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Month: July 2019

Archive for July 2019

SK Innovation sees refining margins rebounding on IMO

South Korean refiner SK Innovation has raised its forecast for profit margins on distillates in this year’s second half, as buyers begin to stock up on low-sulphur fuel and start testing ahead of International Maritime Organisation’s cap on sulphur in marine fuels from 1 January 2020. Margins also will get a boost from seasonal demand…Read more

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Refinery news roundup: Works ongoing in Asia-Pacific; closure planned

London — Planned turnarounds in the Asia-Pacific region are ongoing, especially at a number of refineries in China. Separately, Japan’s largest refiner JXTG Nippon Oil & Energy said it has decided to terminate its refining operations at the 115,000 b/d Osaka refinery in western Japan and turn the facility into an asphalt-fueled power plant in October…Read more

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UPDATE 2-Singapore JPTT secures PetroChina as anchor tenant – CEO

SINGAPORE, July 29 (Reuters) – Singapore Jurong Port Tank Terminal’s (JPTT) petroleum and petrochemical storage facility in Jurong Island has been fully leased, with China’s PetroChina taking up all of its phase 1 capacity, JPTT said on Monday. JPTT’s phase 1, which comprises 252,000 cubic metres of clean storage and petrochemicals capacity, started partial operations…Read more

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South Korea’s S-Oil sees IMO 2020 stock build supporting refining margins

SEOUL (Reuters) – S-Oil (010950.KS), South Korea’s third-largest refiner, said on Wednesday it expects refining margins to strengthen in coming quarters, supported by demand for new low-sulfur marine fuels and the U.S. driving season. The International Maritime Organization’s (IMO) new rules on marine fuels are set to take effect from January 2020, reducing the sulfur…Read more

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Lotte Chemical, GS Energy to Invest 800 bln Won in Petrochemical JV

SEOUL, Jul. 15 (Korea Bizwire) — Lotte Chemical Corp., a major chemical unit under Lotte Group, said Monday it will establish a petrochemical joint venture with GS Energy Co., an energy-specialized holding company of GS Group. Lotte Chemical and GS Energy signed an agreement to form a joint venture, tentatively named Lotte-GS Chemical Company, this year to…Read more

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Qatar signs $8bn petrochemical deal with Chevron

Chevron Phillips Chemical and Qatar Petroleum signed an agreement on Tuesday to develop an eight-billion-dollar petrochemical plant along the US Gulf Coast, the second pact between the companies to build such plants in the last few weeks. The US Gulf Coast II Petrochemical Project will include a 2,000 kiloton-per-year (KTA) ethylene cracker and two 1,000…Read more

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China Raises Crude Import Quotas Amid Falling Refining Margins

China’s Ministry of Commerce (MOFCOM) has issued this year’s second-batch quotas for non-state crude imports, permitting 56.85 million mt of import, according to a notice from the MOFCOM. The quotas surged 377% from 11.91 million mt for the same batch in 2018. The MOFCOM has thus released permits for a total of 153.10 million mt of…Read more

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