A power outage in north eastern Brazil during August is expected to have n impact on the earnings of Brazil based petrochemical company Braskem. The company’s CEO has said that he imagines the impact of the outage to cost the company US$ 21 million. The full economic impact will be released in the third quarter results.
Canada’s premier Alison Redford has been on a 12 day trade trip in Australia which has been most fruitful for the China-Canada petrochemical relations. Redford has used the trip to promote a push to explore petrochemical projects and related trade missions with China. It is hoped that the plans would bring billions in foreign investments in to Alberta.
Reliance Industries Ltd and Indian Oil Corporation are the current front runners in the purchase of a 31% stake in Haldia Petrochemicals Ltd. The share currently belongs to the West Bengal government and is valued between R 2000 crores and R 2700 crores.
Ogun State Governor Senator Ibikunle Amosun has announced that refinery and petrochemical projects are soon to be set up in the state. Fertiliser and ammonia plants are also to be built.
On 9th September, Al Waha Petrochemicals Company was affected by a technical fault. The fault had an impact on the utilities unit and lead to an interruption of production processes at all operating units. The company is a subsidiary of Sahara Petrochemical Company.
Daewoo Engineering and Construction Company has won a contract from JGC Corp of Japan. Daewoo are going to construct a US$ 521.49 million naphtha treatment unit and other facilities at the Jazan refinery.
It has been reported that even though Saudi Arabia is to become home to the world’s biggest combined cycle petrochemical plants, the country’s industry is suffering. The Saudi petrochemical industry is being heavily impacted by a shortage of ethane rich associated gas and NGLS, which are linked to production. An expansion of the Jubail refinery could however, save the petrochemical production problem with the extraction of naphtha, which could be used to supply the multi feed crackers. An Aramco-Total feasibility study will hopefully show the volumes of naphtha that will be required for petrochemical production at the record breaking plant.
Edited from various sources by Claira Lloyd