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Exxon starts crude-cracking petrochem unit

Posted: 07 Jan 2014 07:32 PM PST

SINGAPORE: ExxonMobil officially launched the world's first chemical unit that processes crude oil in Singapore, aiming to lower costs to better compete with rivals in a market saddled with excess capacity.

Chemical companies typically process refined oil products such as naphtha - created by separating crude oil into lighter groups - at facilites called crackers to create petrochemicals like ethylene and propylene. These are further processed into products such as plastics, soaps or synthetic fibres.

But Exxon's new cracker in Singapore allows the company to bypass the refining process by processing crude directly into petrochemicals.

"This is the right place to do crude cracking because it gives us an advantage over the predominant feedstock in the region," ExxonMobil Chemical's president Stephen Pryor told Reuters.

"The cracker we've built is by far the most feed flexible cracker we've ever built. It can crack anything from light gases to heavy liquids, including crude oil."

The new technology helps reduce raw material costs, energy consumption and carbon emissions, Pryor said, while the cracker also produces fuel components.

He declined to detail the extent of Exxon's savings or specify which crude grades are processed at the cracker. The cost of Brent crude is more than US$160 a tonne lower than Asia's naphtha, Reuters data showed.

Crackers in Asia typically use naphtha as a feedstock, while those in the Middle East enjoy a cost advantage as they process cheaper ethane and propane gases into petrochemicals.

The multi-billion dollar complex on Singapore's Jurong Island includes the 1 million tonne per year (tpy) steam cracker as well as production of at least 1.4 million tpy of polymers and elastomers. The cracker was brought online in the middle of last year, but Exxon has not previously confirmed the use of crude as a feedstock.

The project had been delayed for two years due to its complexity and a weak economic outlook which has pared the use of petrochemicals in automobile parts, electrical applicances and consumables, despite excess capacity.

An improved economic outlook in the United States and better demand in China is expected to raise global chemical demand growth in coming years, according to the American Chemistry Council.

The Council sees headline global petrochemicals growth of 4.1 percent in 2014 and 4.5 per cent in 2015, up from 2.1 per cent last year, said Thomas Kevin Swift, its chief economist and managing director.

"After a couple of very slow years, we saw good demand growth in China last year," said Pryor. "With China's export sector picking up, we would expect that to continue."

Global chemical demand for primary petrochemicals was expected to grow by about 50 per cent over the next decade, with China accounting for half of the growth, he added.

To meet this demand, Exxon also planned to raise ethylene capacity at its joint venture with Saudi Aramco and Sinopec in southern China Fujian by 200,000 tonnes per year in 2015. At the Singapore plant, Exxon could also produce specialty petrochemicals such as butyl rubber for tyres and premium resins for adhesives, Pryor said.

Yet, supply from the United States could jump as petrochemical producers, including Exxon, launch projects to take advantage of cheap ethane gas from the shale resources boom. Exxon plans to build a 1.5 million tpy ethylene complex at Baytown, Texas by 2016.

"Demand will grow but it will be a competitive marketplace from a standpoint of capacity and that means that marginal liquid crackers are going to be under a lot of pressure," Pryor said.

"You already see that in Europe, you see that in Japan and you're going to see it throughout the region."

French oil major Total and Ineos have said they will shut loss-making petrochemical plants in France and Scotland as Europe readies for a competitive assault from US rivals armed with cheap feedstock.-- Reuters

KL shares traded higher across-the-board

Posted: 07 Jan 2014 06:09 PM PST

Stocks on Bursa Malaysia moved higher across-the-board in early trading today, tracking gains on the Wall Street overnight, dealers said.

Forty-minutes after trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 8.82 points higher at 1,833.93 after opening at 1,826.95.

Gainers led losers 264 to 133, with 232 counters unchanged, 916 untraded and 25 others were suspended.

Turnover was low with 293.12 million shares worth RM192.01 million traded.

On the scoreboard, the Finance Index rose 23.67 points to 16,834.31, the Plantation Index advanced 31.351 points to 8,719.98 and the Industrial Index was 8.88 points higher at 3,093.88.

The FBM Emas Index garnered 47.55 points to 12,692.53, the FBMT100 Index surged 48.15 points to 12,402.08, the FBM Ace improved 58.46 points to 5,871.3, with the FBM 70 increasing 9.13 points to 14,112.24.

Market staged a technical rebound following a five-day losing streak, HwangDBS Vickers Research said in a note.

The benchmark FBM KLCI, which retreated 47.4 points or 2.5 per cent since last Monday, may pull away from the immediate support level of 1,825.

"Sentiments got a boost from an overnight rise on Wall Street after the key equity indices ended between 0.6 per cent and 1.0 per cent higher," it said.

Among actives, AT Systematisation fell nine sen to one sen, 1 Utopia and Smartag Solutions gained half-a-sen each to 8.5 sen and 14 sen, respectively.

As for heavyweights, Maybank lost eight sen to RM9.88, but Tenaga rose 38 sen to RM11.50 and Axiata gained one sen to RM6.79.-- Bernama

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Senate narrowly votes to advance jobless aid bill - NBCNews.com

Posted: 07 Jan 2014 09:26 AM PST

By Carrie Dann and Kasie Hunt, NBC News

The Senate narrowly voted Tuesday to advance a temporary extension of unemployment benefits to over one million jobless Americans, giving some unexpected momentum in the new year to Democrats and the Obama administration.

The vote to move forward with the legislation was 60-37. With six Republicans and all present Democrats backing the move to begin formal debate on the bill, supporters reached the 60 votes required to advance it with no room to spare.

The measure, sponsored by Republican Dean Heller of Nevada and Democrat Jack Reed of Rhode Island, would have retroactively restored the federal aid payments to about 1.3 million long-term unemployed Americans that expired at the end of last year. That aid had previously kicked in after state benefits expired, after about 26 months or more in most states.

Five Republicans joined Heller to support moving forward on the legislation -- Susan Collins of Maine, Lisa Murkowski of Alaska, Kelly Ayotte of New Hampshire, Dan Coats of Indiana and Rob Portman of Ohio. Those lawmakers -- who said they want leaders to find a way to offset the cost of the federal benefits -- may not support final passage of the bill. But their support Tuesday kept the legislation alive despite last-minute doubts that the procedural vote would pass.

"It was in the balance until the last minute," Reed told reporters after the vote.

If the final bill does pass the Senate, it's not clear that the GOP-led House will take it up. House Republican leaders have painted the current proposal as fiscally irresponsible.

In a statement, House Speaker John Boehner said that any extension of the program must be paid for and contain House-backed job creation plans.

"One month ago I personally told the White House that another extension of temporary emergency unemployment benefits should not only be paid for but include something to help put people back to work," he said. "To date, the president has offered no such plan."

Senate opponents of the measure said that the emergency aid program, first enacted during the height of the economic recession, was never intended for continuous renewal and that the aid should at least be offset by spending cuts elsewhere in the budget.

"Spending $6.5 billion in three months without trying to find ways to pay for it or improve the underlying policy is irresponsible and takes us in the wrong direction," said Republican Sen. Bob Corker of Tennessee in a statement.

Earlier Tuesday, Senate Minority Leader Mitch McConnell proposed paying for the insurance extension by delaying a key mandate in the president's health care law, a major Republican objective and a clear non-starter with Democrats. That proposal was immediately rejected by Senate Majority Leader Harry Reid as a mere "guise to obstruct."

Outside conservative groups like the political arm of the Heritage Foundation and the anti-tax Club for Growth had also urged a "no" vote on Monday's procedural measure, calling the extension proposal fiscally irresponsible.

Supporters – including the White House – argued that the abrupt end to the benefits on December 28 has plunged the long-term jobless into further desperation and will hurt the American economy as a whole if not reversed by a retroactive extension.

"This investment in our fellow Americans is one of the most effective ways to spark and sustain an economic recovery," said Reid, who said Republican opponents of the legislation of "callously turned their backs on the long-term unemployed."

Shortly after the vote, President Barack Obama urged Republicans in the House and Senate to pass the measure " without obstruction or delay."

"Voting for unemployment insurance helps people and creates jobs and voting against it does not," he said.

Top Democrat Sen. Chuck Schumer of New York said Sunday that Republicans will pay at the ballot box if don't address economic issues like jobless aid.

"The tectonic plates of our politics have changed," he said during an appearance on ABC. "For the first five years of the Obama administration, the two issues that dominated were health care and budget deficit. This year, dealing with declining middle class incomes and not enough job growth will be the number one issue."

Angry Dennis Rodman defends North Korea basketball game - CNN

Posted: 07 Jan 2014 08:18 AM PST

STORY HIGHLIGHTS

Dennis Rodman responds belligerently to CNN anchor Chris Cuomo's questions
"We have to go back to America and take the abuse," says the basketball star
Rodman is on his 4th visit to North Korea, says he loves his friend, Kim Jong Un
A U.S. team of former NBA players will play North Korea's basketball team

(CNN) -- Basketball star Dennis Rodman defended his controversial visit to North Korea with a team of former NBA players in a combative exchange Tuesday, saying it was a "great idea for the world."

In an exclusive interview with Chris Cuomo of CNN's "New Day," Rodman reacted angrily when pressed on whether the group should have traveled there given recent events in the secretive country.

The trip takes place just weeks after North Korea shocked the world by announcing the purge and execution of Kim's once-powerful uncle. There are also concerns for the welfare of U.S. citizen Kenneth Bae, who's been detained there for more than a year for reasons that are unclear.

The other former NBA players are due to take part in a controversial basketball game on the birthday of Kim Jong Un, the country's young, unpredictable leader. The friendly contest with North Korea's team is planned for Wednesday, when Kim is believed to turn 31.

Son Kwang Ho, vice minister of North Korea's Sports Ministry, greets former NBA star Dennis Rodman at the airport in Pyongyang, North Korea, on Monday, January 6. In his latest round of "basketball diplomacy," Rodman made his fourth visit to North Korea, one of the world's most totalitarian states.

Dennis Rodman's trips to North Korea

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Apparently referring to Kim, Rodman said, "I love my friend. This is my friend." He spoke from the country's capital, Pyongyang.

Asked if he would take the opportunity to ask North Korean leaders about Bae, Rodman suggested the Korean-American had done something wrong but did not say what that was.

Kenneth Bae's mother tells of heartbreak

Growing angry with Cuomo and jabbing his finger toward the camera for emphasis, Rodman said, "Kenneth Bae did one thing. ... If you understand what Kenneth Bae did. Do you understand what he did in this country? No, no, no, you tell me, you tell me. Why is he held captive here in this country, why? ... I would love to speak on this.

"You know, you've got 10 guys here, 10 guys here, they've left their families, they've left their damn families, to help this country, as in a sports venture. That's 10 guys, all these guys here, do anyone understand that? Christmas, New Year's. ...

"I don't give a rat's ass what the hell you think. I'm saying to you, look at these guys here, look at them ... they dared to do one thing, they came here."

Bae, a married father of three, was arrested in November 2012 and sentenced in May to 15 years of hard labor. The North Korean government has said he was found guilty of "hostile acts" and attempts to topple the government.

He's suffered a series of health problems in detention, but pleas for his release have had no effect.

His mother, Myunghee Bae, who was allowed to visit in October, told CNN that her son was a devout Christian who had not understood the system in North Korea. North Korea is officially an atheist state and has punished missionaries in the past.

Bae from North Korean prison: Please help me

After Rodman's outburst, fellow player Charles D. Smith tried to calm the discussion, but Rodman carried on, becoming increasingly agitated.

"Ain't no shill ... let me do this," he said to Smith, shaking Smith's hand off his arm. Addressing Cuomo, he continued, "Really? Really? I want to tell you one thing. People round the world, around the world, I want to do one thing.

"You're the guy behind the mic right now. We're the guys here doing one thing. We have to go back to America and take the abuse. Do you have to take the abuse that we're going to take? Do you, sir, are you going to take the abuse?

"One day, one day, this door is going to open because these 10 guys here, all of us, Christie, Vin, Dennis, Charles ... I mean everybody here, if we could open the door just a little bit for people to come here and do one thing."

Some of the players visible in the shot behind Rodman looked increasingly uncomfortable as he challenged the CNN anchor.

Former basketball star Dennis Rodman plays one-on-one with a North Korean player during a practice session in Pyongyang, North Korea, on December 20, 2013. Rodman and several other former NBA players have arrived in North Korea to take part in a basketball game on Wednesday, January 8, the birthday of North Korean leader Kim Jong Un.

Former NBA stars in North Korea

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Smith pointed out that the basketball players made up only a part of a group of about 50 people visiting North Korea, with other Americans among them.

'He's got a great heart'

Smith also sought to defend Rodman, saying the visit was about basketball, not politics.

The players were invited by North Korea, Smith said, and are there as a kind of "cultural exchange" and to "put smiles on people's faces," not to influence the country's leaders.

"We've been doing these games for 3½ years," he said. "Outside of what people know of Dennis, you don't know Dennis. He's got a great heart, his passion is about children and families, that's why we are here.

"We are here because it's about doing great will around the world."

Smith outlined the charity projects he has been involved in worldwide through his sport, including visiting typhoon victims in Asia.

"We're doing what we do, we play basketball and that's what we love to do," Smith said.

"We didn't know it was going to take this kind of negative spin with what we are doing because we're not politicians, we're not ambassadors. We're here to do what we've been doing most of our lives."

Smith apologized for "the storm that has been created by our presence."

He also suggested that Rodman's use of the word "friend" for Kim should not be taken at face value.

Darren Prince, Rodman's agent for 16 years, told CNN on Sunday that Kenny Anderson, Cliff Robinson, Vin Baker, Craig Hodges, Doug Christie, and Smith would play against the North Korean senior national team.

The current trip is Rodman's fourth to the isolated nation, part of a project he has described as "basketball diplomacy."

But the U.S. State Department says that it has nothing to do with Rodman's visits to North Korea and that attention should be focused on the brutality of Kim's regime.

The NBA also distanced itself Tuesday from Rodman.

"The NBA is not involved with Mr. Rodman's North Korea trip and would not participate or support such a venture without the approval of the U.S. State Department," NBA Commissioner David Stern said in a statement released by the league.

"Although sports in many instances can be helpful in bridging cultural divides, this is not one of them."

'Friend for life'

Rodman, 52, struck up an unlikely friendship with Kim when he traveled to North Korea for the first time in February, bringing a team of Harlem Globetrotters for an exhibition game watched by Kim, who is a basketball fan.

Kim later met and dined with the flamboyant basketball star, and Rodman told his host he had "a friend for life," shrugging off international condemnation of the country's human rights record.

However, on his last trip -- which took place last month less than a week after North Korea announced the execution of Kim's uncle and top aide, Jang Song Thaek -- Rodman didn't get to meet Kim.

The international outcry over the killing of Jang prompted Paddy Power, the online betting company that had supported Rodman's project, to withdraw its association with the event.

But Rodman has pressed on with the plan. He met and coached the North Korean team on his previous trip last month.

READ: Dennis Rodman, NBA old-timers arrive in North Korea for basketball game

READ: North Korea: Reality vs. the world according to Dennis Rodman

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