SEATTLE (polymers.in): Teapots' helped Russia beat Saudi Arabia as China's largest oil supplier
- Russian companies exported to China in 2016 stood at 1.05 million bbl.
India's HPL looks to ADNOC for crude oil supply to planned refinery
- Abu Dhabi National Oil Company for crude oil supply to its planned 300,000 bbl/day refinery in eastern city Kolkata.
- HPL is one of India’s largest petrochemical companies and runs a naphtha-based petrochemical complex at Haldia, with an ethylene production capacity of 700,000 MT/year.
Oil Prices Doubling Is No Solace for World’s Biggest Rig Builder
- Keppel shares fell 2.2% to USD 6.25.
- Brent crude prices traded near USD 59/bbl earlier this month.
Oil Supermajors' Debt From the Crude Collapse May Have Peaked
- BP Plc has said it plans to keep at least 75% of its cuts.
- Chevron is expected to return to profit from a loss a year earlier when it reports on 27th January.
- Exxon is likely to report a 5.8% income boost on January 31.
- Royal Dutch Shell Plc on February 2 will probably announce higher profit for the Q2 in a row.
Oil Declines in New York as US Crude and Fuel Supplies Gain
- Futures fell 0.8% in New York.
- Crude supplies rose 2.84 million bbl in the week ended January 20.
- WTI for March delivery dropped 43 cents or 0.8% to USD 52.75/bbl.
- Brent for March settlement declined 36 cents to USD 55.08/bbl.
India to fill Mangalore strategic reserve with UAE oil
- India has signed a deal with the UAE that allows the Gulf nation to fill half of an underground crude oil storage facility at Mangalore.
- UAE’s Abu Dhabi National Oil Co will store about 6 million bbl of oil at Mangalore.
Feedstock (Ethane, Ethylene, Propane, Propylene, PX, PTA, MEG, EDC, VCM)
Dow Chemical expects ethylene to tighten as 2017 PE expansions come online
- Dow Chemical is expecting ethylene supply to tighten and pricing to strengthen as US PE expansion come online in 2017.
- An additional 4.2 million MT/year of North American PE capacity could be realized in 2017 should planned projects by several producers hit their respective target dates.
Asia the main target for new PE capacities
- Asian PE markets were generally on a stable to firm price trend with a couple of fluctuations at certain periods.
- Sadara’s 1.1 MT/year of PE capacity had largely started up in Q4 2016.
- NOVA Chemicals said on 17 January that its approximately 450,000 MT/year LLDPE unit started up in December 2016.
Neste Jacobs NAPCON selected for Borealis PE2 plant distillation section
- Neste Jacobs was selected to optimize the recovery area of Borealis Borstar PE2 plants in Provo, Finland.