Post Tagged with: "Chemicals"

Source: Reuters/Arnd Wiegmann

BP raises Asian profile with Chinese acetic acid plant plan

Source: Reuters LONDON (Reuters) – BP is increasing its Asian presence with an initial agreement, or memorandum of understanding, with China’s Zhejiang Petroleum and Chemical Corporation (ZPCC) to build a 1 million tonne a year acetic acid plant, BP said on Friday. The planned production site for acetic acid, which is used in chemical products such as paints and adhesives, would be part of ZPCC’s refining and petrochemical plant in Zhoushan in eastern China, BP said in a statement. “The potential new plant…would be BP’s largest acetic acid producing site in the world. China is the world’s largest acetic acid market and accounts for more than half of global production capacity,” BP added. BP plans to sell more U.S. crude to Asia as its shale oil production grows, seeking to capitalize on growth in the world’s key demand region. In recent months, the British group deepened its ties with Indian[Read More…]

Source: Pembina Pipeline Corporation

Pembina to Acquire Kinder Morgan Canada and Cochin Pipeline for CAD $4.35 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 Pembina Pipeline Corporation will purchase Kinder Morgan Canada and U.S. portion of Cochin Pipeline for CAD $4.35 billion Pembina Pipeline Corporation (stock ticker: PBA), a midstream service provider based out of Calgary, has entered into agreements to acquire Kinder Morgan Canada Limited (stock ticker: KMLGF) and the U.S. portion of the Cochin Pipeline system from Kinder Morgan Inc. (stock ticker: KMI) for a total purchase price of CAD $4.35 billion. The transaction values Kinder Morgan Canada at approximately CAD $2.3 billion, or CAD $15.02 per share, and the Cochin Pipeline at CAD $2.05 billion for cash consideration. As a result of the deal, Pembina’s board of directors has… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Source: Ithaca Energy Limited

Exxon Mobil Profit Sinks, Chevron Rises as Both Boost Output

From Reuters Weaker second-quarter refining and chemicals profits offset surging U.S. shale production at U.S. oil majors Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N), the two reported on Friday. Exxon’s topped analysts’ reduced estimates for the quarter but net fell 21% from a year earlier, its third quarter in a row of weaker year-over-year profit, despite a near doubling in Permian shale oil output. Chevron earnings rose 26%, in line with forecasts, as it benefited from a one-time, $1-billion breakup fee from Anadarko Petroleum (APC.N), which accepted a higher bid from Occidental Petroleum (OXY.N) after agreeing to sell itself to Chevron. Shares of both companies fell on Friday with Exxon off 1% at $71.75 a share and Chevron down a penny at $120.73 as the market fell on U.S.-China trade concerns. Exxon’s weaker earnings mirrored those at rivals Royal Dutch Shell (RDSa.L) and Total SA (TOTF.PA), and both U.S.[Read More…]

$717 Million Expansion Makes the Shell Geismar Plant Largest AO Production Site in the World

$717 Million Expansion Makes the Shell Geismar Plant Largest AO Production Site in the World

Gulf coast plant expansion set to make new jobs at world’s largest alpha olefins plant Royal Dutch Shell’s (ticker: RDS.B) Shell Chemical LP announced today that it received a final investment decision to increase alpha olefin (AO) production at its chemical manufacturing site in Geismar, Louisiana. The expansion consists of a fourth AO unit, which will add 425,000 tons of capacity, making the plant the largest in the world, according to the Shell press release. The new project will require a $717 million capital investment and create 20 direct jobs, with an average annual salary of $104,000, while retaining the 650 existing jobs at the plant, according to a joint release from Governor Bobby Jindal and Shell Geismar General Manager Rhoman Hardy. Construction of the new unit will begin in the first quarter of 2016.  The new capacity brings the total AO production at Shell’s Geismar site to more than 1.3 million[Read More…]

November 30, 2015 - 6:39 pm Closing Bell Story, Oil and Gas 360 Articles