(Reuters) - Energy company Oil and Natural Gas Corp plans to commission two large petrochemicals projects it is developing through joint ventures in 2012 and 2013 respectively, its chairman said in a written speech to shareholders on Tuesday.
ONGC plans to commission the petrochem project at Dahej in Gujarat, being developed by ONGC Petro-additions Ltd (OPAL) in 2012 and another by ONGC Mangalore Petrochemicals Ltd (OMCL) in 2013, Chairman A.K. Hazarika said.
(Plastemart) -- National Iranian Petrochemical Company has inked a USD 400 mln contract for the construction of the Central Ethylene Pipeline with the Islamic Revolutionary Guards for Construction, KCH. Khatamolanbia Construction Headquarter will realize the project with Chinese financing in EPCF mode within 30 months, Fars news agency reported. The pipeline will transport 1.3 mln CM of ethane and 1.04 mln tpa of ethylene from Parsian Refinery to 5 petrochemical complexes for processing.
(ICIS) -- Softening demand for the forthcoming month is expected to lead to a decrease in the European benzene contract for September, sources said on Tuesday. Planned shutdowns in September and October in the downstream styrene market will keep buying interest for benzene subdued, most expect, following a slow albeit relatively solid August.
The volatility seen for crude futures in the past few weeks, however, is keeping many in the market cautious, as wider economic jitters could potentially affect demand and pricing.
⌠It's very tough to predict how it will unfold, said one downstream source. ⌠The market is being pulled both ways really - at this point I have no idea. Benzene values remained surprisingly resilient in the face of sharp crude losses in August, as several shutdowns in southern Europe and the Mediterranean kept supply levels balanced to tight this month.
⌠Europe is an import market, added one benzene trader. ⌠There hasn't really been anything coming in for this month, and that has helped to keep prices firm. But whether this buoyancy will continue into September remains uncertain. With the downstream styrene market expected to see reduced activity in the light of the numerous turnarounds scheduled for September and October, this will most likely mean that benzene demand will be softer.
MRC
(Arabian Oil and Gas) -- The Greenstream gas pipeline, which brings Libyan gas to Italy 510 kilometres undersea from Mellita on the North coast to Europe via Gela in Sicily, has been repaired, according to a Reuters report. Libyan NTC military spokesman Ahmed Bani told Reuters the gas pipeline is "back and running, supplying the pump stations and the Mellitah (gas processing) refinery. Gas will start flowing to Europe." Bani did not give a timeframe for exports to begin.
Bani said the closure had resulted in the loss of about EUR 1 mln (USD1.44 mln) per day worth of gas. The transitional government badly needs hydrocarbon revenue to rectify shortages of food, water and government salaries.
The Greenstream, inaugerated by Gaddafi in 2004, is 50% owned by Italian oil firm Eni, which has significant interests in Libya totalling 13% of its global portfolio.
(Omnexus) -- Toppan Printing Co., Ltd. has developed Japan's first film for use in packaging materials that uses biomass polyethylene. Full-scale sales will be launched from August 2011. In order to contribute to the realization of a sustainable society, Toppan Printing engages in the development of products that are environmentally friendly. This new product is a film that partially uses a raw material derived from sugarcane and has a biomass ratio of up to 40% (ratio by weight). While using a raw material derived from plants, the film retains the same performance as existing films in terms of properties such as shock resistance and ease of tearing.
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