industry

World oil prices dropped for the first time this month mainly on expectations of increase in US stockpiles and also on a strong dollar. Light sweet crude for December delivery was seen trading at $86.78 a barrel at 12.00 noon Singapore time while Brent crude was at $88.35 a ...
Russia set to cut base oil exports to China and beef up supplies to Europe in the fourth quarter in view of strong demand and higher export margins in Europe, an international trader revealed. The volume would be pegged at only around 10,000mt per month in the last quarter, a ...
US Secretary of State Hillary Clinton and Australian Prime Minister Julia Gillard announced a $50 million joint solar research program aimed at developing cheaper solar power solutions. "The price of solar technology has come down in recent years but we need to accelerate that ...
International Energy Agency on Tuesday raised its mid and long-term oil price forecast and said oil prices will exceed $200 a barrel in 2035. In its 2010 World Energy Outlook, the IEA said oil prices would rise even further if governments did not take significant steps. The ...
China s energy major Sinopec is planning to import 2 lakh tons of diesel to meet country s daily demand as some provinces in the country are reported facing short supply. According to an official statement, the company also decided to raise daily processed volume by 5,900 tons to ...
Crude oil and silver markets have witnessed some strange activity happening from a trading perspective, and it is time that the increased staff and resources of the CFTC enforcement division look into these two markets in particular. Curious Crude Action after Pit Close After the ...
Gasoline consumption in the Islamic republic is on the decline as production of fuel reserves reaches new highs, an Iranian energy director said. The National Iranian Oil Products Division Co. said gasoline usage during the first week of November was down 380,000 gallons compared ...
p>US styrene producers seeking to move product to overseas markets should be looking at Asia rather than Europe, industry sources said at the annual APLA meeting in Rio de Janeiro on Monday. "There was some talk of product moving to Europe, but with Asia where it is now, that's ...
p>Honam Petrochemical, South Korea's second-largest ethylene maker, said Tuesday it has completed the acquisition of a 72.3% stake in Malaysia's Titan Chemicals. Honam "completed a payment of Won 1.1 trillion ($990 million) for a 72.3% stake in Titan on November 9 and gained the ...
p>Austria's OMV Wednesday confirmed that a final investment decision on the planned Nabucco project to bring Caspian and Middle Eastern natural gas to Europe is now expected to be taken in 2011, not by the end of this year as previously planned. OMV said the FID had been pushed ...
p>Gazprom and Korea Gas Corp. have agreed to launch commercial talks in December on a deal to supply at least 10 billion cubic meters/year of Russian gas to the Asian country from 2017, progressing an initial agreement signed in 2008, the Russian company said Wednesday. During ...
p>The US Energy Information Administration is expected Wednesday to estimate a natural gas storage build of between 20 Bcf and 24 Bcf for the week that ended Friday, according to the consensus view of market analysts. EIA is scheduled to release its weekly natural gas storage ...
p>Vietnam's sole refiner Binh Son Refinery has signed contracts with four state-owned oil companies for the sale of oil products for 2011, a statement on its parent company Petrovietnam said Wednesday. The contracts were signed with state-owned Vietnam National Petroleum Corp., ...
p>A "de facto moratorium" on drilling in the the US Gulf of Mexico will continue to hinder oil and natural gas development and restrain capital spending there, consulting firm PricewaterhouseCoopers said Tuesday in an analysis of US mergers and acquisition deal trends. A ...
p>The price of jet biofuels must come down sharply if the green alternative to traditional fossil jet fuels is to become competitive, Gary Woodward, general manager operations/technical and supply at Shell Aviation, told the Aviation Fuel Forum in Prague, Czech Republic, ...
Minor refineries in South China's Guangdong Province could reap more refining margins as prices of their products kept rising, a survey found. The margin was Yuan 247/mt on average in theory Wednesday, up Yuan 96/mt from one week ago, versus minus Yuan 177/mt a year earlier. ...
Sinopec is expected to import about 80,000mt of gasoil to East China in the near term, according to an informed source. It will be the first time China imported gasoil by the name of general trade since 2009, a record showed. Refineries affiliated to Sinopec are estimated to ...
Japan's top oil refiner suspended base oil spot supplies to China in November, sending all resources to underlying lubricant plants and long-term contracted buyers, revealed a source with the refiner. The oil major cut exports to China because its base oil outputs declined since ...
Refineries affiliated to Sinopec received instruction from the headquarters on holding their offers of LPG stable at current levels, market sources said. Yanshan Petrochemical, Tianjin Petrochemical and Luoyang Petrochemical in North China all kept their quotations steady ...
LPG arbitrage window between Huludao City in Liaoning Province and N. China opened from Nov 8, a survey showed. LPG wholesale prices were Yuan 5,750-5,820/mt in Liaoning on Nov 8, versus Yuan 5,970-6,200/mt in North China, a assessment indicated. Freight rates between the two ...
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