Egyptian Ethylene & Derivatives Co. (Ethydco) is nearing completion of its long-planned 460,000-tonne/year ethylene plant and derivatives complex in Alexandria, according to Egypt’s Ministry of Petroleum and Mineral Resources (MPMR). Source: News
MARKET WATCH: NYMEX crude oil prices ended week on positive note
Light, sweet crude oil prices for November delivery ended the week on a positive note on the New York market to close moderately higher Oct. 16 following the weekly rig count report. Source: News
Shell restarts Singapore ethylene cracker
Royal Dutch Shell PLC has restarted the ethylene cracker complex (ECC) at its Pulau Bukom manufacturing site on Bukom Island, Singapore, following a mid-October operational disruption at the recently expanded unit. Source: News
Palestinian-Israeli clashes give Jordan new energy trouble
Renewed violence in Gaza and Israel jeopardizes an already troubled energy deal otherwise promising to give the turbulent Middle East hope for peaceful cooperation. Source: News
DOI cancels Arctic offshore lease sales
The US Department of the Interior said on Oct. 16 that it will cancel the two potential Arctic offshore lease sales scheduled under the current 5-year offshore oil and gas leasing program for 2012-2017. The agency cited “current market conditions and low industry interest” as reasons for the move. Source: News
Solutions elusive for renewable fuels subsidy, forum speakers say
A combination of dramatically changed market conditions and competing subsidies and penalties has created problems with the federal renewable fuels subsidy, some speakers at a Brookings Institution discussion of the program suggested. But others were equally adamant that the program is working 10 years after it was established under the 2005 Energy Policy Act. […]
Celanese JV commissions Texas methanol plant
Fairway Methanol LLC, a 50-50 joint venture of Celanese Corp., Dallas, and Mitsui & Co. Ltd., Tokyo, has commissioned a grassroots methanol plant at Celanese’s integrated chemical production complex in Clear Lake, Tex. Source: News
Oil company chiefs back climate-change pact
The chief executives of 10 large oil and gas companies have agreed to collaborate on cutting emissions of greenhouse gases, calling for an international agreement on climate change at the “COP21” summit next December in Paris. Source: News
BHI: US rig count down 8 in 8th straight week of losses
Anchored by a 10-unit drop in oil-directed rigs, the US drilling rig count lost 8 units to settle at 787 rigs working during the week ended Oct. 16, according to data from Baker Hughes Inc. Source: News
Par Petroleum to change name, appoint new CEO
Par Petroleum Corp., Houston, will change its name to Par Pacific Holdings Inc., effective Oct. 20, “to more accurately reflect its growth strategy of building and acquiring market-leading businesses.” Source: News