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Month: August 2019

Archive for August 2019

Singapore’s Jurong Port Tank Terminals Ready for Operations

Singapore’s Jurong Port Tank Terminals (JPTT) is ready to welcome customers after the completion of the first phase of works in Pulau Damar Laut in Jurong Port. An opening ceremony on July 29 made 252,000 cbm of clean petroleum product storage capacity available to the market, according to Chee Hong Tat, Senior Minister of State,…Read more

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Asia naphtha slides on crude oil fall; demand muted

SINGAPORE (ICIS)–Asia’s naphtha prices tumbled on Monday on losses in global crude oil benchmarks, with muted demand and ample supply also weighing on the market. In early hours session, open-specification naphtha prices for first-half October delivery stood at $454.50/tonne CFR (cost and freight) Japan basis, falling by $15.25/tonne from the previous Asia close on 23…Read more

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David Koch: Billionaire Republican donor dies aged 79

Billionaire David Koch, a major donor to the Republican party, has died aged 79. He had been suffering from cancer. The former majority owner of Koch Industries was ranked by Forbes, jointly with brother Charles, as the 11th richest person in the world. Koch wielded huge political influence, bankrolling conservative causes for small government, low…Read more

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Introducing the Refinery of the Future

India is one of the fastest-growing economies in the world and one of the largest importers of oil. India’s refining capacity is expected to increase to about 439 million tonnes per year by financial year 2029-30, according to a report of the Working Group on Enhancing Refining. As new and existing refineries continue enhancing their…Read more

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Glencore, BP stuck with tainted Russian crude

MOSCOW (Reuters) – BP and Glencore are struggling to sell around 600,000 tonnes of tainted Russian oil more than three months after the contamination was discovered, according to six trading sources. Russia’s oil industry was plunged into a crisis in April after about 5 million tonnes of oil for export was found to be contaminated…Read more

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Aramco forges ahead with south Asia petchem strategy

State-owned Saudi Aramco is forging ahead with its petrochemical strategy in south Asia through a deal to buy a minority stake in Indian private-sector firm Reliance Industries (RIL). Yesterday’s deal to acquire 20pc of RIL’s refining and petrochemical assets adds to a preliminary agreement that Aramco signed earlier this year for a major downstream investment…Read more

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Azerbaijan targets petrochemicals in push to reduce reliance on oil and gas

BAKU, Aug 6 (Reuters) – Azerbaijan is betting on petrochemicals investment to diversify its oil and gas-dependent economy, industry and government officals told Reuters. Plummeting global oil prices five years ago sent the former Soviet energy producer’s economy into decline, devalued its currency and led to bankruptcies among its commercial banks. But lessons appear to…Read more

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Aramco continues diversification with Reliance deal

Saudi Aramco’s panned multi-billion dollar investment in India’s Reliance Industries is another major diversification move for the world’s most profitable company. The world’s top oil producer has signed a letter of intent to take a 20 percent stake in Reliance’s oil-to-chemicals business, the Indian conglomerate revealed this week. It represents one of the largest ever…Read more

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Emerson opens new cybersecurity lab

Emerson has announced the opening of its newest cybersecurity laboratory to help manufacturers confidently adopt digital transformation strategies, while protecting the integrity of their plant operations, networks, systems and data. A team of cybersecurity experts will staff the facility, which is located at the Emerson Innovation Centre in Pune, India. The laboratory is part of…Read more

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