12022016Fri
Last updateFri, 02 Dec 2016 4pm

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U.S. Chemical Industry Remains Optimistic for 2017

Moving into 2017, the U.S. Chemical Processing Industry continues to enjoy optimism about future investment, according to Industrial Info's 2017 Global Industrial Outlook. Much of this activity stems from the continued low cost of natural gas liquids (NGLs), a primary feedstock for building-block chemicals such as ethylene.

Global demand for ethylene and other chemicals such as ammonia and methanol remains strong, providing export opportunities for U.S. producers, resulting in increased investment in the U.S. 


Hydraulic Institute Celebrates Centennial with New Logo

HI logoThe Hydraulic Institute (HI) will celebrate its centennial in 2017 with a new logo as part of a larger initiative to position HI for the next 100 years of service to the pump industry. The new logo is a key element of HI’s overall brand refresh and redesign process.

The logo includes a hidden “H” that reflects the nature of pumps; always there, working behind the scenes; and arrows that represent a pump’s purpose – flow and movement. This movement reflects the evolution over the past 99 years from when pump manufacturers first came together to discuss common issues and develop technical standards. 

Raven Petroleum Building Largest New U.S. Oil Refinery in 40 Years

Houston-based Raven Petroleum is building the largest new U.S. oil refinery since 1977 “on 200 acres of South Texas ranch land, strategically located to process the Eagle Ford shale field’s lighter crude and export it to Mexico,” the San Antonio Express-News is reporting.

“The $500 million refinery is being built by Raven Petroleum in the southwest corner of Duval County on the borders of Jim Hogg and Webb counties. The facility will refine about 50,000 barrels a day of light crude oil, a rarity in a market where most refineries are geared for heavier crude oil.” 

Global Rig Utilization at Record Low Levels

In National Oilwell Varco’s (NOV) Annual Rig Census, land rig utilization was historically low, at 22% and 15% for the U.S. and Canada, respectively. Around the world, overall land rig demand continues to drift lower, perhaps showing signs of an inflection point in 2017, as oil prices stabilize.

Offshore rig markets continue to be challenged by low E&P activity as a large number of new-builds are expected to be delivered over the next three years. In response, rig owners have accelerated both the retirement of aged and obsolete assets, as well as the cold-stacking of rigs with lower opportunities of getting work in this competitive environment. For the first time in years, the number of scrapped rigs and new cold-stackings combined, was able to offset the 30 new-builds that the market absorbed in the last 12 months.  

IEA Sees Broad Transformations in Global Energy Landscape

As a result of major transformations in the global energy system that take place over the next decades, renewables and natural gas are the big winners in the race to meet energy demand growth until 2040, according to the latest edition of the World Energy Outlook from the International Energy Agency (IEA).

A detailed analysis of the pledges made for the Paris Agreement on climate change finds that the era of fossil fuels appears far from over and underscores the challenge of reaching more ambitious climate goals. Still, government policies, as well as cost reductions across the energy sector, enable a doubling of both renewables – subject of a special focus in this year’s Outlook – and of improvements in energy efficiency over the next 25 years. Natural gas continues to expand its role while the shares of coal and oil fall back.

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