Friday, June 21, 2019
Energy, Petrochemicals and Plastics 22
1 Transparency used to be a dirty word in energy, now it’s the norm
https://www.businessinsider.com/transparency-used-to-be-a-dirty-word-in-energy-now-its-the-norm-2017-6
Seven years ago, two friends set up a software company in Paris. Their aim was to develop a system that could track oil and gas cargos around the world. Today, Kpler has four offices globally and employs 50 people. Its clients represent 95% of the global LNG industry, and 60% of the LPG market. The company is currently expanding into crude oil and fuels, and is planning to cover all seaborne commodities in the future. Just another success story from the digital age? It’s more than that.
2 The Strait of Hormuz is the world’s most important oil transit chokepoint – Today in Energy
https://www.eia.gov/todayinenergy/detail.php?id=39932
The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world’s most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption.
3 Oil Price Fundamental Daily Forecast – Will Speculators Increase Long Positions Ahead of Weekend?
https://www.fxempire.com/forecasts/article/oil-price-fundamental-daily-forecast-will-speculators-increase-long-positions-ahead-of-weekend-581868
The foundation is there for a rally today given all the positive developments this week. The rising tensions between the U.S. and Iran should underpin prices into the week-end. I’d be surprised if traders took profits ahead of the week-end given the uncertainty over current events. Speculative buying may actually increase into the close as traders bet on the worst outcome.
4 MHIENG receives order for US polyethylene plant
https://www.hydrocarbonengineering.com/petrochemicals/21062019/mhieng-receives-order-for-us-polyethylene-plant/
Mitsubishi Heavy Industries Engineering (MHIENG) and Mitsubishi Heavy Industries America (MHIA), group companies of Mitsubishi Heavy Industries (MHI), have received an order for construction of a large-scale polyethylene plant with annual production capacity of 1.3 million t.
5 BASF CEO Wayne Smith says petrochemical industry needs to do better
https://www.bizjournals.com/pittsburgh/news/2019/06/20/basf-ceo-industry-needs-to-improve-image-keep.html
The chairman and CEO of the second-largest chemical producer in North America said the industry has to do a better job telling the public about its advances in sustainability and also keep putting a lot of effort and money into doing even better in the future.
6 Asia and North America to lead ethylene capacity additions by 2023
https://www.hydrocarbonengineering.com/petrochemicals/21062019/asia-and-north-america-to-lead-ethylene-capacity-additions-by-2023/
Global ethylene capacity is poised to see considerable growth of 27% from 207.58 million tpy in 2019 to 264.13 million tpy in 2023, led by Asia and North America,
7 Canada Risks Becoming Banana Republic Over Energy
https://www.rigzone.com/news/wire/canada_risks_becoming_banana_republic_over_energy-21-jun-2019-159126-article/
Canada risks becoming a banana republic for its restrictive energy policy and failure to attract new investment into the sector, according to a Calgary money manager.
8 Asian LNG spot prices slip as cargoes flood market
https://www.lngindustry.com/liquid-natural-gas/21062019/asian-lng-spot-prices-slip-as-cargoes-flood-market/
According to the latest Reuters report, Asian LNG spot prices have slipped in response to a surge in supply, which has flooded the market at a time when regional demand has remained stable.
9 GLX LNG platform receives first firm bid in Europe
https://www.lngindustry.com/liquid-natural-gas/21062019/glx-lng-platform-receives-first-firm-bid-in-europe/
Trafigura have placed the first bid on GLX’s Europe LNG bid-offer platform just a day after its launch.
10 Mexico’s Pemex to stick to areas it knows best, pass on deepwater: CFO
https://www.reuters.com/article/us-mexico-pemex-idUSKCN1TL2TM
Petroleos Mexicanos will focus on shallow water projects and onshore plays, and avoid investing in its deepwater riches for now, as the ailing Mexican state-run oil company seeks to turn around a 14-year slide in crude production, a top official said on Thursday.
11 Exclusive: Chevron Phillips Chemical in bid to acquire Nova Chemicals
https://www.reuters.com/article/us-novachemicals-m-a-chevronphillips-exc-idUSKCN1TL2OA
Chevron Phillips Chemical Company, a joint venture between Chevron Corp and Phillips 66, has offered to acquire Nova Chemicals Corp for more than $15 billion including debt, people familiar with the matter said on Thursday.
12 Exxon’s $53 billion Iraq deal hit by contract snags, Iran tensions
https://www.reuters.com/article/us-usa-iran-iraq-oil-exclusive-idUSKCN1TM0IZ
Just weeks ago, U.S. energy giant ExxonMobil looked poised to move ahead with a $53 billion project to boost Iraq’s oil output at its southern fields, a milestone in the company’s ambitions to expand in the country.
13 Anadarko approves $20 billion LNG export project in Mozambique
https://www.reuters.com/article/us-mozambique-anadarko-lng-idUSKCN1TJ2DI
The announcement, which occurred at an event in Mozambique, was widely expected after Anadarko last month flagged the decision date.
“As the world increasingly seeks cleaner forms of energy, the Anadarko-led Area 1 Mozambique LNG project is ideally located to meet growing demand, particularly in expanding Asian and European markets,” Chief Executive Officer Al Walker said in a statement
14 The Energy Sector Gets Its First Custom-Built Blockchain
https://www.greentechmedia.com/articles/read/the-energy-sector-gets-its-first-custom-built-blockchain
Blockchain’s energy industry promise has come a step closer to reality with the launch of the first public, open-source, enterprise-grade Blockchain for the sector.
