Chevron's refinery in Wales remains fully operational following an explosion and fire

(ICIS) -- Chevron's 220.000 bbl/day UK refinery at Pembroke in Wales remains fully operational following an explosion and fire at the site which killed four workers, the company said on Friday. The blast happened at 18:20 local time (17:20GMT) on Thursday in a 730 cbm (cubic metre) storage tank while maintenance work was being carried out, local police said. "The refinery remains fully operational, however, we would emphasise that at this difficult time, our main priority is the welfare of our employees," Chevron said in a statement.


Police and the UK's Health and Safety Executive (HSE) are jointly investigating the cause of the explosion, however early indications suggest it was a "tragic industrial accident", Chief Superintendent Gwyn Thomas, of Dyfed Powys Police, said. A fifth contract worker is being treated in hospital for serious injuries sustained in the blast, which also damaged an adjacent storage tank.


Chevron has agreed to sell the refinery to US-based Valero for USD 730m (EUR 504m). The deal is expected to close in the third quarter. Valero said on Thursday it was too early to know what effects, if any, the incident will have on the sale.


MRC

Malaysia's Johor state government to set up a petrochemical plant

(Plastemart) -- Malaysia's Johor state government has accepted plans to set up a petrochemical plant by a Taiwan-based petrochemical company previously rejected at home over environmental concerns. Protesters in Malaysia debate about the standard of the country's Preliminary Environmental Impact Assessment (PEIA) methodology vis a vis Taiwanese standards. The country's Pasir Gudang and Pontian local councils had reportedly approved the project despite having no formal application.


MRC

European producers decreased LLDPE prices

MOSCOW (MRC) -- In June, European producers decreased export prices for linear polyethylene (LLDPE) on average by EUR 50-70/mt under the pressure of declined contract prices for ethylene, according to ICIS-MRC Price Report.


In May, some European producers decreased prices for linear polyethylene for the domestic market. Export prices remained without changes, except for butene grades of LLDPE. In June, after cheapening of ethylene from European producers, export prices for polyethylene significantly decreased.


The level of export prices for hexane linear polyethylene in June fell on average by EUR 50-70/mt. Export prices for butene LLDPE were corrected yet in the second half of May. In June, the price kept on decreasing. In comparison to May, the level of prices for butene linear polyethylene fell by EUR 70 - 120/mt.


MRC

Kazakhstan to extend the ban on petrochemicals export

(Xinhua) -- Kazakhstan wants to extend the ban on petrochemicals export beyond July 1, Minister of Oil and Gas Sauat Mynbaev said on Tuesday in Astana, the Kazakh capital. "We hope to extend the ban. We have to agree it with our partners in the Customs Union," Sauat Mynbaev told journalists. Answering a question about possible time limits for the ban, the minister said that all would depend on the market situation.


Meanwhile, an informed source told Interfax-Kazakhstan that the ban would be extended to the end of this year. As previously reported, in April Kazakhstan extended the ban on petrochemicals exports until July 1. In November 2010, the Kazakh government extended for six months the ban on the exports of light distillates, kerosene and gas oils, except special gasolines and domestic heating oil.


MRC

Constar International completed financial restructuring

(BUSINESS WIRE) -- Constar International LLC, a leading global producer of PET (polyethylene terephthalate) plastic containers for food and beverages, announced that the Company and its affiliated entities completed their financial restructuring and successfully emerged from Chapter 11 on May 31, 2011. The Company is now named Constar International LLC. The reorganization was completed less than five months from the filing of their Chapter 11 petitions on January 11, 2011. In conjunction with its emergence from Chapter 11, Constar also announced that it had entered into a new financing facility with Wells Fargo to provide the Company with ongoing liquidity.


MRC