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1. SABIC Specialties business on track to establish stand-alone
operations
MOSCOW (MRC) -- SABIC has confirmed that the establishment of
its Specialties strategic business unit (SBU), as a separate, stand-alone
business, which will remain owned by SABIC, is on track, as per the company's
press release. While SABIC continues to monitor the business impacts of
COVID-19, at this time, it anticipates that the timing of the “go-live” for the
stand-alone operations of the group of companies embedding its Specialties
strategic business unit (SBU) will be November 1, 2020. The establishment of the
stand-alone model for the Specialties SBU will bring additional value to its
customers who depend on the Specialties business for its innovation expertise
and highly differentiated ULTEM and NORYL resins, LNP compounds and
copolymers.
http://www.mrcplast.com/news-news_open-377861.html
2.
BP may cut oil supply to Caribbean refinery if it stays idle
MOSCOW (MRC)
-- The problem-plagued Limetree Bay refinery in St. Croix, Virgin Islands, may
lose its main supplier of crude, oil major BP, if it isn’t successfully up and
running by December, reported Reuters with reference to two people familiar with
the matter. The Caribbean refinery’s owner, Limetree Bay Ventures, has spent at
least USD2.7 billion restoring the facility, initially hoping to tap rising
demand for low-sulfur fuels and markets in Latin American and Caribbean. But the
plant’s restart date has been delayed by nearly a year now. BP Plc BP.L invested
in the plant with an agreement to supply its crude and market the fuels produced
in anticipation of a late 2019 startup. BP can terminate that contract if the
plant cannot reach a certain production target by year-end, the people said,
threatening the future of the largest new refining capacity in the Americas.
Limetree owners EIG Global Energy Partners and Arclight Capital Partners
embarked on the overhaul in expectation of a surge in demand for marine fuels
that comply with new maritime rules for low sulfur content. BP’s investment was
to be repaid from product sales. The goal was to have the refinery produce as
much as 210,000 barrels per day (bpd)of refined product, but the COVID-19
pandemic has crushed refining margins for fuels across the globe.
http://www.mrcplast.com/news-news_open-377859.html
3.
Portugaese Galp halts fuel production at Matosinhos refinery
MOSCOW (MRC)
-- Portugal’s Galp Energia temporarily suspended fuel production at its smallest
oil refinery at Matosinhos due to unstable national and international markets
shaken by the coronavirus pandemic, according to Hydrocarboprocessing with
reference to a Galp spokesman's statement. “Supply of the national market is
guaranteed to remain, with an adequate level of products to satisfy the needs of
the Portuguese, companies and industrial units,” he said in a statement. Galp
said that although the suspension had no end date as yet, no workers would be
laid off.
http://www.mrcplast.com/news-news_open-377703.html
4.
Crude oil futures tick up on bullish API data, refinery activity
MOSCOW
(MRC) -- Crude oil futures ticked higher during mid-morning Asian trade Oct. 15,
as positive data from the American Petroleum Institute and an increase in
China's and India's refinery activities stoked bullish market sentiment despite
tightening coronavirus restrictions, reported S&P Global. At 10.45 am
Singapore time (0245 GMT), ICE Brent December crude futures were up 6 cents/b
(0.14%) from the Oct. 14 settle to USD43.38/b, while the NYMEX November light
sweet crude contract was up 4 cents/b (0.10%) at $41.08/b. Both international
crude markets had jumped 2.05% and 2.09% to settle at USD43.32/b and USD41.04/b,
respectively, on Oct. 14.
http://www.mrcplast.com/news-news_open-377810.html |
