Published on June 27, 2017
Growing demand of petrochemicals from key industries including construction, transportation, packaging, textile, transportation, plastics, healthcare coupled with favorable operating conditions anticipated to drive global market growth for petroleum market. The Global Petrochemicals Market is expected to witness significant growth with a CAGR of approximately 6.7% over the forecast period of 2017-2023 and reach US$1075.19 bln by 2023, as per Market Research Future. Asia Pacific is the dominating ..
Published on June 26, 2017
China, India and Japan are the leading nations in terms of growth and development in Asia. But in past few months these three countries has significantly affected the growth of oil demand in the Asian continent. A fuel glut in China and declining population in Japan are holding back crude oil demand growth in three of the world's top four oil buyers. The three countries make up a fifth of 97 million barrels per day (bpd) in global oil consumption, and any hiccups among them will mean lower-than- ..
Published on June 24, 2017
Reliance Industries Ltd (RIL) upstream business will drain cash from the rest of the business from fiscal 2018 until production begins from the three gas fields where RIL and BP announced fresh investments, says Moody’s investor service. Moody’s investor service in a note released on Tuesday said, “The annual investment amount is disproportionately higher than the cash flows being generated by RIL’s upstream segment, which reported an earnings before income and tax (Ebit) ..
Published on June 22, 2017
Chevron Phillips Chemical Company announced the two polyethylene units of its $6 billion petrochemical investment on the U.S. Gulf Coast successfully achieved the major milestone of mechanical completion. The PE units are now undergoing a series of rigorous commissioning activities, system checks and final certifications to ensure a safe and reliable start-up, and consistent, high-quality production. Once operational, each PE unit will produce at least 500,000 metric tons of product annually. ..
Published on June 21, 2017
State-run Bharat Petroleum (BPCL) is revisiting its mothballed plan to build a refinery in Allahabad to cater to the expanding demand for fuel in the country. It’s an old plan and now reassessing it. Company have land for that and have begun erecting boundaries around it, As per report. “More refining capacity is needed to meet the rising fuel demand. And if we have to meet our own target of raising refining capacity to 50 million tonnes in five years, we need a greenfield p ..
Published on June 20, 2017
RIL has restarted its PTA unit. Earlier the unit was shut down for annual maintenance in the second week of June. The unit remained off-stream hardly for a week. Unit is based at Dahej in Gujarat and has the manufacturing capacity of 1.1 mln mt/year. ..
Published on June 19, 2017
Reliance Industries Limited (RIL) and BP have announced that they are moving forward to develop already-discovered deepwater gas fields, bringing new gas production for India. The two companies have agreed to deepen and expand their partnership to work jointly across a wide range of areas throughout India’s energy sector. RIL and BP announced that they will award contracts to progress development of the ‘R-Series’ deep water gas fields in Block KGD6 off the east coast of India. ..
Published on June 17, 2017
Iran’s domestic petrochemical producers are looking at Russia as an emerging and reliable market for petrochemical exports. Russia needs to import petrochemicals in large volumes, Iranian petrochemical producers should expand their foothold in the country under a consolidated scheme. For Iran an effective strategy to raise exports is participating in Russia’s petrochemical exhibitions and expanding negotiations with their state and private importers. As per report, an increa ..
Published on June 16, 2017
Chinese Company Hengyi Petrochemicals announced recently that it will complete the construction of its refinery and complex by 2018 and production will commenced by 2019. Earlier the target was set for 2015 which has been already delayed by more than 4 years. The local construction and authorities are responsible for this delay. The facility will primarily provide feedstock for Hengyi's massive Chinese production of pure terephthalic acid, or PTA, an intermediate for making polyester. But ..
Published on June 16, 2017
Hamad Port will launch and add new service lines with Europe and Southeast Asia in near term. This comes after the Ministry of Transport and Communications announced the launch of a new shipping line between Qatar and India. The new service connects Hamad Port with the Mundra and Nhava Sheva ports in India. As per report, listing the highlights and advantages of the new shipping line, the MoTC said it will involve weekly sailing, provide a direct express connection between Mundra, Nhava Sheva ..