Asia/Pacific
Mississippi ranked as world's top spot for oil and gas investment
Mississippi is ranked as the top place in the world for oil and gas investment, according to the opinions of international petroleum executives and managers in the annual Global Petroleum Survey, released today by the Fraser Institute.
Release of strategic oil reserves: New form of economic stimulus
On June 23 International Energy Agency (IEA) members announced the release of 60 million barrels of strategic oil reserves over a month—the equivalent of 2 million barrels per day (bpd) for 30 days. Half of this amount—30 million barrels—will come from the US Strategic Petroleum Reserve (SPR), which currently holds 726.5 million barrels of crude. The release of 60 million barrels over 30 days will temporarily increase world oil supply by about 2.3 percent.
IEA nations to tap oil reserves as supply disruptions continue in Libya
International Energy Agency (IEA) executive director Nobuo Tanaka announced Thursday that the 28 IEA member countries have agreed to release 60 million bbl of oil in the coming month in response to the ongoing disruption of oil supplies from Libya.
Celanese doubles capacity of vinyl acetate ethylene unit in China
Celanese has successfully doubled capacity of its vinyl acetate and ethylene (VAE) unit at its integrated chemical complex in Nanjing, China.
Shell agrees to alliance, well manufacturing JV with China National Petroleum Co.
Shell and China National Petroleum Co. (CNPC) on Monday signed a global alliance agreement to emphasize a shared intent to pursue mutually beneficial cooperation opportunities internationally as well as in China, the companies said.
KBR, Shell to align on hydroprocessing technology
KBR and Shell have formed a new alliance in which KBR will market, sell and provide technology and design packages with Shell for hydroprocessing solutions worldwide.
Hempel eyes expansion, opens India coatings plant
Industrial and marine paint supplier Hempel is expanding its operations in the India with the opening of a new coatings facility in Nashik, Maharashtra.
IEA sees increasing natgas use, warns of high oil prices curbing demand
Annual growth in oil demand could average 1.2 million barrels per day (mb/d) between now and 2016, while natural gas demand could grow by around 500 billion cubic meters – around 2.5 times Russia’s current gas exports – during the same time, according to the International Energy Agency’s (IEA) medium-term oil and gas market outlook.
ConocoPhillips to explore offshore Bangladesh
ConocoPhillips said it signed a production sharing contract (PSC) with the government of Bangladesh and Petrobangla covering two blocks in the deepwater area of the Bay of Bengal, representing ConocoPhillips’ first investment in the People’s Republic of Bangladesh.
Linde to build top air separation unit in Indonesia
The technology group The Linde Group said it closed a long-term deal to supply Indonesian steel corporation PT. Krakatau POSCO (PTKP) with industrial gases. Linde will invest around €88mn in constructing the country’s largest air separation unit (ASU) at Cilegon, around 100 kilometres west of Jakarta, it said.
- 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
