Industry News

The global methanol market is predicted to rise with a CAGR of 5.66% for the forecast period of 2019-2027

By nisa | 20th June 2019

The global methanol market is predicted to rise with a CAGR of 5.66% for the forecast period of 2019-2027. The important drivers contributing to the market growth include the growing demand from the Asia-Pacific regions, increasing acceptance for MTO technology, the need for alternative transportation fuels, etc. The primary driver for the increasing growth of the global…Read more

Global crude demand to improve in H2 despite weaker OECD Asia petchems demand – OPEC

By nisa | 20th June 2019

LONDON (ICIS)–Global crude demand is expected to rally slightly from the sluggish level seen so far in 2019 in the second half of the year, with projected stronger demand from the Americas expected to offset contracting consumption in Europe and the Asia-Pacific region, OPEC said on Thursday. Demand growth in the closing six months of…Read more

Japan’s Inpex to build $18bn onshore LNG project in Indonesia

By nisa | 20th June 2019

Largest Japanese-operated plant looks to export to trade-war hit China TOKYO — Japanese oil and gas company Inpex is set to agree in principle with the Indonesian government to build a liquefied natural gas plant in Indonesia, Nikkei learned Friday. With an estimated total cost of 2 trillion yen ($18.4 billion) and annual production of about 9.5 million tons…Read more

New marine fuel rules to boost diesel prices for at least a year: analysts

By nisa | 14th June 2019

HOUSTON (Reuters) – Global prices for diesel and marine fuels should rise by October ahead of a January switchover to new, very low-sulfur marine fuels, and remain higher for at least a year as refiners shift production to make more of the new fuels, analysts said. Marine fuels containing no more than 0.5% sulfur by…Read more

Refinery of the future less focused on fuels

By nisa | 14th 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

UK EPC firm Wood wins FEED contract for Oman’s Duqm Refinery

By nisa | 14th June 2019

Duqm Refinery and Petrochemicals Industries Company (DRPIC) has awarded a contract for front-end engineering design (Feed) work on its petrochemicals complex to Wood plc, Duqm Petrochemical Project (DPP), which falls under the scope of Oman Oil Co and Orpic as the second stage of the $7bn (OMR2.69bn) Duqm Refinery integrated complex that is being developed…Read more

Mangalore Refinery and Petrochemicals Q4 net profit at Rs 318.87 crore

By nisa | 4th June 2019

The polypropylene production stood at 388 KT for 2018-19 Mangalore Refinery and Petrochemicals Ltd (MRPL) recorded a net profit of ₹318.87 crore in the fourth quarter of 2018-19 as against a profit of ₹542.08 crore in the corresponding period of the previous fiscal, registering a decline of 41.17 per cent. The gross refining margin GRM of the company…Read more

Reliance Industries looks to strengthen petrochem business

By nisa | 4th June 2019

MUMBAI: Reliance Industries (RIL) is focusing on new business-to-customer initiatives to hedge against volatility and strengthen its petrochemicals business. Under this strategy, RIL will offer end-to-end tailor-made solutions to industries to manufacture windmills, design complete railway compartments in three years, build underground tanks with a shelf life of 25 years against the present 7-8 years, replace wood with…Read more

Brunei’s Hengyi refinery gets first crude cargo for petrochemicals output

By nisa | 4th June 2019

Dubai — The Hengyi refinery in Pulau Muara Besar, Brunei, received its first crude shipment late last week, signaling production of petrochemicals is moving closer. The crude was likely light sweet Nigerian origin, an analyst said. Hengyi Industries reported the shipment on its website on Sunday. The first phase of the project, which has an investment…Read more

Ineos to invest $2B in Saudi Arabia petrochemical plants

By nisa | 4th June 2019

The British petrochemical corporation Ineos has inked a deal with Saudi Aramco and Total to invest $2 billion building three plants in a petrochemical complex in Saudi Arabia. It’s the first time Ineos, started by a former executive Exxon Mobil Corp. executive and Britain’s richest person, is entering the Middle East. The three plants are…Read more