Saudi Aramco signed Memorandum for Chinese refinery

(Arabian Oil and Gas) -- Aramco Overseas Company B.V., a subsidiary of Saudi Aramco, and PetroChina Company Limited, a subsidiary of CNPC, on March 17 signed a Memorandum of Understanding (MoU) related to the planned development of a 10 million mta (200.000 barrels per day) grassroots full conversion refinery in Yunnan Province in the People's Republic of China.

The proposed refinery will be designed to process 200.000 bpd of Arabian crude oil and will produce high-quality refined products, such as ultra low-sulfur gasoline and diesel that meet current and future China products specifications.

The project represents an opportunity for Saudi Aramco to partner with CNPC to support growing demand for high quality refined products and capture an investment opportunity in China's promising refining industry. Additionally, it enhances a strategic partnership of close cooperation between a major producer and a major consumer of hydrocarbons while also presenting an opportunity for additional energy security and increased industrialisation in the inner part of China.

MRC

(Plastemart) -- Korea Kumho Petrochemical Co. has inked an agreement for a 50:50 butadiene JV with JG Summit Petrochemical Corp. (JGSPC) of the Philippines. The JV will be located in Bantangas, about 110 kilometers south of Manila.

Kumho Petrochemical Co., Ltd. is a Korea-based company engaged in the manufacturing of synthetic rubbers and resins. The Company mainly provides three categorized products: synthetic rubber, synthetic resins and fine chemicals. Its synthetic rubber products include styrene butadiene rubbers (SBRs), acrylonitrile butadiene rubbers, styrene butadiene latexes, polybutadiene rubbers and others used for tires, shoes, belts and industrial rubber products. Its synthetic resin products, including polystyrene (PS), acrylonitrile butadiene styrene (ABS), expandable polystyrene (EPS), polypropylene glycol (PPG) and other products, are used in electrical and electronic products, automobiles, cosmetic cases, sporting goods and other products.

MRC

(Plastemart) -- Japan's Maruzen Petrochemical Co Ltd prepares to restart of its 480 KTa naphtha cracker in Chiba, east of Tokyo, after being shut for a week as per Reuters. Maruzen's Keiyo Ethylene unit continued operating a 690 KTa naphtha cracker in Chiba after the quake.

MRC

Reduction of production was marked at all Russian HDPE productions, except for Nizhnekamskneftehim. Separate Russian producers reduced the volumes of production more than by 3 KT each.

mrcplast.сom

MOSCOW (MRC) -- From the year start prices for film HDPE in Ukraine grew, on average, by USD 250/mt, converters aren't able to transfer such a considerable growth to the finished goods, according to ICIS-MRC Price Report.

Such a record growth of prices for HDPE was stipulated, first of all, by growing prices for PE in Europe. At that, gain in price by EUR 60-80/mt is forecasted. Many Ukrainian converters aren't able to follow such a dynamical growth of prices for raw materials and are afraid of flow of cheaper products form China.


Domestic prices for HDPE in China have remained without considerable changes since February and are within the range of USD 1.680 - 1.740/mt, FCA, including VAT. At the same time in the Ukrainian market by mid-March film HDPE had grown to the level of USD 2.170 - 2.220/mt, FCA, including VAT.

Some Ukrainian converters have already started to consider the possibility of substitution of their own packaging production with purchased finished goods in China. Preliminarily, the price difference now makes 30%. According to market players, mass imports of all types of packaging from China isn't expected, first of all, because of long-term logistics and diversity of products. But in case of simple packaging for retail sales, import supplies form China may grow considerably.

MRC