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☆ Column: Germany energy transition faces key chemical sector conundrum
▼ + stars: | 2023-05-31 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +6 min

However, Germany is also home to Europe's largest chemicals sector which churns out plastics, paints, acids and other key inputs that are critical to manufacturers and heavy industries that form the backbone of the German economy. Sharply lower business activity also caused a drop in chemicals consumption last year, but as economic activity recovered in 2023 a lingering shortage of key chemical products has pushed German chemicals prices to near record premiums over those supplied by other producers. DAMAGE DONEThe sustained high prices of German chemical products over international rivals have two important damaging consequences. If the German chemicals sector is to ensure its own long-term future, it must somehow win back any business lost among commodity manufacturers by driving product prices steadily lower relative to rival offerings. On its own, the chemicals sector may struggle to both cut costs and clean up its own product lines and emissions footprints.

Persons: Gavin Maguire, Christopher Cushing Organizations: German Chemicals Association, Reuters, Thomson Locations: LITTLETON , Colorado, Germany, Europe, South East Asia, Polymerupdate, United States

The latest surge of dark fleet ships began after Russia invaded Ukraine and the West tried to limit Moscow’s oil revenue with sanctions. The ships most likely sell their Russian oil to China above a price limit set by the sanctions. “The price cap is achieving its dual goals: restricting Russia’s oil revenues while keeping Russian oil flowing, and markets stable and well-supplied,” a U.S. Treasury spokesperson told The Times. The spoofing tankers using American insurance show that the practice is not limited to Russian oil alone. The company, Gatik Ship Management, owns a fleet of 50 newly acquired tankers dedicated to the Russian oil trade, the report said.

Persons: ”, David Tannenbaum, it’s, Samir Madani, Daniel Tadros, Russia Lady Ella, Russia Snow, Price, Konstantin Zavrazhin, Tannenbaum, Mr, Tadros, what’s, Min Chao Choy Organizations: Cathay, Labs, Copernicus Sentinel, Maxar Technologies, The New York Times, The Times, U.S . Treasury, Times, American Club, Club’s, Alma, Cargo, Russia Cathay Phoenix, Hong, International Maritime Organization, American, ”, AIS, telltale, Treasury’s, Foreign, Control, Maritime, C4ADS, Gatik Ship Management Locations: Japan, Kozmino, China, U.S, Russia, Venezuela, Iran, Ukraine, ”, Hong Kong, Niigata, Russia Ginza, Varna, Bulgaria, Taman, Niigata Port, Siberia, Cathay Phoenix, O.F.A.C, South Korea, Washington, Ginza, Oman, India

Environment Programme (UNEP), which is hosting the talks, released a blueprint for reducing plastic waste by 80% by 2040. The report, issued earlier this month, outlined three key areas of action: reuse, recycling and reorientation of plastic packaging to alternative materials. This week, dozens of countries were listing public health as one of their priority concerns in limiting plastics production and waste. The UNEP report also identified 13,000 chemicals associated with plastic production, more than 3,000 of which were considered hazardous. Greenpeace, meanwhile, issued a report collecting findings from scientific research papers that suggest plastic recycling processes can release many of these chemicals including benzene into the environment.

LAKE CHARLES, La., May 18 (Reuters) - In Washington, Republican U.S. Representative Clay Higgins has been a vocal advocate for spending cuts. As a member of the hard-right Freedom Caucus, Higgins was an early advocate for dramatic spending cuts, many of which ended up in the House bill. He hopes the spending cuts backed by Higgins won't affect local efforts to provide affordable housing. When it comes to spending, Higgins has been a solid "no" in Washington. For some local residents, Higgins' push for spending cuts in the face of so much need remains incomprehensible.

[1/2] Production units are seen in operation at Marathon Petroleum’s Galveston Bay Refinery in Texas City, Texas, U.S., May 15, 2023. Scott Higgins, a 55-year-old machinist, was killed and two contract employees, including Eduardo Olivo, were injured in a fire at Marathon’s giant Galveston Bay Refinery on Monday morning. The unit is the larger of two Ultraformers at the 593,000 barrel-per-day (bpd) Galveston Bay Refinery, the second-largest in the United States. Higgins was the second worker to die at the Marathon refinery this year. On March 23, 2005, when the refinery was owned by BP Plc, 15 contract workers were killed and 180 other people were injured in a explosion caused by an overflowing refinery unit.

☆ Oil giant Saudi Aramco posts 19% drop in first-quarter profit
▼ + stars: | 2023-05-09 | by ( Natasha Turak | ) www.cnbc.com time to read: +1 min

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. DUBAI, United Arab Emirates — Saudi state oil giant Aramco on Tuesday reported a 19% drop in its first-quarter earnings, recording net income of $31.9 billion down from $39.5 billion the previous year amid falling oil prices. Still, Aramco's net income beat expectations of $30.5 billion, which was forecast by Reuters analysts. The company's net profit was up 3.75% from the fourth quarter. Aramco, which is the world's largest oil exporter, posted a record net income of $161.1 billion for 2022 in March, up by 46.5% over the year.

☆ Fire burns for third day at Shell Texas chemical plant
▼ + stars: | 2023-05-07 | by ( Erwin Seba | ) www.reuters.com time to read: +1 min

HOUSTON, May 7 (Reuters) - A fire burned for a third day on Sunday at Shell Plc's (SHEL.L) chemical plant in the Houston suburb of Deer Park, Texas, a company spokesperson said. The fire initially ignited on Friday afternoon in an explosion in an olefins unit, used to make plastics and rubber. The fire was extinguished for a few hours on Saturday morning before it reignited around 3 p.m. CDT (2000 GMT), said Shell spokesperson Curtis Smith. Water runoff has exceeded the chemical plant's wastewater capacity and is being diverted into the Houston Ship Channel, Smith said. Olefins units are the central units in petrochemical complexes, producing ethylene, butadiene and propylene from hydrocarbon feedstocks.

☆ Saudi bourse jumps on earnings; Egypt extends losses
▼ + stars: | 2023-05-07 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

May 7 (Reuters) - Saudi Arabia's stock market ended higher on Sunday boosted by a slew of strong earnings, although the Egyptian bourse extended losses. Saudi Arabia's benchmark index (.TASI) gained 1.2%, buoyed by a 6% jump in Saudi British Bank (1060.SE), its biggest intraday gain since Dec. 2021, following a steep rise in first-quarter earnings. The lender reported a quarterly net profit of 1.77 billion riyals ($471.99 million) up from 1 billion riyals year ago. In Qatar, the index (.QSI) added 0.3%, with Qatar Islamic Bank (QISB.QA) climbing 2.7%. However, the index's gains were limited by a 1.1% fall in petrochemical maker Industries Qatar (IQCD.QA) ahead of its earnings announcement.

☆ Living and Breathing on the Front Line of a Toxic Chemical Zone
▼ + stars: | 2023-05-05 | by ( Eric Lipton | ) www.nytimes.com time to read: +1 min

Juan López had just returned home from his job supervising the cleaning of giant tanks that hold toxic chemicals produced along the Houston Ship Channel, one of the largest petrochemical complexes in the world. He was ready to sit down to dinner with his wife, Pamela López, and their four school-age children at their small house across the highway from the plants. “I make good money where I’m at,” he said. “But I always felt like it was only me that was getting exposed, because I am working in the tanks with the chemicals. When the smell comes, all we can really do is try to keep everyone inside.

☆ China's big refineries crowd out teapots for discounted Russian oil
▼ + stars: | 2023-04-21 | by ( Muyu Xu | ) www.reuters.com time to read: +4 min

SummarySummary Companies Hengli, Shenghong join Russian oil purchasesChina's April Russian oil imports likely to exceed March recordTeapots turn to cheaper Iranian oil, diluted bitumenSINGAPORE, April 21 (Reuters) - Chinese state oil giants and major private refiners are sweeping up more Russian crude, supporting prices and forcing smaller independents to seek out cheap alternatives such as Iranian oil, according to trade sources and shipping data. Shenghong imported a Urals crude cargo of about 720,000 barrels in March and 1 million barrels in April, Kpler showed. China's overall Russian crude imports, including pipeline and ships, rose to a record 9.61 million tonnes, or 2.26 million barrels per day (bpd) in March, customs data showed on Friday. TEAPOTSSmaller Chinese independent refineries, known as teapots, snapped up almost all of the ESPO supplies between November and January when others steered clear of Russian oil around the start of the European Union ban on Dec. 5. With the return of big buyers, price-sensitive teapots are looking for alternatives such as Russian Arctic grades, Iranian and Venezuelan oil.

☆ Lululemon used tiny organisms instead of fossil fuels to make the nylon for its new shirt
▼ + stars: | 2023-04-18 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +5 min

Conventionally, nylon is mostly made from ingredients sourced from fossil fuels like coal, natural gas or crude oil. "It's been estimated that 8 to 10 percent of all human-associated nitrous oxide emissions come from this single industrial process" to make adipic acid, Wallace told CNBC. To make the nylon precursor used in the Lululemon shirts, Geno uses biological organisms instead of chemicals from fossil fuels. "Because nylon, like it or not, has a lot of good value," Reddy told CNBC. "Look at those first-generation replacement straws — they didn't work, and everybody's annoyed," Reddy told CNBC.

☆ Saudi stocks gain on rising oil prices; Qatar falls
▼ + stars: | 2023-04-16 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%. Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement. In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%. Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ China's March crude oil imports surge 22.5% from year earlier
▼ + stars: | 2023-04-13 | by ( Andrew Hayley | ) www.reuters.com time to read: +2 min

Crude imports in March totalled 52.3 million tonnes, or 12.3 million barrels per day (bpd), according to data from the General Administration of Customs. Analysts pointed to a sharp increase in refined fuel product exports as a key reason behind the jump in crude imports. Total crude imports for the first quarter stood at 136.6 million tonnes, a 6.7% increase over 127.9 million tonnes in the same period last year. China imported 8.9 million tonnes of natural gas in March, up 11.2% from 8.0 million tonnes a year ago. Total natural gas imports for the first quarter stood at 26.7 million tonnes, down 3.6% on last year.

☆ Column: Industrial heat set for major energy source overhaul by 2050
▼ + stars: | 2023-04-11 | by ( Gavin Maguire | Thomson Reuters | Gavin Maguire Is The Global Energy Transition Columnist. He Was Previously Asia Commodities | ) www.reuters.com time to read: +5 min

While all manufacturing bases are equally reliant on heat during industrial processes, the source of energy used to generate that required heat varies greatly by region. Hydrogen will also become more widespread in industrial heating in China, and grow from less than 1% by 2025 to 10% of total industrial heat generation by 2050. Electricity's share of Europe's industrial heat generation is set to grow from around 4% in 2025 to 17.5% by 2050, DNV data shows. Made from an array of natural matter ranging from wood chips and crops to municipal waste and forestry residue, biomass currently generates around a quarter of Europe's industrial heat, but will generate 57% of industrial heat by 2050. In all, industries in every major economy will make significant changes to their fuel sources for industrial heat over the coming decades.

☆ Saudi bourse gains amid strong oil prices; Egypt falls
▼ + stars: | 2023-04-09 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

April 9 (Reuters) - Saudi Arabia's stock market finished higher on Sunday, ending two sessions of losses, while the Egyptian bourse extended losses on rising inflation. Saudi Arabia's benchmark index (.TASI) gained 0.6%, helped by a 1.7% rise in Retal Urban Development Co (4322.SE). The Saudi stock market could extend its gains this week with sentiment among local investors improving. "At the same time, the local economy could find support in the potential for higher oil prices in the near to medium term." Oil prices - a key catalyst for the Gulf's financial markets - were little changed on Thursday but posted a third weekly gain as markets weighed further production cuts targeted by OPEC+ and falling U.S. oil inventories against fears about the global economic outlook.

☆ Malaysia secures $555 million potential exports during PM's China visit
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

KUALA LUMPUR, April 5 (Reuters) - Malaysia secured 2.44 billion ringgit ($555.30 million) in potential exports during Prime Minister Anwar Ibrahim's visit to China last week, a government trade agency said on Wednesday. The products Chinese importers were interested to source from Malaysia included palm oil, food and beverages, durian and iron products, the Malaysian External Trade Development Corporation (MATRADE) said in a statement. Malaysia's exports to China totaled nearly $48 billion last year, though it declined 9.1% in the first two months of 2023, MATRADE said. During his visit, Anwar witnessed the signing of trade agreements between Malaysian and Chinese businesses, it added. China will invest an estimated $38.6 billion in Malaysia, including in the petrochemical and automotive industries, Anwar told parliament earlier this week, without specifying a timeframe.

WASHINGTON, April 3 (Reuters) - Environmental groups on Monday petitioned the U.S. Environmental Protection Agency to require companies to disclose the chemicals discharged from waste incinerators and plants that claim to recycle plastic waste into fuel. The groups said the agency did not respond to a letter they sent last October, raising concerns about the health impacts of incineration. The petition also asks the agency to include discharges from advanced recycling plants, which are classified as incinerators, in the TRI. Advanced recycling is an umbrella term for processes that use heat or chemicals to turn plastic waste into fuel or reclaimed resin to make new plastic. These plants, backed by major oil and petrochemical companies, claim to turn plastic waste to a "clean" fuel.

☆ Most Middle Eastern bourses in black on US inflation data
▼ + stars: | 2023-04-02 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Most Gulf currencies are pegged to the U.S. dollar, and Qatar, Saudi Arabia and the United Arab Emirates usually mirror any monetary policy change in the United States. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with Retal Urban Development Co (4322.SE) rising 0.5% and petrochemical maker Saudi Basic Industries Corp (2010.SE) closing 1.7% higher. Oil prices - a key catalyst for the Gulf's financial markets - rose by more than a dollar per barrel on Friday, on tightening supplies and cooling U.S. inflation. The Central Bank of Egypt (CBE) raised its overnight interest rate by 200 basis points (bps) on Thursday following a meeting of its Monetary Policy Committee (MPC), saying it aimed to bring high inflation into check. In Qatar the index (.QSI) dropped 1.2% as natural gas prices remained under pressure.

☆ South Korea exports fall for sixth consecutive month in March
▼ + stars: | 2023-04-01 | by ( Jihoon Lee | ) www.reuters.com time to read: +2 min

It was the longest losing streak in exports in annual terms since August 2020. South Korea is the first major exporting economy to release trade data each month, with a diversified portfolio from chips to cars and ships, providing an early glimpse into the state of global demand. By destination, exports to China dropped 33.4% in March, extending losses to a 10th straight month and marking the worst since January 2009. Semiconductor exports slumped 34.5%, in the eighth month of falls, but with the pace easing from a month before. Imports in March fell 6.4% to $59.75 billion, versus a 3.5% rise in the previous month and a 6.6% fall expected by economists.

OTTAWA, March 30 (Reuters) - Canada's province of Alberta - the heart of the country's oil and gas industry - is expected to offer more support for carbon capture utilization and storage (CCUS) projects now that the federal government has its incentives in place, the federal natural resources minister told Reuters on Thursday. This week, Canada's federal budget expanded eligibility for CCUS investment tax credits over the next five years, by adding C$520 million to the C$2.6 billion program laid out in last year's budget. Natural Resources Minister Jonathan Wilkinson said he has had many conversations with the Alberta government on CCUS, including one earlier this week, and he hopes to see some of the major CCUS projects launched by end-year. In an interview with Reuters in January, Trudeau urged Alberta to contribute to CCUS. ($1 = 1.3526 Canadian dollars)Reporting by Steve Scherer and Nia Williams Editing by Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

☆ China refiner ZPC enters strategic fuel marketing deal with Sinopec
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, March 30 (Reuters) - Privately controlled Zhejiang Petrochemical Corp (ZPC), operator of China's largest refinery, said on Thursday it has reached a strategic agreement with state refining giant Sinopec (600028.SS) on the domestic marketing of its fuel. Under a deal reached earlier this week, Sinopec will handle more than 60% of ZPC's domestic refined products sales, worth about 55 billion yuan ($8.0 billion) a year, the company said in a statement posted on its WeChat account. "With the growing new refining capacity at home, the mismatch between refined fuel supply and demand will become more and more prominent," ZPC said in the statement. ZPC, controlled by private chemical group Rongsheng Petrochemical Co Ltd (002493.SZ), operates an 800,000 barrels-per-day refinery in the eastern port of Zhoushan. Earlier this week, Rongsheng Petrochemical agreed to sell a 10% stake in itself to Middle Eastern energy giant Saudi Aramco (2222.SE) for $3.6 billion.

☆ Saudi Arabia takes step to join China-led security bloc, as ties with Beijing strengthen
▼ + stars: | 2023-03-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Saudi Arabia's cabinet approved a decision to join a China-led security bloc, strengthening Riyadh's eastern ties in a further step away from U.S. interests. The organization further tallies four observer states — including Iran — and nine dialogue partners, counting in Saudi Arabia, Qatar and Turkey. The White House did not immediately respond to a CNBC request to comment on Saudi Arabia's new dialogue partner status in the SCO. Saudi interests have long been intertwined with those of leading SCO members China and Russia. Beijing is Riyadh's largest trading partner, with bilateral trade worth $87.3 billion in 2021, according to Reuters.

☆ Riyadh joins Shanghai Cooperation Organization as ties with Beijing grow
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +2 min

RIYADH, March 29 (Reuters) - Saudi Arabia's cabinet approved on Wednesday a decision to join the Shanghai Cooperation Organization, as Riyadh builds a long-term partnership with China despite U.S. security concerns. Saudi Arabia has approved a memorandum on granting the kingdom the status of a dialogue partner in the Shanghai Cooperation Organization (SCO), state news agency SPA said. Joining the SCO was discussed during a visit by Chinese President Xi Jinping to Saudi Arabia last December, sources have told Reuters. Dialogue partner status will be a first step within the organisation before granting the kingdom full membership in the mid-term, they said. Riyadh's growing ties with Beijing have raised security concerns in Washington, its traditional ally.

LAUNCESTON, Australia, March 28 (Reuters) - China's crude oil imports will average 10.8 million barrels per day (bpd) in 2023, matching the previous record high from 2020, according to the think tank of the country's leading energy group. What is interesting with the ETRI forecasts is that they would seem to show that China's refiners are still expecting to add crude oil to stockpiles over 2023. This is some 370,000 bpd more than the ETRI forecast for refinery throughput of 14.66 million bpd. China's crude oil imports seen rebounding to new high in 2023NEW REFINERIESIt's likely that some of the oil heading for storage will go to build working inventories for new plants expected to be commissioned this year. Flows in, or indeed out of, either commercial or strategic reserves are the biggest X-factor for China's crude oil imports.

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