India seeks Saudi investment in petro projects

India’s Government has reached out to Saudi Arabian businesses in a bid to attract more investment to the economy.  The petrochemical sector is at the fore of this action. 

Finance minister P Chidambaram has urged Saudi businesses to invest more in India, especially in sectors such as petrochemicals and infrastructure, so as to double trade between the two countries over the next five years.

Trade between India and Saudi Arabia touched $ 43 billion in FY13, while between April and October 2014, it stood at $ 29 billion, marking a 14 per cent increase over a year ago.

Citing opportunities in India, Chidambaram said Saudi businessmen can look for investment in projects like Delhi Mumbai Industrial Corridor (DMIC); OPaL Petrochemical Complex, Gujarat; petrochemical complex at Mangalore; IOCL’s LNG project in Tamil Nadu; Paradip Refinery of IOCL and Kochi Petrochemical Project of BPCL.

The issue was taken up during the two-day visit of the finance minister to Saudi Arabia when he met with Saudi businessmen at the Council of Saudi Chambers of Commerce and Industry, according to an official release. To explore investment opportunities, a major business delegation from the Council of Saudi Chambers would accompany Salman bin Abdulaziz Al Saud, the crown prince of Saudi Arabia and the Deputy Prime Minister and defence minister during his visit to India in February.

The full article is visible via the link below – Pankaj Oswal

http://indianexpress.com/article/business/business-others/india-seeks-saudi-investment-in-petro-projects/

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ExxonMobil’s US$5-6b complex sets new marks: PM

Asia Pacific Oil & Gas News

Ronnie Lim
The Business Times
Saturday, Jan 11, 2014

 

ExxonMobil’s (EM) new, second petrochemical complex here – costing an estimated US$5 billion-US$6 billion – is the US energy giant’s largest investment here and also Singapore’s largest manufacturing investment ever, said Prime Minister Lee Hsien Loong who opened the expansion yesterday, bringing EM’s total investment here to well over US$10 billion.

“But that’s not the end of the story,” EM Chemical’s president, Steve Pryor, assured, disclosing that the group was already planning additional specialty plant investments here, including for butyl rubber used for tyres, and premium resins for adhesives. “ExxonMobil views the Singapore complex as a platform for future growth,” he added.

In fact, EM’s top brass, led by group chairman and CEO Rex Tillerson, earlier met the Economic Development Board on Tuesday for discussions including on its future projects here, and followed this up yesterday with another meeting with…

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Iron ore beneficiation: Matching local raw materials with the right technology

Informa Insights

In recent months, the government of South Africa has made significant efforts to achieve greater control of its resources and create more employment opportunities and economic growth for the wider community. In the lead-up to IMM’s inaugural Iron Ore Beneficiation Africa conference, we had the chance to speak to David Cousins, Industry Champion for Mining and Beneficiation, Industrial Development Corporation (IDC) about the biggest opportunities for iron ore beneficiation in South Africa, the most promising technological developments in the sector and its role in facilitating regional economic growth.

IMM Events: In your presentation at the IMM Africa Iron Ore conference in 2013 you told attendees that in order to gain additional steel production capacity in South Africa industry should focus on developing low-cost steel production methods and technologies. What are the main issues with current production methods?

David Cousins: As you would expect, the key cost drivers are logistics…

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India’s ONGC defers startup of new paraxylene plant to Q3: sources

The recent news from Platts is that Oil and Natural Gas Corp (ONGC) will be postponing the Mangalore aromatics plant.  What was due to commence commercial operations in March 2014 will now be pushed back until at least Q3 and this is part of a worrying trend across the industry lately.

India’s state-owned Oil and Natural Gas Corp has deferred the startup of its new aromatics plant in Mangalore to the third quarter of 2014, from its previous schedule in March, sources close to the company said Wednesday.

The plant is designed to produce 900,000 mt/year of paraxylene and 270,000 mt/year of benzene.

This is not the first time ONGC has deferred the startup of the plant.

ONGC had initially planned to start commercial operations in April 2013, but this was pushed back several times due to delays in construction.

Other than ONGC, several new PX plants across the region have also recently pushed back their startup dates to later this year.

Saudi Aramco Total Refining and Petrochemical Co., or Satorp, has delayed the startup of its new aromatics plant in Jubail to June-July, from February.

The aromatics plant has a production capacity of 700,000 mt/year of paraxylene and 140,000 mt/year of benzene.

In South Korea, progress on SK Innovation’s new 1.3 million mt/year PX plant in Incheon has been delayed slightly. The company had planned to bring the plant onstream in June or July, but construction works are now seen delayed because of an order from local authorities to halt work.

The Seo-gu district office has determined that the site area of the plant has exceeded what was permitted by city authorities.

By Fumiko Dobashi and edited by Irene Tang of Platts.

The full article is visible via the link below – Pankaj Oswal

http://www.platts.com/latest-news/petrochemicals/tokyo/indias-ongc-defers-startup-of-new-paraxylene-27855048

Shell’s Arrow Energy to cut hundreds of CSG jobs in QLD

CELOTTI WORKFORCE

January 20, 2014. The Australian, Kim Christian.

 

 

 

 

 

 

 

 

 

ARROW Energy is planning to cut jobs and reduce costs at its coal seam gas (CSG) project in central Queensland after key shareholder Royal Dutch Shell downgraded its profit forecasts.

Hundreds of jobs are believed to be at risk at Arrow which employs 1200 people.

A spokesman confirmed the company has conducted a review of staffing levels as it cuts costs.

But he was unable to give details of the number of jobs at risk.

“While the company acknowledges this will be a difficult time for employees, it is committed to supporting them through this transition,” the spokesman said.

“The company remains focused on finding additional value and reducing overall costs.”

The spokesman added that Arrow would continue to assess development options, including joint venture opportunities, as it looks to develop its gas reserves.

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