04 June 2012 00:00 [Source: ICB]
UNIPETROL SHUTS PARAMO REFINING UNIT
Czech Republic-based oil and petrochemical group Unipetrol has indefinitely halted crude oil refining at its Paramo unit because of weak demand. The 20,000bbl/day Paramo refinery, in Pardubice, east of Prague, will be restarted if and when the market situation warrants it, Unipetrol said. Unipetrol is working on a possible restructuring of Paramo which may include permanently closing its crude refining operations, it said. The company has this year also been under pressure from petrochemical margins caused by all-time high naphtha feedstock prices.
BRASKEM CONSIDERS US SHALE GAS FEEDSTOCK
Brazilian petrochemical giant Braskem may switch its US polypropylene (PP) plants to use feedstock from shale gas. "Various options, including investment held 100% by the company or through a partnership with another company, are being evaluated. Any decision on an investment will not be immediate but may be taken later this year," the company added. The producer wants to take advantage of the cheap price of natural gas in theUS market.
BP RULES OUT NABUCCO PIPELINE PROPOSAL
BP is no longer considering a full-scale 4,000km Nabucco pipeline as an option for transporting gas from Azerbaijan's Shah Deniz II field to Europe. Only the scaled-down 1,300km Nabucco West pipeline, which would run from Bulgaria's border with Turkey to the Central European gas hub in Baum-garten, Austria, would be considered as an Asia-to-Europe gas route. The original project was ruled out because it relies on the Shah Deniz II field, said BP, which leads the Shah Deniz II consortium.
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