Asia/Pacific
Global refinery runs to rise in first quarter - IEA
Refinery runs across the globe will bounce back in the coming months as refineries return from heavy autumn maintenance and ramp up production even as profits on oil products fall, the International Energy Agency said Tuesday in a monthly report. Refinery runs will rebound to 75.8 million bpd, or 1.2 million bpd higher than the year-earlier quarter, after relatively weak growth since April.
Formosa Petrochemical, CPC in supply deal talks
CPC Corp. is in talks to procure base petrochemicals, such as propylene and ethylene, from Formosa Petrochemical to ensure future supply as a CPC 23-million metric ton-a-year naphtha cracker is set to close in the first quarter for a year-long capacity upgrade, senior executives from the companies said Monday.
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
Cheniere finalizes export pact with GAIL India for Sabine Pass LNG
Cheniere subsidiary Sabine Pass Liquefaction entered into a liquefied natural gas (LNG) sale and purchase agreement with GAIL India, under which GAIL will buy 3.5 million tpy of LNG. Sabine Liquefaction is developing a liquefaction project at the Sabine Pass LNG terminal that includes up to four liquefaction trains capable of up to 18 million tpy of LNG.
Outlook bleak for Europe, US refiners at end of dismal year
A dismal year for the European and US refining market is set to end on a sour note as profit margins are squeezed by high oil prices and lackluster product demand.
UOP adsorbents removing radiation in Japan water
Honeywell’s UOP said Friday that its adsorbent ion exchange products are successfully being used by Toshiba Corporation and Shaw Global Services for the cleanup of radiation-contaminated water at the Fukushima Daiichi nuclear power plant in Japan.
Chevron to spend record $32.7 billion on capital projects in 2012
Chevron said it expects to spend a record $32.7 billion on capital projects in 2012 as it continues to invest in massive oil and gas projects worldwide. Rivals ConocoPhillips and Marathon Oil recently announced double-digit capital budget increases for next year, showing major oil companies are confident about the sustainability of high oil prices.
Dow to expand Asia-Pacific cellulosic ether output
Dow Chemical says it is planning to expand its cellulosic production capacity, particularly for construction-grade applications, with a geographic focus on the Asia-Pacific region. Decisions regarding the location and capacity of assets will be made upon completion of a feasibility study.
Jacobs, Shell form partnership for project design work in India
Jacobs Engineering Group says it received a contract from Shell in India to build an integrated organization with Shell’s project design office in Bangalore, India. The new organization aims to blend the strong technical and engineering design capability held by Shell and Jacobs, while optimizing the best work processes and tools of both companies, they said.
IEA says nations must act independently on climate
With little hope for significant progress on a major international climate agreement at this week's climate negotiations, nations must take it upon themselves to reduce emissions and mitigate climate change, the head of the IEA said Tuesday. To limit rising temperatures to an average of 2 degrees Celsius, global growth would have to come with just a 20% rise in emissions in the years ahead, she said.
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