May 23, 2012
Volume: 4
Issue: 99

Fuels & Processing

Grace Inks FCC Catalyst Plant Deal in Qingdao, China

U.S.-based refinery technology supplier W.R. Grace announced May 22 that it signed a memo of understanding with the Qingdao Bureau of Commerce for construction of a fluid catalytic cracking (FCC) catalyst plant and “other related products for the petroleum refining industry” in China and elsewhere in Asia.

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GreatPoint Finalizes Wanxian SNG Deal in China; Big Investment Stake

Massachusetts-based GreatPoint Energy and China Wanxiang Holdings announced May 21 that they’ve finalized a US$1.25-billion investment deal that will support development of a 1 trillion-cubic foot-per-year synthetic natural gas (SNG) plant in China.

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USDA Projects Record Feed Grain Supplies, Lower Corn Prices

In a World Agricultural Supply and Demand Estimates (WASDE) report released earlier this month, the U.S. Department of Agriculture (USDA) projected record feed grain supplies and a steep drop in corn prices for the 2012-2013 corn crop.

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China’s ‘NICE’ Institute Focusing on Novel Coal, Biomass, Hydrocarbon Schemes

China’s National Institute for Clean-and-Low-Carbon Energy (NICE) on May 16 announced a new organizational structure that focuses on development of relatively low-carbon technologies for coal-conversion, biomass energy and electric energy.

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Feature

Phillips 66 ‘E-Gas’ Wins Reliance Industries Gasification Project

The Houston-based “Phillips 66” spin-off from ConocoPhillips announced May 21 that it won the global competition to supply its gasification technology for the Reliance Industries Ltd. (RIL) petcoke gasification project at RIL’s giant, 1.3 million barrels/day oil refinery complex at Jamnagar, India.
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Key Market Prices

June Natural Gas Advances to $2.71/MMBtu

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Electric Power

Novel Smart-Grid Test in N. Mexico Includes 4 Power Systems, 9 Firms

A consortium of nine Japanese technology companies is teaming-up with Public Service Co. of New Mexico, the University of New Mexico and the U.S. Department of Energy’s Sandia National Laboratories in a novel “smart-grid” power test in Albuquerque, N.M.

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Massive Coal-to-Gas Switch in U.S.’s ‘PJM’ Power-Market Auction

The U.S. Northeast/Mid-Atlantic regional power distributor PJM (Pennsylvania-New Jersey-Maryland) Interconnection announced May 18 that its latest “Reliability Pricing Model” (RPM) auction found an “unprecedented” upcoming retirement of coal-fired power capacity in the U.S.

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Transportation & Logistics

Maersk Group Posts Slight Year-on-Year Gain in 1Q 2012

Maersk Group announced May 16 that it posted a net profit of US$1.17 billion for first-quarter (1Q) 2012, up 1% from 1Q 2011.

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Margins & Economics

Crude Futures Fall Tracking a Strong Dollar

NYMEX light, sweet crude for June delivery settled at $91.66 per barrel (/bbl), down 91¢ on May 22, as the dollar shifted higher against the euro in response to concerns regarding Europe’s debt crisis and worries that Greece may exit the eurozone. Optimism regarding a potential deal with Iran over its nuclear program also pressured crude prices.

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Vertichem to Acquire Thesis Chemistry

In a deal that would augment its biorefining capabilities and expand its product, Toronto, Ontario, Canada-based Vertichem Corp. announced on May 14 an agreement in principle to acquire a 100% interest in Thesis Chemistry LLC, an Ohio-based company with operations in Cambridge, Ontario, Canada.

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Synthesis Energy Systems Posts US$5.4-Million Net Loss for 3Q 2012

Houston-based Synthesis Energy Systems (SES) on May 10 announced a fiscal third-quarter 3Q) 2012 net loss of US$5.4 million, versus a net loss of $3.6 million in its fiscal 3Q 2011.

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Public Policy

NRDC, Sierra Club Study Claims SNG Plants Too Expensive

A new study sponsored by the Natural Resources Defense Council (NRDC) and the Sierra Club finds that three proposed coal gasification plants in Illinois would cause excessive rate increases for state consumers of natural gas and electricity.

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