Korea

Jul 24th, 2009

Naphtha Prices in Asia at Two Week Highs

Approximately 1.7 mln tons of spot naphtha will be delivered to Asia next month from Saudi Arabia, Kuwait, Europe, the United States, Mediterannean and India, as against last month’s 1.4 mln tons of spot naphtha from the West, Kuwait and India for July deliveries. Despite a situation of oversupply in Asia, naphtha prices have touched […]...

Jul 15th, 2009

Korea Becoming More Energy-Efficient

Korea’s economic growth is outpacing the increase in energy consumption. The Korea Energy Economics Institute on Tuesday said energy consumption increased 2.7 percent a year on average from 2005 to 2007 while GDP grew 4.8 percent, indicating that Korea is gradually reducing power use. According to a 2005 report, energy consumption rose 3.4 percent. By […]...

Jul 14th, 2009

Low Premiums Paid by LG Chem for 30,000 tons of Naphtha for Late August Arrival

LG Chem has paid lower premiums on 30,000 tons of naphtha for late August arrival, as supply eased on arbitrage. The South Korean petrochem major has paid a premium of US$3/ton- less than half the premium that it shelled out for end-June. Market indicates that the tight supply situation is easing, with about 500,000 tons […]...

Jul 14th, 2009

Sipchem and Hanwha Chemical Sign Joint Venture Agreement for Polymers Projects

Saudi International Petrochemical Company (Sipchem) and Hanwha Chemical Corporation of South Korea announced that they have signed a Joint Venture Agreement today to establish a new petrochemical company in Al-Jubail Industrial City, Saudi Arabia that will be owned 75% by Sipchem and 25% by Hanwha Chemical. The new polymers venture comprises of a 200,000 metric […]...

Jul 10th, 2009

South Korean Producers Plan Maintenance Shutdown at Naphtha Cracker in 2010

South Korea’s LG Chem will expand its 900,000 tpa naphtha cracker at Yeosu by 100,000 tpa by April 2010. Korea Petrochemical Ind Co Ltd (KPIC) has planned a maintenance shutdown at its 460,000 tpa naphtha cracker in April-May 2010. Yeochun Naphtha Cracking Centre (YNCC) will shut down its No.3 naphtha cracker for a 45-day scheduled […]...

Jul 10th, 2009

Korea’s Songwon Commissions New 30,000 tons Capacity Isobutylene Facility

Korea’s Songwon Industrial Co. Ltd. recently commissioned its new US$20 mln isobutylene (IBL) production facility, located at the Maeam site in South Korea. The facility represents first large scale isobutylene (IBL) production facility globally (30,000 tons capacity) which is based on proprietary TBA (t-butanol) cracking technology. Songwon has invested heavily in developing ground-breaking proprietary technology […]...

Jul 9th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL Bleak unemployment figures from USA and Europe have sunk oil prices to US$66/barrel. Weak jobs figures suggest tepid consumption that will dampen crude demand. A Labor Department report indicated 467,000 jobs were lost in June – a larger than expected drop that has pushed up unemployment rate to 9.5% at 26 year highs. […]...

Jul 8th, 2009

Asian Propylene Rangebound Although Oil Prices Continue to Fall

Asia’s propylene FOB Korea price benchmark held steady for a third day at $982.50/mt Wednesday even as crude oil prices continued to fall for a fifth consecutive day. The most competitive propylene offer was $1,000/mt FOB Korea for a 1,500 mt cargo to be loaded in August. Buying interest was at $970/mt FOB Korea The […]...

Jul 1st, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL For the second consecutive week, crude oil prices have finished in the red, settling below US$70 in the week of June 29, 2009. Light sweet crude oil for August delivery settled at US$69.1, down by over one dollar for the week amid rough trading. The Energy Information Administration data indicated a 3.8 mln […]...

Jun 29th, 2009

China’s Monthly Toluene Imports in H1 2009 Up on Gasoline Demand

Toluene imports into China in the first half of the year tripled to 60,000-70,000 mt/month compared with average 2008 monthly imports, on higher demand for gasoline blending, industry participants, at the 2009 China Aromatics Market Conference, said last week. Imports also surged on falling local Chinese production. Toluene output fell 45,000 mt/month in H1 2009 […]...

Jun 25th, 2009

South Korea to Double LNG, LPG Import Tariffs to 2% in July

South Korea’s finance ministry said Tuesday it would double tariffs on LNG and LPG imports from July as part of efforts to boost tax revenues for expanded fiscal spending to bolster the slumping economy. Tariffs imposed on LNG will increase to 2% from the current 1%, beginning July 1, the Ministry of Strategy and Finance […]...

Jun 24th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL Crude oil prices dipped by over a dollar to US$71 per barrel in the week of June 22, 2009. Weak fuel demand despite data indicating a recovery in the global economy has kept crude oil pegged at US$71 per barrel. This marks a stop to four consecutive weeks of oil price hike. The […]...

Jun 24th, 2009

KOREA KUMHO PETROCHEMICAL COMPLETES PLANT CONSTRUCTION IN CHINA

South Korean chemical producer Korea Kumho Petrochemical Co. (KSE:011780) said Wednesday it has completed the construction of a US$40 million plant in Shandong Province, China. The plant will produce 150,000 tons a year of SB-Latex for paper coating, the company said in a statement. Kumho established a 50:50 joint venture named Rizhao Kumho Jinma Chemical […]...

Jun 22nd, 2009

‘Time Right to Enter China Petrochemicals’

Petrochemicals producers in the Middle East who are looking for export opportunities in China should act now or risk being left out, global energy analysis firm PFC Energy has warned in its new report. China intends to take a fully integrated investment approach, targeting all segments of the petrochemicals sector and plans to build about […]...

Jun 18th, 2009

Polyester is the New Favourite

Once a poor man’s clothing, cotton has now become a luxury mainly for the rich. And polyester, the manmade fibre that was associated with images of wrinkle-free shirts on the well-heeled executive, has now become the choice of the masses. According to experts, the politicisation of cotton over minimum support price (MSP) has pushed the […]...

Jun 18th, 2009

Chinese PVC Producers Take Renewed Interest in Exports

Sources in China report that PVC producers in the country are beginning to take an increasing interest in the export market after having concentrated most of their energies on the domestic market for some time because of their very low operating rates. This week, an export offer for acetylene-based PVC was reported, the first official […]...

Jun 18th, 2009

S. Korea’s May Toluene Exports to China Up Nearly 4 Times on Year

South Korea’s toluene exports to China in May increased by a staggering 280% compared with the same period last year, statistics from South Korea’s customs showed. May exports to China totaled 60,813 mt – up 44,907 mt from last May’s volume of 15,906 mt. The total South Korean toluene export volume in May was higher […]...

Jun 17th, 2009

Price Trends of Oil, Polymer Feedstock and Commodity Polymers in Asia

CRUDE OIL In the week of June 15, 2009, crude oil prices have risen to new highs for the year to US$72.5, as compared to levels below US$35 in March. Interestingly, though oil prices have been rising for a month now, many analysts believe that the current oil valuation is not based on economic reality, […]...

Jun 15th, 2009

S Korean Propylene Makers Favor Floating Prices Amid Volatility

At least two South Korean producers currently prefer to sell propylene spot cargoes at a floating rather than fixed price, due to volatile prices. A majority of Asia’s propylene spot trades are done at fixed prices, but floating or formula prices are sometimes used when price trends are acutely bullish or bearish. Source: Platts.com...

Jun 15th, 2009

WSJ: China’s Sinopec in Talks to purchase Addax

Chinese refiner,China Petroleum & Chemical Corp. (SNP: News )or Sinopec is in talks to purchase Switzerland based Addax Petroleum, a small explorer with oil fields in Iraqi Kurdistan and West Africa, reports Wall Street Journal Sunday. Citing a person familiar with the matter, the report said that Addax, whose shares are listed in London and […]...