Saudi-based Aramco opened an office in Shanghai, China to tap into local manufacturing competence and material supply services. Aramco Overseas Company (AOC) will focus on strategic sourcing in a bid to strengthen its parent companyís extensive supply chain from oil exploration through to shipping and marketing. The scale of the business will depend on material availability, quality and pricing.
China is looking to launch more measures to promote biochemistry and bio-energy in an effort to reduce conventional oil dependency and control polluting industries. The National Development and Reform Commission said that subsidies, tax breaks and bail-out funds for pilot projects will be used to promote alternative energy programs. The plan intends to boost the income of the agricultural industry, much like the U.S., by promoting ethanol and biodiesel from crops.
SK Corp., a South Korean oil refiner, is considering teaming up with Chinese state-run Sinopec. SK is considering a naphtha cracker to tap into Chinaís large energy demand.
Reliance Industries has been linked to a potential deal worth $2 billion to buy BPís Belgian refinery and petrochemical business. This would be a significant step in Relianceís global expansion plans. Neither company would comment officially on the report.
New gas reserve
China National Offshore Oil Company Limited (CNOOC Ltd.) discovered a new natural gas reserve in Bohai Bay capable of producing 11.7 million cubic feet of gas/day. The Jinzhou (JZ) 31-6-1 well was drilled on Structure JZ 31-6 to a total depth of 2,305 meters in the sea area with an average water depth of 28 meters.
Danford Equities Corporation of Australia has reached a contract with state-run Myanmar Oil and Gas Enterprise on oil and gas exploration in Australiaís Yetagun gas field off the southern Tanintharyi coast. The activities will be conducted at the east block of the offshore Yetagun field. The Yetagun gas field project involves PTTEP (Thailand), Petronas (Malaysia), Nippon (Japan) and MOGE (Myanmar).
United Phosphorous Ltd has acquired the global propanil herbicide business, marketed as Stam herbicide, from Dow AgroSciences LLC. The $25 million acquisition comes close to UPLís announcement regarding the purchase of Cerexagri, making UPL the third largest agrochemical company in the world.
The Sanmar Group has entered into an agreement to acquire a chemical business in Port Said, Egypt for $200 million. The business belonging to Trust Chemical Industries owns a caustic soda plant with a capacity of 200,000 tons/year. The plant also has facilities installed to manufacture chlorine-based products like Hydrochloric Acid, Chlorinated Paraffin Wax, Sodium Hypochlorite and Ferric Chloride.