Asia/Pacific
Traders test OPEC ‘whatever it takes’ resolve to defend oil price
SINGAPORE/LONDON (Reuters) — When OPEC leader Saudi Arabia pledged in May to do "whatever it takes" to defend world oil prices, it didn't expect the market to be testing its resolve just one month later.
New Chinese refineries due for test runs in end-June, Aug.
(Reuters) — PetroChina's 260,000 bpd greenfield refinery in southwestern Yunnan province is due for test productions at end of this month, while CNOOC-operated Huizhou plant is targeting August for test runs, according to two senior industry sources with knowledge of the matter.
Fuel oil margins rise to five-year high, potential boon for simple refiners
SINGAPORE (Reuters) — Fuel oil profit margins have surged to their highest in more than 5 yr on lower supplies and rising demand from electric power generators, which may push some refiners to increase their runs.
S-Oil awards Lloyd’s Register RBI contract for olefin complex
Lloyd’s Register (LR), the leading provider of engineering and technology-centric professional services, is awarded a new contract from S-Oil Corporation (S-Oil) covering the implementation of a fully integrated risk-based inspection (RBI) system. Based at S-OIL’s largest investment project—a new $4.2 B residue upgrading and Olefin downstream complex (RUC/ODC) plant in Ulsan, Korea—the new contract will commence this month.
Chinese state oil giants take petrol price battle to the pumps
LULIANG, China (Reuters) — Chinese state oil giants Sinopec and PetroChina are waging war at the nation's gas pumps, slashing prices at unprecedented rates in an effort to reclaim sales lost to private local and foreign rivals in the $440 B retail fuel market.
Propane dehydrogenation plant in Korea reaches record production rate
CB&I and SK Advanced Co. Ltd. are celebrating the record production rates and outstanding operation of a propane dehydrogenation (PDH) plant in Seoul, South Korea.
China's 2017 crude oil quotas exceed last year's, teapots take a cut
BEIJING/SINGAPORE (Reuters) — China last week issued a second batch of crude oil import quotas under the so-called "non-state trade" that is higher than for all of the allowances in 2016, but allotments to independent refineries were lower than a year earlier.
Grace licenses process technology to Hengli petchem refinery
COLUMBIA, Md. — W. R. Grace & Co., a supplier of polyolefin catalyst technology and polypropylene (PP) process technology, contracted to license its UNIPOL PP process technology to Hengli Petrochemical Refinery Co. Ltd., a subsidiary of Hengli Group.
Mercuria, PetroChina selling fuel oil stored offshore Singapore, Malaysia
SINGAPORE (Reuters) — Independent trading house Mercuria and Chinese state oil giant PetroChina are selling fuel oil stored in vessels off Singapore and southern Malaysia on strong demand from the shipping and power sector, several trade sources said on Friday.
In latest sign of crude glut, ageing supertankers used to store unsold oil
SINGAPORE (Reuters) — Traders are increasingly storing oil in ageing supertankers in Southeast Asia as they grapple with a supply overhang that has left the system clogged with unneeded fuel despite an OPEC-led drive to cut production to prop up prices.
- Transition Industries signs agreements for the Pacifico Mexinol Project, an ultra-low carbon chemical production facility 7/3
- Bangkok Airways introduces SAF on commercial flights 7/3
- EcoCeres secures SAF contract with British Airways to help reduce carbon emissions 7/3
- Air Liquide to invest up to $200 MM in Louisiana, U.S. to support industrial growth 7/3
- MOL completes the acquisition of LBC Tank Terminals 7/3
- BHP awards charter contracts for two ammonia dual-fueled vessels 7/3
