Source of picture: anirudhsethireport.com By John Richardson WE reported earlier this week that cautious confidence is being expressed that the worst might be over in polyolefin markets with prices having reached the bottom. “The market seems to be improving and my view there is no much room for further price corrections from a […]
Asian Chemical Connections
Singapore Confirms Plans For 6-8m tonne/year Ethylene
Jurong Island Source of picture: www.pcs.com.sg By John Richardson SINGAPORE plans to eventually raise its ethylene capacity to 6-8m tonne/year from the 4m tonne/year which will be reached when ExxonMobil’s second cracker complex at Jurong Island is on-stream, Liang Ting Wee, Director of Energy and Chemicals at the Economic Development Board (EDB), has told […]
Aromatics May Suffer From Strong Reformer Economics
By John Richardson ASIAN aromatics producers are struggling from an oversupply driven both by weak demand for their products and strong overall reformer economics, the blog has been told. As this chart below illustrates for benzene, toluene and xylenes (BTX), the price declines for these base chemicals mirror those we have reported on extensively in […]
Honam Set For Further Buys After Titan Deal
The layout of the Pasir Gudang complex Source of picture: Titan Chemicals By John Richardson and Malini Hariharan HONAM Petrochemical’s plan to buy Malaysia’s Titan Chemicals for $1.5bn – which was announced today – is likely to be followed by further buys, including a refiner, an industry observer has told the blog. “I am […]
Iran Petchems Hit By New Sanctions
Source of picture: irantrip1wordpress.com By John Richardson IRAN’S ability to further develop its oil, gas and petrochemicals sectors has received further major blows from new rounds of United Nations and US sanctions. One June 9, the UN approved a fourth round of sanctions on the country, including restrictions on financial transactions, a […]
Petronas Restructuring Details Emerge
Petronas seeks to scale new heights Source of picture: www.mir.com By John Richardson MORE details have emerged concerning the major restructuring taking place at Petronas, the Malaysian state-owned oil, gas, refining and petrochemicals major. Vice-presidents have being appointed to head new downstream (refining and petrochemicals), upstream (exploration and production) and finance divisions, a source familiar […]
PTT merger delayed yet again and Map Ta Phut tops new minister’s agenda
By Malini Hariharan A merger of PTT Aromatics and Refinery (PTTAR) and IRPC has once again been postponed to early next year due to concerns about legal issues and the business outlook, reports to Bangkok Post. The legal concerns relate to the country’s competition law and outstanding lawsuits filed by Prachai Leophairatana, the founder of […]
Aromatics get complicated
By Malini Hariharan Asian aromatics markets are getting increasingly hard to read not merely because of volatile crude prices. Demand, usually strong at this time of the year, has so far failed to materialise. The US gasoline season has started on a slow note. In Asia, benzene demand has been hit by maintenance shutdowns and […]
Old Assumptions Might Belatedly Change
Source of picture: http://www.andrewgriffithsblog.com/ By John Richardson DOOM-MONGERS are scratching their heads as to why the global petrochemicals industry has remained in such a healthy state over the past 18 months. Old assumptions are, as a result, being challenged. It would be a painful irony if these assumptions are changed just as a […]
Sinopec and Iran’s NPC Sign Investment MOU
Out of the investment deep-freeze? Source: tehrandaily.wordpress.com By John Richardson A VERY interesting story from my colleague Bee Lin Chow on ICIS news today reports the signing of a memorandum of understanding (MOU) between Sinopec and Iran’s National Petrochemical Co (NPC). The agreement will explore joint- venture opportunities in petrochemicals and related businesses in […]
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