To better serve its customers, Deepak Fertilisers has decided to split its mining chemicals and fertiliser operations.

Deepak Fertilisers and Petrochemicals Corporation (DFPCL), a producer of industrial chemicals and fertilisers, stated on Thursday that it will demerge its mining chemicals and fertilisers businesses as part of a corporate restructuring plan. According to a statement released by the firm, the boar...

Borouge Reports a Net Profit of 490 Million Dollars for the Second Quarter

Borouge is a petrochemical company based in the state of Abu. It is a joint venture between Borealis AG and Abu Dhabi National Oil Co Dhabi and is designed to produce specialty plastics for consumers and manufacturing goods.

Investors looked in awe as Borouge shared that its net profit ...

Ineos announces over 2 Billion Euros investment in Europe in green hydrogen

Jim Ratcliffe, chairman of Ineos, is planning to invest a large amount of money in Europe in the field of green hydrogen.

Highlights

•        Ineos announced its plan to invest in green hydrogen production in Europe

SK INNOVATION SEES NET LOSS OF $325.3 MILLION IN Q1 2021

Highlights –

• SK Innovation sees net loss of $325.3 million in Q1 2021.
• The company’s operating profit was recorded 502.6 billion won.
• The company’s sales fell 16.4 percent on-year to 9.2 trillion won.
• On the Seo...

LARSEN & TOUBRO HEAVY ENGINEERING UNIT GETS BIG CONTRACTS IN Q4FY21

HIGHLIGHTS

• The Heavy Engineering Unit of Larsen & Toubro has bagged major contracts in Q4FY21.
• L&T Heavy Engineering also earned contract to develop a Critical Reactor system.
• The contract has been given by IOCL's Petrochemical ...

COVID RESTRICTIONS SLOW DOWN PETROCHEMICAL TRADE IN INDIA

HIGHLIGHTS

• Fresh restrictions imposed to prevent the spread of COVID-19 are slowing down the petrochemical trade in India.
• Indian rupee is becoming weak in the international market.

Petrochemical trades in India are slowing down due ...

IDCO SIGN MOU FOR PARADIP PLASTIC PARK

HIGHLIGHTS

• IDCO and IOCL have signed MoU to develop Paradip Plastic Park in Odisha.
• Till MAR 2030, an incentive of Rs 2000/MT shall be offered to the manufacturing units on Polypropylene granules from Paradip Refinery.
• Shipment from Refiner...

HALDIA PETROCHEMICALS WANTS 50 PERCENT CAPACITY HIKE

HIGHLIGHTS

• Haldia Petrochemicals wants to increase its capacity hike by 50%.
• Haldia Petrochemicals is starting a project in order to produce 345,000 tonnes per annum of additional polymer.
• To facilitate new ventures, Haldia Petrochemicals h...

S. KOREA’S EXPORTS RISE IN FEBRUARY BY 9.5 PERCENT

Highlights –

• S. Korea’s exports rise in February by 9.5 percent.
• The country’s exports came to $44.8 billion last month.
• The imports rose by 13.9 percent to $42.1 billion.
• Outbound shipments of chips expanded 13...

YARA PLANNING TO PRODUCE GREEN AMMONIA IN NORWAY

Highlights:

• The company ‘Yara’ is planning to produce green ammonia in Norway
• The fertilizer giant of Norway said that, the primary use of the green ammonia is going to be fuel instead of fertilizer

The company Yara, whic...

RIICO SOUGHT UAE INVESTORS TO ENTER IN PETROCHEMICAL BUSINESS

HIGHLIGHTS

• RIICO has contacted the financial speculators in UAE to look for interests in its Petroleum, Chemicals, and Petrochemicals Investment Region (PCPIR) in Barmer

PCPIR is coming up in Pachpadra where HRRL, the joint endeavor organizatio...

EUROPE: THE PRODUCERS OF PETROCHEMICALS ARE ANTICIPATING ON A BETTER OPERATING ENVIRONMENT

Highlights:

• The Petrochemical producers in Europe are anticipating for a better operating environment
• More fundamental shifts in the patterns of the demand will be becoming apparent over the time

The virtual European Petrochemical As...

SHELL STARTS FRAM GAS AND CONDENSATE FIELD AS STRATEGY UNDER REVIEW IN UNITED KINGDOM

Highlights:

• The company Shell has started the production of the Fram gas and the gas condensate field in North Sea in the United Kingdom
• Shell said in a statement that the Fram had came on stream on 16th June 2020 and it is expected to produce 12,400 ...

SUMITOMO CHEMICAL TO REDUCE PETCHEM INVESTMENT

HIGHLIGHTS

• Sumitomo Chemical is planning to reduce investment in petrochemical business and plastic business.
• With the original plan being of 20% of investment, the new plan is about 10% investment.
• Many unspecified investments have been po...

OIL MINISTER PRADHAN HAS SAUDI OIL MINISTER’S WORD FOR UNINTERRUPTED CRUDE SUPPLIES TO INDIA

• A communiqué between Oil Minister Dharmendra Pradhan and Saudi Oil Minister keeps the oil flow in good hands.
• This is as far as continuous inflow of crude into the country is concerned.

Oil and Gas industry has been witnessing weak oil reserves and a sl...

Iranian Companies Sign Deal To Establish Polyethylene Unit

According to the report published by Iranian News Agency Shana, Petrochemical Research and Technology Company (PRTC)'s Managing Director Ali Pajouhan and Siavash Derafshi, the CEO of Tabriz Petrochemical Company in Tehran. The deal is about two companies working together to construct a polyet...

SINOPEC LAUNCHES SOUTH CHINA REFINERY, SEEKS KUWAITI OIL: SOURCES

Highlights:

• China’s business giant Sinopec Corp is set to launch a new USD 5.7 billion petrochemical and refining complex in the southern part of the country.
• Industry officials revealed that the company plans to complete construction in the sec...

SENATOR AT TEXAS TO PARTICIPATE AT DOWNSTREAM 2020

Highlights:

• A regular part of Reuters Events ‘Petrochemical Update’ has confirmed that Texas Senator Larry Taylor will join senior executives from SABIC, Chevron, BASF, and BP at the Downstream 2020 event.
• Several dignitaries and leaders w...

BRAZIL PASSES THE BILLION-BARREL MARK FOR ANNUAL PRODUCTION FOR THE FIRST TIME

Highlights:

• Brazil produced 1.018 billion barrels of oil in 2019
• In December, the output increased 15.44% over the same month in the previous year
• Total oil production in the pre-salt area was up by 21.56% from 2018

 ...

JAPAN CUTS DOWN KEROSENE SHIPMENTS BY 11% YEAR ON YEAR

The warm winter in Japan has resulted in reduced domestic kerosene shipments. The demand of kerosene for heating purposes is down by almost 11% year on year, according to President of Petroleum Association of Japan, Takashi Tsukioka.

All present kerosene demand and supply statistics sho...