Asia/Pacific
IEA warns that high oil prices are hurting economy, seeks additional supply for refiners
The governing board of the International Energy Agency (IEA) says it has serious concerns that that the rise in oil prices is constraining the global economic recovery. In a statement issued on Thursday, the board said there was a “clear, urgent need for additional supplies on a more competitive basis to be made available to refiners to prevent a further tightening of the market”, particularly given the seasonal increase in demand from May to August.
BASF awards Technip with umbrella contract for chemical project work
Germany-based chemical major BASF awarded Technip with an umbrella contract for engineering services on its chemical and petrochemical projects. Both companies are contemplating a long-term partnership, they said, which would provide BASF access to the resources of Technip for its capital investments notably in Europe, but also in other regions.
SABIC, Sinopec to construct 260,000 tonne/year polycarbonate plant in China by 2015
Saudi Basic Industries Corp. (SABIC) and China Petroleum & Chemical Corp. (Sinopec) said on Tuesday that they will build a new polycarbonate production plant in China with a capacity of 260,000 tonnes/year.
Shell inks LNG supply deal with Taiwan’s CPC
Shell has signed a long-term agreement to supply liquefied natural gas (LNG) to Taiwan’s CPC Corp., it said on Monday. With the deal, Shell will supply 2mn tonnes/year of LNG for 20 years, starting in 2016.
Foster Wheeler wins engineering design deal for Star Petroleum refinery revamp in Thailand
Foster Wheeler AG has been awarded a contract by Star Petroleum Refining Co. Ltd. for front-end engineering design (FEED) for the residue fluidized catalytic cracking unit (RFCCU) revamp turnaround and inspection project at its refinery in Map Ta Phut, Thailand.
Malaysia’s Petronas to build $20 billion integrated refinery, petrochemical complex
Malaysia’s state-owned energy major Petronas will build a $20 billion integrated refinery and petrochemicals complex in Southern Johor, the company said on Friday.
IEA lowers estimate for 2011 oil demand growth
The International Energy Agency (IEA) lowered its projection for global oil demand growth in 2011, falling by 190,000 bpd, or 0.2%, from an earlier estimate.
Majority of energy execs see crude exceeding $120/bbl in 2011 - survey
Energy executives expect continued volatility in the price oil for the remainder of the year, with 64% predicting crude prices to exceed $120/bbl in 2011, according to a new survey.
Foster Wheeler wins design, EPC contract for Thailand refinery upgrade
Thai Oil awarded a contract to Foster Wheeler AG for basic design as well as engineering, procurement and construction management (EPCm) services for the emission improvement and PSA-3 project at Thai Oil’s refinery in Sriracha, Thailand.
Chevron inks Australia LNG supply deal with Japan refiner JX Nippon
An Australian subsidiary of Chevron has signed a sales and purchase agreement with Japan’s JX Nippon Oil and Energy for a portion of Chevron's offtake of liquefied natural gas (LNG) from the Gorgon project.
- U.S. EIA forecasts new export licensing requirements will reduce U.S. ethane exports 6/18
- Nigeria to export first gasoline cargo to Asia from Dangote refinery 6/18
- Indian refiners cancel palm oil orders for July-September as prices surge 6/18
- U.S. set to object to green jet fuel recommendation at UN aviation council 6/18
- Phoenix Contact introduces intrinsic safety versions of the MINI Analog Pro Ex conditioners for hazardous areas 6/18
- EIA: U.S. crude inventories fall by most in a year, fuel stocks build 6/18
