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SABIC, Sinopec ink agreement to foster petrochemical investments   by Xg123

Saudi Basic Industries Corporation, or SABIC, and China Petroleum and Chemical Corp., or Sinopec, have signed an agreement in Riyadh to explore opportunities in new petrochemical projects, SABIC said Monday.

The agreement also confirms the commitment of the two companies to a 260,000 mt/year polycarbonate joint venture to be constructed at Tianjin in China and scheduled for startup in 2015, SABIC said in a statement.

The agreement was signed by Sinopec Chairman Fu Chengyu and SABIC Chairman Prince Saud bin Abdullah bin Thenayan Al Saud. Al Saud is also the Chairman of the Royal Commission for Jubail and Yanbu — which are the two hubs for petrochemical industries in Saudi Arabia. Visiting Chinese Prime Minister Wen Jiabao was present during the signing ceremony.

China and Saudi Arabia have inked several economic agreements during Jiabaos visit to Saudi Arabia. This includes an agreement signed between Saudi Aramco and Sinopec to construct a 400,000 b/d refinery in Yanbu. Sinopec is also in talks with Saudi Aramco and US ExxonMobil to expand capacity at the existing refinery run by Fujian Refining and Petrochemical Company, which is a joint venture between Sinopec, the government of Fujian province, Saudi Aramco and Exxon Mobil.

Jiabaos Persian Gulf tour comes amid growing tensions over US-led sanctions imposed on Iran because of its ongoing nuclear program. Wens visit to the hydrocarbons-rich Gulf comes days after US Treasury Secretary Timothy Geithner visited Beijing to seek support for a new set of sanctions imposed on Iran that aim to curtail exports of petrochemicals, oil and gas exports from Iran.

About 11% of Chinas oil imports come from Iran and Saudi Arabia is the only country with enough spare capacity to partially meet Chinas oil requirements in case its imports from Iran do drop.

Jiabao will also visit the UAE and Qatar, both oil and petrochemicals exporting countries, as a part of the visit.

US ethanol exports hit a new monthly all-time high of 577.1 million liters in November as Brazil, the worlds second-largest producer of the biofuel, imported record volumes to make up for a shortfall in domestic production, official US government data show.

The previous record high was in July, when the US shipped 482.2 million liters of the biofuel.

November figures, the latest available, show a four-fold increase on the same month of 2010, when exports amounted to 147.2 million liters.

Brazil imported 272.5 million liters of the biofuel in November, the highest volume ever recorded and 9% above the previous high reached in April, the data from the US Department of Commerce show.

In the year-to-date, US exports stood at 3.86 billion liters compared with 1.5 billion liters in the same period of 2010.

Exports have become an important part of the business model for American ethanol producers, Geoff Cooper, vice president of research and analysis at the Renewable Fuels Association, said in a statement.

As reported earlier by Platts, Brazil imported a record high of 279.7 million liters of ethanol from the US in December.

Weather-battered crops combined with a lack of investment to replace old and less-productive sugarcane fields put Brazils center-south region on track for the worst harvest in more than a decade.

Sugarcane is the primary feedstock for ethanol production in Brazil.

Poor crops and higher sugar profitability pushed down ethanol output by more than 18% this season, trade group UNICA said, while car sales and fuel demand remained on the rise.

In 2011, Brazil imported a record high 1.1 billion liters of ethanol from the US, compared with 74.1 million liters in 2010, according to official Brazilian government data.

 

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