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Chinese state-owned CNOOC successfully deployed Clariant’s MegaMax 800 methanol synthesis catalyst at its China BlueChemical methanol plant. The 800 kilotons facility runs on DAVY™ methanol process technology to manufacture methanol-based chemical products and mineral fertilizers. MegaMax 800 results in 40% higher productivity than previous catalyst generations and can sustain its performance advantage at low-temperature conditions as well.
China’s energy giant, CNOOC Limited has informed that production has begun at the Penglai 19-3 oilfield 1/3/8/9. CNOOC is the operator in this project, holding 51% interest in the oilfield, rest 49% are being held by ConocoPhillips. This comprehensive adjustment project is located in Bohai Sea and has the advantage of existing facilities at Penglai 19-3 oilfield. The water depth of the oilfield is 27 to 33 m.
The American Chemistry Council (ACC) yesterday said that the Chinese retaliatory tariff on US could cost as much as 55,000 American jobs, apart from putting $18 billion of domestic activity in jeopardy. NACD’s analysis on the third round of tariffs indicated cost increment of $1.27 billion for the American distributors if the Trump administration moves forward.
Oil supermajor, Exxon Mobil is planning to set up a 1.2 million tonnes per year ethylene plant. The project also includes two polyethylene and two polypropylene lines, in China’s southern province of Guangdong. Exxon will begin working on the multi-billion dollar project from 2023. The US oil major is intending to cover the growing demand for chemical products in Chinese market.
With the deadline of potential new round of tariffs on Chinese goods approaching, oil prices fell today in the market. International Brent crude futures LCOc1 dropped by 0.4%, to $77 a barrel. US West Texas Intermediate (WTI) crude futures CLc1 were priced at $68.47 per barrel, trading 0.4% lower from their last settlement. Experts are of the opinion that President Donald Trump will undoubtedly enact the additional levies.
China-based PetroChina Co’s net profit in the recent quarter folded twice from a year earlier. The profit of second-quarter increased to $2.48 billion from the corresponding last year quarter. The revenue of the recent quarter has climbed up by 17.5% which is highest since the 2014 third quarter. The surge in the overall earnings was due to high crude oil prices, strong gas sales, and good refining margins.
Rising concerns over US-China trade war sent oil prices down today. International Brent crude oil futures were down by 0.3% from their last close, traded at $77.55 per barrel. US West Texas Intermediate (WTI) crude futures dropped to $70.19 a barrel. Crude markets posted more than 4% rise for Brent and 2% increase for WTI, in the month of August.
China’s oil giant, Sinopec will increase its production in the second half of this year. The oil major informed on Sunday that it will take up the production to 146 million barrels of crude oil in the second innings of yearly production which was 143.6 million barrels in the in the initial half of the year. Sinopec has decided to process 121 million tonnes of crude this time.
Reports that US sanctions, which kicked in on Aug 4, have started reducing global crude supply, sent oil prices higher today. Brent crude oil LCOc1 rose to $75.33 a barrel while U.S. WTI light crude CLc1 was priced higher at $68.33 per barrel. Talks between U.S. and Chinese officials intended at resolving trade dispute, however, had the market sit cautious. The talks ended yesterday with no major breakthrough.
Sinopec Corp has joined hands with Zhejiang Energy Group Co Ltd for LNG terminal in east China. It is an agreement of 3 million tonne-per-year whose first phase is set for operation at end-2021. 4 tanks with a capacity of 200,000 cubic meters of LNG each, a berth of capacity 30,000 cubic meters to 266,000 cubic meters and a 26-km pipeline, these are included in the project.
Dispute between China and United States had their effect on the oil prices and led to their decrease. A little support was offered by the decrement in US commercial crude inventories. Brent went down by 0.2% and was traded at $74.63 per barrel while WTI increased a little and was traded at $67.90 per barrel. The spat between China and US is intensifying and leading to sloppy economic growth.
Oil prices climbed up on Tuesday on the back of supply cuts expectations once Iran receives a punch of US sanctions in November. However, the Sino- US trade dispute tried to pull back the prices as the concerns over fuel demand growth increase. Brent crude grew and was traded at $72.24 per barrel whereas, WTI crude went up by 0.4% and was traded at $66.67 per barrel.
Oil prices today fell on the rising concerns over slow economic growth. Brent crude futures were traded 0.3% lower, at $71.59 per barrel. US West Texas Intermediate (WTI) crude futures, on the other hand, were down-priced by 0.4%, at $65.67 per barrel. Experts are of the belief that concerns over emerging market economies centered on Turkey combined with unsatisfactory industrial data from China pressured the commodities.
Oil prices, today, recovered from the effects of rising crude stocks in US. Brent crude oil futures were traded at $70.89 a barrel. U.S. WTI crude futures climbed to $65.09 for a barrel. While supply in the US has been on the rise, Asian markets have been showing symptoms of slowdown as trade disputes continue.
Aker Solutions has won more than NOK 350 million orders of CNOOC’s Liuhua oil fields. It will deliver power umbilical systems to China’s oil major. The engineering work will be done by Aker’s Malaysian team while production and manufacturing will be done at its facility in Alabama, US. Delivery of Liuhua 16-2 and 20-2 is set for 2019 end and that of Liuhua 21-2 is in 2020.
CNPC, China’s energy major has taken over 50.1% stakes of the South Pars gas project previously held by France’s Total. This project is Iran’s multi-billion dollar project. Earlier CNPC had only 30% stake in the project. The French oil major signed a deal to develop phase II of the project in 2017. The French oil giant had warned to walk out in the absence of a waiver from US sanctions.
The state oil firm of China, CNOOC informed yesterday that the company is expanding its liquefied natural gas receiving terminal in the southern province of Hainan. The oil major is looking to boost sales of gas carried by trucks or smaller tankers, ahead of a demand surge in winter. The expansion will increase the terminal's annual handling capacity of 1.32 million tonnes and is expected to be completed by October end.
Chinese administration has slapped retaliatory tariffs on an additional USD 16 billion worth of US import goods. The new list of affected items includes oil products, LPG, coal but the most expected crude oil was left off from the list. The 25% tariff will come into force from August 23rd. The move has come on the background of US tariff enforcement on Chinese goods from the same day in August.