BASF to start joint research programme on magnetocaloric materials

(BASF) -- The Foundation for Fundamental Research on Matter (FOM) in the Netherlands and BASF are to start another joint research programme on magnetocaloric materials. This new class of materials may help to make today's cooling systems more efficient and quieter. This is the second joint research project between FOM and BASF and it has a duration of four years. "We aim to achieve an even better understanding of the fundamental magnetocaloric principles, which will help us to develop new materials with improved properties and we will investigate the best routes for large-scale production," says programme leader Prof. Dr. Ekkes Bruck (Delft University of Technology).


FOM and BASF started their cooperation in 2008. The previous research programme yielded new insights into the physics underlying the giant magnetocaloric effect. Together with their industrial partners the researchers are working on the market introduction of the first devices based on magnetocaloric materials.


Magnetocaloric materials heat up in a magnetic field and cool down again when they are removed from it. A heat pump based on magnetocaloric materials may therefore be an ideal alternative for traditional cooling cycles. Cooling systems based on the magnetocaloric effect could significantly reduce energy consumption. "Theoretical considerations reveal an energy savings potential of up to fifty percent," explains Dr. Thomas Weber, managing director of BASF Future Business GmbH.


MRC

Taiwan's businesses called for the government to lift its ban on investment in naphtha crackers

(Plastemart) -- Taiwan's businesses have called for the government to lift its ban on Taiwanese investment in naphtha crackers in China. There is an increasing pressure on the government to lift the ban since the planned Kuokuang Petrochemical Technology Co. naphtha cracker complex got scrapped under pressure from environmentalists.


However, as reported by CNA, the minister of economic affairs said that before it reviews its policy, the government will want to see "whether the other side will show some flexibility first." The government views China's restrictions on foreign investment in the petrochemical industry as the key problem. Under Beijing's rules, foreign investors are not allowed to build naphtha crackers in China unless they cooperate with local enterprises, with the Chinese side holding a controlling stake in any joint venture.


MRC

Iraq signed agreement for the construction of the Refinery of Karbala

(Arabian Oil and Gas) -- The Ministry of Oil of Iraq has signed an implementation agreement for the construction under BOO terms of the Refinery of Karbala with RKC (Refinery of Karbala Corporation Ltd.) The new refinery will have a daily capacity of 200,000 barrels of crude oil and will produce high quality, high octane gasoline (regular and premium) as well diesel fuel for the domestic market.


⌠Karbala Refinery will be located 100km south of Baghdad on a 6 square kilometer plot of land, and will be the most advanced state of the art refinery with almost full conversion rate and with an estimated cost of USD 6.5 billion said Dean Michael, CEO of Karbala Refinery Corporation.


The Italian Company Saipem will be providing the processing and the technical aspects of the project. Such a Refinery is due to become the most technically advanced Refinery in Iraq with the use of the latest available technologies that will ensure almost full conversion of Crude to final products in line with new Iraqi Laws in Refining and the Environment.


MRC

Qatargas to supply LNG to Malaysia's Petronas LNG for 20 years from 2013

(Arabian Oil and Gas) -- Qatargas, the State of Qatar's national gas company, has agreed to supply Malaysia's Petronas LNG Ltd 1.5 million tonnes of liquefied natural gas annually for at least 20 years from 2013, the world's biggest LNG producer said today, according to a Reuters report.


"It is the first time Qatargas has signed a HOA (heads of agreement) for supplying LNG to the South East Asian market," Qatargas CEO Khalid Bin Khalifa Al Thani said in a statement.


The LNG supply from Qatar would be equivalent to about 5 percent of Malaysia's current annual domestic natural gas demand, the statement said.


Qatar, the world's biggest LNG exporter, can produce up to 77 million tonnes of LNG a year.


MRC

Oil futures slipped after a breakdown of budget talks in U.S. Congress

(Reuters) - Oil futures slipped below USD 118 a barrel after a breakdown of budget talks in the Congress over the weekend helped drive investors away from volatile and risky assets on Monday.


Worries about a U.S. credit rating downgrade or even default curbed optimism about global economic growth, after last week's preliminary solution to the euro zone debt crisis helped propel Brent to as high as USD 118.80 a barrel on Friday.


Brent crude for September was 80 cents lower at USD 117.87 a barrel at 0940 GMT, after falling by more that USD 1 earlier in the session.


U.S. oil was 57 cents lower at USD 99.30, paring losses of more than USD 1 but off a six-week high of USD 99.87 on Friday.


MRC