Asia/Pacific
Oil producers start to worry about rising prices
As they prepare to meet with consumers at an energy summit in Kuwait, some of the world's top oil producers voiced concern that rising oil prices may backfire by jeopardizing a global economic recovery. The UK's Brent contract has risen by 17% since the start of the year amid tensions with Iran.
Air Products inks liquid gases supply deal in China
Air Products has signed a long-term contract with Henan Xinlianxin Fertilizer (Xinlianxin), under which it build, own and operate an air separation unit (ASU) and integrated gas liquefier in Henan Province, China. The Air Products ASU and liquefier are to be onstream in 2013. Financial terms were not disclosed.
Malaysia's Petronas picks Technip for FEED work on refinery, petrochemical project
Technip has been awarded a front-end engineering design (FEED) contract by PETRONAS for its proposed refinery and petrochemical integrated development (RAPID) project located in the state of Johor, Malaysia. The contract is scheduled for completion in the second half of 2013.
OPEC says Asian growth offsets low OECD demand
The fundamental forces driving the world oil market were broadly stable in February, due to the familiar pattern of consumption growth in Asia offsetting weaker demand in the West, the Organization of Petroleum Exporting Countries said Friday. Recent data hasn't been encouraging, it said.
Metso buys South Korea globe valve firm Valstone
Metso has acquired South Korean globe valve technology and service company Valstone Control, officials confirmed on Thursday. Valstone has an established customer base in Korean engineering, procurement and construction (EPC) companies and in the domestic South Korean petrochemical industry.
ExxonMobil to spend $185bn through 2016 to grow new energy sources
US-based oil and gas major ExxonMobil plans to invest approximately $185 billion over the next five years to develop new supplies of energy to meet expected growth in demand, CEO Rex W. Tillerson said. A total of 21 major oil and gas projects will begin production between 2012 and 2014.
Dow Chemical picks Fluor as global EPC contractor for capital projects
Fluor announced Thursday that it and Dow Chemical signed a strategic global engineering, procurement, construction (EPC) and construction management agreement in support of Dow’s global capital projects program ranging across all products. The initial deal is for three years with an extension option.
GE, Chesapeake to collaborate on US natural gas fueling infrastructure
General Electric (GE) and natural gas producer Chesapeake Energy said Wednesday that they will work together to develop new infrastructure to accelerate the adoption of natural gas as a transportation fuel. The biggest hurdle to natural gas's wider use in vehicles is refueling.
BASF, Petronas sign pact to develop Johor refinery
Malaysia's state-owned oil-and-gas firm Petroliam Nasional, or Petronas, said Tuesday that it has signed an agreement with BASF to form a joint venture to develop a new refinery project in Pengerang, Johor. The project is part of Petronas' planned Refinery & Petrochemical Integrated Development (RAPID) complex.
Chemtura breaks ground on petroleum additives, urethanes facility in China
US-based specialty chemicals firm Chemtura on Tuesday held a groundbreaking ceremony for its new, multipurpose manufacturing facility in Nantong, China. This facility will be Chemtura’s largest single investment since its formation in 2005 and the centerpiece site for manufacturing in Asia-Pacific.
- UPM unlocks new bio-based markets as Leuna biorefinery produces its first commercial product 12/19
- Stamicarbon awarded technology licensing contract for new urea plant in Eastern China 12/19
- Ford takes $19.5-B writedown on EV business 12/19
- Babcock & Wilcox awarded $40-MM contract for advanced wet gas scrubbing technology at Canadian petroleum refinery 12/19
- Aarti Industries secures methanol and toluene feedstock supply through multiple long-term contracts 12/19
- bp picks first outsider CEO Meg O'Neill after abrupt Auchincloss exit 12/19
