(Reuters) -- China Petroleum & Chemical Corp (Sinopec) and Hainan province aim to win final approvals from the central government this year to expand the 160,000 bpd Hainan refinery .
The provincial government and Sinopec inked a cooperation agreement in December to add 100,000 bpd of crude refining capacity and 1 mln tpa of ethylene production capacity. The expansion project is estimated to cost 39 billion yuan (USD6.2 bln) and take 32 months to complete.
⌠This investment directly supports Dow's transformational strategy to enhance its feedstock flexibility and integration strength, and positions the Company for growth in attractive markets and geographies. Basic engineering work for the new on-purpose propylene production facility at Dow Texas Operations has commenced, and the project is on track for production start-up in 2015.
(4-traders) -- Indorama Ventures PCL (IVL.TH) said Tuesday it has entered into an agreement with PT Polypet Karyapersada to acquire its polyethylene terephthalate, or PET, resin production facilities in Indonesia.
The integrated polyester chain producer said in a filing to the Stock Exchange of Thailand that the facilities have a production capacity of 100,800 tons per year.
Indorama Ventures said the assets it is acquiring are located adjacent to its joint venture, PT Indorama Petrochemicals, and will help in expanding its presence in the Indonesian PET market, without elaborating on the deal value.
The acquisition, which is subject to approval from local authorities, is expected to be completed in this quarter, Indorama Ventures added.
Indorama Ventures is one of the world's largest producers of PET, a product used by bottlers and textile manufacturers.
MRC
(styron) -- Styron Europe GmbH and its affiliate companies in Europe announced today price increases for all polystyrene and copolymers grades.
Effective immediately, or as existing contract terms allow, the prices for the products listed below will increase as follows: STYRON general purpose polystyrene grades (GPPS) by Euro 40 per metric ton, STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) by 80 Euro per metric ton, MAGNUM ABS resins by 100 Euro per metric ton, TYRIL SAN resin by 45 Euro per metric ton.
In addition to keeping pace with the continuous escalation in all raw material costs associated with the manufacturing of these products since the beginning of the year, this price increase seeks to restore adequate operating margins so that Styron can meet the ongoing needs of its customers in Europe.
(hydrocarbonprocessing) -- A major oil pipeline will be shut down for several days after a spill and fire near Chicago caused by a freak car accident. The pipeline was shut down within hours of the accident early Saturday morning and will remain shut down until Thursday morning, an Enbridge spokeswoman said.
A Chevrolet SUV and a Ford Mustang crashed into each other and hit a small above-ground section of an Enbridge oil pipeline in an industrial park in New Lenox, Ill., causing a spill and fire that killed two people and injured three.
The pipeline was shut down within hours of the accident early Saturday morning and will remain shut down until Thursday morning, an Enbridge spokeswoman said.
The outage could worsen an already constrained oil distribution system between Canada and the U.S. and send the prices for Canadian oil lower. Canada's access to buyers in the US has been limited as storage and refining space in the Midwest has been filled by surging production in Canada and the western US.
The downed Enbridge Line 14/64 pipeline normally transports 317,000 bpd of oil along Enbridge's Lakehead System, which is the largest crude oil pipeline to the US from the US's largest supplier, Canada.
Line 14/64 connects oil storage in Superior, Wis., to refiners near Griffith, Ind. Enbridge's Line 6A, which transports 670,000 bpd of oil, also runs between Superior and Griffith, and will be operational. Line 14 will be restarted Wednesday evening and Line 14 Thursday morning, the Enbridge spokeswoman said.
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