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US styrene price climbs following jump in European price

US styrene sellers were notionally offering between 49 and 50 cents/lb, following a $50 jump in European styrene prices. The numbers remained notional because most producers were reported sold out of material for August. "If there was anything out there, it would have to be ...

Spot NWE benzene prices gain $10/mt as buyers return to market

Spot Northwest European benzene prices gained around $10/mt as the market traded upwards with buyers returning to the spot market Tuesday morning. The September market was heard traded twice at $935/mt and $945/mt for 1,000 mt CIF ARA barges, with Vitol and Mitsui confirmed as ...

China: Weifang Hongrun negotiating with state oil giant on acquisition: market sources

Weifang Hongrun Petrochemical Auxiliary Co Ltd, China's third largest independent refinery by capacity, was negotiating with a state-run oil giant headquartered in Beijing on acquisition, a source close to the issue told C1 Tuesday. The potential buyer was one of the top four oil ...

China: PetroChina Daqing Petchem to refine 7% more crude oil daily in Aug

PetroChina Daqing Petrochemical is scheduled to process 560,000mt of crude oil in August, with daily throughput 7% higher than the previous month, according to a refinery source. The refinery set higher crude oil throughput target for August, because nearby PetroChina Daqing ...

China: Sinopec Ji'nan Refinery sets Aug crude oil throughput target stable at 380,000mt

Sinopec Ji'nan Refinery is slated to refine 380,000mt of crude oil in August, flat with the previous month, a source with the refinery said. Ji'nan Refinery, located in Ji'nan City of Shandong Province, has a topping capacity of 6.4-mil mt per year. It plans to expand processing ...

September NYMEX gas tumbles after bumping up against $5/MMBtu

The September NYMEX natural gas futures contract tumbled Monday to settle at $4.701/MMBtu after a solid week of gains last week. Enerjay broker Jay Levine said the market had a good run but hit resistance at $5/MMBtu. "That's as good a reason as any," he said. "Easy come, easy go...

South Korea's Posco tenders to buy late-September LNG cargo

South Korea's largest steelmaker Posco has tendered to buy a spot LNG cargo for delivery in late September to its Gwangyang LNG import terminal, several market sources said Tuesday. Posco is building a third storage tank, with a capacity of 165,000 cubic meters, at Gwangyang, on ...

German-Czech GATRAC introduces day-ahead gas capacity booking

GATRAC, a cross-border partnership of the Czech gas transmission system operator NET4GAS and Germany's ONTRAS-VNG Gastransport, said Tuesday it planned to introduce the possibility to book day-ahead capacity. At the same time, the company has improved the technology of its ...

Britain: BP delays Macondo injectivity test to Tuesday on leak

BP said late Monday it would delay until Tuesday injectivity testing on its blown-out Macondo well in the US Gulf of Mexico due to a small hydraulic leak found in the capping stack hydraulic control system. The test was expected to start Monday, ahead of plans to start a static ...

German: BASF Coatings agrees to international cooperation with Audatex

M nster. BASF Coatings GmbH in M nster, Germany, and the Audatex GmbH in Stansstad, Switzerland, have agreed to comprehensive international cooperation. As part of the Solera Group, Audatex is a top solutions provider for the processing of collision damage and an established ...

Formosa Petrochemical Seeks to Defer Oil, Naphtha Imports After Accidents

Formosa Petrochemical Corp., Taiwan s only publicly traded oil refiner, wants to defer some imports of naphtha and sour, or high-sulfur, crude after two accidents at its Mailiao plants last month. Our storage tanks are full, spokesman Lin Keh-yen said by telephone in Taipei today...

America: Dow Reports Second Quarter Results

ul> Dow reported earnings of $0.50 per share, or $0.54 per share excluding certain items.(2) This compares with a reported loss of $0.47 per share in the second quarter of 2009, or earnings of $0.05 per share excluding certain items and discontinued operations. Sequentially, ...

Iran petrochemical factory fire kills 5

Iran's official news agency says an explosion at a petrochemical factory in southern Iran has killed five and injured two. Firemen brought the blaze under control and the cause of the fire is now being investigated, said Wednesday's report. The factory is located in Assalouyeh ...

US:Petrochemical Industries of Kuwait Plans Projects Valued at $10 Billion

Petrochemical Industries Co. plans projects worth $10 billion over the next four years as the Kuwaiti company that canceled a venture with Dow Chemical Co. seeks to expand its operations. PIC s projects include building a third mixed-feed olefins facility, estimated to cost about ...

Europe: EU confirms raids on polyurethane foam makers

Brussels - The European Union's executive on Tuesday confirmed that it has raided the premises of a number of makers of polyurethane foam, suspecting them of running an illegal cartel. EU rules prohibit price-fixing and other market manipulation. The European Commission has a ...

Arctic oil and gas joint venture formed

Three major oil companies are teaming up to someday explore for oil and gas in a large area of the Beaufort Sea, where each company has millions of dollars in exploration leases. Imperial Oil Ltd., ExxonMobil Corp. and BP have formed the joint venture to explore offshore areas ...

China's crude apparent consumption gains 18.56% H1'10: NBS

China recorded about 215.30-mil mt of crude apparent consumption in the first six months of 2010, up 18.56% over the same period last year, according to the data from the National Bureau of Statistics. China's crude imports surged 29.97% in the six months to 117.97-mil mt and its ...

China's Jiangsu Sanmu delays new PA plant startup to early Sep

China's Jiangsu Sanmu Group Corporation has deferred startup of its new 50,000 mt/year phthalic anhydride plant to early September, as the company is grappling with a shortage of electricity, a company source confirmed Tuesday. According to the source, Jiangsu Sanmu was to start ...

China: Sinopec HK acquires BP Zhuhai's LPG tank farm: market sources

Sinopec Hong Kong has acquired BP Zhuhai's 200,000-cu-m underground tank farm for refrigerated LPG at US$100-mil, according to some market sources in South China. Sinopec HK may take delivery of the tank farm in September, they said. Sinopec HK probably bought this tank farm for ...

ONGC Profit May Increase After India's Doubling of Gas Prices, Sharma Says

Oil & Natural Gas Corp. s profit may rise from this quarter after the government more than doubled natural gas prices and freed gasoline rates from state control. India s biggest energy explorer may add as much as 9 billion rupees ($193 million) to its profit and 16 billion ...
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