Sinopec commissions more oil storage in Jiangsu

(MOSCOW (MRC) -- China Petrochemical Corp, known as Sinopec, said on Friday it had commissioned additional crude oil storage totalling 375,000 cubic metres, or about 2.36 million barrels, in eastern China’s Jiangsu province, reported Reuters.

Asia’s biggest refiner put three commercial crude storage tanks in the city of Yizheng, each with a capacity of 125,000 cubic metres, into operation on Aug. 28, according to a statement on its website.

Sinopec said the Yizheng commercial storage base, which serves refineries along the Yangtze river and in the Nanjing area, is now fully utilising its total 975,000 cubic meters of storage.

The base previously had six tanks each of 100,000 cubic metres capacity.

As MRC informed before, in September 2018, Sinopec Corp joined a group planning to build an oil refinery in Alberta, an enterprise that would strengthen demand for the Canadian province's heavily discounted crude.

Sinopec Corp. is one of the largest scale integrated energy and chemical company with upstream, midstream and downstream operations. Its principal business includes: exploring, developing, producing and trading crude oil and natural gas; producing, storing, transporting and distributing and marketing petroleum products, petrochemical products, synthetic fiber, fertilizer and other chemical products. Its refining capacity and ethylene capacity rank No.2 and No.4 globally. Sinopec listed in Hong Kong, New York, London and Shanghai in August 2001. Sinopec Group, the parent company of Sinopec Corp., is ranked the 5th in Fortune Global 500 in 2012.
MRC

MOSCOW (MRC) - Export deliveries of Russian PET chips in June this year decreased by five times compared to the same period last year and amounted to 1,870 tonnes, according to a ScanPlast of Market Report.

In June 2018, export deliveries of PET chips from the country amounted to 7,690 tonnes.

Such low export volumes in June were a result of unfavorable market conditions and low prices in Europe and the USA.
Total esports of Russian PET chips decreased to 24,750 tonnes in January-June, down 49% year on year.

Supply of imported polyethylene terephthalate (PET) to the Russian market in July decreased by 7% compared with July 2018 and amounted to 15,580 tonnes.

MRC

MOSCOW (MRC) -- French energy producer Total could invest up to USD10 billion in the North Sea over the next five years but cost discipline must be maintained as a matter of urgency, reported Hydrocarbonprocessing with reference to Chief Executive Officer Patrick Pouyanne's statement.

As part of its efforts to cut costs the company had looked at joint oil and gas infrastructure decommissioning in the region with peers Shell and BP, Pouyanne told an industry conference in Aberdeen, Scotland.

He added that Total intended to participate in an upcoming offshore wind bid round in Scotland as the firm continues to expand investments in low carbon and renewable energy.

Total was not limited by funds to invest in low carbon power projects, but by the capacity to develop projects, he said.

As MRC informed before, in June 2019, Total started up a biodiesel refinery in La Mede in southern France using palm oil. The start-up of the 500,000 tons-per-year refinery was delayed several times.

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

MOSCOW (MRC) -- CPS Performance Materials, a diversified specialty chemicals manufacturer of performance polymers, fine chemical and chemical illumination solutions, announced today the acquisition of GEO Specialty Chemicals, said the company.

The terms of the acquisition were not disclosed.

GEO is a diverse supplier of specialty chemicals and materials to the coatings, adhesives, medical, water treatment and construction markets. The company operates in three divisions – Paints & Coatings, Water Treatment and Specialty & Construction - with leading positions in its primary chemistries from 19 production sites in the U.S. and Europe.

In the recent past, GEO has undertaken a number of expansions to increase its presence in the attractive markets of materials for contact lenses, additives for oil and gas drilling, and municipal and industrial water treatment. This builds upon GEO’s already strong position in methacrylate chemistry where it is a leading supplier to the global coatings and adhesives markets. GEO is also the largest U.S. producer of glycine, a key amino acid used in a variety of nutrition and personal care products.

Jeremy Steinfink, President and CEO of CPS, said, “GEO significantly adds to the scale of CPS and positions us well in a number of growing end markets. Our strategy will focus on investing in GEO’s businesses which complement many of CPS’s existing positions in attractive end markets such as CASE additives, specialty chemicals for pharma and medical uses, nutrition, personal care and a wide range of industrial applications. We see opportunities to expand across the portfolio where we can leverage our chemical expertise and continue to be a reliable commerical partner."

Ken Ghazey, CEO of GEO who will join the Board of Directors of CPS, said, “CPS is a great fit for our employees and business partners. I look forward to working with Arsenal and the CPS team to continue to build the platform."

Sal Gagliardo, an Operating Partner of Arsenal and the Chairman of CPS, commented, “The addition of GEO to CPS builds on our strategy to expand the breadth of our specialty chemicals platform with highly complementary capabilities and resources. The acquisition strengthens CPS’s technology offerings to both GEO’s and CPS’s customers and positions CPS for significant growth. We are delighted to have the GEO team join CPS."
MRC

MOSCOW (MRC) -- Advanced Petrochemical Co.’s inclusion in the MSCI EM Index positively contributes to expanding its business range by increasing competition to include local and global peers, the company said in a statement, as per Argaam.

The move serves as an opportunity for the company to demonstrate its capabilities, a matter that boosters a positive image to international investors.

"The company works according to strategic plans set up by the board of directors whether in managing the operational processes of the existing plants or in evaluating and assessing some of the available opportunities for future expansions which maximize the rights of its shareholders and contribute to the development of the Kingdom's national economy," Advanced added.

Several investment projects have been studied by the petrochemical producer locally and overseas, and investment partnerships have been formed with major international firms in the petrochemical industry through the company’s subsidiary, Advanced Global Investment Co.

Advanced Global’s joint venture with South-Korea based SK Gas Co. led to the setting up of SK Advanced Co. to establish, own and operate a PDH plant for propylene production in the Asian country with an annual design capacity of 600,000 metric tons.

The project started commercial operations on May 16, 2016.

SK Advanced has also signed a joint venture agreement with South Korea’s Polymerae Ltd. to establish a polypropylene plant in South Korea with an annual design capacity of 400,000 metric tons. The facility is expected to launch commercial operations in 2021.

Meanwhile, the Saudi Ministry of Energy gave a green light to Advanced Global for allocation of the required feedstock to set up a propane dehydrogenation (PDH) unit (to produce propylene) and polypropylene unit (to produce PP) with a capacity of 750,000 tons each annually in Jubail Industrial City.

Accordingly, the company signed two memorandums of understanding (MoUs) with SK Gas. The first MoU aims to develop a propane dehydrogenation and polypropylene in Jubail Industrial City, with estimated total cost of USD1.8 billion (SAR 6.75 billion). The second one is for the development of a polypropylene compounding unit.

A third MoU was inked with SK Gas to conduct a detailed feasibility study for a state of the art mixed feed or liquid cracker along with downstream products in Saudi Arabia. “Advanced has a strong financial position and positive financial indicators that enable the company for continuous growth and enhance its position in the local and global markets,” the statement added.
MRC