Americas
European petrochem industry missing out on shale gas benefits – Sabic CEO
Mohamed al-Mady, the Sabic CEO, said the US production boom has driven down gas prices, making electricity cheaper for the energy-intensive industry. The shale gas also often contains ethane, which can be converted into the ethylene that is used in many of the petrochemical industry's products, he said.
US gasoline demand rises 4.5% from prior week
The 4.5% increase to 4.5% to 8.95 million bpd came as gasoline prices sank 15 cents per gallon over the Dec. 7-21 period. Gasoline prices are now at their lowest level in a year and are flat compared with last year's level, said John Gamel, gasoline analyst for MasterCard Advisors SpendingPulse.
PdVSA holds meetings with Repsol, Eni to discuss fuel, energy ventures
In a statement released Wednesday, PdVSA, as the Venezuelan company is known, didn't specify what the discussions with Repsol would include. It noted, however, the state entity is in the process of "reviewing and advancing" agreements with its Spanish counterpart, as well as Italy's Eni .
Mitsubishi to build US resin processing plant next to new Dow Chemical cracker
The Japanese company plans to set up an acrylic resin-processing plant next to one of the world's largest ethylene plants the US company is set to build in Texas. The two companies aim to use the cheaper, new natural gas to mass-produce value-added chemical products.
Chevron buys into Canadian LNG export project
Chevron is buying into two shale fields in western Canada and a terminal facility to ship that gas to Asian buyers, as efforts to export North America's gas resources speed up.
API sees lower US oil, gasoline, distillate demand
The US used the lowest volume of oil in 17 years in November, the API trade group said. With the exception of May, US oil use has fallen year-on-year in each month so far in 2012. Eleven-month demand is down 2.1%, or around 400,000 bpd, from the same period a year earlier.
Cheniere taps Bechtel to engineer LNG expansion at Louisiana export site
Cheniere said it intends to give Bechtel a notice to proceed with construction for the third and fourth liquefaction trains upon achieving acceptable financing arrangements and making a final investment decision. Construction for the third and fourth trains is expected to begin in the first half of 2013.
Chemical executives cite fiscal cliff, economy as biggest concerns
The new KPMG poll finds 41% of US chemical business executives believe in the current macro-economic environment, the top concern is the ongoing fiscal cliff crisis.
PolyOne buys US composites company Glasforms
The purchase marks PolyOne's entry into advanced composite technology, an adjacency consistent with the company's strategy of providing specialty solutions that deliver customer value. With a purchase price of $34 million, PolyOne said it expects the deal to be accretive to earnings in 2013.
PPG acquires US industrial coatings firm Spraylat
The acquisition furthers the capabilities of PPG’s industrial coatings business for both liquid and powder coatings. Spraylat coatings products are used in industrial markets such as automotive parts, architectural powder coatings, transportation,and general industrial niches.
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