Caltex Australia Ltd. is going to spend a year reviewing all of its refining facilities before deciding whether or not to take any offline indefinitely. Caltex has already had to write down the value of its refining facilities due to strong competition from Asian facilities. The company has lost US$ 1.6 billion in assets due to this drop in valuation.
The Chinese National Development and Reform Commission has given its endorsement to a new refinery in the country. China Petrochemical Corp is planning to construct a 200 00 bpd plant in the Hebei province in northern China. The plant will cost US$ 3.40 billion and be called the Caofeidian refinery.
Reliance Industries Ltd is looking to expand petrochemical production at its Jamnagar refinery. The company will integrate refining units with petrochemical units to increase ethylene, polypropylene and propylene output. The expansion is estimated to cost US$ 12 billion and be completed in 4 years.
Inpex Corp is going to close its Kubiki refinery in northern Japan. This is the smallest refining facility in the country. The facility processes 4724 bpd and only supplies the domestic market. Inpex are going to fully shutdown the plant by the end of this year.
The Marsden Point refinery is to under go an upgrade. This will be the plant’s third upgrade in the last 7 years. The work is estimated to cost $ 425 million.
Siam Cement Group and Qatar Petroleum International have formally entered a joint venture to construct a petrochemical plant in Vietnam. This will be the first petrochemical complex in the country and is expected to cost US$ 4.5 billion. Siam’s Vietnam based partners PetroVietnam and Vinachem are also involved in the venture.
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