Industry News

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

By nisa | 15th July 2019

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

Qatar signs $8bn petrochemical deal with Chevron

By nisa | 15th July 2019

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

China Raises Crude Import Quotas Amid Falling Refining Margins

By nisa | 15th July 2019

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

Asia’s Refining Margins Rebound To Nearly 2-Year High

By nisa | 15th July 2019

Weighed down by depressed refining margins earlier this year, refiners across Asia have recently reduced production and some closed down for maintenance, thus boosting Asian refining margins in the past three weeks to their highest since September 2017, Reuters reported on Friday, citing data from Refinitiv. In the last three weeks, the benchmark Singapore refining margin more…Read more

Aramco Plans $6 Billion Korean Refinery Boost to Place Saudi Oil

By nisa | 10th July 2019

Saudi Aramco is planning a $6 billion expansion at its South Korean refining unit as the state-owned producer signs deals to ensure long-term demand for its crude in Asia. Saudi Crown Prince Mohammed bin Salman took Aramco’s Chief Executive Officer Amin Nasser with him to Korea during a visit that saw a raft of deals…Read more

Iraq looks to Asia to bolster refining capacity

By nisa | 10th July 2019

Iraq, Opec’s second largest oil producer, will look to increase its refining capacity, damaged by decades of war, by turning its head to the Asian market, according to the country’s energy minister. There was a “crucial and urgent need” to bolster downstream capacity to stop its increasing reliance and demand for imported refined crude, said…Read more

Exxon Mobil Jumps Into Low-Sulfur Fuel Market

By nisa | 8th July 2019

Exxon Mobil Corp. plans to sell low-sulfur shipping fuels at seven ports in Europe and Asia in the coming months, becoming the biggest supplier so far to leap into the global market that is being transformed by rules to reduce pollution from merchant vessels. For major refiners, ship fuel has long been a convenient disposal route…Read more

Grace Acquires the Business of Rive Technology, Inc.

By nisa | 28th June 2019

COLUMBIA, Md., June 17, 2019 (GLOBE NEWSWIRE) — W. R. Grace & Co. (NYSE:GRA) today completed the acquisition of the business  and assets of Rive Technology, Inc., including its Molecular Highway™ zeolite technology. As part of the transaction, certain research and development, technical services, and commercial employees will join Grace. Financial details of the transaction…Read more

Latin America Refining Technology Conference (LARTC)

By nisa | 27th June 2019

The World Refining Association has been the world’s foremost for the refining industry for over two decades, with operations on every continent. As part of our activities we offer LARTC which is made up of two days of multi streamed strategic and technical content for refineries and petrochemical plants to address the key shifts in…Read more

Refinery of the future less focused on fuels

By nisa | 24th June 2019

The future may or may not bring flying cars, robot servants and immortality, but it’s bringing exciting changes to the business of refining petroleum. Those changes are opportunities to earn higher profits for plants that recognize how to leverage existing technologies to improve flexibility, integration and communication. Integrated refineries and petrochemical plants are the “Refineries…Read more