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Global Chemicals Quick Review
Thailand's Siam Cement Group promotes petrochemical investment projects in Vietnam
Vina SCG Chemical Company (VSCG), a wholly-owned subsidiary of Thailand's Siam Cement Group (SCG), has approved the investment project of Vietnam Longson Petrochemical Co.
, Ltd
.
(LSP), Vietnam's first petrochemical complex, with a total investment of approximately US$5.
4 billion and is expected to be completed and commissioned in the first half of 2022.
At the heart of the project is a 1 million tonne ethylene cracker that can use natural gas and naphtha as feedstocks, with a total olefin capacity designed to reach up to 1.
6 million mt
.
SCG holds 71% of LSP's indirect equity, with VSCG, Thai Plastics and Chemicals listed and Vietnam Oil & Gas Group holding 53%, 18% and 29% respectively
.
The scale of the downstream polyolefin will be matched to the cracker, including high-density polyethylene (HDPE), linear low-density polyethylene (LLDPE) and polypropylene (PP) plants
.
The global natural gas market will change significantly
The latest global natural gas market analysis report by the International Energy Agency (IEA) said that the increasing supply of natural gas from the United States and the rapid increase in industrial demand in the next five years will significantly change the global natural gas market
.
By then, global natural gas demand is expected to grow at an average annual rate of 1.
6%, and global natural gas consumption will increase from 3.
63 trillion cubic meters in 2016 to nearly 4 trillion cubic meters
in 2022.
Among them, China will account for 40% of
the new consumption.
In the next five years, the IEA said that in the next five years, the industrial sector will replace the electricity production sector as the main growth driver of natural gas consumption, while the demand for natural gas in the electricity production sector is being preempted
by renewables and coal.
The U.
S.
will increase production more than any other country over the next five years, accounting for nearly 40 percent
of global production growth.
The outlook for industrial lubricant demand in India is promising
Ravi Chawla, general manager of Gulf Oil India Lubricants, said at the Asia, Middle East and Africa Base Oil Lubricants and Paraffin Wax Conference that India's industrial lubricants demand prospects are promising due to the Indian government's encouragement of manufacturing activities and increased infrastructure development, while the recovery of manufacturing and the recovery of general industrial activities will stimulate the growth of industrial lubricants demand in
India.
Gulf Oil India Lubricants expects India's industrial lubricant demand to grow
at an average annual rate of 1.
6% in 2016~2020.
The current demand for industrial lubricants in India is about 620,000 tons, of which the power production industry, chemical production industry, metal and automobile manufacturing industry, transportation industry, mining industry and other industries account for 27%, 22%, 10%, 9%, 2% and 17%
of the total demand respectively.
Industrial engine oil is the most demanded industrial lubricant in India, accounting for about 25% of
India's industrial lubricant demand.
General industrial lubricants, metalworking fluids and hydraulic fluids all account for about 21% of demand, industrial greases account for 6% of market demand, and other types of lubricants account for 5% of demand
.
Danish energy giant Dong Energy plans to be completely coal-free by 2030
Danish energy giant Dong Energy has announced that it will completely stop using coal
in its power plants by 2023.
The European energy giant has slashed its coal consumption, which has cut by 73 percent
over the past decade.
Henrik Poulsen, CEO of Dong Energy, said: "The company has decided to stop using coal in all of its power plants, so we are converting the last few coal-fired power plants into biomass power plants
.
The company has reduced coal use by 73 percent
by reducing the number of power plants in operation and by converting them into biomass power plants.
