MOSCOW (MRC) -- Australia's Woodside Petroleum is in discussions for supplying liquefied natural gas (LNG) to an LNG import terminal that Viva Energy plans to build in Victoria state, said Hydrocarbonprocessing.
Viva and Woodside have agreed on a framework and timeline to negotiate capacity rights for Woodside, the country's biggest independent oil and gas company, to regasify LNG for sale into Australia's east coast market, which is expected to face a gas supply shortfall from the mid-2020s.
The deal potentially gives Viva's terminal a leg up over a rival project in New South Wales, the Port Kembla LNG import terminal which is backed by Australian billionaire Andrew Forrest. The Port Kembla terminal is yet to line up LNG supply sources.
Viva Energy said it plans to make a final investment decision on the project by the third quarter of fiscal 2022. "Working to secure regasification capacity at Viva Energy's proposed import terminal aligns with Woodside's future production profile and the ongoing needs of east coast Australian customers," Woodside Chief Executive Officer Meg O'Neill said.
Viva Energy said it also signed an agreement with Norway-based Hoegh LNG Ltd to charter a floating storage and regasification unit (FSRU) for the proposed Geelong terminal.
As per MRC, BHP Group has agreed to sell its petroleum business to Woodside Petroleum in a merger to create a top 10 independent oil and gas producer worth AD38.5 billion (USD28 billion) with growth assets in Australia and the Americas.
As per MRC, BP acquired US shale assets from BHP Billiton for USD10.5 billion in the largest deal since the 1999 acquisition of Atlantic Richfield oil company. British oil and gas company BP bought US shale assets owned by mining company BHP Billiton.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 1,868,160 tonnes in the first nine months of 2021, up by 18% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market were 1,138,510 tonnes in January-September 2021, up by 30% year on year. Supply of propylene homopolymer (homopolymer PP) and block-copolymers of propylene (PP block copolymers) increased, whereas supply of injection moulding statistical copolymers of propylene (PP random copolymers) decreased significantly.
MRC