Mid May: Asian downstream news
Australia
Caltex have announced that they are most likely to keep the Brisbane refinery open following a review. The review was carried out after the refinery announced first quarter profits that were AUS$ 8 million lower than the same quarter in 2011. The company’s fuel stocks have also fallen by 10%.
India
Reliance Industries has managed to secure a US$ 2 billion loan for the expansion of four petrochemical plants. The loan has been secured from nine German banks covered by Euler Hermes Deutschland AG. The plants to benefit from the loan are in Jamnagar, Hazira, Silvassa and Dahej.
The Indian Oil Minister Jaipal Reddy has said that Indian refiners have invested over Rs 32 000 crore in upgrading the country’s refining facilities. Facilities have been upgraded throughout India to process Euro III and Euro IV petrol and diesel.
Malaysia
A RM 120 billion investment in the Johor Refinery and Petrochemical Integrated Development area will make it the biggest refining hub in Malaysia. Once complete, the area will output 9 million tpy of petroleum products and 4.5 million tpy of petrochemicals.Edited from various sources by Claira Lloyd
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/14052012/mid_may_asian_news/
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