PET prices in Europe are growing -PET prices europe PET价格欧洲

PET prices europe PET价格欧洲MOSCOW ( MRC ) – Domestic prices of polyethylene terephthalate (PET) in Europe rose last week, while market participants expect a rise in prices will continue until the end of the year, according to ICIS with reference to the market players.PET prices europe PET价格欧洲

The price range for the past week amounted to EUR890-930 per ton, while the transaction is in the upper range were rare. According to market participants, EUR870 price per tonne longer available on the market.

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Asian naphtha crack falls on ample supply

 Asian naphtha -05-04-2013-1RECORDER REPORT Asian naphtha

Asia’s naphtha crack fell 14.2 percent on Thursday, its largest percentage fall since September 30, to reach its lowest in two months at $66.85 a tonne as ample supplies and a spike in oil prices weighed. Asian naphtha

The weak fundamentals were reflected in a spot deal where South Korea’s Lotte Chemical had picked up naphtha for first-half January delivery at a discount of $2.00 to $2.50 a tonne to Japan quotes on a cost-and-freight (C&F) basis.Asian naphtha

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Nan Ya Plastics dismisses impact of Brazil PET tariff

Brazil PET tariff

Brazil PET tariffUNFAZED:Brazilian authorities ruled two Taiwanese firms sold PET resins at unfairly low prices in the Latin American country and imposed an anti-dumping tariff

Staff writer, with CNA

Nan Ya Plastics Corp (南亞塑膠) yesterday said an anti-dumping penalty tariff imposed by Brazil over the company’s polyethylene terephthalate (PET) resin does not pose any impact on the company’s financial condition or its operations.

The company said in a Taiwan Stock Exchange filing that PET resin is among several items produced by the company, but it is produced in very small amounts compared with other products, accounting for merely 0.08 percent of its overall shipments to Brazil in 2014.

PET resin is a raw material commonly used to produce soda, juice and cooking oil containers. The material is also used for a wide range of other products, such as audio and video disks and cinematic film stock.

The company’s remarks came after Brazilian authorities last month ruled Nan Ya and another Taiwanese chemical firm, Lealea Enterprise Co (力麗化纖), sold PET resins at unfairly low prices in the Latin American country, which would subject them to an anti-dumping tariff of 52.1 percent, a level which had been stated in a preliminary ruling by Brazil’s Council of Chamber of External Commerce (CAMEX).Brazil PET tariff

The tariff took effect on Monday last week and is to remain for five years.

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Bullish outlook: QNB revises up oil price projection to $60 – Oil price projection

oil price projection

oil price projection

An Iranian worker works on phases 2-3 of the South Pars gas field

Reuters/Morteza Nikoubazl

By Satish KanadyAgainst the backdrop of Opec’s Vienna decision to cut oil production, QNB yesterday revised its  oil price to average $60 per barrel (/b) in 2017,, an upgrade of about  $5/b from its previous forecast.

The cuts proposed in last week’s agreement would reduce world oil production by around 900k barrels on average in 2017, compared with the average production in 2016. This would wipe out the current supply glut.

Additionally, the IEA expects global oil demand to grow by 1.2m barrels in 2017.

Therefore, the global oil market would shift from excess supply of 600k b/d in 2016 to undersupply of 1.6m b/d.

“As a result, we would expect prices to average $60/b in 2017”, the bank noted in its  latest ‘economic commentary’ yesterday.

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OPEC deal can work, but ‘We tend to cheat,’ Al-Naimi says -OPEC deal

OPEC deal
OPEC deal 13-09-2016By Catherine Traywick OPEC deal 

WASHINGTON (Bloomberg) — OPEC’s agreement to cut production for the first time in eight years has the potential to balance the oil market, as long as everyone sticks to it, former Saudi Arabia Oil Minister Ali al-Naimi said.OPEC deal – OPEC deal 

“The only tool they have is to constrain production,” al-Naimi said of OPEC at an event in Washington, D.C. “The unfortunate part is we tend to cheat.”OPEC deal 

OPEC on Wednesday agreed to cut production by 1.2 MMbpd, while Russia and other oil producers committed to reducing their own output by another 600,000. The deal spearheaded by Saudi Arabian Energy Minister Khalid Al-Falih represents a departure from the pump-at-will policy promoted by al-Naimi when he was oil minister. OPEC adopted that policy in 2014.OPEC deal 

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Faurecia strengthens its industrial presence in Iran, forms two new JVs – Faurecia Iran

Faurecia Iran

The Iranian automobile market production is very dynamic and is expected to grow from 1 million vehicles in 2015 to 1.8 million by 2025, representing an average growth of 6 percent per annum.

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OPEC’s power slips amid a spurt in U.S. oil production

 U.S. oil production

Only time will tell whether OPEC will effectively implement its recent decision to curb oil supplies and reverse a price slump that’s persisted for 2½ years.

But amid the many prognostications over oil prices, something else is clear: When it comes to energy security, the U.S. is in a much better position today than it has been in years.

Carlos Pascual, a top energy official at the State Department early in the Obama administration and once an ambassador to Ukraine and Mexico, offered a reminder the other day that the resurgence in U.S. oil and natural gas production in recent years has given Washington more discretion in dealing with Saudi Arabia and other members of OPEC, not to mention Russia and other countries. U.S. oil production

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