The Future of Petrochemicals

The IEA examines the full spectrum of energy issues including oil, gas and coal supply and demand, renewable energy technologies, electricity markets, energy efficiency, access to energy, demand side management and much more. Through its work, the IEA advocates policies that will enhance the reliability, affordability and sustainability of energy in its 30 member countries, 7 association countries and beyond.    

Baystar breaks ground on Bayport polyethylene unit

Bayport Polymers LLC (Baystar)—an equal joint venture of Total SA’s Total Petrochemicals & Refining USA Inc. and the Borealis AG-Nova Chemicals Inc. JV Novealis Holdings LLC—has started construction of its previously announced Borstar Bay3 project at its production site in Pasadena, Tex. (OGJ Online, Sept. 26, 2018).  

CNOOC, Shell evaluate petrochemical expansions at Nanhai complex

China National Offshore Oil Corp. and Shell International Petroleum Co. Ltd. have signed a memorandum of understanding to explore their existing collaboration and the development of petrochemical manufacturing installations at the Royal Dutch Shell PLC subsidiary Shell Nanhai BV and CNOOC 50-50 joint venture CNOOC & Shell Petrochemicals Co. Ltd.’s (CSPC) existing petrochemical complex in the Daya Bay Economic & Technological Development Zone, Huizhou, Guangdong Province, China (OGJ Online, Nov. 2, 2016).  

Borouge lets contract for new cracker at Ruwais petrochemical complex

  Abu Dhabi Polymers Co. Ltd. (Borouge), a joint venture between Abu Dhabi National Oil Co.(ADNOC) and Borealis AG, Vienna, has let a contract to a subsidiary of Maire Tecnimont SPA for work related to another project designed to expand production capacities at Borouge’s integrated polyolefins complex in Ruwais, about 250 km west of Abu Dhabi City, UAE (OGJ Online, July 18, 2017).

Today's Crude Oil Scenario

petrotahlil-Today Crude Oil markets remained on a weak footing on Wednesday after a 7 percent slump the previous session, with surging supply and expectations of faltering demand pressuring crude prices. Oil markets are being pressured from two sides: a surge in supply and increasing concerns about an economic slowdown. The wave of supply is mostly fuelled by soaring production in the United States. U.S. West Texas Intermediate (WTI) crude oil futures were at $55.66 per barrel, down 3 cents while Brent Crude opened higher by 0.24% at $ 65.63/bbl from their last settlement. Most researchers expect U.S. output to climb above 12 million bpd within the first half of 2019. U.S. crude stocks rose by 7.8 million barrels in the week ending Nov. 2 to 432 million, as refineries cut output, data from industry group the American Petroleum Institute showed on Tuesday. The producer cartel of OPEC has been watching the jump in supply and price slump with concern.