LONDON, Dec 5 (Reuters) – Europe’s petrochemical industry
will face a competitive assault as U.S. rivals emerge with cheap
feedstock from the shale gas boom. It can look to the refining
industry now for a taste of what is to come.
Refinery closures have cut an estimated 10 percent of
European capacity since 2008, according to consultant Damian
Kennaby. Those still in operation are struggling with losses or
razor-thin margins as U.S. refiners flood Europe with cheap fuel
made from low-cost shale oil and gas.
RAFNES, Norway, Dec 3 (Reuters) – Ineos is building a new
furnace at its petrochemical plant in Rafnes, Norway as it
expands capacity to use ethane made from U.S. shale gas it will
store in a tank under construction at the site, the chemicals
and refinery company said on Tuesday.
Swiss-based Ineos is building an ethane storage tank that
will enable the plant to produce 570,000 tonnes per year of
ethylene, a key substance in making plastics. The extra furnace
will enable it to produce 620,000 tonnes per year.
LONDON, Nov 28 (Reuters) – Brent oil slipped below $111 per
barrel on Thursday, weighed by a bigger-than-expected rise in
U.S. crude stockpiles, but Libyan supply disruption kept prices
Brent crude fell 38 cents to $110.93 a barrel by
0944 GMT It is still up 2 percent in November, and over $8
above its low for the month.
LONDON, Nov 20 (Reuters) – Brent oil slipped towards $106 a
barrel on Wednesday on optimism over nuclear talks with Iran, a
resumption of Libyan oil supply and rising stockpiles in the
World powers aim to reach a preliminary agreement to curb
Iran’s nuclear programme in talks resuming in Geneva on
Wednesday. A deal may involve easing sanctions on the OPEC
producer that could lead to a rise in its crude exports.
LONDON, Nov 14 (Reuters) – Brent oil rose towards $108 per
barrel on Thursday, bolstered by Federal Reserve comments which
reassured investors that the U.S. would maintain stimulus
measures for now, and a warning of likely rising prices from the
International Energy Agency (IEA).
U.S. crude fell however, pressured by expectations of a rise
in U.S. crude inventories.
LONDON, Nov 6 (Reuters) – The U.S. shale boom is causing a
cascading series of changes in global energy markets that are
altering the landscape for oil trading houses and opening up new
ways for them to profit, a leading Swiss trader said.
“In the energy complex specifically, the shale gas boom and
plentiful supply of gas have created a series of very
interesting and complex knock-on effects,” Daniel Jaeggi,
co-founder of Swiss trading house Mercuria, told the Reuters
Global Commodities Summit.
LONDON, Nov 6 (Reuters) – Brent oil rose to $106 a barrel on
Wednesday, supported by a fall in U.S. oil product inventories
and worries about prolonged weakness in supply from Libya as the
peak winter heating season looms.
Brent crude gained 68 cents to $106.01 a barrel by
0848 GMT, after settling 90 cents lower at a four-month low in
the previous session. U.S. oil rose 70 cents to $94.07,
after ending $1.25 down at its lowest in five months.
LONDON, Oct 31 (Reuters) – Brent oil slipped towards $109 on
Thursday as the U.S. Federal Reserve’s latest policy statement
was less dovish than some had expected, prompting fears that an
easy money regime that had supported commodities may soon end.
Brent was still set to end October, however, with its fourth
monthly gain in five as disruptions to shipments from major
producer Libya kept supply tight.
LONDON, Oct 25 (Reuters) – A rescue of the Grangemouth
refinery and petrochemical plant in Scotland was secured on
Friday as the union and the company reached a deal, saving 1,400
jobs and preventing a heavy blow to Scotland’s economy.
The Unite union, the largest in Britain, agreed to a freeze
in pay and a cut in pension benefits and pledged it would not
strike for three years.
LONDON (Reuters) – Britain may avert the closure of the Grangemouth refinery and petrochemical plant after union leaders said on Thursday they had accepted demands from the management in an effort to save 1,400 jobs.
Scottish government officials met union leaders and management at Grangemouth on Thursday in hopes of persuading the operator, Swiss-based chemicals group Ineos, to re-open the plant, the largest industrial site in Scotland and its only refinery.