Published on December 3, 2018
In a major move at G20 Summit held in Argentina, the United States has declared that it will not raise tariffs on $200 billion worth of Chinese goods to 25% from January 1 for a 90-day period pending trade negotiations. On Trade front, President Trump has agreed that on January 1, 2019, he will leave the tariffs on $200 billion worth of product at the 10% rate, and not raise it to 25% at this time. President Trump and President Xi have agreed to immediately begin negotiations on structural ..
Published on December 1, 2018
Operations have been restarted by naphtha cracker at Yeosu. LG Chem has restarted its operations which were earlier shut down for around one month for maintenance.The unit is based at Yeosu in South Korea and has the production capacity of ethylene capacity of 1 million mt/year, propylene capacity of 500,000 mt/year. ..
Published on November 22, 2018
Two major state owned refineries will continue to purchase crude from Iran . The companies have placed an order of 1.25million tomes of crude to be imported from Iran despite of sanctions from US. "India is continuing with its relationship with both its key energy partners Iran and the US," a second source said. Indian refiners imported around 10 million barrels of Iranian oil in October, and its November shipments are expected to be lower. India, Iran’s top client after China, has close d ..
Published on November 21, 2018
There has been significant decline in MEK prices in Asian market. The plunging of crude values since last few weeks coupled with slowdown in China market has pulled back the values for MEK in Asian market. Demand for MEK has also declined and is operating only in need basis. Buyers are not in hurry to make the procurement of material. There has been significant decline in naphtha prices across the global market has also put an additional pressure on MEK values. Last week’s closing values f ..
Published on October 30, 2018
Methanex has increased its North American posted methanol contract price by 7 cents for November compared with October to 156 cents/gal ($519/mt) FOB USG, the world's largest methanol producer by capacity said on its website. Hike in the values was expected in current market conditions. ..
Published on October 27, 2018
According to Iranian minister around 30 projects in the petrochemical sector are currently under construction throughout the country with the aim of completing the petrochemical value-chain. More than half of the projects are based near the southern strategic port of Chabahar near the Sea of Oman and on Qeshm Island in the Persian Gulf. “Completion of the petrochemical value-chain is one of the main policies of the National Petrochemical Company, and this issue has become more promi ..
Published on October 26, 2018
Exxon Mobil its cracker unit after brief maintenance schedule. The cracker was restarted this week. Earlier the unit was shut down in the first week of September 2108. Unit is based at Jurong island in Singapore and has the production capacity of Ethyleen around 9,00,000 mt/year. ..
Published on October 24, 2018
PTTGloabal has restarted its cracker unit no1 this week. Earlier the unit was shut down annual maintenance turnaround. Te unit remained off-stream for around three weeks. Unit is based at Map Ta Phut in Thailand and has the production capacity of ethylene around 460,000 mt/year and a propylene production capacity of 125,000 mt/year. ..
Published on October 23, 2018
German chemicals major BASF has declared force majeure on deliveries of butyl acrylate and ethyl acrylate from its site in Ludwigshafen on Thursday. "Our production site in Ludwigshafen is currently encountering significant constraints regarding the raw material supply via barge due to the very low water level of the river Rhine," a company spokesman said. Barge movements have been constrained for over three months since the water levels began to full seriously low, impacting transport of both ..
Published on October 19, 2018
France's Total has signed an agreement with India's Adani Group, that will see them jointly develop a fuel retail network and various LNG regasification terminals in India. Total and Adani will set up a joint venture to build a retail network of 1,500 service stations over a period of 10 years. The retail outlets will offer Indian customers Total's full range of fuels and lubricants, the companies said in a joint statement Wednesday. The outlets will be set up on the main roads, such as highwa ..