Libya-Europe gas export pipeline repaired

(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.


MRC

Toppan Printing developed Japan's first film for use in packaging materials

(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.


MRC

Russian producers cut PVC September prices

(MRC) -- Downward price movements of PVC import, along with an excess resin offers in the domestic market have forced Russian producers to cut contract prices for suspension deliveries in September, according to ICIS-MRC Price report. Excessive imports of suspension PVC keep on affecting the Russian market.


Over the seven months, PVC-S imports to Russia grew by 83% year on year and made 301 KT. More than 24 KT of imported resin were supplied to the Russian market over the first August fortnight. Large volumes of imported PVC-S to the Russian market are expected in September, due to a long period from the date of contracts signing and the date of arrival for main foreign suppliers (U.S. and Asian producers).


PVC-S imports partly compensated a decline of production in the Russian market this year. Over the seven months, Russian producers have cut output by 9% to 302 KT. Some converters reported about 10-15% increase in resin consumption. However, in spite of all these factors, PVC supplies in the Russian market still exceed its demand.


Russian PVC producers on the back of prices decrease in foreign markets, as well as significant imports volume, had to cut contract prices further for September deliveries. Some converters decreased prices to RUB 500-1.000/t, others kept August prices.


Since bargaining still goes on, final contract prices will be established by the end of the week. Big fluctuations of prices can hardly be expected.


MRC

Tight supply of styrene monomer in Asia may ease in September

(ICIS) -- Asia's tight supply of styrene monomer (SM) in Asia may ease in September, with a number of regional facilities coming back on stream following turnarounds and, in the case of some plants, outages, market players said on Tuesday.


SM buyers expect spot prices to slip next month on increased supply of the material, and with demand for downstream plastic resins usually waning towards the second half of September, as the seasonal peak in the Chinese manufacturing season for exports draws to a close.


Limited availability of spot cargoes throughout August helped prop up SM prices at an average of around USD 1,510/tonne (EUR 1,042/tonne) in August, against a backdrop of widely fluctuating crude prices, according to ICIS. Crude prices traded at a wide range of USD 76-87/bbl in August.


Spot inventories along the eastern Chinese shore tanks were at 50,000-60,000 tonnes in August, compared to 70,000-85,0000 tonnes in July, market sources said.


MRC

US gasoline futures closed lower on Monday

(ICIS) -- Gasoline futures closed lower on Monday after east-coast refineries reported few disruptions caused by Hurricane Irene. Hurricane Irene's expected path passed over six crucial east coast refiners, and some expected to see significant storm surges.


Gasoline settled at USD 2.9064/gal, down 2.82 cents from before the storm on 26 August. Crude, meanwhile, gained USD 1.90/bbl for a settlement of USD 87.27/bbl.


Prices for gasoline futures surged on 25 August as investors expected supply disruptions because of refinery shutdowns and long-term damage. But this was not the case. Instead, at least one refinery remains shut down and two refineries remain at reduced rates following Hurricane Irene's sweep up the US east coast.


Refinery operators took the steps as a precaution to any possible damage or injury that could be caused by the storm.


MRC