Asia/Pacific
EIA raises oil price forecast for 2012
In its March "Short-Term Energy Report," the DOE/EIA raised its oil price forecast for 2012 to $106/bbl, up $5/bbl from the previous forecast amid concerns over geopolitical tensions in the Middle East, growth in world demand and supply constraints in non-OPEC countries.
FMC opens biopolymer technical hub in Singapore
FMC Corp. recently opened its new Singapore Technical Center in Singapore Science Park 2, the company said on Wednesday. The state-of-the-art facility will serve the technology and formulation needs of FMC's growing food and beverage customers in Singapore and throughout Southeast Asia.
OPEC pins high oil prices on speculators, IEA warns of supply woes
Leaders of some of the world's largest oil producing nations Wednesday pinned current high oil prices primarily on market speculators, just as consuming nations warned that even present increased output levels are being more than offset by numerous supply problems.
Linde to supply air gases for Chinese chemicals producer Dahua
Technology company The Linde Group has been selected to supply air gases to chemicals producer Dahua Group on Songmu Island in Dalian, Northeast China. Under the terms of this on-site agreement, Linde acquires the customer’s two existing air separation units (ASUs) in Dalian, and will operate these.
Honeywell forms partnership with Magnetrol for terminal safety products
Honeywell signed an agreement with Magnetrol International, a supplier of level and flow measurement equipment, to enhance its terminal market product portfolio with Magnetrol’s expertise in safety and compliance. Enhanced instruments will be available for purchase from March 2012.
Oil producers start to worry about rising prices
As they prepare to meet with consumers at an energy summit in Kuwait, some of the world's top oil producers voiced concern that rising oil prices may backfire by jeopardizing a global economic recovery. The UK's Brent contract has risen by 17% since the start of the year amid tensions with Iran.
Air Products inks liquid gases supply deal in China
Air Products has signed a long-term contract with Henan Xinlianxin Fertilizer (Xinlianxin), under which it build, own and operate an air separation unit (ASU) and integrated gas liquefier in Henan Province, China. The Air Products ASU and liquefier are to be onstream in 2013. Financial terms were not disclosed.
Malaysia's Petronas picks Technip for FEED work on refinery, petrochemical project
Technip has been awarded a front-end engineering design (FEED) contract by PETRONAS for its proposed refinery and petrochemical integrated development (RAPID) project located in the state of Johor, Malaysia. The contract is scheduled for completion in the second half of 2013.
OPEC says Asian growth offsets low OECD demand
The fundamental forces driving the world oil market were broadly stable in February, due to the familiar pattern of consumption growth in Asia offsetting weaker demand in the West, the Organization of Petroleum Exporting Countries said Friday. Recent data hasn't been encouraging, it said.
Metso buys South Korea globe valve firm Valstone
Metso has acquired South Korean globe valve technology and service company Valstone Control, officials confirmed on Thursday. Valstone has an established customer base in Korean engineering, procurement and construction (EPC) companies and in the domestic South Korean petrochemical industry.
- Argentina raises biofuel prices for domestic market 7/14
- Technip Energies' develops low-emission furnace design to reduce the carbon footprint of ethylene production 7/14
- Biofuel demand to soak up more than half of U.S. soyoil production next year, USDA says 7/14
- Russia's June seaborne oil product exports down 3.4% m/m 7/14
- Serbia seeks fifth U.S. sanctions waiver for Russian-owned oil firm NIS 7/14
- EIA: U.S. hydrocarbon production supported by export growth in long-term projections 7/14
