Iraq to produce oil below capacity from 2017

(Arabian Oil and Gas) -- While the Iraqi government is sticking to its 12 mln barrels of crude oil per day (bpd) by 2017 production capacity target, it may choose not to produce the oil it can. ⌠Everybody knows the significance of Iraq's oil for the whole world and its importance to build and develop the Iraqi economy, along with raising the living standards of Iraqi citizens,⌠ Iraq's Deputy Prime-Minister, Hussein al-Shahristani - who has responsibility for energy affairs, is reported in Iraq Business News as saying at the 3rd Iraqi Ambassadors Conference in Baghdad on Saturday.


Shahristani said increased capacity ⌠does not necessarily mean that Iraq would produce such a large quantity of crude oil, because the Iraqi strategy depends on boosting revenues and not only increasing oil exports alone; so we shall watch the market and the level of the quantities of crude Iraq will produce, and then we shall decide Iraq's highest level of revenues during the forthcoming years.


MRC

Saudi Aramco begins production from Karan field

(Arabian Oil and Gas) -- Saudi Aramco started production of gas last week from Karan, its first non-associated gas field, two industry sources have told the Reuters news agency. The field will now gradually increase production over the coming weeks.


Reuters's sources did not say when Karan - which is a core component of the Kingdom's strategy of freeing up more oil for export by increasing gas production for electricity generation - would reach its summer 2011 target production of 400-450 million cubic feet per day (cfd) of gas.


MRC

Fluor Corp. to serve as BASF's engineering partner in Asia and Europe

(Plastemart) -- Engineering and construction company Fluor Corp. has been chosen to serve as BASF's engineering partner to serve as BASF's engineering partner in Asia and Europe. Fluor, which will work on chemicals and petrochemicals projects across both regions, received service agreements tied to its BASF selections. Terms were not disclosed.


BASF has awarded Fluor umbrella services agreements in these regions for undisclosed contract values. The partnering agreements will cover capital investment projects with separate service orders throughout Asia and Europe. Services provided on projects covered by the agreement will include front-end engineering and design (FEED), project management services and/or detailed engineering, procurement and construction management services.


Fluor Corp. designs, builds and maintains many of the world's most challenging and complex projects. Through its global network of offices on six continents, the company provides comprehensive capabilities and world-class expertise in the fields of engineering, procurement, construction, commissioning, operations, maintenance and project management.


MRC

Import of suspension PVC to Russia doubled over the first half of 2011

MOSCOW (MRC) -- Over the six months, import supplies of suspension PVC to the Russian market grew by 113% compared to the same period last year and reached 250 KT, according to MRC analysts.


Expectedly, import supplies of suspension PVC to the Russian market in June reduced 6 KT compared to May and made 49.2 KT. Over the six months, PVC-S import to Russia made about 250 KT. It became the most imported plastic in Russia.


Still suspension produced in USA prevails in the imports. In June, North American resin supplies to the Russian market decreased 10 KT to 25.5 KT.


The second week of July was marked by insignificant growth of import prices for PVC from USA after a serious fall in June. Some suppliers of American resin left July import prices for August.


Import supplies of acetylene PVC from China grew to 18 KT. Before that Russian companies used to contract resin from producers in North China. In June, resin was supplied from producers in the country's seaside.


Despite June reduction of imports, there is still an excessive offer of suspension PVC in the Russian market.


MRC

Asian polycarbonate prices may continue falling

(ICIS) -- Asian polycarbonate (PC) prices may continue falling for the rest of the year because of sluggish demand and plummeting values of feedstock bisphenol A (BPA), industry sources said on Friday.


Spot PC prices have shed USD 200-300/tonne (EUR 142-213/tonne) since early April to USD 2.950-3.050/tonne CIF (cost, insurance and freight) Hong Kong for general purpose (GP)-moulding grade and at USD 2.900-2.950/tonne CIF Hong Kong for optical grade on 13 July, according to ICIS data.


In the key China market, monetary tightening measures implemented to curb inflation have been taking a toll on PC derivative demand. End-users are being forced to cut operating rates because of tight cash flow.


China imported 969 KT of PC last year, accounting for 88% of its total consumption at 1.1m tonnes, according to Chemease, an ICIS service in China.


MRC