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Asia Distillates-Gasoil stays firm on U.S., Singapore stock drawdowns

November 30/2020

MOSCOW (MRC) -- Asia's benchmark 10ppm diesel crack stayed above USD5 a barrel for a fourth day last Friday, following stock drawdowns in the United States and Singapore, reported Reuters.

Gasoil stocks held in independent storage in the Amsterdam-Rotterdam-Antwerp (ARA) refining and storage hub however rose 4% in the week to Thursday, data from Dutch consultancy Insights Global showed.

PetroChina's Yunnan refinery in southern China will shut a 260,000 barrels-per-day (bpd) crude oil processing facility for a 50-day planned maintenance starting in early December.

Jet volumes arriving in Northwest Europe (NWE) from the East of Suez are projected to rise over the coming weeks, said a report by Refinitiv Oil Research. - The report added that an estimated 322,000 tons of jet fuel is being floated aboard a few ships.

As MRC informed before, slumping fuel consumption during the pandemic is accelerating the long-term shift of refining capacity from North America and Europe to Asia, and from older, smaller refineries to modern, higher-capacity mega-refineries. The result is a wave of closures, often centering on refineries that only narrowly survived the previous closure wave in the years after the recession in 2008/09.

We remind that PetroChina has nearly doubled the amount of Russian crude being processed at its refinery in Dalian, the company's biggest, since January 2018, as a new supply agreement had come into effect. The Dalian Petrochemical Corp, located in the northeast port city of Dalian, was expected to process 13 million tonnes, or 260,000 bpd of Russian pipeline crude in 2018, up by about 85 to 90 percent from the previous year's level. Dalian has the capacity to process about 410,000 bpd of crude. The increase follows an agreement worked out between the Russian and Chinese governments under which Russia's top oil producer Rosneft was to supply 30 million tonnes of ESPO Blend crude to PetroChina in 2018, or about 600,000 bpd. That would have represented an increase of 50 percent over 2017 volumes.

Ethylene and propylene are feedstocks for producing PE and polypropylene (PP).

According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,594,510 tonnes in the first nine months of 2020, up by 1% year on year. Only high denstiy polyethylene (HDPE) shipments increased. At the same time, PP shipments to the Russian market reached 880,130 tonnes in the nine months of 2020 (calculated using the formula: production minus exports plus imports, exluding producers" inventories as of 1 January, 2020). Supply increased exclusively of PP random copolymer.


mrcplast.com
Author:Margaret Volkova
Tags:Asia, Europe, PP, PE, crude and gaz condensate, PP random copolymer, propylene, HDPE, ethylene, petrochemistry, PetroChina, Rosneft, China, Russia, USA.
Category:General News
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