investment is made into its current proven reserves, International Energy Agency Executive Director Nobuo Tanaka told Platts Monday. "We think it's possible [but] it's a ...

Asia: Advent approved to drill first well in Australia's Sydney Basin

p>Advent Energy has received approval to drill New Seaclem-1, the first well planned for the frontier Sydney Basin off the eastern Australian state of New South Wales, the company said Monday. The wildcat gas well is to be drilled to a depth of 826 meters in commonwealth waters, ...

China: Sinopec Guangdong rations gasoil retail supply

Sinopec Guangdong told its city-level sales companies to ration gasoil retail supply as from Nov 12, according to market sources. Regarding gasoil supply, Sinopec Guangdong gives priority to Guangzhou and Zhuhai, as the former is holding the Asian Games and the latter will hold ...

China: CNOOC starts construction of 2-mil-mt/yr DCC project in S. China's Hainan

CNOOC has recently kicked off construction of a 2-mil-mt/yr deep catalytic cracking project in Hainan Province in South China, expected to come on stream in December 2012, a source close to the project said. The project might be designed to use heavy crude or VGO as feedstock to ...

China: S. China's Nov fuel oil imports estimated to rise 7% on month to 400,000mt

South China is estimated to import 380,000-420,000mt of fuel oil in November, up 7% from a estimation for October imports, up 10% compared to a year earlier, it is forecasted. The region saw more imports of straight-run fuel oil as demand from minor refineries picked up amid ...

China: LPG supply from major Chinese refineries up 0.5% in H1 Nov

Daily LPG supply from major domestic refineries averaged 43,666mt in the first half of November, slightly up 232mt or 0.5% from two weeks earlier, a survey found. As of Nov 15, LPG commodity output from the refineries totaled 43,650mt, nearly unchanged compared with Oct 29, some ...

China: Sinopec Yangzi Petchem expects to see annual topping capacity up 4.5-mil mt in 2011-2015

Sinopec Yangzi Petrochemical is expected to increase annual crude processing capacity from the current 8-mil mt to 12.5-mil mt during China's Twelfth Five-Year Plan (2011-2015), according to a refinery source. The refinery would build an 8-mil-mt/yr crude distillate unit while ...

China: Imported LPG prices exert downward pressures on homemade LPG in E. China

Wholesale prices of LPG from domestic refineries were weighed on by offers of imported LPG in East China, an informed source said. Zhangjiagang Oriental Energy Co (ZOUEC)'s LPG terminal in Ningbo City in Zhejiang Province sold imported LPG for resident use at about Yuan 6,400/mt ...

Europe:Europe biofuel plans may release more GHGs

European plans to switch to biofuels would result in more greenhouse gas emission, not less, an independent analysis of European Union 2020 energy targets says.The EU decided in 2007 to cut greenhouse emissions by 20 percent by 2020, partly by replacing 10 percent of transportati...
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