Latest Oleochemical News
Marathon Petroleum, an energy company headquartered in Findlay, Ohio, announced August 19 an agreement to form a joint venture (JV) with ADM to produce soybean oil (SBO) to supply rapidly growing demand for renewable diesel fuel.
Sime Darby Plantation and PTTGC International have divested their 100% collective interest in the Asia Pacific business of Emery Oleochemicals and Emery Specialty Chemicals to Edenor Technology for RM38 million.
India has allocated 110 billion rupees ($1.48 billion) to increase domestic palm oil production to 2.8 million tons by 2029-30 through the recently approved National Mission on Edible Oils – Oil Palm (NMEO-OP), Agriculture & Farmers Welfare Minister Narendra Modi said on August 18.
Malaysia has kept its September export duty for crude palm oil (CPO) at 8%, although it rose the reference price, a circular on the Malaysian Palm Oil Board website showed on August 18.
Indorama, a global petrochemicals producer based in Thailand, announced on Aug. 16 it has agreed to acquire Brazil-based Oxiteno, a subsidiary of Ultrapar Participações for $1.3bn with a deferred payment of $150 million in 2024.
China and Brazil are seeing mixed prices for pine oleoresin, gum rosin and gum turpentine at mid- August as China is nearing peak harvest season and Brazil is seeing shipping slow down.
Malaysia’s end-July palm oil stocks fell for the first time in eight months lower by 7.3% from the previous month to 1.5 million tons, data from industry regulator Malaysian Palm Oil Board (MPOB) showed on August 11.
Calumet Specialty Products Partners, an independent producer of hydrocarbon products headquartered in Indiana, is seeing “excellent progress” at its hydrocracker conversion project to produce renewable diesel in Great Falls, Montana, the company said in its second-quarter earnings call.
The Paraná River, one of the main commercial waterways in South America, reached -0.28 meters (11 in. below sea level) at the Port of Rosario on August 9, the lowest level recorded since 1944.
CVR Energy, a petroleum refiner based in Sugar Land, Texas, will delay plans to complete a renewable diesel conversion project at its Wynnewood, Oklahoma, refinery amid high feedstock prices, Chief Executive, David Lamp said in a second-quarter earnings conference call on August 3.
Crude Palm Oil (CPO) prices have soared due to concerns about production disruptions as a result of the coronavirus pandemic in the world’s two largest palm oil producing countries.
A large explosion with at least two fatalities and multiple injured was reported on Tuesday at a chemical park in Leverkusen, Germany, according to a statement published by Currenta, the company that manages Chempark.
Malaysia has kept its August export duty for crude palm oil (CPO) at 8%, although it lowered the reference price for the first time in 13 months, a circular on the Malaysian Palm Oil Board website showed on 23 July.
The damage caused by a fire at UPM’s 130,000 ton/year Lappeenranta Biorefinery on 10 May is nearly repaired, according to the company. The fire caused substantial damage and repair works have proceeded safely and well during the summer.
Prospects of tight rapeseed supply in Canada due to dry weather during the first half of the year, has driven up prices in the EU as well as pushed prices of palm oil and soybean oil higher globally.
Argentina’s Senate has approved on July 16 a biofuels draft bill advocated by lawmakers from Argentina’s ruling coalition Frente de Todos by a 43-19 vote. The new biofuels legislation stipulates lower blending requirements for biodiesel and ethanol.
The European Commission (EC) presented a proposal on July 14 to cut greenhouse gases from the transport sector by 90% by 2050 in order to meet the goals of the European Green Deal.
USDA lowered its soybean export forecast for Argentina and Brazil for the 2020/21 marketing year by 2.65m and 3m tons, respectively, according to the July Oil Crops Outlook report published every month by the U.S. Department of Agriculture (USDA).