Gasoline inventories in Russia at 1.8 mln tonnes, diesel - 3.3 mln tonnes, market is supplied

The domestic market is fully supplied with motor fuel, the Energy Ministry said, citing the director of the ministry's Department of the Oil and Gas Complex Anton Rubtsov, as per Interfax.

The current balance of supply and demand demonstrates the stability of the country's fuel market, Rubtsov said.

"As of today, commercial stocks of motor gasoline at refineries and oil depots reach 1.8 million tonnes, which is 2% higher than at the beginning of 2024. Diesel fuel storage volumes remain at last year's level and amount to 3.3 million tonnes," the ministry said.

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Shanghai Huayi Holdings Group’s new 300,000 metric tons per year ammonia production facility in Shanghai is anticipated to start operations between mid-June and July 2025, according to several China-based market sources, as per Chemweek.

The company did not immediately respond to a request for comment from Platts. In a statement on its official website dated May 29, Shanghai Huayi announced a key milestone: the successful startup of the air compressor in the air separation unit of its synthetic gas project on May 28. This unit is a critical part of the synthetic gas supply system, and this achievement represents a significant breakthrough in the project’s construction, laying a firm foundation for the commissioning of subsequent units.

Since late March, the company has been testing the air separation unit’s components, including the motor, compressor, booster and gas expander, all achieving successful trial runs between March and early May.

Huayi emphasized that this progress will drive the next phases of the synthetic gas project, including the startup of the partial oxidation (POX) unit, ammonia synthesis and acetic acid production units, according to the statement.

Market participants are closely monitoring Huayi’s plant for its potential to reduce regional dependency on imported ammonia delivered via Caojing port in Shanghai.

Currently, ammonia arriving at Caojing port must be transported by ships, as strict safety regulations prohibit trucking ammonia from neighboring provinces. The commissioning of this new domestic plant in Shanghai is expected to ease reliance on seaborne imports, with ammonia from the facility to be supplied to buyers via pipeline networks. According to a Shanghai-based buyer, the new ammonia plant is projected to be able to meet around half of Caojing’s annual ammonia import demand.

Another local buyer in Shanghai said, “The reliance on imported cargoes through Caojing port will likely be impacted. Buyers here now have more sourcing options — imported cargoes, Chinese cargoes by sea, and soon, pipeline supply.”

However, a Japanese trader observed, “There has been no significant decline in demand for international cargoes at Caojing so far, at least for the remainder of this year, as the new ammonia plant will still need time to stabilize its production.”

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Mexico’s Ministry of Economy announced at the end of May its final determination in the antidumping investigation on polyethylene terephthalate (PET) resin originating from China, imposing duties ranging from $0/kg to $0.26/kg on Chinese producers and exporters, as per Chemweek.

Of note, 100% recycled PET resin derived entirely from used PET bottles is excluded. The duties took effect on May 30.

On Jan. 29, 2024, Mexico launched an antidumping investigation into PET resin originating from China.

On Aug. 9, 2024, the Mexican authorities issued a preliminary determination, proposing provisional antidumping duties ranging from 34% to 63%.

Trade sources noted that these duties might open the Mexican market to other Asian sellers, such as PET of Southeast Asian origin.

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Shree Pushkar Chemicals & Fertilisers Ltd. (Mumbai) has reported a 15% year-over-year rise in revenue to 2.1 billion Indian rupees ($25.5 million) in the fiscal fourth quarter ended March 31, as per Chemweek.

The company’s profit was 26.5% higher on year at 165 million rupees due to improved operational efficiency and cost management.

Total sales volume grew by 36% year over year to 70,052 metric tons in the fiscal fourth quarter.

Revenue in the company’s chemicals sector rose by 18.5% year over year to 1.2 billion rupees, and volume dropped by 11.9% to 10,026 metric tons.

Its revenue in the fertilizers sector stood at 932 million rupees, up 10.6% year over year. Its sales volume was 60,026 metric tons, a 5.2% year-over-year increase.

The company produces dyes, dye intermediates, fertilizers, acids and cattle feed supplements.

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Marubeni has signed a long-term offtake agreement with global green technology company Envision Energy Co., Ltd. for ammonia produced from renewable energy in Inner Mongolia, China, as per Hydrocarbonprocessing.

Marubeni will offtake a certain volume of green ammonia produced at a plant on a long-term basis and supply it to clients. This project marks the Marubeni Group’s first long-term offtake agreement for green ammonia. Through this agreement, Marubeni aims to establish its position as a key supplier in the green ammonia market by through the sales and marketing activities.

Green ammonia, which does not emit CO2 during its production process, is expected to contribute to various industries as a chemical and fertilizer feedstock and as an energy source suitable for decarbonization. Envision, a world-leading company in green technology, plans to begin trial production of green ammonia with wind-generated electricity that was produced in Chifeng City, Inner Mongolia, in 2024. The company’s commercial green ammonia plants are scheduled to start operations from late 2025 onwards. With a production capacity of 300,000 tons per year, this project is set to become the world’s first large-scale green ammonia production project.

This project is part of Marubeni’s green ammonia strategy, which involves examining the potential of green ammonia as an industrial material for various purposes (such as for next-generation clean energy, fertilizer, and chemical raw material uses) and focusing on building a supply chain and expanding its utilization. Going forward, Marubeni will continue to promote the spread of green ammonia and contribute to the realization of a decarbonized society through this business initiative.

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