Trinseo raises March prices of ABS and SAN in Europe

MOSCOW (MRC) -- Trinseo, a global materials company and manufacturer of plastics, latex binders and synthetic rubber, and its affiliate companies in Europe have announced a price increase for all acrylonitrile-butadiene-styrene (ABS) and acrylonitrile-styrene copolymer (SAN) grades, said the producer in its press release as of 6 March.

Effective March 1, 2019, or as existing contract terms allow, the contract and spot prices for the products listed below rose as follows:

- MAGNUM ABS resins - by EUR70 per metric ton;
- TYRIL SAN resins - by EUR70 per metric ton.

As MRC informed before, Trinseo last increased its prices for all polystyrene (PS), ABS and SAN grades on February 1, 2019. Thus, February prices for the said products grew, as stated below:

- STYRON general purpose polystyrene grades (GPPS) - by EUR45 per metric ton;
- STYRON and STYRON A-TECH high impact polystyrene grades (HIPS) - by EUR45 per metric ton;
- MAGNUM ABS resins - by EUR30 per metric ton;
- TYRIL SAN resins - by EUR35 per metric ton.

Trinseo is a global materials company and manufacturer of plastics, latex and rubber. Trinseo's technology is used by customers in industries such as home appliances, automotive, building & construction, carpet, consumer electronics, consumer goods, electrical & lighting, medical, packaging, paper & paperboard, rubber goods and tires. Formerly known as Styron, Trinseo completed its renaming process in 1Q 2015. Trinseo had approximately USD4.4 billion in net sales in 2017, with 16 manufacturing sites around the world, and approximately 2,200 employees.
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US crude inventories rise more than expected in week

MOSCOW (MRC) -- US crude oil stockpiles rose much more than expected last week, while gasoline and distillate inventories fell more than forecast, drawing down for the third consecutive week as refining rates remained low, reported Reuters with reference to the Energy Information Administration.

Crude inventories rose 7.1 million barrels in the week to March 1, far exceeding analysts' expectations for an increase of 1.2 million barrels.

Stocks at the Cushing, Oklahoma, delivery hub for US crude futures rose for the third consecutive week, increasing 873,000 barrels to 47.5 million barrels, the highest since December 2017, the EIA said.

US crude futures extended losses after the data release, falling to a session low of USD55.42 a barrel. The contract traded at USD55.85, down 70 cents in the session, by 10:54 a.m. EDT (1554 GMT).

US gasoline futures turned positive after the report, trading up 1.03 cents a gallon at USD1.7777.

Refinery crude runs rose by 100,000 barrels per day, the data showed. Refinery utilization rates rose by 0.4 percentage point to 87.5 percent of total capacity.

"The drop in refined fuel inventories is a result of the low refinery run rates," said John Kilduff, a partner at Again Capital LLC in New York. "Gasoline demand is picking back up, which is a supportive feature of the report," he said.

Gasoline stocks fell by 4.2 million barrels, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.

"Three straight weeks of declines in gasoline inventories are starting to have an effect," said David Thompson, executive vice president at Powerhouse, an energy-specialized commodities broker in Washington. "While gasoline stocks are in no way tight, the supply glut is starting to recede."

Distillate stockpiles, which include diesel and heating oil, fell by 2.4 million barrels, versus expectations for a 1.4 million-barrel drop, the EIA data showed.

Net US crude imports rose by 1.6 million bpd and production held at last week's record highs at 12.1 million bpd.
MRC

Saudi Aramco and Total invest in high-quality retail fuel network

MOSCOW (MRC) -- Saudi Aramco and Total have signed an agreement to develop a network of retail fuel service stations in Saudi Arabia, as per Hydrocarbonprocessing.

The 50:50 joint venture (JV) plans to invest around USD1 billion over the next 6 years in the Saudi retail fuel market to provide motorists with premium fuels and retail services in Saudi Arabia.

"This is a major milestone which will help establish a quality retail fuel network in the Kingdom. We look forward to working together with our long-term partner Total and draw on their extensive experience in the retail fuel market," said Abdulaziz Al-Judaimi, Saudi Aramco’s Senior Vice President of Downstream and Chairman of the JV Board.

He added: "With this new business, we aim to enhance the quality of services, as well as create jobs and additional investment opportunities in the Kingdom. This JV aligns with Saudi Vision 2030 and supports the goals of the Infrastructure and Transportation Initiative under the Quality of Life program. This project is designed to also help optimize the total value of our hydrocarbon resources."

Momar Nguer, President of Marketing and Services and Executive Committee Member at Total, said: "Total is proud to be the first international major oil company to invest in Saudi Arabia’s fuel retail network. This joint agreement is in line with our strategy to expand in fast-growing markets worldwide. This new agreement is also reaffirming our long-term partnership with Saudi Aramco. Following our joint investments in SATORP refining and petrochemical complex, we are pleased to bring to the Saudi market our expertise and customer-minded approach in retail and contribute to local employment development."

The two companies have also signed an agreement with the owners of Tas’helat Marketing Company (TMC) and Sahel Transport Company (STC) to acquire TMC and STC, thereby jointly acquiring their existing network of 270 service stations and their fuel tanker fleet. Saudi Aramco and Total plan to modernize this network and build high-quality service stations at selected locations. This transaction is subject to the approval of regulatory authorities.

Ahmed Al-Subaey, Vice President of Marketing, Sales, and Supply Planning and Chairman of the Board of RetailCo., said: "This venture will strive to exceed customer’s expectations. We aspire to become the retailer of choice in Saudi Arabia, providing customers with a unique experience and premium offerings. Saudi Aramco is building on its position as the world’s oil powerhouse and international retail experience, coupled with Total’s experience in this field."

Mr. Al-Subaey emphasized that the decision to acquire TMC came after extensive feasibility studies of the local fuel and retail market and its promising opportunities. He added: "Our goal is to provide high-quality services that support the tourism industry in the Kingdom and reflect our country’s progress in developing the infrastructure and a reliable service industry."

The JV will take a phased approach to expanding its network of domestic fuel retail stations, with a plan to reach the goal of owning and operating hundreds of stations by 2021.

As MRC reported earlier, in October 2018, State oil giant Saudi Aramco signed an agreement to invest in a refinery-petrochemical project in eastern China, part of its strategy to expand in downstream operations globally. The memorandum of understanding between the company and Zhejiang province included plans to invest in a new refinery and co-operate in crude oil supply, storage and trading, according to details released by the Zhoushan government after a signing ceremony in the city south of Shanghai. Zhejiang Petrochemical, 51 percent owned by textile giant Zhejiang Rongsheng Holding Group, is building a 400,000-barrels-per-day refinery and associated petrochemical facilities that was expected to start operations by the end of lasts year.

Saudi Aramco, officially the Saudi Arabian Oil Company, is a Saudi Arabian national oil and natural gas company based in Dhahran, Saudi Arabia. Saudi Aramco"s value has been estimated at up to USD10 trillion in the Financial Times, making it the world"s most valuable company. Saudi Aramco has both the largest proven crude oil reserves, at more than 260 billion barrels, and largest daily oil production.

Total S.A. is a French multinational oil and gas company and one of the six "Supermajor" oil companies in the world with business in Europe, the United States, the Middle East and Asia. The company's petrochemical products cover two main groups: base chemicals and the consumer polymers (polyethylene, polypropylene and polystyrene) that are derived from them.
MRC

PDH plant taken off-stream by Ningbo Haiyue

MOSCOW (MRC) -- Ningbo Haiyue New Material Co has undertaken a planned maintenance at its propane dehydrogenation (PDH) plant, as per Apic-online.

A Polymerupdate source in China informed that the company has started maintenance at the plant on March 4, 2019. The turnaround is expected to remain in force for around four weeks.

Located in Ningbo, China, the plant has a propylene production capacity of 600,000 mt/year.

We remind that, as MRC informed before, in March 2017, Clariant, a world leader in specialty chemicals, announced that it had been awarded a contract by Dongguan Grand Resource Science & Technology Co. Ltd. to develop a new propane dehydrogenation unit in cooperation with CB&I. The project includes the license and engineering design of the unit, which is to be built in Dongguan City, Guangdong Province, China.
MRC

TTIL and Cokebusters announce strategic alliance

MOSCOW (MRC) -- Two of the world's leading specialists in fouling removal technology for heavy industries, Tube Tech International and Cokebusters, have announced a strategic alliance that will benefit both companies' global client base, as per Hydrocarbonprocessing.

Cokebusters is world-renowned for its specialist internal tube mechanical decoking and ultrasonic inspection services, focusing on intelligent solutions to oil refineries across the world. Tube Tech International specializes in delivering unrivalled levels of external fouling removal to heat exchanger tubes. Together, the two British companies will provide a seamless, end-to-end solution to refineries, sharing world-class patented cleaning and inspection technology and expertise.

Tube Tech International Managing Director, Jon Camp commented, "it's great to see two British companies delivering shared innovation to a global client base. We specialize in external cleaning and Cokebusters specializes in de-coking, but our customers are the same, so it makes sense to offer unified solutions and share our expertise and services."

"Customers will also benefit from the synergy between the two companies with a similar culture and commitment to investment in innovation and driving improvements in time and cost efficiencies."

Cokebusters Technical Director, Dr. David Thewsey added, "Cokebusters has always worked hard to offer our clients around the world the best possible service, and our alliance with Tube Tech will enable us to offer refineries a truly world-leading range of solutions to reduce downtime and emissions and improve productivity and safety."

Alongside their UK headquarters', both Tube Tech International and Cokebusters have established permanent bases in Houston, Texas and are establishing a reputation for contract mobilization across multiple continents.

In its 30th year, Tube Tech International was awarded multi-million-euro EU funding for the development of next-generation fouling removal technology in 2018, while Cokebusters received the Queen's Award for Enterprise for its achievements in international trade in 2018.
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