Asia/Pacific
China’s teapot refiners to change dynamics of crude supply, trading
There is little doubt that the granting of increased quotas to smaller, private refineries will increase the amount of crude bought by the world's second-largest importer. But what is less certain is exactly how these new entrants will go about sourcing and delivering the crude they will be able to purchase.
Total to supply US LNG to Indonesia’s Pertamina
Under the terms of the deal, which start in 2020 and last 15 years, Total will purchase from 2020 around 400,000 tpy of Pertamina's LNG from Corpus Christi LNG, currently under construction in the US.
Industry Metrics
US product markets weakened despite unseasonably strong gasoline demand, and the gasoil crack spread hit the lowest level seen in more than five years, under pressure from increasing supplies amid thin demand due to warmer winter weather.
Korean refiner S-Oil sees healthy margins in 2016 as demand tops capacity
Refining margins in 2016 will stay healthy as global incremental oil demand will outpace new refining capacity additions during the year, S-Oil, the country's third-largest refiner, said in the statement.
Asian fuel oil market challenged as refiners switch to crude as feedstock
The economic slowdown will add to an expected plunge in fuel oil demand as the majority of China's independent refiners, known as teapots, turn to crude oil instead of fuel oil as their primary feedstock for making fuels such as gasoline and diesel.
Pakistan to pay rising cost for gasoline imports
The offers for the 87-octane grade gasoline were at least 24% higher than Pakistan State Oil paid for a total of 450,000 tons of gasoline for December to January delivery.
Air Products launches new ASU project at Chinese coal-to-chemicals plant
The project, capable of producing 12,000 tpd of oxygen and significant tonnage volumes of nitrogen and compressed dry air for the customer's coal chemical plant, represents one of the largest single on-site ASU orders ever committed to an industrial gas company.
Chinese fuel glut to worsen as refiners raise rates
Smaller independent refiners, known in the industry as teapots, will account for the majority of the increase in refining this year as the country's bigger state-owned processors reduce production, CNPC said. Most of the teapots are clustered around the eastern Chinese province of Shandong.
China grants four additional crude-import licenses to non-major refiners
The four firms are Shandong Huifeng Petrochemical Group, Tianhong Chemical, and Shandong Chambroad Petrochemicals Co., Shandong Shouguang Luqing Petrochemical Co., the ministry said.
India’s state refiners agree to jointly build new world-scale refinery
Indian Oil Corp., the nation’s biggest refiner, will build a 60 MMtpy (1.2 MMbpd) oil refinery in Maharashtra together with Bharat Petroleum, Hindustan Petroleum and Engineers India.
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