Jiangsu Sanfangxiang plans to launch a new PET plant in the third quarter  – Jiangsu Sanfangxiang Group, a major Chinese petrochemical producer, plans to launch a new PET plant in Jiangsu Province, China, in the third quarter – Jiangsu Sanfangxiang PET plant China

Jiangsu Sanfangxiang PET plant China Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  

Jiangsu Sanfangxiang plans to launch a new PET plant in the third quarter 

Jiangsu Sanfangxiang PET plant China MOSCOW  – Jiangsu Sanfangxiang Group, a major Chinese petrochemical producer, plans to launch a new PET plant in Jiangsu Province, China, in the third quarter, ICIS reported citing sources in the market.

The capacity of the new production will be 500 thousand tons of PET per year.  The alleged launch of the plant was postponed several times because of delays in the construction of the facility.

Currently, the company operates a PET bottles production plant in Cangzhin with a capacity of 1.6 million tons per year.

Earlier it was reported that from March 14 to the end of May, one of the lines with the capacity of 200 thousand tons of PET was repaired per year at this site, closed earlier due to a technical malfunction.

According to the ScanMap of the company MRC, for four months of the current year the export of PET granulate from Russia amounted to 24.81 thousand tons against 13.98 thousand tons last year.  The volume of exports is traditionally fully attributable to the granulated Alco-Nafta.  Imported supplies of PET to the Russian market in the reporting period decreased by 9% and amounted to 12.81 thousand tons.  A year earlier this figure was 14.03 thousand tons.  The reduction in imports was due to the fiber production sector.  Import of PET granules for casting preforms remained at last year’s level.

Jiangsu Sanfangxiang Group Co., Ltd., headquartered in Qiangin, is one of the largest petrochemical manufacturers in China.  In particular, the company produces polyethylene terephthalate and polyester (2 million tons per year), terephthalic acid (600 thousand tons per year).

mrcplast.ru

Author:   Anna Larionova

Related Topics

-Far Eastern Union plans to launch a new PET plant in Vietnam in July  – The Chinese company Far Eastern Union Petrochemical plans in July this year to launch a new bottled PET plant in Vietnam, ICIS reports with reference to market participants – Far Eastern Union PET plant Vietnam

-Chengxing Group will launch a new PET plant in China on June 1 – Chengxing Group, a major Chinese producer of petrochemicals, is planning to put into operation a new PET production plant in Jianggyin, Jiangsu – Chengxing Group PET plant China

-Europe PET players mull over further price hikes in June on tightness – European polyethylene terephthalate (PET) players are considering June spot prices as sellers announce further increases due to high demand during a period of tightness – Europe PET price hikes June

-Prices of PET in the Gulf countries increased against the backdrop of limited supply – Manufacturers of polyethylene terephthalate (PET) in the countries of the Persian Gulf (GCC) increased their price proposals at the end of last week, as the supply of material in the region remains limited – Prices PET Gulf countries

-Nan Ya Plastics increases June prices of PET in the US  – The Taiwanese company Nan Ya Plastics (part of the Formosa Group) announced an increase in June prices for all grades of polyethylene terephthalate (PET) for the US market by 5 cents per pound or USD110 per tonne – Nan Ya Plastics June prices PET USA  

-Thai Indorama completes acquisition of Brazil PET plant – Thai Indorama acquisition Brazil PET plant

-Judge approves sale of bankrupt M&G plant – A bankrupt plastics plant that had been under construction in Corpus Christi now might be completed and put into operation – Judge bankrupt M&G plant

-Buyer emerges for bankrupt M&G plant, but sale still not final – Italian plastics giant M&G USA files for Chapter 11 bankruptcy protection. The company will now have to sell the $1 billion plant it is building in Corpus Christi – Buyer Mossi Ghisolfi M&G plant

-Alpek, Indorama, Far Eastern consortium to acquire M&G Texas PTA-PET plant for $1.12bn – Alpek Indorama Far Eastern consortium Mossi Ghisolfi Texas PTA PET

-The bankruptcy nightmare on Mossi & Ghisolfi will decide the court – A glimmer opened when Eni had shown interest in Biochemtex, but in the end of February the cold shower arrived at the Ministry of Economic Development – Bankruptcy Mossi Ghisolfi court

-Indorama to buy M&G’s Brazil PET plant – Indorama Ventures Public Co. Ltd. (IVL), has entered into an agreement to acquire M&G Polimeros Brazil SA in Ipojuca Brazil for an undisclosed amount – Indorama Mossi Ghisolfi Brazil PET plant

-Indorama wants to buy M&G West Virginia PET plant – Bangkok-based materials company Indorama Ventures Public Co. Ltd. is bidding to buy the West Virginia PET plant and Ohio research and development site of bankrupt M&G Polymers USA LLC. –Indorama Mossi Ghisolfi West Virginia PET plant

-Indorama Ventures is considering buying a M & G PET plant in the US – Indorama Ventures Mossi Ghisolfi PET US

-Mossi & Ghisolfi, the group admits the difficulties: “Delays in the US, even for Hurricane Harvey” – Mossi Ghisolfi group difficulties US Texas

-M&G Resins to shed 100 jobs in Corpus Christi by Thanksgiving – Mossi Ghisolfi Resins Corpus Christi

-Plastics plant is a $100 million headache for U.S., Texas companies – Plastics plant US Texas

-Financial woes endanger $1 billion plant – Mossi Ghisolfi dollars 1 billion plant

-PET resin maker M&G Group files for bankruptcy protection in Italy – PET resin maker Mossi Ghisolfi Group bankruptcy protection Italy

-Alpek cutting off M&G over unpaid bills – Alpek Mossi Ghisolfi

-Latest court filing brings more scrutiny to future of M&G plant in Corpus Christi – Mossi Ghisolfi Corpus Christi

-M&G to cease production at US PET plant in W Virginia – Mossi Ghisolfi US PET West Virginia

-PET resin maker M&G Group files for bankruptcy protection in Italy – PET resin maker Mossi Ghisolfi Group bankruptcy protection Italy

Contractor releases workers from M&G US PET project – Mossi Ghisolfi M G US PET project

-Alpek cutting off M&G over unpaid bills – Alpek Mossi Ghisolfi

-Shares in Mexico’s Alpek drop amid payment issues with client – Mexico Alpek Mossi Ghisolfi

Jiangsu Sanfangxiang PET plant China Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  Jiangsu Sanfangxiang PET plant China  

Please follow and like us:

Spot prices of ACN in Europe went up sharply after the announcement of force majeure by Ineos  – The spot prices of acrylonitrile (ACN) rose sharply in the European market after problems arose with supplies of material from Ineos plants to Seal Sands, the UK and Dormagen, Germany – ACN prices Europe force majeure Ineos 

ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  ACN prices Europe force majeure Ineos  

Spot prices of ACN in Europe went up sharply after the announcement of force majeure by Ineos 

ACN prices Europe force majeure Ineos   MOSCOW  – The spot prices of acrylonitrile (ACN) rose sharply in the European market after problems arose with supplies of material from Ineos plants to Seal Sands, the UK and Dormagen, Germany, ICIS reported

Price proposals AKN were announced at the level of USD2,000 per ton, while the deals were in the range of USD1,860-1,980 per ton.

Thus, according to ICIS, quotes of the material rose by USD65 per tonne in the lower part of the price range and by USD90 per tonne – at the top.

The decrease in supplies from Ineos forced a large number of market players to apply for material on the spot market, but the ACN proposal is limited.

Many suppliers said that they had already sold their spot volumes.  It is likely that buyers will soon have to turn to foreign markets in search of affordable ACN lots.

Acrylonitrile is one of the main raw materials for the production of ABS.

According to the ScanMap of the company MRC, production of ABS in March in Russia amounted to 1.23 thousand tons.  In January-March 2018, Russian manufacturers produced 6.20 thousand tons of ABS plastic, which is 87% more than the volume of production a year earlier.

mrcplast.ru

Author:   Margarita Volkova

Related Topics

-The initial contract price of acrylonitrile (ACN) for February in Europe increased by EUR28 per tonne – The initial contract price of acrylonitrile (ACN) in Europe for February supplies was agreed at EUR28 per tonne higher than the level of January – Acrylonitrile ACN Contract price February Europe

-Asia ACN rises as demand improves amid supply constraints – Asia’s acrylonitrile (ACN) prices are set to rise further if ongoing supply constraints fail to ease soon – Asia ACN acrylonitrile

Please follow and like us:

Far Eastern Union plans to launch a new PET plant in Vietnam in July  – The Chinese company Far Eastern Union Petrochemical plans in July this year to launch a new bottled PET plant in Vietnam, ICIS reports with reference to market participants – Far Eastern Union PET plant Vietnam

Far Eastern Union PET plant Vietnam Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  

Far Eastern Union plans to launch a new PET plant in Vietnam in July 

Far Eastern Union PET plant Vietnam

MOSCOW – The Chinese company Far Eastern Union Petrochemical plans in July this year to launch a new bottled PET plant in Vietnam, ICIS reports with reference to market participants.

The capacity of the plant located in Binh Duong (Vietnam), will be 400 thousand tons of PET per year.

Earlier it was reported that Far Eastern Union Petrochemical from 4 May to 8 June carried out repairs at the plant for production of monoethylene glycol (MEG) with a capacity of 500 thousand tons of MEG per year in Yangzhou (China).

According to the ScanMap of the company MRC, for four months of the current year the export of PET granulate from Russia amounted to 24.81 thousand tons against 13.98 thousand tons last year.  The volume of exports is traditionally fully attributable to the granulated Alco-Nafta.  Imported supplies of PET to the Russian market in the reporting period decreased by 9% and amounted to 12.81 thousand tons.  A year earlier this figure was 14.03 thousand tons.  The reduction in imports was due to the fiber production sector.  Import of PET granules for casting preforms remained at last year’s level.

Far Eastern Union Petrochemical is a joint venture between Taiwanese companies Oriental Union Chemical Corp’s (OUCC) and Far Eastern New Century Co.  Ltd.  Oriental Union Chemical also owns another production of MEG with a capacity of 250 thousand tons per year in Kaohsiung City, Taiwan.

mrcplast.ru

Author:   Anna Larionova

Related Topics

-Chengxing Group will launch a new PET plant in China on June 1 – Chengxing Group, a major Chinese producer of petrochemicals, is planning to put into operation a new PET production plant in Jianggyin, Jiangsu – Chengxing Group PET plant China

-Europe PET players mull over further price hikes in June on tightness – European polyethylene terephthalate (PET) players are considering June spot prices as sellers announce further increases due to high demand during a period of tightness – Europe PET price hikes June

-Prices of PET in the Gulf countries increased against the backdrop of limited supply – Manufacturers of polyethylene terephthalate (PET) in the countries of the Persian Gulf (GCC) increased their price proposals at the end of last week, as the supply of material in the region remains limited – Prices PET Gulf countries

-Nan Ya Plastics increases June prices of PET in the US  – The Taiwanese company Nan Ya Plastics (part of the Formosa Group) announced an increase in June prices for all grades of polyethylene terephthalate (PET) for the US market by 5 cents per pound or USD110 per tonne – Nan Ya Plastics June prices PET USA  

-Thai Indorama completes acquisition of Brazil PET plant – Thai Indorama acquisition Brazil PET plant

-Judge approves sale of bankrupt M&G plant – A bankrupt plastics plant that had been under construction in Corpus Christi now might be completed and put into operation – Judge bankrupt M&G plant

-Buyer emerges for bankrupt M&G plant, but sale still not final – Italian plastics giant M&G USA files for Chapter 11 bankruptcy protection. The company will now have to sell the $1 billion plant it is building in Corpus Christi – Buyer Mossi Ghisolfi M&G plant

-Alpek, Indorama, Far Eastern consortium to acquire M&G Texas PTA-PET plant for $1.12bn – Alpek Indorama Far Eastern consortium Mossi Ghisolfi Texas PTA PET

-The bankruptcy nightmare on Mossi & Ghisolfi will decide the court – A glimmer opened when Eni had shown interest in Biochemtex, but in the end of February the cold shower arrived at the Ministry of Economic Development – Bankruptcy Mossi Ghisolfi court

-Indorama to buy M&G’s Brazil PET plant – Indorama Ventures Public Co. Ltd. (IVL), has entered into an agreement to acquire M&G Polimeros Brazil SA in Ipojuca Brazil for an undisclosed amount – Indorama Mossi Ghisolfi Brazil PET plant

-Indorama wants to buy M&G West Virginia PET plant – Bangkok-based materials company Indorama Ventures Public Co. Ltd. is bidding to buy the West Virginia PET plant and Ohio research and development site of bankrupt M&G Polymers USA LLC. –Indorama Mossi Ghisolfi West Virginia PET plant

-Indorama Ventures is considering buying a M & G PET plant in the US – Indorama Ventures Mossi Ghisolfi PET US

-Mossi & Ghisolfi, the group admits the difficulties: “Delays in the US, even for Hurricane Harvey” – Mossi Ghisolfi group difficulties US Texas

-M&G Resins to shed 100 jobs in Corpus Christi by Thanksgiving – Mossi Ghisolfi Resins Corpus Christi

-Plastics plant is a $100 million headache for U.S., Texas companies – Plastics plant US Texas

-Financial woes endanger $1 billion plant – Mossi Ghisolfi dollars 1 billion plant

-PET resin maker M&G Group files for bankruptcy protection in Italy – PET resin maker Mossi Ghisolfi Group bankruptcy protection Italy

-Alpek cutting off M&G over unpaid bills – Alpek Mossi Ghisolfi

-Latest court filing brings more scrutiny to future of M&G plant in Corpus Christi – Mossi Ghisolfi Corpus Christi

-M&G to cease production at US PET plant in W Virginia – Mossi Ghisolfi US PET West Virginia

-PET resin maker M&G Group files for bankruptcy protection in Italy – PET resin maker Mossi Ghisolfi Group bankruptcy protection Italy

Contractor releases workers from M&G US PET project – Mossi Ghisolfi M G US PET project

-Alpek cutting off M&G over unpaid bills – Alpek Mossi Ghisolfi

-Shares in Mexico’s Alpek drop amid payment issues with client – Mexico Alpek Mossi Ghisolfi

Far Eastern Union PET plant Vietnam Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant VietnFar Eastern Union PET plant Vietnam Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietnam  Far Eastern Union PET plant Vietn

Please follow and like us:

Asia MEG to see demand tapering, lower supply in early H2 – The Asian monoethylene glycol (MEG) market could see demand slowing down from the end of June while supply will be reduced from a number of plant turnarounds – Asia MEG demand tapering

Asia MEG demand tapering Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  Asia MEG demand tapering  

Asia MEG to see demand tapering, lower supply in early H2

Source:ICIS News

SINGAPORE (ICIS)–The Asian monoethylene glycol (MEG) market could see demand slowing down from the end of June while supply will be reduced from a number of plant turnarounds.

Inventories are expected to decline in June after offtake rates at Chinese main ports rising sharply in the last two weeks of May because of an uptick in demand from downstream polyester buyers.

Demand for MEG is also expected to remain strong in the first half of June, boosted by high polyester production rates of above 85% and modestly low inventory levels.

A slowdown in demand may take place in the second half of June as the traditional manufacturing peak period nears its end in July.

Meanwhile, supply conditions could to tighten because of the plant turnarounds in northeast Asia.

However, supply from the Middle East will likely go back to normal given as there were no further delay in shipments in May.

On the pricing front, MEG prices in Asia have registered year-on-year growth rates in the months to June this year.

MEG prices have mostly hovered above $900/tonne CFR China Main Port (CMP) while prices were mostly below $900/tonne CFR CMP in 2017.

Prices have been volatile in 2018, with major price swings seen on a near monthly basis since February.

Asia MEG demand tapering

MEG prices in first quarter of this year year continued the uptrend seen in the fourth quarter of 2017, rising to $1030/tonne CFR CMP in early March from $922/tonne CFR CMP in late December, as the higher-than-expected growth in downstream polyester fuelled bullish market sentiment.

Polyester growth in 2017 was estimated at above 10%, beating an originally bearish expectation of 2-3%.

A price downtrend was observed in March, with the MEG weekly average prices losing nearly 10% of its value to $929/tonne CFR CMP by end March.

The price decline coincided with a sharp influx of imported cargoes, which was likely a result of over-procurement in January and February while prices were trending upwards.

March 2018 import volumes rose to nearly 1m tonnes, a record three-year high, according to official China customs data.

MEG prices rebounded in April, rising by around 9% from end March to $1,014/tonne CFR CMP by end-April ahead of the traditional peak period for the downstream polyester sector. Average polyester production rates rose to above 85% during the period.

MEG also achieved its to-date weekly peak of $1042/tonne CFR CMP in the week ending 20 April.

Supply tightness was also observed in the Chinese domestic market because of shipment delays from the Middle East and logistical issues at China main ports over the same period.

The lack of availability of prompt cargoes also led to an atypical price spread between April and May delivery parcels.

Normally, the spread between arrived-at-port and far-term arrival cargoes is at $0-10/tonne CFR CMP but this widened to $20-30/tonne CFR CMP. This drove concerns of sharp price adjustments in May once April delivery were fulfilled.

These concerns came true as MEG began to slide in May. MEG weekly prices stood at $928/tonne CFR CMP in the last week of May, falling from $1003/tonne CFR CMP in early May.

High inventory levels have also weighed on MEG prices. Inventory levels were above 900,000 tonnes from early May onward, rising to 938,000 tonnes by in late March. Most market participants deemed inventory levels above 900,000 tonnes to be high.

The increase in inventory levels in May were largely attributed to the arrival of Middle East shipments previously due for arrival in April.

Asia MEG demand tapering

By Eric Su

Related Topics

-Sinopec lowered the May prices of MEG in East China by CNY700 per tonne – China China Petroleum & Chemical Corp. (Sinopec), Asia’s largest oil refining company, May 3, lowered the selling price of monoethylene glycol (MEG) in eastern China by 700 yuan (CNY) or USD110 per tonne against a downtrend in the spot market – Sinopec May prices MEG East China

-The initial May contract price of MEG in Europe increased by EUR40 per tonne – The initial contract price of monoethylene glycol (MEG) in Europe for May deliveries was agreed at the level of EUR1,005 per ton, which is EUR40 per ton higher than the April contract prices – Price MEG Europe

-Sinopec raised MEG prices in April by USD162 per tonne – China China Petroleum & Chemical Corp. (Sinopec), the largest oil refining company in Asia, increased the April contract prices of monoethylene glycol (MEG) in the eastern regions of China by 1,020 yuan (CNY) or USD162 per ton – Sinopec MEG prices April

-Sinopec raised April MEG prices in East China by CNY500 per tonne – China China Petroleum & Chemical Corp. (Sinopec), the largest oil refining company in Asia, on April 17 raised the selling prices of monoethylene glycol (MEG) in the eastern regions of China by 500 yuan (CNY) or USD80 per ton compared to the March level – Sinopec April MEG prices East China

-Europe MEG spot prices play catch up after steep Asia gains – European monoethylene glycol (MEG) spot prices are playing catch up to the recent price surges in the Asia market – Europe MEG spot prices

-Prices of MEG in Asia rose again – Price proposals for monoethylene glycol (MEG) continued to grow in the Chinese market this week, as market sentiment became more optimistic amid the near-term outlook for the situation in the polyester market – Prices MEG monoethylene glycol Asia

-European MEG sellers emboldened by Asian rebound as April talks continue -The European monoethylene glycol (MEG) initial April contract decrease fell short of original expectations, but the latest rebound in Asia seems to have renewed European sellers’ confidence in the spot market – European MEG Asian April

-The initial price for MEG in Europe for April deliveries fell by EUR20 per tonne – The initial contract price of monoethylene glycol (MEG) in Europe for April deliveries was agreed at the level of EUR965 per tonne, which is EUR20 per ton lower than the March contract prices – Price MEG Europe April

-China’s MEG up in anticipations of better supply-demand for Q2 – China’s MEG market has remained rangebound for around two weeks, and domestic spot prices shivered around 7,000yuan/mt – China MEG prices market

-Prices MEG in the US may fall in April  – It is expected that prices of monoethylene glycol (MEG) in the US will decline in April due to a weakening of demand between peak seasons – Prices MEG USA April 

-AFPM ’18: EQUATE’s US MEG plant begins construction phase – CEO – AFPM 2018 EQUATE USA MEG

-Sabic reduced the April price of MEG by USD55 per tonne – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level – Sabic April price MEG

-MEGlobal lowered the April contract price of MEG in Asia by USD80 per tonne – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), set the April contract price for MEG for Asia at USD1,100 per tonne – MEGlobal April contract price MEG Asia4

-China polyester to drive MEG, but oversupply fears – China polyester MEG oversupply – Robust demand from polyester production in China is expected to drive the Asian monoethylene glycol (MEG) market in the first half of 2018

Please follow and like us:

Asia petrochemicals market outlook, w/c Jun 11 – Market participants are continuing to monitor demand and supply conditions, especially for paraxylene and butadiene, where trade participants are watching whether deepsea butadiene cargoes from Europe will be delivered into Asia on schedule – Asia petrochemicals market

Asia petrochemicals market Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  

Asia petrochemicals market outlook, w/c Jun 11

Singapore (Platts)-

Asia petrochemicals market   Market participants are continuing to monitor demand and supply conditions, especially for paraxylene and butadiene, where trade participants are watching whether deepsea butadiene cargoes from Europe will be delivered into Asia on schedule. Meanwhile, styrene and toluene inventories appear to have drawn down while benzene stocks are on the rise.

AROMATICS

Outlook for Asia’s paraxylene market in July and August remained uncertain, with some traders expecting volatility in the market. The delay in the delivery of some June cargoes from the Middle East to China, to July at the earliest, would be offset by some downstream turnarounds in July, keeping the PX-naphtha spread within the $330-$340/mt range.

Benzene inventories in Asia — particularly in South Korea and China — were still high despite ongoing turnarounds in Japan and South Korea, weighing on prices over the past week. Eyes were also on China’s planned imposition of anti-dumping duties on downstream styrene imports from the US, South Korea and Taiwan, with market participants expecting a final decision to be announced later this month.

Views on the styrene monomer market meanwhile, were mixed. While prompt supply remained extremely tight with latest inventory data from main ports in East China showing a week-on-week fall of 10,000 mt to a new year-to-date low of 25,700 mt as of last Friday, restarts at China’s Abel Chemical and Sinopec Zhenhai were expected to boost prompt cargo availability. Around 24,000 mt of deepsea Middle Eastern cargoes were scheduled for delivery in East China next week, according to shipping data, which would further alleviate supply tightness for second-half June.

Toluene meanwhile, is expected to continue finding support from low inventories in China. In East China, stocks of 22,000 mt as of last week were seen as relatively low compared with a year-to-date average of 43,500 mt. Along with a relatively wide spread of $28/mt between the CFR China and FOB Korea markers, this would draw buying interest from China. But demand could be capped by narrowing toluene disproportionation margins, which could result in lower operating rates or even shutdowns of some TDP units.

OLEFINS

Asia’s ethylene market has firmed on the back of tight supplies. Arbitrage opportunities from Europe to Asia were seen thinning out, while regional ethylene supplies were also limited by steam cracker turnaround season.

But for propylene, weakening demand in China, along with an expected increase in supply from South Korea, would likely continue pressuring the market. South Korea’s S-Oil plans to start up its new high-severity residue fluid catalytic cracker, or HS-RFCC, at Onsan around the middle of June. The unit is able to produce 200,000 mt/year of ethylene and 660,000 mt/year of propylene. Market sources said S-Oil would likely sell the additional ethylene from the unit on a term basis.

While Asia’s butadiene market was pressured last week by lower demand for ABS production and reduced short-covering interest from Japan, a possible delay in delivery of deepsea cargoes from Europe to Asia might lead to a rebound in the market, trade sources said.

POLYMERS

Asian polyethylene prices were mostly lower last week amid the seasonal demand lull, with the depreciation in the yuan currency expected to further curb China’s import appetite for high density polyethylene. But India’s peak demand for HDPE film for making irrigation pipes and tight supply from the Middle East have lent support to the South Asian market. Meanwhile, the rise in linear low density polyethylene imports by China since the start of 2018 would likely be tempered by higher recycling rates of Chinese domestic waste attributed to the government’s focus on environmentally sustainable measures.

Asian polypropylene prices were higher last week with Chinese PP futures prices up by Yuan 78/mt week on week to settle at Yuan 9,254/mt ex-warehouse. In addition, There might be export opportunities if buyers are willing to pay $1,300/mt FOB China, Chinese traders said.

–Fumiko Dobashi, fumiko.dobashi@spglobal.com
–Shermaine Ang, shermaine.ang@spglobal.com
–Edited by Irene Tang, irene.tang@spglobal.com

Related Topics

-Asia petrochemicals outlook, w/c May 28 – In a week when crude oil futures traded above the $80/b mark as well as fell precipitously from that high, the trend in the Asian petrochemical markets was similarly mercurial last week – Asia petrochemicals outlook

-Asia petrochemicals outlook, w/c May 21 – Asian aromatics were a mixed bag last week, as methanol and butadiene prices were bolstered by tight supply while paraxylene, ethylene and propylene price movements were capped by healthy supplies – Asia petrochemicals outlook Aromatics Olefins

-Russia Eyes Petrochemicals As Answer To Crude Oil Reliance – On a sprawling construction site in Western Siberia, about 20,000 workers are busy building what will be one of the world’s five biggest petrochemical plants – On a sprawling construction site in Western Siberia, about 20,000 workers are busy building what will be one of the world’s five biggest petrochemical plants, part of a play by Russia to capture more of the value from the oil it produces – Russia Petrochemicals Crude Oil Reliance

-Asia petrochemicals outlook, w/c May 14 -Asian petrochemical prices are seen likely to continue to trend higher this week amid support from bullish crude futures – Asia petrochemicals outlook

-Asia petrochemicals outlook, w/c May 7 – Petrochemical market participants will be keeping a close eye on developments upstream this week, particularly the fate of the US-Iran nuclear agreement and its impact on crude oil, which in turn will influence aromatics and MTBE markets – Asia petrochemicals outlook

-EMEA petrochemicals outlook, w/c Apr 23 – The European ethylene market looks stable as the recent length has cleared following a spate of exports to Asia – EMEA petrochemicals outlook

-Americas petrochemicals outlook: w/c Apr 16 – Spot ethylene has been on the rise, 0.50 cent/lb higher than the record lows seen April 9 after prompt-month was heard offered at 14 cents/lb MtB Nova – Americas petrochemicals outlook

-Motiva considers ethylene, aromatics projects in US – Motiva Enterprises signed $8bn-10bn worth of memoranda of understanding (MoUs) covering process technologies for possible ethylene and aromatics units in the US – Motiva ethylene aromatics projects USA

-US spot ethylene falls to 16-year low amid tariff concerns – US spot ethylene traded at a 16-year low on Friday amid long supply and concerns about proposed Chinese tariffs on chemicals – USA spot ethylene chemicals

-The initial price for MEG in Europe for April deliveries fell by EUR20 per tonne – The initial contract price of monoethylene glycol (MEG) in Europe for April deliveries was agreed at the level of EUR965 per tonne, which is EUR20 per ton lower than the March contract prices – Price MEG Europe April

-China’s MEG up in anticipations of better supply-demand for Q2 – China’s MEG market has remained rangebound for around two weeks, and domestic spot prices shivered around 7,000yuan/mt – China MEG prices market

-Prices MEG in the US may fall in April  – It is expected that prices of monoethylene glycol (MEG) in the US will decline in April due to a weakening of demand between peak seasons – Prices MEG USA April 

-AFPM ’18: EQUATE’s US MEG plant begins construction phase – CEO – AFPM 2018 EQUATE USA MEG

-Sabic reduced the April price of MEG by USD55 per tonne – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level – Sabic April price MEG

-MEGlobal lowered the April contract price of MEG in Asia by USD80 per tonne – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), set the April contract price for MEG for Asia at USD1,100 per tonne – MEGlobal April contract price MEG Asia4

-China polyester to drive MEG, but oversupply fears – China polyester MEG oversupply – Robust demand from polyester production in China is expected to drive the Asian monoethylene glycol (MEG) market in the first half of 2018

Asia petrochemicals market Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  Asia petrochemicals market  

Please follow and like us:

HOW BIG BRANDS ARE TRYING TO PULL OFF A RECYCLING REVOLUTION  – RECYCLING REVOLUTION SUSTAINABLE PACKAGING

RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  RECYCLING REVOLUTION SUSTAINABLE PACKAGING  

HOW BIG BRANDS ARE TRYING TO PULL OFF A RECYCLING REVOLUTION 

RECYCLING REVOLUTION SUSTAINABLE PACKAGING

The country’s biggest companies are promising a recycling revolution.Coca-Cola said in January that by 2030, i…

The country’s biggest companies are promising a recycling revolution.

RECYCLING REVOLUTION SUSTAINABLE PACKAGING Coca-Cola said in January that by 2030, it will collect and recycle one bottle or can for each one it sells. Dunkin’ Donuts said it will try to stop using foam cups by 2020. Several others, including McDonald’s and Procter & Gamble, have made their own ambitious commitments to use sustainable packaging.

But even the most sweeping efforts won’t do much good without the help of customers, local governments and most importantly, competitors.

Why companies care

Recycling can give companies better control over their supply chains, explained Bridget Croke, who leads external affairs for Closed Loop Partners, which invests in recycling technologies and sustainable consumer goods.

Recycled materials aren’t always cheaper than raw materials, she said, but their prices are consistent.

“The volatility of the raw materials market is probably only going to continue to grow,” she said. If companies invest in their supply chain now, they won’t have to deal with volatility down the line – especially if oil prices continue to swing and global trade tensions continue to rise.

There are other advantages to going green. Kevin Wilhelm, who runs a sustainability consulting firm, said that companies typically make recycling pledges because they’ve found that waste hurts their bottom line.

And public commitments to sustainability are a good way to signal a company’s values to employees and customers.

But for now, said Croke, too many bottlenecks exist for “the economics of recycling [to] work on their own.”

It’s not easy being green

“The US recycling system feels universal,” said Keefe Harrison, CEO of The Recycling Partnership, a nonprofit group that uses corporate funding to help develop recycling infrastructure. “The truth is only half of Americans can.”

Harrison said that 22 million tons of recyclable materials end up being collected as trash because people don’t have access to recycling.

And not everyone who can recycle does. People might not recycle because it’s easier to dump an empty container in the trash or simply because they don’t care. But they also might not recycle because it can be complicated.

“Consumer education is huge,” said Wilhelm. He said that even he is confused when trying to recycle in new places. “When I travel and I go into a different city or state, I often times see myself standing over a bin and wondering what goes where.”

Plus, recycling can be expensive. In big cities where landfills are full, Wilhem said, curbside pickup for recycling costs the same as it does for trash. But in some places, recycling can cost more.

Ultimately, companies that switch to recyclable packaging “don’t control or have any ownership over the system that recovers their material,” said Croke.

To gain control, they have to collaborate.

Better together

The Closed Loop Fund and the Recycling Partnership count several major corporations as their funding partners, including Amazon, Coca-Cola, PepsiCo, Starbucks, Target, Walmart and others.

“Having more competitors at the table has not made it harder, it’s made it easier,” said Harrison. “They know they need to tackle large sustainability challenges collaboratively.”

Croke said that at this stage, companies are better served by joining forces than by trying to work separately.

“Smart companies,” she said, are trying to figure out, “‘What are the disruptive collective actions we can take to make the most out of our resources?'”

Working together, companies can pour significant funds into development projects and create collective demand for sustainable products, like recyclable, compostable paper cups. And they can invest in new recycling technologies that can be adopted by cities.

“A really forward-thinking company would prove out the business case,” for recycling, “and then lobby for it,” said Bethany Patten, a senior associate director and lecturer in MIT Sloan School of Management’s Sustainability Initiative.

“Partnerships are essential to really make progress,” said Bruce Karas, vice president of sustainability for Coca-Cola North America. “On recycling, it’s going to have to be a collaborative effort.”

Karas added that his peers at other companies “have the same headaches” when it comes to figuring out recycling solutions. “There’s always some opportunity to do some pre-comeptiteve work,” he said. “It benefits us all.”

Related Content

Related Topics

-Testing ‘recyclability’ with an eye on sorting systems – Testing protocols developed by the Association of Plastic Recyclers give brand owners the chance to prove their plastic packaging can be correctly sorted at materials recovery facilities – Testing recyclability sorting systems

-UK company adds Max-AI robotic sorting technology – MaxAI robotic sorting technology

Please follow and like us:

Canadian plastics and chemistry industries set ambitious recycling targets – The Canadian Plastics Industry Association and the Chemistry Industry Association of Canada have partnered to establish some ambitious recycling targets designed to re-use, recycle, or recover 100 per cent of plastics packaging by 2040 – Canadian plastics chemistry industries recycling targets

Canadian plastics chemistry industries recycling targets Canadian plastics chemistry industries recycling targets   Canadian plastics chemistry industries recycling targets   Canadian plastics chemistry industries recycling targets   Canadian plastics chemistry industries recycling targets   Canadian plastics chemistry industries recycling targets  

Canadian plastics and chemistry industries set ambitious recycling targets

Canadian plastics chemistry industries recycling targets The Canadian Plastics Industry Association and the Chemistry Industry Association of Canada have partnered to establish some ambitious recycling targets designed to re-use, recycle, or recover 100 per cent of plastics packaging by 2040.

The Canadian Plastics Industry Association (CPIA) and the Chemistry Industry Association of Canada (CIAC) have partnered to establish some ambitious recycling targets designed to re-use, recycle, or recover 100 per cent of plastics packaging by 2040.

“Plastics innovations are essential to increase living standards and improve overall sustainability via new products that design out waste, reduce food waste, support resource efficiency, conserve water and natural resources and reduce emissions,” said Carol Hochu, president and CEO of Toronto-based CPIA. “But it is a waste of precious resources for plastics to be used once and then landfilled.”

The two associations have also set what they call an “aggressive interim goal” of 100 per cent of plastics packaging being recyclable or recoverable by 2030.

“Achieving these goals will require significant investment across the value chain in new and upgraded infrastructure and improved packaging design,” the CPIA said. “Success will also require widespread public participation in recycling and recovery programs along with changes to littering behaviour.”

“Industry has a role to play in designing materials and applications for greater recovery, reuse and recyclability, but addressing the issue of plastic waste will require actions from society as a whole and from all of us as individuals,” said Bob Masterson, president and CEO of CIAC. “Our members are committed to doing their part, working with governments and others, to significantly improve the recycling and recovery of post-use plastics packaging to complement existing innovations. Supports for investments in new innovations such as chemical recycling will be essential to achieving these goals.”

These two targets put the Canadian plastics industry in line with PlasticsEurope and the American Chemistry Council, who recently announced similar ambitions.

Related Topics
Please follow and like us:

OPEC president: US hasn’t asked us for more oil – The president of OPEC says the cartel has not been asked by the United States to boost oil production in the face of collapsing output in Venezuela and US sanctions on Iran – OPEC president USA crude oil

OPEC president USA crude oil OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  OPEC president USA crude oil  

OPEC president: US hasn’t asked us for more oil

Crude prices fall since late-May peak

OPEC president USA crude oilLONDON (CNNMoney) – The president of OPEC says the cartel has not been asked by the United States to boost oil production in the face of collapsing output in Venezuela and US sanctions on Iran.

“The US is important to us, but … we have not received any official communication, or even unofficial communication, from the administration,” said Suhail Al Mazrouei, the current head of OPEC and energy minister of the United Arab Emirates.

“I can tell you there is no truth in that whatsoever,” he added in an interview with CNNMoney Emerging Markets Editor John Defterios.

Bloomberg and Reuters reported last week that the Trump administration had quietly asked Saudi Arabia and some other OPEC members to increase oil production.

President Donald Trump has not been shy about suggesting that oil prices have been too high -— and that the cartel is to blame. US gasoline prices hit an average of $2.92 per gallon on Monday, up from $2.34 a year ago.

“Looks like OPEC is at it again,” Trump tweeted in April. “Oil prices are artificially Very High! No good and will not be accepted!”

The price of crude has fallen since hitting a recent peak of $72 in late May. US oil futures were trading 1% lower on Monday at $65 per barrel.

Still, production increases could be coming soon. OPEC oil producers and Russia are due to meet in Vienna on June 22 to discuss easing supply caps that have been in place since the beginning of 2017.

Saudi energy minister Khalid Al-Falih told CNNMoney last month that he was engaged in intensive discussions with Russia and other OPEC officials about how to balance the oil market.

“We are now collecting all of the data,” Al Mazrouei said on Sunday. “I can assure you that every country is important to us.”

Trump policies have helped heighten fears over a major supply crunch. Global oil supplies were already getting tight before Trump vowed last month to exit the Iran nuclear deal and impose “powerful” sanctions on the OPEC nation.

Iran ramped up its oil production by 1 million barrels per day after sanctions were lifted in early 2016, and at least some of that oil will now be pulled from the market.

Tehran had requested that OPEC address US sanctions at its June 22 meeting, according to the country’s OPEC governor. But Al Mazrouei said the cartel would steer clear of politics.

“I will fight not to make OPEC … a political organization,” said Al Mazrouei. “It has never been a political organization. The objective of the organization is to ensure that the market is well supplied.”

Al Mazrouei also acknowledged that US shale producers have played a key role in the market amid the supply disruption in Venezuela.

“They are needed,” he said of shale producers. “Imagine if this increase in the US production did not happen, we would be at … an environment that is not very healthy for the world economy,” he said.

Related Content

Please follow and like us:

Former GM chief Henderson named interim CEO of seating supplier Adient – Former GM chief Henderson seating supplier Adient

Former GM chief Henderson seating supplier Adient Former GM chief Henderson seating supplier Adient  Former GM chief Henderson seating supplier Adient  Former GM chief Henderson seating supplier Adient  Former GM chief Henderson seating supplier Adient  Former GM chief Henderson seating supplier Adient  Former GM chief Henderson seating supplier Adient  

Former GM chief Henderson named interim CEO of seating supplier Adient

Henderson: Retired as SunCoke Energy CEO last year

DETROIT — Former General Motors CEO Fritz Henderson has been named interim CEO of seating supplier Adient.

John Barth, Adient’s lead director, is the new interim chairman of Adient’s board, the company said Monday.

Henderson, 59, had been CEO of SunCoke Energy from its initial public offering in 2011 until he retired last year. Prior to that, he steered GM through its government-led bankruptcy in 2009.

Henderson succeeds R. Bruce McDonald, who is stepping down from his role as chairman and CEO of the Plymouth, Mich., company effective immediately, and will remain as adviser to the CEO until Sept. 30.

Adient was spun off from from Johnson Controls in 2016.

In May, Henderson joined Hawksbill Group — a Washington consulting firm founded by some of his former GM colleagues — as a principal.

Contact Automotive News

Related Topics

-Seating manufacturer Adient waiting on approvals for Boeing JV – Car seating specialist Adient is waiting on regulatory approvals so it can begin its aircraft seating joint venture (JV) with Boeing – Seating manufacturer Adient Boeing

-Boeing joins forces with Adient to bring fresh competition to aircraft seating market – Boeing and automotive seating supplier Adient have announced the formation of Adient Aerospace – Boeing Adient aircraft seating market

-Boeing joins forces with Adient to bring fresh competition to aircraft seating market – Boeing and automotive seating supplier Adient have announced the formation of Adient Aerospace – Boeing Adient aircraft seating market

-Adient unveils lightweight solutions for seat structures – Automotive seating supplier takes a multi-material approach to reduce the weight of seats – Adient lightweight solutions seat structures

Please follow and like us:

Ethanol still presents an industry challenge – Congress and the Trump Administration are currently exploring ways to reform the U.S. Environmental Protection Agency’s Renewable Fuel Standard – Ethanol industry challenge

Ethanol industry challenge Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  

Ethanol still presents an industry challenge

BY TIM HENNAGIR

Technician shortage also addressed in survey

Ethanol industry challenge Congress and the Trump Administration are currently exploring ways to reform the U.S. Environmental Protection Agency’s Renewable Fuel Standard.

There are a number of alternatives being discussed, all of which will have a significant impact on the recreational boating industry. Will E15 be expanded in the fuel supply? Will better alternatives like biobutanol be promoted?

We surveyed our readers via email in May to find out more about their views on ethanol and other service department challenges. Respondents were a mix of individuals working in the industry including dealers, manufacturers, marina personnel, and more.

ETHANOL CONCERNS REMAIN

Boating Industry readers continue to report seeing problems with engines and other boat components caused by ethanol.

Eighty-five percent of our respondents said they have seen damage to engines or other components caused by ethanol in their business. That was down from 92 percent last year and 87 percent in 2016.

“We have experienced continued issues with ethanol,” said one Maryland boat dealer. ‘It is tearing up rubber components. Customers are required to spend a lot more on additives to help prevent damage.”

According to our readers, ethanol remains a cause of boat repairs in their businesses. Almost 6 percent of readers said that based on what they are seeing in their businesses, more than half of the necessary repairs are being caused by ethanol-related issues. While that figure is down from nearly 15 percent reported last year, almost 55 percent of respondents reported that more than 20 percent of problems were being caused by ethanol. Those numbers have held basically steady over the last three years of Boating Industry’s spring ethanol survey.

E15 CONCERNS EASE SLIGHTLY

Source: Boating Industry survey, May 2018

Boating Industry readers continue to be worried about the use of E15, with 75 percent saying they are very concerned about it. An additional 18 percent were somewhat concerned. Last year, 85 percent of readers were very concerned.

The Renewable Fuel Standard was introduced by Congress to help shift the country away from fossil fuels and towards renewable green alternatives. The National Marine Manufacturers Association has endorsed and helped market biobutanol, an E15 alternative, and supports the “Look Before You Pump” campaign to raise public awareness of proper fueling.

The larger concern identified by the industry is the danger of misfueling by boaters who fill up at a roadside station and may not be aware of the potential danger.

Only fuels containing up to 10 percent ethanol (E10) are permitted for use in recreational boats, and anything greater voids many marine engine warranties.

Last summer, the EPA asked the public how much ethanol it wanted to be added to the nation’s gasoline supply, and recreational boaters as well as many other owners of gasoline engines and vehicles spoke up against increasing ethanol volumes.

A report from the Iowa Department of Revenue shows that ethanol-free gas is a more popular fuel choice than E15 and all ex fuels (E20, E85) combined, with Iowans purchasing more than 200 million gallons of ethanol-free fuel in 2016.

Boat Owners Association of The United States (BoatUS), says citizens of the No. 1 ethanol-producing state in the nation choosing ethanol-free fuel for their own personal vehicles and equipment is another example of the need for RFS reform.

Source: Boating Industry survey, May 2018

“The use of ethanol is politically-driven,” said a Wisconsin dealer. “Simply using the alternative biobutanol, which can be produced from the same equipment used for producing ethanol, has real benefits with far less negatives.”

Earlier this year, Harris Poll conducted its annual fuel survey of U.S. consumers on behalf of the Outdoor Power Equipment Institute.

In that study, 11 percent of consumers reported using an ethanol blend to fuel their equipment, up from 7 percent in 2015.

The study also found that 38 percent of consumers are more likely now than in years past to believe higher ethanol blends are a safe replacement for any gasoline.

Researchers also found that roughly two thirds of Americans (66 percent) believe ethanol-free gas should be more widely available at gasoline filling stations.

More than half of consumers (51 percent) fill up their portable gas tank with the same fuel used to fill their vehicle, the study stated, and roughly two thirds (66 percent) admitted they used the least expensive gasoline grade whenever possible.

Most Boating Industry readers consider themselves to be fairly well informed about ethanol issues.

More than 50 percent said they know a lot about the pros and cons of ethanol, while an additional 43 percent said they know something. Only 5 percent said they know a little bit about the issue; last year 2 percent of readers said they knew nothing or a little bit about ethanol.

On the other hand, respondents believe there’s still work to be done in educating consumers about potential ethanol challenges. Only 1 percent said their customers know a lot about the issue, while 22 percent said their customers know some about ethanol. Sixteen percent of survey respondents said their clients know nothing about ethanol, while 61 percent know a little bit about it. That represents a slight change from 2017, when a total of 57 percent of those surveyed said their customers knew nothing or only a little bit about ethanol.

TECHNICIAN SHORTAGE CONTINUES

We also asked readers about other service department challenges and the top concern of survey respondents is still finding and keeping good service technicians.

Of those respondents that have a service department, 79 percent said it was very difficult to find qualified service techs. An additional 13 percent said it was somewhat difficult. Only 4 percent said that it was neither easy or difficult, while 4 percent said it was easy.

That challenge has only gotten more pronounced for many readers. Fifty-nine percent of those with service departments said it was more difficult this year than in the past and 27 percent said it was much more difficult. Only 2 percent said it was easier, while 32 percent said it is about the same.

Related Topics

-Russia Eyes Petrochemicals As Answer To Crude Oil Reliance – On a sprawling construction site in Western Siberia, about 20,000 workers are busy building what will be one of the world’s five biggest petrochemical plants – On a sprawling construction site in Western Siberia, about 20,000 workers are busy building what will be one of the world’s five biggest petrochemical plants, part of a play by Russia to capture more of the value from the oil it produces – Russia Petrochemicals Crude Oil Reliance

-Asia petrochemicals outlook, w/c May 14 -Asian petrochemical prices are seen likely to continue to trend higher this week amid support from bullish crude futures – Asia petrochemicals outlook

-Asia petrochemicals outlook, w/c May 7 – Petrochemical market participants will be keeping a close eye on developments upstream this week, particularly the fate of the US-Iran nuclear agreement and its impact on crude oil, which in turn will influence aromatics and MTBE markets – Asia petrochemicals outlook

-EMEA petrochemicals outlook, w/c Apr 23 – The European ethylene market looks stable as the recent length has cleared following a spate of exports to Asia – EMEA petrochemicals outlook

-Americas petrochemicals outlook: w/c Apr 16 – Spot ethylene has been on the rise, 0.50 cent/lb higher than the record lows seen April 9 after prompt-month was heard offered at 14 cents/lb MtB Nova – Americas petrochemicals outlook

-Motiva considers ethylene, aromatics projects in US – Motiva Enterprises signed $8bn-10bn worth of memoranda of understanding (MoUs) covering process technologies for possible ethylene and aromatics units in the US – Motiva ethylene aromatics projects USA

-US spot ethylene falls to 16-year low amid tariff concerns – US spot ethylene traded at a 16-year low on Friday amid long supply and concerns about proposed Chinese tariffs on chemicals – USA spot ethylene chemicals

-The initial price for MEG in Europe for April deliveries fell by EUR20 per tonne – The initial contract price of monoethylene glycol (MEG) in Europe for April deliveries was agreed at the level of EUR965 per tonne, which is EUR20 per ton lower than the March contract prices – Price MEG Europe April

-China’s MEG up in anticipations of better supply-demand for Q2 – China’s MEG market has remained rangebound for around two weeks, and domestic spot prices shivered around 7,000yuan/mt – China MEG prices market

-Prices MEG in the US may fall in April  – It is expected that prices of monoethylene glycol (MEG) in the US will decline in April due to a weakening of demand between peak seasons – Prices MEG USA April 

-AFPM ’18: EQUATE’s US MEG plant begins construction phase – CEO – AFPM 2018 EQUATE USA MEG

-Sabic reduced the April price of MEG by USD55 per tonne – Sabic, the largest Saudi petrochemical company, has lowered the contract price of monoethylene glycol (MEG) to supply material to the Asian market in April at USD55 per tonne compared to the March price level – Sabic April price MEG

-MEGlobal lowered the April contract price of MEG in Asia by USD80 per tonne – MEGlobal, the world leader in the production of monoethylene glycol (MEG) and diethylene glycol (DG), set the April contract price for MEG for Asia at USD1,100 per tonne – MEGlobal April contract price MEG Asia4

Ethanol industry challenge Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  Ethanol industry challenge  

Please follow and like us:

Not All Foreign Companies Eager To Leave Iran – Amid a growing number of companies preparing to leave Iran as U.S. sanctions kick in, one international oil and gas consortium has announced it will stay in the country – Foreign Companies Iran

Foreign Companies Iran Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  Foreign Companies Iran  

Not All Foreign Companies Eager To Leave Iran

Foreign Companies Iran

Amid a growing number of companies preparing to leave Iran as U.S. sanctions kick in, one international oil and gas consortium has announced it will stay in the country. Pergas International Consortium, which includes 11 European, Canadian, and Asian companies, has no plans to abandon its Iranian operations, Irna quoted its managing director Colin Rowley as saying.

The statement comes a month after Pergas signed a preliminary contract with Tehran for the development of the Keranj oilfield in the southern Khuzestan province of Iran. Reuters noted at the time this was the first contract after President Donald Trump announced the Untied States’ withdrawal from the Iran nuclear deal.

Pergas plans to pump a total 655 million barrels of oil from Keranj over the next 10 years. This weekend, the company’s head said, “the Consortium plans to execute the plan with precise and accurate management and for this purpose, it intends to cooperate with the Iranian and international parts manufacturers. Once this plan is executed completely, moreover increasing Iran’s crude production capacity, employment opportunities will be generated in Khuzestan Province.”

Energy Minister Bijan Zanganeh told media this weekend that there were plans to increase Iran’s crude oil production by 460 million barrels over the next three years. This will involve ramping up production from 29 fields across the country.

Related: The Real Reason For Higher Gas Prices

Most of the work on this production boost will be carried out by local companies, Zanganeh also said, adding that 75 percent of the equipment to be used in the endeavor is also Iranian.

Iran is OPEC’s third-largest oil producer, with a daily rate of 3.8 million barrels as of early June, according to a survey from S&P Platts. The return of U.S. sanctions is expected to affect this figure, although the precise extent of the impact is yet to be seen.

By Irina Slav for Oilprice.com

Related Topics

-What Do the Latest Developments Mean for OPEC and Oil? – Latest Developments OPEC Crude Oil

-Crude oil futures complex lower on expectations of more OPEC supply – Crude oil futures OPEC supply

-Opinion: Higher oil prices could still stifle economy, upset car makers –  Higher crude oil prices economy car makers

-Oil steady as extra U.S. supply balances strong demand – Oil prices steadied on Monday as U.S. production hit a record-high and OPEC members considered boosting supply to balance rising global demand – Crude Oil steady USA supply demand

–Bearish forecast for oil on rising US output, Opec plans – A rise in US shale production and plans by the Organisation of Petroleum Exporting Countries (Opec) to gradually ramp up production are both expected to have a bearish impact on oil prices – Bearish forecast crude oil USA output Opec

-Oil prices won’t keep plunging because US drillers can’t meet demand, analysts say – Supply and demand in the oil market are finely balanced, and surging U.S. output might not be enough to offset supply disruptions in Venezuela and Iran – Crude Oil prices USA drillers

-Oil climbs over 2 percent, shrugs off API’s U.S. crude build – Crude Oil climbs API USA

The surge is over — why $50 oil is now more likely than $100

-IMF urges Saudi Arabia to resist temptation to spend, as oil prices rise – Saudi Arabia has been advised by the International Monetary Fund (IMF) not to increase spending, as oil prices reach $80 a barrel and are predicted to go higher – IMF Saudi Arabia crude oil prices

-Low oil price era is ‘dead’ as crisis-stricken Venezuela risks a supply shock, analyst says – The “lower for longer” oil price mantra is doomed, one oil analyst told CNBC Tuesday, amid heightened energy market fears of an imminent supply shock – Crude oil price crisis Venezuela supply shock

-Forget About Oil at $80. The Big Rally Is in Forward Prices – Crude Oil $80 Prices

-Oil prices to peak in mid-2019: BofAML – Brent crude oil prices are expected to trend gradually higher, hitting an average of $80 per barrel (/bbl) by mid-2019 before gradually trending lower to an average of $71/bbl by end-2019 – Crude Oil prices peak 2019 BofAML

-What is the perfect price for oil? – When it’s too high, consumers start freaking out and using less. When it’s too low, oil companies cut back operations and lay off thousands of workers – Perfect price crude oil

-The Regulations That Could Push Oil Up To $90 – International regulations on the fuels used in shipping could tighten the oil market and push prices up to $90 per barrel in the next two years – Regulations Push Crude Oil $90

-Morgan Stanley Sees Oil Climbing To $90 By 2020 – Forget Iran and OPEC. There’s another issue that will keep oil prices supported for the next two years, according to Morgan Stanley’s oil outlook – Morgan Stanley Crude Oil $90 2020

-Get ready for $100 a barrel oil and the conflict it represents – The geopolitical risk premium in oil has driven crude prices to nearly four-year highs and shows no signs of abating – $100 barrel crude oil

-Oil for $300. Is It Possible? – If major oil companies keep postponing the necessary investments, the next “huge supply shock” may bring the oil price up to $300 per barrel – Crude Oil $300 per barrel possible

-Oil eases as clock ticks down to Trump decision on Iran – Oil eased on Tuesday ahead of an announcement by U.S. President Donald Trump later in the day on whether the United States will reimpose sanctions on Iran, but the price held within sight of its highest in more than three years – Crude Oil Trump Iran

-Saudi Arabia Needs $88 Oil – Higher oil prices have provided a boost to the economies of oil-exporting nations such as Saudi Arabia – Saudi Arabia $88 Crude Oil

-BP says still sees oil at $50-$60/bbl in 2018 as shale output surges – BP expects benchmark oil prices to weaken in the second half of the year as U.S. shale production surges by up to 1.5 million barrels per day – BP crude oil $50 $60 barrel 2018 shale output

-Iran and the oil market – How Iran’s nuclear deal and a host of other factors are forging a new crude reality – Iran Crude Oil market

-Oil output cuts succeeded but future cloudy – There is a danger of Opec, non-Opec members exceeding their vision due to current rally in oil prices, energy expert says – Oil output cuts Opec nonOpec

-Who’s to blame for costly oil? Saudis, Russia and Trump himself – Rising oil prices are now the latest target in President Donald Trump’s cross-hairs. The nation’s tweeter-in-chief complained Friday about OPEC fueling – Blame costly oil Saudis Russia Trump

-Oil pulls back from gains; OPEC says glut nearly gone – Oil prices on Thursday hit highs not seen since 2014, built on the ongoing drawdowns in global supply and as Saudi Arabia looks to push prices higher, though U.S. crude gave back gains in the afternoon to finish lower – Crude Oil OPEC glut Saudi Arabia

-Escalating Middle East Tension Could Trigger Oil Prices To Hit $100 Per Barrel – Oil prices could soon soar to $100 per barrel amid growing fear about conflict in the Middle East, according to an oil analyst for CNBC – Oil Prices $100 Barrel

– IEA: OPEC Mission Near Completion as Oil Glut Vanishes – OPEC is on the verge of “mission accomplished” in its quest to clear the global oil glut that caused the worst industry downturn in a generation – IEA OPEC Crude Oil Glut

-Is Russia Cheating On The OPEC Deal? – After three months of steady output, Russia’s crude oil production increased in March to 10.97 million bpd, the highest level since April 2017, as the top two Russian companies boosted their production – Russia Cheating OPEC Deal

-Oil price crosses $70 amid Iran deal tensions – Oil prices rose as investors saw increasing possibility that the US could withdraw from the historic Iran nuclear deal – Crude Oil price dollars 70 Iran tensions

-Is $70 oil the new normal? – The global economy is poised to cope well even if oil prices will remain at around $70 per barrel throughout 2018, energy experts said – Dollars 70 barrel crude oil shale oil

Please follow and like us: