Asia/Pacific
Sinopec wins environmental approvals in China to expand Hainan refinery
Sinopec will expand the capacity of its Hainan refinery to 13 million metric tpy of crude oil, or about 261,000 bpd from the current 8 million tons, or 160,000 bpd, the ministry said in a statement Sunday on its website. The company will also build a new ethylene unit with an annual capacity of 1 million tons.
Foster Wheeler signs technology pact with Shell for global downstream work
Under this agreement, Shell may request Foster Wheeler to provide support in basic engineering packages for the following technologies: distillation, hydrocracking, hydrotreating, thermal conversion, ethylene oxide, pyrolysis gas, fluid catalytic cracking and CANSOLV sulfur dioxide scrubbing.
IEA lowers forecast for global oil demand growth, warns of China slowdown
In its closely-watched monthly report on the oil market, the watchdog agency cut its oil demand growth forecasts for the coming year by a marginal 90,000 bpd, but warned that recent signs of recovery in the global oil demand could be the result of one-off factors, rather than sustained improvement.
Japan's five biggest refiners to cut capacity by 20%
Domestic demand for such fuels as gasoline and diesel is now estimated at around 3.4 million bpd. The overall refining capacity in Japan is expected to drop from the pre-regulation 4.8 million bbl to 3.7 million bbl, tightening the supply-demand balance and improving earnings at oil companies.
Metso opens new Thai automation service center
Metso has a large installed base for process automation products and valves, especially in the Thai pulp and paper industry. Customers include the Siam Cement Group, which has a pulp mill and several paper mills in the area. The new service center is located in Banpong, Ratchaburi.
Essar Energy sees continued strong performance at India, UK refineries
In a mangement statement, Essar said gross refining margins at its Vadinar refinery in India rose to $9.75/bbl for the final 2012 quarter, compared with $2.82/bbl for the same time a year earlier, thanks to refinery upgrades that allow it to process larger amounts of oil as well as cheaper grades.
KBR to design new Indonesia ammonia, urea plant
The plant will be designed using KBR’s Purifier technology, which has demonstrated higher reliability than conventional designs and offers the lowest proven energy consumption in the industry. Construction of the grassroots facility is part of a consortium between Rekayasa and Toyo Engineering.
Solazyme, Mitsui to jointly develop triglyceride oils
The $20 million, multi-year agreement includes further development of Solazyme’s breakthrough high myristic algal oil, a valuable raw material in the oleochemical industry, as well as additional oils that Solazyme is developing for the oleochemical and industrial sectors, according to the companies.
PTT venture to build condensate splitter in Timor
PTT International will own around 70% of the venture and petroleum firm Timor Gap will own the rest. The companies also agreed to jointly engage in condensate trading activities, he said, adding that the two deals require a combined investment of 5 billion baht ($168 million).
China to raise fuel standards for diesel, gasoline
China's State Council, or cabinet, said Wednesday it would ratchet up national fuel standards to levels similar to those currently found in the US and Europe by the end of 2017. Beijing will also give room to China's refining industry to pass on the cost to consumers, according to the statement.
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