Asia/Pacific
Valspar opens coatings R&D facility in China
Paints and coatings major Valspar Corp. announced the opening of its new research and development (R&D) center in Shunde, China. Nearly half of the company's sales in the Asia-Pacific region are in China, where Valspar currently has five manufacturing facilities.
HB Fuller to acquire global industrial adhesives business from Forbo
HB Fuller Co has signed an agreement to purchase the global industrial adhesives business of Forbo Group. Forbo is known for the breadth of its product line in all of HB Fuller’s core market segments, particularly packaging and durable assembly, according to Fuller officials.
India refinery runs increase 9.2% in November
India's refinery runs in November rose a sharp 9.2% from October as Essar Oil resumed normal operations at a 14 million ton refinery after a 35-day shutdown. The refinery runs topped the government's target of 13.71 million tons, or 3.35 million bpd.
Fortune Oil, BP to expand China aviation fuels unit
Fortune Oil said Monday it and its partners in an aviation fuel supply business had agreed to double the number of airports they serve in central and southern China to 30 over the next five years.
Coca-Cola plans to have 100% plant-based bottle
Coca-Cola expects to have a plastic bottle made entirely from plant-based materials ready for commercial use in the next few years as it looks to reduce its reliance on petroleum used in traditional plastic bottles. Coca-Cola believes it can have the plant-based bottle developed by 2015 so that, by 2020, all of its plastic bottles can be using the new material.
Momentive, UPC form China phenolic resin venture
Momentive Specialty Chemicals and UPC Technology Corp. have now signed a definitive joint venture agreement creating Momentive Union Specialty Chemicals, a venture that will build manufacturing capacity in China to produce specialty phenolic resins.
IEA trims 2012 world oil demand growth forecast on economic woes
The International Energy Agency on Tuesday trimmed its forecast for world oil demand growth in 2012 versus its earlier 2012 projection based on the worsening global economic backdrop and persistently elevated oil prices, but said demand will remain robust and markets tight until 2013. The IEA forecast global oil demand at 90.3 million bpd in 2012, up from 89 million bpd this year.
Global refinery runs to rise in first quarter - IEA
Refinery runs across the globe will bounce back in the coming months as refineries return from heavy autumn maintenance and ramp up production even as profits on oil products fall, the International Energy Agency said Tuesday in a monthly report. Refinery runs will rebound to 75.8 million bpd, or 1.2 million bpd higher than the year-earlier quarter, after relatively weak growth since April.
Formosa Petrochemical, CPC in supply deal talks
CPC Corp. is in talks to procure base petrochemicals, such as propylene and ethylene, from Formosa Petrochemical to ensure future supply as a CPC 23-million metric ton-a-year naphtha cracker is set to close in the first quarter for a year-long capacity upgrade, senior executives from the companies said Monday.
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
- 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
