Argus DeWitt
Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Market snapshot
Highlights
Global benzene prices
Americas
▪▪
▪▪
Benzene February prices remain flat in in thin trading; March
spot prices move higher.
Styrene margins are under pressure due to rising feedstocks
and low prices in other regions.
Europe
▪▪
▪▪
Benzene pricing has been weaker, but prompt material
remains in tight supply.
Styrene pricing has been stable and remains higher forward.
Asia-Pacific
▪▪Benzene edges lower on weak fundamentals.
▪▪Styrene prices range-bound in a directionless market.
Timing
$/t
Low
High
Mid
±
Americas
fob USGC contract
Feb
1,523.44
1,523.44
1,523.44
0.00
fob USGC spot
prompt*
1,436.64
1,520.44
1,478.54
-22.45
Europe
cif NWE contract
Feb
1,432.00
1,432.00
1,432.00
0.00
cif ARA spot
prompt*
1,375.00
1,410.00
1,392.50
-27.50
cfr South Korea contract
Feb
1,344.80
1,350.00
1,347.40
0.00
cfr Taiwan contract
Feb
1,350.00
1,360.80
1,355.40
0.00
Asia-Pacific
cfr Asean contract
Feb
1,350.00
1,356.80
1,353.40
0.00
fob South Korea spot
prompt*
1,280.00
1,290.00
1,285.00
-28.00
cfr China
prompt*
1,300.00
1,355.00
1,327.50
-17.50
*Prompt refers to current month, but if the publication date is on or after the
15th of a given month, then the spot posting will include current month and
next month trades
Benzene breakeven price from toluene conversion
Process
STDP
AsiaPacific
Western
Europe
$/t
US Gulf
coast
932.80
1,058.65
968.25
TDP
1,083.51
1,194.02
1,245.85
HDA
1,386.88
1,400.00
1,448.27
Contents
Global prices
2
About Argus DeWitt
Americas
3
Europe
4
Asia-Pacific
5
Argus DeWitt is a leading independent source of pricing data
and market intelligence for the aromatics, olefins and related
petrochemical markets. Purchasers, business analysts, traders,
producers and product managers benefit from Argus DeWitt
insight every day.
$/t
Global benzene prices
USGC
ARA
South Korea
USGC
1,800
$/t
Global styrene prices
Rotterdam
E China
S Korea
2,000
1,900
1,600
1,800
hhh
1,400
1,200
1,600
1,000
28 Feb 13
hhh
1,700
1,500
27 Jun 13
Copyright © 2014 Argus Media Group
24 Oct 13
20 Feb 14
25 Jul 13
3 Oct 13
12 Dec 13
20 Feb 14
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Global Prices
$/t
1,392.50 ▼
cif ARA spot
fob USGC spot
1,478.54 ▼
USGC benzene premium to USGC gasoline
fob South Korea spot
¢/USG
$/t
Global naphtha prices
300
1,000
250
950
200
1,285.00 ▼
900
hhh
150
hhh
850
100
87M gasoline = 0
800
50
21 Mar
3 Dec
13 Jun
5 Sep
26 Nov
ARA benzene premium to NWE naphtha
20 Feb
Singapore
$/t
600
500
500
hhh
300
Naphtha 65 Para NWE
20 Feb
USGC
400
$/t
hhh
300
NWE naphtha = 0
Benzene = 0
200
21 Feb 13
24 Jan
South Korea styrene premium to benzene
600
400
30 Dec
200
20 Jun 13
Copyright © 2014 Argus Media Group
17 Oct 13
20 Feb 14
21 Mar 13
Page 2 of 9
13 Jun 13
5 Sep 13
26 Nov 13
20 Feb 14
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Americas
Benzene
Americas prices
Spot prices remained remarkably firm, despite expectations
of improved supply and import volumes and weaker demand.
February volumes traded in the 505-508¢/USG range.
March trading was much more active, and as this reporting
period moved on, any March ddp prices improved as the
front of the price curve remained stable. Late last week,
March ddp barrels traded as low as 472¢/USG compared to
corresponding February barrels at 508¢/USG. The February/
March backwardation exceeded 25¢/USG until Wednesday, and
Thursday it dropped to 15¢/USG. Some speculate efforts to
support the March monthly contract price led to higher prices
for any March barrels, and others suggested delays in import
arrivals motivated buyers to cover March positions at the
higher price levels.
Most agree that inventories remain lean. Scheduled
maintenance at several major production sites in February and
March also constrained supplies. In its weekly report, the EIA
reported Gulf coast (PADD 3) refinery utilization was below
90pc for the fifth consecutive week. That level is high for the
season, but below rates attained in the fourth quarter.
In the past three to four months, the direction of spot
prices has often run counter to market fundamentals, as
consumers and traders shorted the market and were forced
to cover positions with little product available. Once again,
fundamentals clearly indicate a downward price correction will
occur in the near term.
Refineries will begin to run reformers harder, as gasoline
specifications shift to lower vapor pressure blends. With
natural gas prices now at a five-year high, the light ends of
the reformers’ material balance (hydrogen and LPGs) have
considerably higher credits than they did two years ago. In
March 2012, when natural gas prices were at a third of current
prices, refiners ran reformers at reduced rates, or extremely
low severity, to minimize the conversion of naphtha to light
ends. This practice yielded less aromatics. This spring,
reformers should be run at higher throughputs and higher
severity, yielding more aromatics per ton of feedstock.
Although domestic ethylene producers continue to maximize
use of light feedstocks, pygas imports have supplement
extraction units. As the US gasoline specifications shift to
spring and summer grades, the non-benzene portion of pygas
carries a better value in the US gasoline pool than it does
on a naphtha-related basis in other regions. Because of this
seasonal phenomenon, pygas imports should continue through
the first semester of the year.
The benzene-toluene spread should compel operators of
conversion units to maximize rates whenever possible.
Chinese domestic benzene prices are now well below the fob
Korea price. The weakness of the China market and upcoming
▪▪
▪▪
▪▪
▪▪
Copyright © 2014 Argus Media Group
Timing
Low
High
Mid
±
Benzene ¢/USG
fob USGC contract
Feb
509.00
509.00
509.00
0.00
fob USGC spot
prompt*
480.00
508.00
494.00
-7.50
Styrene ¢/lb
fob USGC contract
Feb
88.00
91.00
89.50
0.00
fob USGC spot
prompt*
74.00
74.00
74.00
-3.00
Feb
71.00
71.00
71.00
0.00
Jan
87.00
90.00
88.50
0.00
Cumene formula ¢/lb
fob USGC contract
Phenol ¢/lb
fob USGC contract
Cyclohexane ¢/USG
fob USGC contract
Feb
461.93
461.93
461.93
0.00
marker with NG escalator Feb
454.03
454.03
454.03
0.00
*Prompt refers to current month, but if the publication date is on or after the
15th of a given month, then the spot posting will include current month and
next month trades
Benchmark margins
¢/USG
Margin
±
BTX US reformate extraction vs floor contract
100.35
+6.34
BTX US reformate extraction vs floor spot
106.99
+5.05
BT US reformate extraction vs floor contract
121.66
+6.34
BT US reformate extraction vs floor spot
117.91
+4.47
$/t
USGC styrene premium to benzene
500
400
300
hhh
200
100
Benzene = 0
0
8 Aug
10 Oct
12 Dec
13 Feb
heavy schedule of styrene maintenance will undoubtedly lead
to benzene inventory builds in northeast Asia, and even larger
export volumes to the US Gulf coast. Additional volumes could
also move in from Europe, India, Brazil and Saudi Arabia.
On the demand side, exports of US benzene derivatives
remain uncompetitive. A US styrene producer would need to
purchase benzene at 440¢/USG just to cover raw material
costs for a styrene shipment to China, and would need to
purchase benzene near 470¢/USG to justify shipments to
Europe. Without relief on raw material costs, producers will be
forced to cut rates until exports can be competitive.
▪▪
Page 3 of 9
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Americas
Styrene
One spot deal was reportedly done for 9,000t to South America,
but terms of the deal were confidential. Producers offered
volumes at 74¢/lb, and even at that level, the margin over raw
materials costs is very thin. Traders indicated that purchase
prices would need to move below 70¢/lb for US product to move
to Asia, and only slightly higher for volumes to move to Europe.
With all units in North America now operable, export volumes
are critical to maintaining operating rates. If exports to South
America and Mexico cannot fill the void, producers will need to
cut rates significantly in March.
Domestic demand from most segments remains sluggish. Very
cold weather has complicated logistics and hurt consumption,
particularly from the construction segment of the market.
Contrary to the general bearish sentiment, one producer
confirmed that the ABS segment has shown strong demand.
Europe
Benzene
Europe prices
February material traded down from $1,400/t early in the
week to a low of $1,385/t, before picking up on short covering
ahead of the end of the month. $1,410/t was confirmed done
on Thursday. March pricing is lower, with $1,375/t trading
twice on Thursday. First half of March traded at $1,385/t.
All plants appear to be now running normally, but stocks
are only just beginning to rebuild. Demand in February has
been no more than steady, with consumers preferring where
possible to postpone orders in the expectation of lower prices.
The March contract price will be settled on 28 February
and should show a modest reduction from February, but
is likely to remain at a high level, at or above $450/t over
naphtha.
Energy prices have been rising this week. North Sea Dated
has risen to above $110/bl from below $109/bl. Naphtha has
risen to $925/t from $905/t. The euro has remained firm,
above $1.37.
Trade statistics show that net imports into western Europe
rose by 156,000t to 714,000t in 2013, returning close to the
level of 2011. Imports from central Europe rose significantly
to 250,000t, while exports, which were principally to the US,
more than halved. The EU net import total, which includes the
exporting countries of central Europe, was virtually unchanged
at 550,000t.
Western Europe benzene annual net trade
‘000t
United States
South America
North America
North Africa
MEAG
East Med
Africa
Central Europe
East Europe
South Asia
East Asia
900
exports ‐ imports
600
300
0
-300
2004
2005
2006
2007
2008
Copyright © 2014 Argus Media Group
2009
2010
2011
2012 2013
- Eurostat
Timing
$/t
€/t
Low
High
Low
High
Benzene
cif NWE contract
Feb
1,432.00
1,432.00
1,055.00
1,055.00
cif ARA spot
prompt*
1,375.00
1,410.00
1,004.00
1,029.00
Styrene
fca Rotterdam contract
Feb
1,966.21
1,966.21
1,435.00
1,435.00
fob Rotterdam contract
Feb
1,955.25
1,955.25
1,427.00
1,427.00
fca Rotterdam spot
prompt*
1,616.81
1,644.22
1,180.00 1,200.00
fob Rotterdam spot
prompt*
1,595.00
1,617.00
1,164.00
1,180.00
Feb
2,082.67
2,137.48
1,520.00
1,560.00
Feb
1,659.29
1,659.29
1,211.00
1,211.00
Phenol
delivered ARA contract
Cyclohexane
fob ARA contract
*Prompt refers to current month, but if the publication date is on or after the
15th of a given month, then the spot posting will include current month and
next month trades
Styrene
Pricing has stabilized, with February trading at $1,595/t. March
has retained a $20/t premium, done at $1,617/t. All plants are
running, but there have been some cutbacks on EB/SM units
because of narrow margins. Two large producers have been
spot sellers, one a POSM operator, the other an integrated
EB/SM player. A non-integrated EB/SM producer was seen as
a buyer, as were traders, who continue to expect tightening
in the forward market as demand picks up seasonally and
shutdowns reduce supply in Asia and, to a more limited extent,
Europe.
Trade statistics show that styrene imports into western
Europe rose to 500,000t in 2013, following the closure of the
INEOS Marl unit in the fourth quarter of 2012. Imports from
the US doubled compared with the previous year, to 400,000t.
Imports from the Middle East fell to low levels, in part because
of shutdowns, but also because of the redirection of exports
from the Mideast Gulf towards Asia-Pacific. Product continued
to move into Scandinavia from Russia.
Page 4 of 9
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Europe
‘000t
Western Europe styrene annual net trade
United States
MEAG
East Europe
South America
East Med
South Asia
North America
Africa
East Asia
North Africa
Central Europe
600
Phenol
400
exports - imports
disruption, but the market remains generally well supplied.
Consumers have been managing inventories tightly in the
expectation of lower prices in March and April.
200
0
-200
-400
2004
2005
2006
2007
2008
2009
2010
2011
2012 2013
- Eurostat
Cyclohexane
Weather and shipping delays have caused some minor
NWE styrene premium to benzene
$/t
700
500
500
400
400
hhh
300
hhh
300
200
Benzene = 0
Eurobob = 0
100
15 Aug
$/t
cif ARA benzene premium to Eurobob
600
600
200
February demand has been flat as consumers have reacted to
high prices, reflecting benzene values. March is expected to
be stronger.
INEOS has announced the formation of a joint-venture
company with Sinopec YPC for the construction of a phenol/
acetone plant in Nanjing, China. The partners will each own
50pc of the company, which will be called INEOS YPC Phenol
(Nanjing). The plant is scheduled for completion at the end
of 2016. Cumene for the unit will be provided by the local
partner.
100
17 Oct
19 Dec
20 Feb
21 Feb 13
20 Jun 13
17 Oct 13
20 Feb 14
Asia-pacific
Benzene
Asia-Pacifc prices
Crude prices were relatively firm during the week amid
encouraging US economic data and continuing Libyan supply
disruptions. North Sea Brent crude was at around $108-110/
bl, while Dubai crude was at about $103-105/bl. Singapore
92R gasoline prices were also firmer at around $113-115/bl.
Naphtha prices rose, tracking a rebound in crude values, to
around $928-934/t cfr Japan during the week. The cracker
maintenance season has started in Asia-Pacific, although
several of these shutdowns will take place concurrently
with their respective refineries shutdowns. Up to 1.5mn t of
arbitrage cargoes are expected in Asia in March, with the bulk
of them scheduled to arrive in the first half of the month.
The Asian benzene market edged lower during the week
ended 20 February, influenced largely by last week’s downturn
in downstream styrene monomer (SM) prices in the region.
Sentiment also turned more bearish this week on the back of
a reduction in a key Chinese producer’s listed offers. Supplies
Copyright © 2014 Argus Media Group
$/t
Timing
Low
High
Mid
±
Benzene
cfr South Korea contract
Feb
1,344.80
1,350.00
1,347.40
0.00
cfr Taiwan contract
Feb
1,350.00
1,360.80
1,355.40
0.00
cfr Asean contract
Feb
1,350.00
1,356.80
1,353.40
0.00
fob Korea spot
prompt*
1,280.00
1,290.00
1,285.00
-28.00
cfr China spot
prompt*
1,300.00
1,355.00
1,327.50
-17.50
cfr China month avg
Jan
1,343.33
1,375.71
1,359.52
na
Styrene
cfr Taiwan contract
Jan
1,673.00
1,673.00
1,673.00
0.00
cfr China spot
prompt*
1,590.00
1,610.00
1,600.00
-24.00
fob South Korea spot
prompt*
1,575.00
1,585.00
1,580.00
-20.00
*Prompt refers to Mar/Apr for benzene fob Korea and Feb/Mar for styrene and
benzene cfr China
also remain high, with poor demand from other downstream
sectors like phenol.
Page 5 of 9
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Asia-pacific
South Korea benzene premium to Japan naphtha
$/t
500
450
400
hhh
350
300
Japan cfr naphtha = 0
250
21 Feb 13
20 Jun 13
24 Oct 13
20 Feb 14
Benzene assessments on a fob South Korea basis for March
slipped to $1,295/t by Wednesday this week from $1,310/t at
the end of last week. Assessments for April loading edged
higher on Wednesday to $1,285/t, up from $1,282.50/t seen
last Friday. Sentiment was mostly bearish among market
participants, resulting in a slowdown in deals this week.
Trading activity was its most active last Friday, with several
deals done for April loading at $1,281-1,284/t fob South Korea.
Few cargoes for April loading subsequently sold at $1,280/t
earlier this week. The intermonth spread for March- and Aprilloading cargoes were at a $10-20/t backwardation this week.
The backwardation spread for March and April on 19 February
narrowed by $10/t on the back of a hike in April values.
An overnight hike in US benzene prices also supported this
upwards movement in prices for April-loading cargoes.
Benzene oversupply in this region remained a cause for
concern, especially as demand from the SM sector that is
the largest downstream component in Asia, is nearing a
lull period. Demand from the SM sector is expected to dip
in the March-April period because of a series of scheduled
turnarounds. SM prices hovered close to $1,600/t cfr China this
week after taking a sharp dip last week. Benzene production
from regional crackers and reformers remained largely stable
this week. A key South Korean producer was operating its No.1
reformer at high rates following a small fire at this unit about
two weeks ago. Production margins based on naphtha as a
feedstock remained positive, backed by a wide $359/t spread
between benzene-naphtha prices this week, but it was $22/t
lower week-on-week.
Asian sellers continued to look for opportunities to ship
more cargoes in February to the US given the current stable to
weak market fundamentals and the strong US benzene market.
It was estimated that South Korea exported around 38,000t
of benzene to the US during 1-15 February. It also exported
another 12,000t to Taiwan, 6,000t to China and 2,000t to
Japan. It was forecast that total exports from Japan and
South Korea for the US will reach 60,000-70,000t by the end of
Copyright © 2014 Argus Media Group
February. The freight rates for 5,000-10,000t of benzene from
South Korea to the US Gulf coast was at $58-68/t.
An Indonesia-based producer is planning to issue a tender
to sell benzene next week, with details disclosed next week.
Benzene supplies in southeast Asia are ample at present,
which are dampening prices and sentiment. The discount
on fob southeast Asia prices from fob South Korea prices
was at about $10/t and higher, according to some market
participants, but a regional producer denied that the discount
has crossed the $10/t mark yet.
Styrene
Asian styrene prices moved within a narrow band during the
week, as markets failed to find direction after a sharp price
drop last week. A further inventory buildup in China this week
showed continued sluggishness in buying activity and weighed
on Asian styrene prices. Buying activity will likely only
start picking up in March. But the extent of actual demand
growth from the key EPS and PS segments is still in question,
dependent on various macroeconomic fundamentals including
economic growth in the large export and domestic styrenic
markets.
There was more clarity about supplies. Asian supplies
are expected to fall, with nearly 1.4mn t of styrene capacity
either shut or ready to be shut for planned turnarounds during
February. Another nearly 3mn t of styrene capacity is due to
be shut during March. The economics of standalone styrene
producers in Asia have begun to look weak, with ethylene
prices continuing to stay high at around $1,450/t cfr China
and benzene prices just under $1,300/t fob South Korea. Such
standalone units, which comprise around 30-35pc of Chinese
Asia Styrene shutdown schedule
Company
Location
KTA
Duration
Month
Shuangliang PC
Jiangyin, China
420
30 days
GPPC
Kaosiung, Taiwan
130
25 days
15 Feb- 11 Mar
Asahi
Mizushima, Japan
320
60 days
20 Feb- 17 Apr
Early Feb-early Mar
SP Chemical
Taixing, China
320
30 days
End Feb-end Mar
NSSM
Oita,Japan
240
40 days
25 Feb-7 Apr
Asahi
Mizushima, Japan
390
30 days
7 Mar - 31 Mar
Idemitsu
Chiba, Japan
210
30 days
Mar
Tianjin Dagu
Tainjin, China
500
30 days
Mar
LG Chemcials
Daesan, Korea
170
20 days
20 Mar - 10 April
Samsung Total
Daesan, Korea
650
21 days
Mid Mar - early Apr
NSSM
Oita,Japan
190
35 days
14 Mar-19 Apr
SECCO
Caojing, China
650
42 days
Mar-Apr
GPPC
Kaosiung, Taiwan
200
47 days
Mid Apr-early Jun
Chiba SM
Chiba, Japan
270
30 days
May
TSMC
Kaosiung, Taiwan
160
21 days
2H May-Jun
ZRCC
Ningbo,China
620
42 days
May-Jun
Formosa
Mailiao, Taiwan
600
40 days
Early Sep- mid Oct
Page 6 of 9
Argus DeWitt Benzene and Derivatives
Issue 14-7 | Thursday 20 February 2014
Asia-pacific
styrene production and a lowering of these operating rates, will
also curtail styrene supplies. This expected tapering of supplies is
one reason most market participants believe that styrene prices
may have hit a bottom in Asia and will rebound in March.
Chinese styrene inventories at key ports this week rose
by another 10,000t to more than 160,000t, staying above
typical 70,000-80,000t levels. Inventories are high, although
not alarming, given that China imported an average of around
300,000t of styrene on a monthly basis in 2013. Chinese domestic
prices during the week moved in a narrow range of 11,000-11,100
yuan/t ex-tank, or an equivalent import parity of $1,525-1,535/t
cfr China. They remain depressed and nearly Yn100/t lower than
the Yn12,000/t and above seen during January.
Some Chinese EPS units have restarted after the lunar
new year holiday, but many still remain shut. EPS production
is expected to ramp up once the cold weather conditions
moderate and construction activity picks up. It is crucial to any
recovery in Asian styrene demand, with nearly 6mn t of EPS
production capacity in China and a third of styrene demand
coming from this segment.
Imported cargoes traded mostly in a $1,595-1,610/t cfr China
range for March. The market continues to remain in contango
with the March-April spread at around $15-17/t.
The spread with naphtha was assessed at $646/t, $20/t
higher than last week. The spread with benzene rebounded to
around $288/t, $33/t higher from last week.
Argus DeWitt Petrochemical Review
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March 25, 2014
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Blendstocks 2014
4-5 March 2014
Pan Pacific Singapore
www.argusmedia.com/mtbe
In partnership with:
Group Discounts are available
Save more when you register as a
group. See the reverse page for more
details.
Rapid changes in the gasoline market
and its impact on blendstocks
Conference Highlights
Current demand and production outlook for MTBE across major
Asian markets, with an emphasis on China
Upcoming refining capacity and gasoline consumption growth in
Asia-Pacific and the Mideast Gulf and its impact on octane
requirements
New MTBE investments, capacity and production technology
options
Factors influencing MTBE pricing and forecasts
Competition and limitations of alternate blendstocks — reformate
mixed aromatics and methanol
Confirmed Speakers
Sophia Liu
Business Development
Huntsman Polyurethanes
Mark Tinkler
Commercial Director
Fortrec
Roel Salazar
Fuels and Octane Consultant
Argus DeWitt
Ray Hogger
Country Manager
ED&F Man
Clarence Woo
Executive Director
ACFA
and many more....
Potential in further growth of ethanol and ETBE in Asia
Confirmed participants
Global outlook for MTBE, specifically Latin America, Europe and
Asia
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Events
Event registration : Argus DeWitt Asian MTBE and Blendstocks 2014
EMAIL:
FAX:
MAIL:
asiaconferences@argusmedia.com
Complete this form and fax to
Complete this form and post to the address below
+65 6533 4181
DATES & VENUE
REGISTRATION FORM
4 -5 March 2014
Please print in BLOCK letters and return to:
Pan Pacific Singapore
Argus Media Ltd., 50 Raffles Place, #10-01 Singapore Land
7 Raffles Boulevard, Marina Square, Singapore 039595
Tower, Singapore 048623
Attn: Josephine Pulvera
www.panpacific.com/en/singapore
Tel: +65 64969966 | Fax: +65 6533 4181
SG$ 1450 /
REGISTRATION FEE
US$ 1200
asiaconferences@argusmedia.com
For group rates, please contact Josephine Pulvera (josephine.pulvera@argusmedia.com)
www.argusmedia.com/mtbe
*Full conference fee includes two-day conference pass to participate at all sessions, networking luncheon
and refreshment breaks, one invitation to the cocktail reception and one set of conference documentation
**A 7% Goods & Services Tax (GST) is applicable to all Singapore based companies for Singapore venue.
Alternatively, registration fees are subject to the prevailing government tax.
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www.argusmedia.com/mtbe
OR fill in the registration form to make your payment via bank transfer
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Special dietary/disability requirements (if any):
PAYMENT METHOD
In these Terms and Conditions the expressions:
“we”, “us” and “our” refer to Argus Media Limited a company incorporated in England with registered company
number 01642534 and whose registered office is at Argus House, 175 St John Street, London, EC1V 4LW; and “you”
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Subject to availability, we accept bookings for events through the online, electronic or postal submission of a
registration form. Upon our communication to you (including by email) of our acceptance of your booking, there
shall be a legally binding contract between you and us incorporating these Terms and Conditions.
Payment
1. If payment is not received in full at the time of booking, your booking will be provisional until payment is
received in full in accordance with paragraph 2 below. You acknowledge that we cannot guarantee bookings made
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2. Payment must be made by the earlier date of the following: (i) within 30 days of the date of this invoice; (ii) by
no later than 7 days before the event.
3. Fees are a fixed price and unless otherwise stated reductions and discounts cannot be offered should you not
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4. In order to qualify for any “early bird” discounts, booking and payment in full must be received prior to the date
specified above and on the invoice.
Cancellations and Substitutions
1. If you are unable to attend the event, you may send a substitute provided that you inform us in writing to
asiaconferences@argusmedia.com at least 48 hours before the commencement of the event.
2. Cancellations made in writing to asiaconferences@argusmedia.com at least 1 calendar month prior to the event
will be refunded in full, less a 15% administration charge. No refunds will be given for cancellations received
thereafter.
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refunds will be given.
4. If the event is cancelled for any reason within our control, then the registration fee will be fully refunded. We
shall not be liable for any other loss, damage, costs (including without limitation travel, visa or accommodation
costs), expenses or other liabilities incurred by you in connection with such cancellation. Refunds may take up
to 25 business days.
Events
1. Our agendas are correct at the time of issue; however, it may be necessary to make some amendments to the
content, speakers, location, and/or timing of the event.
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TERMS AND CONDITIONS
Company Name:
DELEGATE 2 DETAILS
Name: Dr/Mr/Ms:
Job Title:
Telephone:
Email:
Special dietary/disability requirements (if any):
Tick here to request a free trial of :
JJ&A Methanol Report
Argus DeWitt Butadiene
2. Please advise us of any special requirements (such as access or dietary requirements) at the time of booking.
3. We reserve the right to refuse admission to an event for any reason.
4. Views expressed by speakers at the event may not be the views of Argus. All event materials are provided to you
on an “as is” basis and we make no warranty as to the completeness or accuracy of such materials.
5. You agree that, unless otherwise expressly stated, we own all intellectual property rights in all event materials
and delegate lists.
6. You may not film, photograph or otherwise record all or any part of the event without our prior written consent.
7. You must comply with all applicable laws and any health and safety requirements (including no smoking signs)
in respect of the event.
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1. Any personal data you disclose to us will be processed in accordance with the Data Protection Act 1998 and
our privacy policy.
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and services that may be of interest to you via telephone, post and/or email. If you do not wish to receive such
marketing information, please contact us.
3. You agree that we may use your company name in marketing promotions in connection with this event.
4. We may record (by audio and/or visual means) all or part of the event. You agree that we may use and distribute
such recordings for the purposes of training, publicity and documentation.
General
1. It is your responsibility to arrange appropriate insurance cover for your attendance at the event.
2. You are fully responsible and liable for any loss or damage caused by you to property or individuals at an event.
3. Except in respect of death or personal injury caused by our negligence or for fraud, our total aggregate liability
in connection with the event shall be limited to the fee paid by you.
4. You are responsible for safeguarding your own property at the event. We accept no liability in respect of any
damage to, or theft or loss of, your property.
5. These Terms and Conditions together with the registration form set out the entire agreement between you and
us.
6. If any provision of these Terms and Conditions (in whole or in part) is found by any competent authority to be
unenforceable or illegal, the remainder of provisions shall remain in force.
7. These Terms and Conditions shall be governed by the laws of England and you agree to submit to the exclusive
jurisdiction of the English courts.
DeWitt