Europe
Oxea declares force majeure on Butyl Acetate in Europe
Monheim am Rhein, Germany – The international chemical company Oxea declares force majeure on Butyl Acetate in Europe until further notice. Due to technical issues at its production plant in Marl, Germany, Oxea is unable to maintain the manufacture and supply of Butyl Acetate.
MAN Diesel to supply gas turbine to Chinese company
In collaboration with the Chinese company Guangdong Liyu New Energy Science & Technology Co. Ltd., MAN Diesel & Turbo is supplying a compact gas turbine package for the decentralized production of heat and power.
Hammer could fall on Europe's vulnerable refineries from 2018
ANTWERP (Reuters) -- Strong residual demand for oil products and the emergence of only a handful of new refineries will protect the profits of Europe's long struggling operations this year, but experts expect the hammer to fall on the weakest from 2018.
Trading giant Glencore extends major Libyan oil deal
LONDON (Reuters) -- Swiss-based commodities giant Glencore has extended a deal with Libya's state oil firm to be the sole marketer of one third of the country's current crude oil production, sources familiar with the matter said.
US reversal on transparency could sting Canadian, European oil companies
HOUSTON/CALGARY (Reuters) -- A reversal of US transparency requirements for the natural resources industry could give American oil companies an edge over Canadian and European rivals who face some of the toughest rules in the world, according to company executives, legal experts and trade groups.
Axens wins takover bid on Heurtey Petrochem
Following the reopening of an offer on Heurtey Petrochem from Jan. 16-27, Axens now holds 4,354,286 shares and 4,428,786 voting rights of Heurtey Petrochem in concert with IFP Investments. This represents 88.6% of the share capital and 88.3% of the voting rights. The settlement date of the Offer will take place on Feb. 6.
Oil prices fall after sharp rise in US stockpiles
SINGAPORE/TOKYO (Reuters) -- Oil prices fell on Thursday after official data showed US crude and gasoline stockpiles rose sharply, although signs that OPEC and other producers are holding the line on output cuts helped support prices.
Industry Metrics
European refinery margins weakened due to slower gasoline export opportunities, despite the colder weather.
Global Project Data
According to Hydrocarbon Processing’s Construction Boxscore Database, new project announcements have averaged 11 per month since mid-2016.
Business Trends: Anticipated market and pricing impacts from new marine fuel regulations
In October 2016, the International Maritime Organization (IMO) announced that it will implement a new regulation that calls for the sulfur content in marine fuels to be reduced from 3.5% to 0.5%. The new regulation will go into effect in January 2020. This action by the IMO will have a profound impact on the maritime and refining industries worldwide, as well as on the environment. This month’s Business Trends section provides an overview on the anticipated impacts of the IMO’s decision on petroleum product markets.
- INEOS to invest €250 MM in Lavera cracker modernization project in France 11/19
- BASF adds ISCC EU certification to certified biomass-balanced methanol portfolio 11/19
- Siam Cement to invest an additional $500 MM in Long Son chemical complex 11/19
- LanzaJet produces first jet fuel from ethanol at a commercial scale 11/19
- Ducor Petrochemicals, Blue Circle Olefins partner to create a fully circular supply chain for polypropylene 11/18
- World's first: Air Liquide’s innovative technology converts ammonia into hydrogen at industrial scale 11/18
