Published on October 17, 2017
Iran exported $5.57 billion worth of petrochemical and polymer products in the first six months of the current fiscal year (March 21-Sept. 22), up $1.2 billion compared to the same period of last year. According to NIPNA, the National Petrochemical Company’s official news agency, exports are expected to register a new annual record in terms of value by March as oil is being traded at around $50 a barrel in international markets. Iran earned a total of $9.55 billion in revenues from petr ..
Published on October 16, 2017
India’s leading petrochemical refinery TRIL has posted a big hike in profits in the second quarter of 2017. An increase of 12.5% with consolidated profit of 8,109 crore was witnessed with the ending of second quarter on 30th September. The revenue of Reliance Industries Ltd increased by 23.9 per cent to Rs 101,169 crore ($15.5 billion) compared to Rs 81,651 crore in the corresponding period of the previous year. The results also reflect strong underlying fundamentals of our refining a ..
Published on October 14, 2017
Marjan the first Iranian petrochemical company has sealed an agreement for sale pf petrochemical products with European nations last month. The plant will operate with a capacity to produce 1.65 million tonnes of methanol per year, with the feedstock coming from South Pars gas refineries. Beside Marjan, two other methanol projects - the first phase of Bushehr Petrochemical Co. and Kaveh Petrochemical Co. as the largest methanol project in Iran and the Middle East - will come online this year, d ..
Published on October 13, 2017
The independent oil refineries of China has formed joint venture in order to compete with state owned giant refineries and other private chemical giants. This new alliance has been named as Shandong Refining & Chemical group. This joint venture has been set up at the cost of 5 billion dollar and gathers six independent oil processors and a provincial government-backed fund as investors, and was registered in late September. Members of the alliance are expected to coordinate their production, ..
Published on October 12, 2017
South Korea based Lotte Chemical Corp believes that petrochemical market is likely to get stabilize by year 2020. The major reason behind this is lowering of oil prices in international market. “By 2020, petrochemical markets are likely to be stable to firm as oil prices are expected to remain stable at $60,” Kim said in his first interview since starting as CEO in March. “Given that, the profitability of petrochemical makers with naphtha crackers, like us, is likely to change ..
Published on October 11, 2017
The Singapore Exchange will soon be launching new SM and MEG swaps and futures contracts on October 23 this year, according to an SGX Tuesday. This will be the first time derivative contracts for SM and MEG have been offered by any clearing house in Singapore. The swaps are to be traded in 500 mt lots, while the futures contracts will trade in 100 mt increments. "SM and MEG have traditionally been traded on an over-the-counter (OTC) basis between counterparties," an SGX spokesman said. He furt ..
Published on October 10, 2017
The department of environment has lifted its stop-work order on Lotte Chemical Titan Holding Bhd’s (Lotte) KBR Catalytic Olefins Technology catalytic cracking reactor within TE3 project in Pengerang, Johor. On 1st October the stop work order was issued by DOE of Malaysia to reduced odour emission to keep check on discharge. According to company officials “The stop-work order is not expected to have any material effect on our company’s and group’s earnings, net assets and ..
Published on October 9, 2017
Mina Al Fahal refinery has been shut down for maintenance in Oman. The refinery will remain under maintenance for around 45 days. The 45-day maintenance period will cover modifications to the existing plant to allow a full integration of the new units, being constructed under the Suhar Refinery Improvement Project (SRIP) and Muscat Sohar Product Pipeline (MSPP) project including a distribution depot in Jifnain, that are due for commissioning later in the year. All product supply during the peri ..
Published on October 7, 2017
Canada based Methanex has announced its ACPC for the month of October 2017. It has increased its contract prices for the month October by USD 50/MTS. Asian Contract prices are posted at USD 400/MTS. Prices posted for the region of Europe around Euro 320/MT. ..
Published on October 6, 2017
The Saudi Aramco will be opening its subsidiary in India next week. The company will be investing in refineries in major markets to lock in customers ahead of its initial public offering next year, and the India unit, on top of sales, will look for opportunities to take stakes in refining and petrochemical projects in the country. Major oil producers that have lost market share due to the rise in U.S. shale oil production are tapping rising fuel demand in Asia. The Kingdom wants to mirror that ..