Feedstocks news in brief

16 April 2012 00:00  [Source: ICB]

ZHEJIANG HENGYI TO BUILD BRUNEI COMPLEX
China's Zhejiang Hengyi Group plans to build a $4.29bn (€3.26bn), 8m tonne/year refinery complex at Pulau Muara Besar in Brunei Darussalam. Under the first phase of the project, the company plans to build a 1.5m tonne/year "light" naphtha facility, a 1.5m tonne/year paraxylene (PX) unit as well as a 500,000 tonne/year benzene plant. The complex will also produce 1.5m tonnes/year of diesel, 400,000 tonnes/year of gasoline and 1m tonnes/year of jet A-fuel. In a second phase, olefins will be added.

SINOPEC TO RESUME IRANIAN IMPORTS
China's Sinopec has closed a deal with Iran for condensate oil purchases and will receive this year's first cargo in May, a company source said. Sinopec purchased 3m tonnes of Iranian condensate in 2011.

However, this year's contract, supposed to be settled in November last year, was delayed by sanctions against Iran. In the first four months of this year, Sinopec has been purchasing Australian condensate to replace Iranian supply, according to the source.

FRENCH REFINERY IS STILL UP FOR SALE
LyondellBasell's 105,000 bbl/day refinery at Berre l'Etang near Marseille in southern France is still for sale, a spokesman for the international petrochemicals major said. LyondellBasell put the refinery up for sale in May 2011. "We have received no bids, no letters of intent, no letters of interest for the refinery after we reached out to more than 85 of the most likely candidates for purchasing such a refinery," David Harpole told ICIS. Harpole was responding to reports that Swiss-American group Klesch had broken off talks on buying the refinery.

By: Will Beacham
+44 20 8652 3214

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