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8/10/2019 Bitumen Report Argus Asphalt
1/23
Copyright 2014 Argus Media Inc
ArgusAsphalt Report
CONTENTS
Summary 1
Global bitumen wholesale prices 2
US and Canada 3-7
East coast 3
Gulf coast 4
Midwest 5 Rocky Mountain and west coast 6
Canada 7
Europe, Mediterranean and Africa 8
Asia-Pacic and Middle East 13
Crude 18
Oil industry news 19
Argus Media contact information 21
SUMMARY
Favorable paving conditions bolstered demand and prices at
racks in the US northeast, relieving some of the pressure on
distributor margins.
Export deals remained the focus at the US Gulf coast, but
prices failed to push higher, with an abundance of supply
putting a cap on the market.
Strong paving demand and a continued supply shortfallpushed prices higher in the Midwest. Rail and barge prices
rose another $5-10/st as paving season kicked into full swing
while supplies remained tight.
US Rockies rail prices edged higher this week, while
rack markets were more volatile, with low-high spreads
widening at some various locations. Asphalt distributors on
the West coast reported little trouble with availabilities
this week, as small cargoes began to arrive via rail and
barge.
Canadian paving demand slowed this week as mid-summerprovincial construction holidays halted activity on the
ground. A government tender in eastern Canada indicated a
rise in prices heading into August.
Prices in northwest Europe were steady to lower, tracing
parallel moves in the fuel oil markets.
Some monthly price negotiations had yet to be concluded
because of holidays, but prices were generally drifting lower
after recent losses in other markets.
Negotiations for August supplies were still underway,but rollovers were already agreed in some markets and
anticipated in others. Rack prices held at 425-440/t ex-
renery in Rotterdam and Antwerp.
Germanys August prices were left unchanged in some cases
and lowered by 5-10/t in others
One buyer said its costs had dropped 5-10/t to 430-435/t
Issue 14-31 | Friday 1 Aug 2014
Asphalt prices at key locations, 28 Jul-1 Aug
Low High
US rack prices, fob $/st
Northern New Jersey/New York City Metro 545 570 0
Coastal Texas 550 575 -3
Northern Illinois/eastern Iowa 580 595 +5
Southern California 535 545 0
Western Washington/Oregon 635 650 +5
US waterborne, fob $/st
East Gulf coast barge fob 520 525 0
West Gulf coast barge fob 515 525 0
Midwest barge fob 520 530 +5
Canada rack prices, fob $/st
Quebec 633 637 +18
Ontario 592 617 -7
Europe rack prices, fob $/t
Rotterdam 581 601 -3
Southwest Spain 628 642 -3
Asia-Pacic and Africa rack prices, fob $/t
South Africa 640 660 -25
Singapore 575 580 -5
Asia waterborne, fob $/t
Iran cargo fob 480 490 0
Singapore cargo fob 515 523 0
Taiwan cargo fob 513 518 0
South China cfr 560 578 0
st - short ton, t - metric tonne
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Page 2 of 21Copyright 2014 Argus Media Inc
ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
GLOBAL WHOLESALE BITUMEN PRICES, FOB BASIS $/t
SUMMARY
Med and NWE HSFO prices on 31 Jul were used to calculate Europe and Africa wholesale bitumen prices
New Jersey
$595/t
West Gulf coast
$573/t
Bahrain
$550/t
East Gulf coast
$576/t
Greece
$527/t
Ivory Coast$599/t
Iran
$485/t
Italy
$507/t
Japan
$528/t
Netherlands
$543/t
Singapore
$519/t
South Korea
$525/t
Spain
$512/t
Taiwan
$516/t
Thailand
$518/t
ex-renery in the south, east and west of the country and to
425-430/t in the north and southwest.
Hungarys MOL dropped its export prices by 5-15/t for
August volumes. Regional players reported Hungarian exportsinto central/southeast European markets at 410-420/t ex-
renery. MOL was set to raise its export prices to Romania by
15-20/t in the rst week of August to 460-465/t ex-renery.
Egyptian rener EGPC issued a fresh tender to import ve
bulk cargoes of Pen 60/70 bitumen during September for
delivery into Alexandria. The rst of the cargoes under
the new tender is to be delivered into onshore tanks at
Alexandria on 2-4 September
Spanish price levels for standard penetration grades of
bitumen were agreed for August volumes at prices that wereunchanged from July. That meant price assessments stayed
at 480-490/t ex-renery in the northeast of the country and
at 460-470/t in the southwest.
Singapore penetration grade (pen) 60/70 was steady at $515-
523/t fob, with trade slowing for Hari Raya Puasa holidays.
Participants were starting to look at September cargoes, with
most of August already placed.
Blending issues continued to cut Malaysian bitumen
production, with renery output slowing to a trickle this
week. Buyers are expected to feel the impact of the
slowdown when they start negotiating for August cargoes
next week.
Indonesias truck racks were closed for Hari Raya Puasaholidays, but prices will likely be revised next week when
paving resumes next week.
South Korean pen 60/70 was stable at $522-528/t, although
renery run cuts could support prices going forward. Vessels
plying the China-South Korea route were sheltering to avoid
typhoon-stricken areas, but the slowdown in vessel trafc
had yet to impact Korean prices.
Upcoming Argusasphalt/bitumen conferences:
Argus Asia-Pacic and Middle East Bitumen 2014
Singapore, 24-26 September
Argus Africa Bitumen 2015Accra, Ghana 4-5 February
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ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
hhh
0
20
40
60
80
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
EAST COAST
East coast asphalt prices $/st
Low High
Rack prices, fob, 28 Jul-1 Aug
Maine 610 625* 0
MA/NH 620 650* 0
Connecticut 570 600 0
Eastern and central NY 540 580 0
Western NY/Western PA 515 585 -3
Northern NJ/NY C Metro 545 570 0
Delaware/SE PA/south NJ 540 560 0
Maryland/northern Virginia 535 565 0
Central and lower Virginia 555 570 0
Coastal Carolinas 570 590 +15
Inland Carolinas 550 600 0
Inland Georgia 585 605 +8
Coastal Georgia/northeast Florida 565 590 +15
West coast of Florida 545 580 +15
Southern Florida 550 595 +20
Waterborne prices, 28 Jul-1 AugNew Jersey barge fob 530 550 0
N New Jersey/New York City Metro cif cargoes 545 565 0
New England cif cargoes 560 575* 0
Asphaltic crude breakeven economics are for a topping renery and represent
incremental barrels. * Represents PG 64-28; na = not applicable
Product prices
31 Jul
Heating oil /USG 278.71 +1.62
3% HFSO $/bl 90.35 -0.20
Economics $/st
31 Jul
Asphaltic crude breakeven
Maya 473.31 -31.39
Arab Heavy 632.06 -5.40
Asphalts HSFO alternative
East coast 463.23 -2.53
Asphalts HSFO alternative arbitrage, economics to US east coast
From US Gulf coast 73.29 +1.06
From the Mediterranean 7.66 +1.14
Favorable paving conditions bolstered demand and prices
at racks in the northeast, relieving some of the pressure on
distributor margins.
One rener in the northeast reported low inventories,
supporting prices for railed shipments into the Midwest or
Atlantic coast. Western Pennsylvania rail prices were running
at around $540/st this week, with a price jump likely during
the rst full week of August.
Barge trade was quieter than normal, with few distributors
looking for fresh supply at current prices. Tradeable levels
were discussed around $530-550/st fob, nearly $60/st higher
than at the same time last year. Midwest and Atlantic coast
reners are receiving less asphalt-rich Canadian crude than
last year, and the light sweet Bakken many of them are now
processing yields little asphalt.
Vessel activity slowed, with imports and exports both scarce.
One vessel was anchored off Borco in in Freeport, Bahamas
having discharged in Norfolk, Virginia.
Western Pennsylvania/New York rack prices were running at
$515-540/st for contracts and $550-560/st for spot customers.
One distributor was selling PG 64-22as high as $585/st. The
Pennsylvania Department of Transportation put out another
letting last week, suggesting paving work could extend late
into the season. A gasoline tax in the state is providing
increased funds for asphalt purchases on state projects.
Mid-Atlantic racks were at, but at least one distributor
expected to raise his prices by $20/st next week. The range
of prices available in Baltimore widened, with highs running
up to $600/st and lows offered at $540/st. That band was
expected to narrow as prices are adjusted next week.
Some Atlanta racks were quoted at $605/st on Friday, while
others were at at $585/st. Charlotte and Jacksonville PG 64-
22 was running at $575-585/st. Savannah rack prices rose to
$570-580/st, and Wilmington moved to $570-590/st.
New England cargoes diff New Jersey barge $/st
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ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
hh
425
450
475
500
525
550
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
East Gulf coast barges HSFO alternative
GULF COAST
Gulf coast asphalt prices $/st
Low High
Rack prices, fob, 28 Jul-1 Aug
Alabama (southern) 555 565 0Alabama (inland) 580 590 0
Louisiana/Mississippi (southern) 549 579 0
Louisiana/Mississippi (inland) 555 575 +20
Arkansas/northeast Texas 555 575 0
Texas (coastal) 550 575 -3
Texas (inland) 555 575 0
New Mexico 520 550 0
Waterborne prices, 28 Jul-1 Aug
East Gulf coast 520 525 0
West Gulf coast 515 525 0
Asphaltic crude breakeven economics are for a topping renery and represent
incremental barrels
Product prices
31 Jul
Heating oil /USG 275.49 +1.57
3% HFSO $/bl 88.45 0.00
Economics
31 Jul
Asphaltic crude breakeven
Maya $/st 463.88 -28.06
Arab Heavy $/st 645.64 -3.82
Asphalts HSFO alternative
Gulf coast $/st 451.71 -1.06
General rening economics, fob US Gulf coast
3-2-1 crack spread $/bl 17.54 +6.85
2-1-1 crack spread $/bl 17.54 +7.26
Export deals remained the focus at the Gulf coast, but prices
failed to push higher, with an abundance of supply putting a
cap on the market.
Multiple suppliers were aiming to sell at $530/st fob US Gulf,
but bids at that level were harder to come by, with deals
being made closer to $520/st and below. Gulf coast barge
prices are currently $60/st higher than this time last year,
while rack prices are on par with year-ago levels. Demand
from the US midcontinent may support Gulf coast prices,
with small volumes starting to leak up the river to substitute
volumes that are being processed in midcontinent cokers.
Vessel activity was slow. The Asphalt Eagle left New Orleans
partially laden on 28 July en route to Jamaica. Another
asphalt vessel was seen anchored off Willemstad, Curacao, a
storage point for Venezuelan product.
Rack movements were mixed. No changes were seen in
Alabama, but inland Mississippi jumped to $570-575/st.
Demand in the state was said to be especially strong heading
into August, leaving one distributor scouring the market for
extra volumes with which to rell his rack.
Houston was quoted at at $550-575/st, putting pressure on
distributors, as the margin between bulk and rack remained
razor thin. At least one distributor said it would not likely be
buying new volumes at current prices.
East Gulf coast barge vs HSFO alternative $/st
hh
-20
-10
0
10
20
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
New Jersey barge = 0
East Gulf coast barge-New Jersey barge fob $/st
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ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
hh
350
400
450
500
550
600
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Chicago Rack Midwest barge
hh
350
400
450
500
550
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
East Gulf coast barge Midwest barge
MIDWEST
Midwest asphalt prices $/st
Low High
Rack prices, fob, 28 Jul-1 Aug
West Oklahoma/Texas Panhandle 540 550 0
NE Oklahoma/Kansas/southwest Missouri 535 605 0
North Illinois/eastern Iowa (Chicago) 580 595 +5
South Illinois/eastern Missouri (St Louis) 560 590 0
Western Iowa/Nebraska 550 575 +18
North Dakota/South Dakota 530 550 0
Northern Minnesota/northern Wisconsin 545 560 0
Southern Minnesota/southern Wisconsin 585 620 +38
Northeast Indiana/north Ohio/Michigan 565 575 0
South Ohio/south Indiana/north Kentucky 575 585 +10
South Kentucky/Tennessee 580 590 +8
Waterborne prices, 28 Jul-1 Aug
Midwest asphalt barge 520 530 +5
Midwest roong ux barge 560 575 +3
Strong paving demand and a continued supply shortfall
pushed prices higher in the Midwest.
Rail and barge prices rose another $5-10/st as paving season
kicked into full swing while supplies remained tight. A number
of bulk Midwest suppliers were quoting prices at $530/st fob
rail. A supplier out of Pennsylvania was quoting delivered
prices into Ohio at $580/st and western Indiana at $605/st,
with prices expected to rise by as much as $20/st in August.
A distributor in Tulsa, Oklahoma said it had seen an inux
of soft material suitable for roong ux, mainly from Baton
Rouge and Oklahoma City. Another distributor of roong
asphalt said availabilities in Oklahoma were plentiful, with
prices around $540-560/st.
In Michigan, the Department of Transportation held a lettingon Friday, with offers heard between $580/st and over $600/
st. One supplier raised PG 64-22rack prices by $10/st to $585/
st. Another was at $580/st for the same grade. One large
contractor said supply was a problem in Northern Michigan as
reduced renery output and heavy demand out of the west
coast were limiting supplies for locals.
Rack prices in Chicago climbed to $580-595/st this week as
contractors moved to nish paving jobs while the weather is
good. Indianapolis and Detroit-area racks also rmed, with
prices at $575-585/st for PG 64-22. Southern Kentucky and
Tennessee rack prices shot up to $585-620/st.
Omaha prices were at, forcing distributors to reconsider plans
to buy in new supply. Midwest barge prices were approximately
$60-65/st higher than last year, while rack prices were largely
unchanged. Nebraska racks were running at $550-575/st,
compared to $575-585/st in the rst week of August last year.
East Gulf coast barge vs Midwest barge fob $/st
Illinois/E Iowa (Chicago) rack-Midwest $/st
hh
500
550
600
650
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
North/South Dakota
Northern Minnesota/northern Wisconsin
Southern Minnesota/southern Wisconsin
ND-SD, South MN-North WI, South MN-North WI $/st
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350
400
450
500
550
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Rocky Mountain wholesale rail Midwest asphalt barge
ROCKY MOUNTAINS AND WEST COAST
Rocky Mountain asphalt prices $/st
Low High
Rack prices, fob, 28 Jul-1 Aug
Montana 520 530 0Wyoming 510 520 0
Colorado 530 545 +10
Utah 480 490 0
Idaho/east Washington 485 510 0
Wholesale prices, 28 Jul-1 Aug
Rocky Mountain (rail) fob 500 520 +5
Product prices (Los Angeles)
31 Jul
EPA diesel oil /USG 295.99 +5.27
HSFO 380cst $/bl 93.33 -0.40
Asphalts HSFO alternative $/st
31 Jul
West coast 475.95 -0.69
West coast asphalt prices $/st
Low High
Rack prices, fob, 28 Jul-1 Aug
Western Washington/Oregon 635 650 +5
Northern California 555 615 +8
Central California 535 545 0
Southern California 535 545 0
Arizona 520 625 -8
Nevada 535 615 +38
Roong ux rack prices, 28 Jul-1 Aug
Southern California 600 610 0
Rockies rail prices edged higher this week, while rack
markets were more volatile, with low-high spreads widening
at some various locations.
Asphalt distributors on the West coast reported little trouble
with availabilities this week, as small cargoes began to arrive
via rail and barge. Rail prices out of the Rockies were in the
$500-520/st range for PG 64-22 and PG 58-28, and volumes
below $500/st were no longer available. Rockies rail prices
were $100/st higher than this time last year
Demand was said to be especially strong in parts of Montana
and Denver, surprising some market participants. One local
rener said it was unable to put any volumes on the rail as it
was too busy meeting commitments at its rack. A distributor
in Denver raised its rack prices to $545/st for PG 64-22.
Demand from DoTs in the Pacic Northwest was very low,
according to distributors, with no public projects announced
in the last two months in Oregon or Washington. August
demand is expected to pick-up. Rack prices in Portland edged
upward to a range of $635-650/st.
The range of rack prices available in Californias Bay Area
widened to $65/st. One supplier quoted sales prices as high
as $615/st, while another was selling around $555/st. Rack
prices in Nevada and Arizona followed a similar pattern,
with spreads in the latter increasing drastically. One supplier
quoted sales prices at $615/st.
Prices in central and southern California were at this week,
selling at $525-535/st for PG 64-10 and 64-16.
Rocky Mountain wholesale rail-Midwest barge $/st
hh
500
525
550
575
600
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Northern Southern
California rack: North vs South $/st
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Canada methodologyEastern Canada posted prices for asphalt: These are posted prices announced by suppliers and reners in the Quebec market for asphalt grades they supply(conventional and polymer). The prices are listed by company, location and grades supplied, along with differentials for premium grades. The posted prices arereported in C$/t with effective dates.Eastern Canada asphalt prices for Quebec: This is actual selling prices in the Quebec market for grade PG 58-28.Eastern Canada asphalt prices for Ontario: This is actual selling prices in the Ontario market for grade PG 58-28. Roong BUR liquid prices: This is built-uproong pricing in the Ontario market.Western Canada posted spot prices for asphalt: These prices are also known as rack postings in western Canada. They represent pricing to stationary asphaltplants at various locations. Grades represented are Pen 150/200A for Edmonton, Price George, Kamloops and Winnipeg. The grade for Vancouver is PG 64-25(Pen 80/100A).Western Canada asphalt prices for British Columbia, Alberta, Saskatchewan and Manitoba: These prices represent the current market and include winningquotes at highway tenders. Winning quotes are fob the closest supplier. Grade represented is Pen 150/200A.
CANADA
Eastern Canada posted prices for asphalt C$/t
Asphalt grade Posted pricesDifferential to
PG 58-28Effective date
Kildair (Sorel-Tracy, Quebec)
PG 58-28 790 - 01 Aug
PG 64-28 830 40 01 Aug
PG 58-34 polymer 880 90 01 Aug
PG 64-34 polymer 930 140 01 Aug
PG 70-28 polymer 930 140 01 Aug
Suncor Energy (Montreal, Quebec)
PG 58-28 755 - 03 Jul
PG 64-28 - - 03 Jul
PG 58-34 polymer - - 03 Jul
PG 64-34 polymer - - -
Eastern Canada asphalt prices
C$/t $/st
Low High Low High
Rack prices, fob, 28 Jul-1 Aug
Quebec 765 770 +33 633 637 +18
Ontario 715 745 +3 592 617 -7
Roong BUR* liquid prices
Ontario 760 780 0 629 646 -9
st - short ton, t - metric. *BUR = Built-up roofing
Western Canada posted spot prices for asphalt
Company (location) Asphalt gradeCurrent posted spot
priceEffective
date
C$/t $/st
Husky
Edmonton, AB 150/200A 665 550 18 Mar
Vancouver, BC PG 64-25 (80/100A) 710 588 18 Mar
Prince George, BC 150/200A 730 604 18 Mar
Kamloops, BC 150/200A 720 596 18 Mar
Winnipeg, Manitoba 150/200A 710 588 18 Mar
Western Canada asphalt prices
Retail prices, fob,28 Jul-1 Aug
Base asphaltgrade
C$/t $/st
Low High Low High
British Columbia150/200A or PG64-25(80/100A)
580 600 0 480 497 -7
Alberta 150/200A 590 615 0 488 509 -8
Saskatchewan 150/200A 620 640 0 513 530 -8
Manitoba 150/200A 680 690 0 563 571 -9
Canadian paving demand slowed this week as mid-summer
provincial construction holidays halted activity on the
ground.
A government tender in eastern Canada indicated a rise
in prices heading into August. The winning offer was at
C$770.25/t for PG 58-28. Although one asphalt distributor
said this months volumes were the highest of the year,
volumes are not nearly as high as in the past, when
government tenders were large and more frequent.
One major asphalt distributor was said to be especially tight
at the moment and was having trouble supplying customers.
In Ontario, prices were said to be rming to a C$715-745/t
range, as cheap winter block volumes that were offsetting
higher prices came off the market.
Activity in central Canada remained quiet this week, with
one supplier preferring to focus on roong ux markets,
which were said to be trading C$75-100/t higher than paving
grades.
hh
600
650
700
750
800
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Quebec Ontario
Quebec/Ontario C$/t
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-100
0
100
16 Aug 13 08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Netherlands (Rotterdam) Spain
Italy Greece
Ivory Coast
EUROPE AND AFRICA BITUMEN
Prices in northwest Europe were steady to lower, tracing
parallel moves in the fuel oil markets.
Some monthly price negotiations had yet to be concluded
because of holidays, but prices were generally drifting lower
after recent losses in other markets.
Negotiations in France, the UK, and the Benelux countries
resulted in agreements to keep domestic prices unchanged,
although small discounts were still thought possible. German
prices were revised lower by 5-10/t.
A slowdown in construction activity and a drop in fuel oil
prices stymied 1 August price hikes. But some expected
suppliers to raise their prices on 1 September as the holiday
season ends and demand improves. High-sulphur fuel oil
prices stood at $569.75/t fob Rotterdam on 31 July, downfrom $572/t a week earlier and $590.25/t on 30 June. July
averaged $572/t, down from $587.50/t in June.
Bitumen supplies were plentiful, and production glitches had
little impact on pricing given the lacklustre state of demand.
The shipping market was quiet, with tanker eets fully employed
under normal contractual commitments. A Spanish oil rener
renewed its time charter on the 7,917 dwt Lagan until the end
of August. The tanker was taking a cargo from Cepsas Huelva
renery to Dublin, where it was scheduled to arrive on 2 August for
a part discharge, with the remainder to be placed into Belfast.
UKUK rack prices held at 435-450/t ex-renery, as losses in
the crude and fuel oil markets stopped sellers from pushing
through planned price hikes.
European bitumen prices
28 Jul-1 Aug /t 28 Jul-1 Aug $/t
Low High Low High
Rack prices, fob*
Netherlands-Rotterdam 425 440 0 581 601 -3
Belgium-Antwerp 425 440 0 581 601 -3
Brussels 430 445 0 587 608 -2
Germany north 430 440 -8 587 601 -13
Germany northeast 430 440 -8 587 601 -13
Germany south 430 445 -5 587 608 -9
Germany southwest 425 440 -5 581 601 -9
Germany west 430 445 -5 587 608 -9
France north 465 475 0 635 649 -3
France central 470 480 0 642 656 -3
France south 475 485 0 649 663 -3
UK south^ 435 450 0 730 755 -4
Italy
440 460 0 601 628 -3Spain northeast 480 490 0 656 669 -2
Spain southwest 460 470 0 628 642 -3
South Africa rand 6,852 7,066 -130 640 660 -25
Cargo prices, cfr
West Africa# Nfc Nfc - 635 655 0
*truck prices, fob renery or terminal delivered priceprice includes 31/t tax ^UK prices in /t#not freely convertible
fob Mediterranean $/t
31 Jul
Straight-run fuel oil 3.5% sul. 566.75 -3.25
Vacuum gasoil 0.5% sul. 744.00 -13.25
Bitumens HSFO alternative $/t
31 Jul
Mediterranean 516.04 +1.56
cif northwest Europe $/t
31 Jul
Straight-run fuel oil 3.5% sul. 585.25 -4.25
Vacuum gasoil 0.5 % sul. 749.50 -11.25
Europe and Africa wholesale differentials to HSFO $/t
Market Bitumens differential to HSFO
The Netherlands (Rotterdam) -15 to 0
Spain -40 to -35
Italy -45 to -40
Greece -25 to -20
Ivory Coast +45 to +55
Grade represented Pen 60/70 or equivalent grade
Europe/Africa wholesale differentials to HSFO $/t
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550
600
650
700
750
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
West Africa car o Med HSFO
Demand continued to hold up well relative to the rest of
Europe, but market participants reported at least some
slowdown for summer holidays.
France-BeneluxNegotiations for August supplies were still underway,
but rollovers were already agreed in some markets and
anticipated in others.
Rack prices held at 425-440/t ex-renery in Rotterdam
and Antwerp. French prices were also unchanged, but
northeastern markets could be weighed down by a 5-10/t
price drop in western Germany that took effect on 1 August.
French demand remained poor, and the slowdown was
exacerbated by summer holidays.
Many Dutch and Belgian asphalt plants closed in the last week ofJuly for a construction sector holiday period that will last until
mid-August. Repair and maintenance work will subsequently
resume on a number of major Dutch highways and intersections.
GermanyAugust prices were left unchanged in some cases and
lowered by 5-10/t in others
One buyer said its costs had dropped 5-10/t to 430-
435/t ex-renery in the south, east and west of the country
and to 425-430/t in the north and southwest. Another
market player indicated prices in the west of the countrywere lowered to the 430-440/t ex-renery range, while
a domestic producer said it had dropped prices to 455/t
ex-renery in the south and west, and to 445/t in the
southwest, east and northeast of Germany.
July demand was poor, with volumes approximately halved
according to one participant. Competition for market share
amongst local producers and importers remained erce, with
discounts being offered on many accounts in a bid to keep
business.
Hungarian rener MOL was reported to have increased
its export prices by 5-15/t into Germany and central and
southeast Europe. One of the main Polish exporters into
Germany was heard keeping its August prices unchanged.
Demand was expected to remain weak until mid-August,
before a recovery in construction activity after summer
holidays end.
Bitumen production at the PCK renery in Schwedt, eastern
Germany was reported to have encountered problems.
Issues affecting bitumen output at Shells Godorf renerywere believed to have been resolved, adding to domestic
and regional supplies after recent renery restarts at
Gelsenkirchen, Leuna and Lingen after turnarounds.
Central Europe-BalkansHungarys MOL dropped its export prices by 5-15/t for
August volumes.
Regional players reported Hungarian exports into central/
southeast European markets at 410-420/t ex-renery. MOL
was set to raise its export prices to Romania by 15-20/t in
the rst week of August to 460-465/t ex-renery.
Export prices for standard penetration grades from Bosnias
Bosanski Brod renery were reported to have risen by around
$10/t in late July to reach the $550-560/t ex-renery on 1
August. Discounts to fob Mediterranean high-sulphur fuel
oil were in the $10-20/t range on an ex-renery basis. Total
EUROPE AND AFRICA BITUMEN
Italy rack diff HSFO Med $/t West Africa cargo cfr vs Med HSFO fob barge $/t
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hh
710
720
730
740
750
760
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
hh
620
640
660
680
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
monthly bitumen sales from the renery were reported at
24,000-25,000t for July.
Bitumen imports into Romania from one of the Polish rener/
exporters were reported at 440/t on a delivered basis,
broadly equivalent to a Polish ex-renery price of 360-365/t.
Serbian export sales into regional neighbours like Bulgaria
and Romania were indicated at $10-15/t discounts to fob
Mediterranean high-sulphur fuel oil on an ex-renery basis.
Strong demand in Turkey, Egypt, Lebanon and Tunisia were
supporting prices in southeast Europe.
PolandBitumen demand in Poland was 2.23mn t in 2009, slipping
to just over 2mn t in 2011 and falling sharply thereafter to
1.48mn t in 2013. Expectations are of a steady 2014, withfresh EU funds not expected to have a signicant impact
yet on the bitumen until 2016 onwards, a year after the
anticipated start in 2015 of implementation of new road
contracts helped by the fresh EU funds.
MediterraneanThe Eid-Al Fitr holiday period after the Muslim fasting month
of Ramadan kept many market participants out of the market
for all or part of the last week of July. Turkish holidays ran
for the whole of that week, keeping discussions for bitumen
shipments into that market extremely thin.
Nevertheless, Turkey along with Egypt and Tunisia were
still regarded as the main markets drawing bitumen surpluses
from regional suppliers, while the renewed are up of
violence in Libya meant a halt to bitumen cargo ows to that
market was expected for at least the month of August.
The 3,500 DWT Katerina L was xed to move a cargo from
Livorno, Italy, to Rades, Tunisia, with the voyage taking
place at the very start of August. The 3,000 DWT Soa was
en route to Lebanon, following a previous cargo shipment
into Beirut on board the Katerina L. The Soa was believed
to have been used to make a shipment into the northern
Greek port of Thessaloniki where a Greek trading rm runs a
bitumen terminal.
Egypt provided a fresh boost to the regional market as EGPC
issues a new tender to import ve cargoes of bitumen during
September.
EgyptEgyptian rener EGPC issued a fresh tender to import ve
bulk cargoes of Pen 60/70 bitumen during September for
delivery into Alexandria. While 5,000-6,000t cargo sizes wereagain specied under the tender, the actual deliveries are
likely to be as with the current late July/August tender
volumes in 4,000-4,500t cargo sizes given the bitumen
tanker availability in the Mediterranean. The rst of the
cargoes under the new tender is to be delivered into onshore
tanks at Alexandria on 2-4 September, to be followed by
a cargo delivery every 3-4 days thereafter. The tender is
scheduled to close on 5 August, traders said, although EGPC
sources were unavailable for comment during the Eid al-
Fitr holiday in late July after the Muslim fasting month of
Ramadan.
The rst of two cargoes won by European oil trading rm Nimex
under the existing tender awarded in recent weeks was set to
arrive at Alexandria on 31 July on board the 5,000 DWT bitumen
tanker Sunpower that shipped the 4,100t cargo from the Motor
Oil Hellas renery in Agio Theodori, Corinth, in Greece. The
cargo will not be discharged until letters of credit have been
EUROPE AND AFRICA BITUMEN
UK south $/t South Africa $/t
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issued by EGPC for receipt of the volume. The rst of four
cargoes to be supplied by Switzerland-based trading rm Proton
Energy under the same tender arrived at Alexandria on 31 July-1
August. That cargo (4,300t) was shipped on board Bituma 1 from
Mohammedia to be followed by three subsequent shipments
from the Hellenic Petroleum renery in Aspropyrgos, Greece.
ItalyDomestic price levels were generally indicated steady,
although weak demand for the time of year caused in
part by adverse weather conditions has resulted in some
selling in the 430-450/t ex-renery range, inclusive of a
31/t government tax. One market player reported delivered
price levels in northern Italy at 460-465/t. Another seller
by contrast indicated average price in the north and centre
at 455/t, with prices in the south of the country indicated
around 15/t higher than that level. Price assessments edgeddown to the 440-455/t range.
Heavy rainfall was affecting much of northern Italy after
adverse weather conditions in the second half of July that
stymied construction work that is anyway still restricted by
lack of government funding for road and other projects. Total
July bitumen consumption on the domestic market is now
unlikely to surpass levels in the same month of last year.
The heavy rain in late July had a direct impact on bitumen
loadings on trucks at the Eni renery in Livorno, temporarily
restricting such loadings, a factor that coincided with the one-day strike on 29 July that halted renery production at Enis
Livorno and Taranto reneries. Eni was reportedly seeking to
maximise its domestic sales in northern Italy from the Livorno
renery, although that effort was hampered by weak regional
demand. In the south, the Taranto renery was mainly focused
on seeking export outlets, market participants said.
Talks were being held on 30 July between Eni management
and unions representing renery workers after a 24-
hour strike on the previous day halted production at the
companies reneries and other plants across Italy. The strike
action, in protest against Enis plans to close a number ofits reneries for economic reasons, was expected to be
repeated during the course of August. The Livorno and
Taranto reneries, both key bitumen-producing facilities, are
under threat of closure.
SpainDomestic price levels for standard penetration grades of
bitumen were agreed for August volumes at prices that were
unchanged from July. That meant price assessments stayed
at 480-490/t ex-renery in the northeast of the country and
at 460-470/t in the southwest.
Activity levels continued to improve during the peak summer
season.
Fresh data released by the countrys constructors federation
Seopan showed a continued rise in construction tenders
offered by state controlled construction bodies and regional
authorities. This was seen by the industry as offering some
support to Spanish asphalt demand that has been hit hard by
the nancial crisis in Spain. (for full story, please refer to the
asphalt and bitumen industry briefs section)
Mixed asphalt production in Spain stood at 13.4mn t in 2013,
the lowest domestic volume for 25 years and conrminga 70pc decline since 2007, the Spanish Association of
Manufacturers of Asphalt Mixtures (ASEFMA) said in a 23 July
statement. ASEFMA said the number of companies involved
in the sector had declined, with just seven companies now
dedicated solely to production of hot mix asphalt. Across the
EU27 countries, the decline in mixed asphalt production has
amounted to 15pc since 2007, according to partial data so
far released, ASEFMA said, adding that Spain in the partner
country that has the highest relative and absolute decline.
The Spanish association estimates that the need for
investment to replace and strengthen road surfaces acrossthe country has reached 5.83mn, including 1.88mn in
the state run highway network and 3.95mn in other roads,
whether private, local or regional.
West AfricaHeavy and non-stop rain at the end of July through to the
start of August in the Lagos area and other parts of southern
Nigeria was severely hampering road and other construction
activity and thereby limiting any fresh requirements for
mixed asphalt and for bitumen.
Recent bitumen cargo arrivals included a 6,400t shipment onboard the Biskra, owned and operated by a global bitumen
shipping and trading rm. The vessel was discharging around
25 July into a Warri terminal operated by a European oil
major, coinciding with another late July delivery of a 4,000t
cargo - into the terminal on board the Iver Accord.
No fresh cargo bookings were reported, although a number
of trading rms were requesting freight rate quotes for
EUROPE AND AFRICA BITUMEN
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EUROPE AND AFRICA BITUMEN
shipments from Europe, mainly the Spanish Mediterranean
export terminals, to Port Harcourt in Nigeria and Takoradi
in Ghana. Freight rate indications for Tarragona to Port
Harcourt were reported at around $125/t and for Tarragona
to Takoradi at around $120/t.
Import prices into Nigerian ports were pegged at $635-655/t
on a cost and freight basis.
The Nigerian National Petroleum Corporation (NNPC)
announced that it planned to resume bitumen production at
its Kaduna renery in a bid to reduce, or even end, imports
of the product into the country. NNPC said that, in the initial
phase of ramping up Kaduna operations, it planned to supply
to the market around 5,000t of bitumen from storage tanks
at the renery and to produce a further 14,500t of bitumen
from available residue in the August/September period.
Nigeria has produced little or no bitumen for at least the
past ve years, relying on imports of the product to meet
domestic demand that stands anywhere between 500,000t/yr
and 1mn t/yr
The Kaduna Rening and Petrochemical Company (KRPC) says
it has the capacity to produce 1,796 tonnes of bitumen per
day, which amounts to 655,000t in a full year of production.
Actual annual production capacity is estimated at just
590,000-600,000t/yr, although no supply has been seen from
the renery for several years.
East AfricaExport activity and market discussions were very thin in the
last week of July when large numbers of market participants,
including Iranian producers and trading rms, were enjoying
the Eid-Al Fitr holidays at the end of the Muslim fasting
month of Ramadan.
The price range for Iranian drummed bitumen exports stayed
at $520-545/t fob Bandar Abbas. Freight rates for drummed
cargo shipments from Jebel Ali to Mombasa were pegged at
$70-75/t for shipments moved in 182kg drums and at around$95/t for volumes shipped in 200kg drum consignments.
On 30 July, Kenyan President Uhuru Kenyatta launched a
programme to increase the number of tarmacked roads in the
country from 14,000km to 24,000km over the coming years.
Under this Annuity Programme, we will complete 2000km
of small roads within 2014/2015 nancial year. This will be
followed by 3000km in 2015/2016 made up of 80pct small
roads, and 20pc highways. In the 2016/2017 nancial year, we
will complete 5000km, 80pc of which will be small roads and
20pc highways, Kenyatta said.
He added that wastage of public funds would be minimised
when private rms are contracted to build roads and other
infrastructure projects.
South AfricaDomestic prices for standard penetration grades of bitumen
Pen 35/50, 50/70 and 70/100 were cut by around R100/t
by the countrys suppliers with effect from 1 August to an
average price level of R7,000/t ($650/t).
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ASIA-PACIFIC AND MIDDLE EAST BITUMEN
SingaporeSingapore penetration grade (pen) 60/70 was steady at $515-
523/t fob, with trade slowing for Hari Raya Puasa holidays.
Participants were starting to look at September cargoes, with
most of August already placed. A 4,000t September cargo
was heard selling at around $517/t t. A 3,000t cargo was also
being negotiated, with the deal expected to conclude next
week. September availabilities were expected to be tighter
than August.
Singapore marine terminals continued to experience some
loading delays, but conditions were improving in line with theweather.
Rack markets were quiet. Sales of pen 80/100 to Malaysian
buyers were expected to slow in August, and prices were
stable at $523-528/t.
Asia bitumen prices, 28 Jul-1 Aug
Local currency/t $/t
Low High Low High
Rack prices, fob
South Korea won 740,408 768,454 0 718 745 -1
Mumbai, India rupees 40,605 42,604 +250 669 702 -3
Mumbai, India drums rupees 43,704 45,704 +250 720 753 -3
Thailand baht 17,687 17,880 +109 550 556 -2
Indonesia rupiah 6,635,340 6,635,340 -8977 573 573 0
Singapore $S 717 723 -2 575 580 -5
Singapore ex-renery to Malaysia $S 652 658 +3 523 528 0
Japan 73,000 80,000 0 710 778 -8
Export cargo/drum prices, fob
Iran - - - 480 490 0
Iran drums - - - 520 545 0
Bahrain dinar 207 207 0 550 550 0
Thailand baht 16,561 16,722 +162 515 520 0
Singapore $S 642 652 +3 515 523 0Singapore drums $S 786 798 +4 630 640 0
Japan 53,987 54,501 +587 525 530 0
Taiwan NT$ 15,421 15,572 +40 513 518 0
South Korea won 538,311 544,498 +538 522 528 0
Cargo prices, cfr
China - north coast yuan 3,366 3,428 -11 545 555 0
China - east central yuan 3,428 3,644 -11 555 590 0
China - south coast yuan 3,459 3,570 -11 560 578 0
North Vietnam drums Nfc* Nfc* - 680 710 0
South Vietnam drums Nfc* Nfc* - 680 700 0
*not freely convertible Note: All cargo prices are for heated tankers unless otherwise specied. Exchange rates used effective for Thursday of week reported
Asia-Pacic products31 Jul
fob Singapore HSFO 180cst $/t 599.75 +0.50
fob Singapore HSFO 380cst $/t 597.75 -0.25
fob Singapore gasoil, high pour $/bl 117.55 -0.35
Economics $/t
31 Jul
Bitumens HSFO alternative Singapore 548.23 +1.25
Bitumen freight rates, 28 Jul-1 Aug $/t
Low High
Singapore-south China 48.00 56.00 0.00
Singapore-east China 58.00 67.00 0.00
Thailand-south China 48.00 56.00 0.00
Thailand-east China 58.00 67.00 0.00
Taiwan-east China/south China 28.00 35.00 0.00
South Korea-east China 27.00 34.00 0.00
east China and south China both refer to coastal ports in the region
Bitumen market participants
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MalaysiaBlending issues continued to cut Malaysian bitumen
production, with renery output slowing to a trickle this
week.
Buyers are expected to feel the impact of the slowdown
when they start negotiating for August cargoes next week.
Tank trucks were off the road for most of the week because
of Hari Raya Puasa holidays, but a few small maintenance
jobs remained underway in parts of the country. Tank trucks
will be off the road for the weekend because of heavy trafcafter the holidays.
ThailandThai rack prices fell $2/t to $550-556/t as heavy rainfall
slowed paving.
Thailands rener and petrochemical producer was expected
to announce September availabilities next week. The rener
will most likely offer one spot cargo, with all other material
allocated to term buyers and rack customers. Chinese
companies are the most likely buyers for the September spot
cargo.
IndonesiaIndonesias truck racks were closed for Hari Raya Puasa
holidays, but prices will likely be revised next week when
paving resumes next week.
Market participants expect to have a better indication
of September demand next week. Indonesian bitumen
ASIA-PACIFIC AND MIDDLE EAST BITUMEN
Prices at China main reneries, 28 Jul-1 Aug
Area Province Renery GradePosted
priceyuan/t
Contract
priceyuan/t
Posted
price $/tContractprice $/t
Nothwest Xinjiang Petrochina Karamay AH-70, AH-90, AH-110, AH-130 4,600 0 4,550 0 745 737AH-100, AH-140, AH-180 4,550 0 4,500 0 737 729
Sinopec Tahe 90-A 4,500 0 4,400 0 729 712
90-B 4,500 0 4,400 0 729 712
Gansu Petrochina Lanzhou AH-90 No sale - No sale - - -
Shannxi Sinopec Xian AH-90 4,400 0 4,350 0 712 704
Northeast Liaoning Petrochina Liaohe AH-70, AH-90, AH-110, AH-100, AH-140 4,450 0 4,350 0 720 704
Panjin Northern AH-90, AH-110, AH-100, AH-140 4,450 0 4,380 0 720 709
North Hebei Petrochina Qinhuangdao AH-70, AH-90 4,450 0 4,350 0 720 704
Central Henan Sinopec Luoyang AH-90 4,400 0 4,350 0 712 704
East Shandong CNOOC asphalt AH-70, AH-90 No sale - No sale - - -
Sinopec Qilu 70 -A 4,450 0 4,400 0 720 712
90 -A, 70-B 4,400 0 4,350 0 712 704
90-B 4,350 0 4,300 0 704 696
Sinopec Jinan AH-100 No sale - No sale - - -
Zhejiang Sinopec Zhenhai 70-A, 90-A 4,400 0 4,350 0 712 704
70-B, 90-B 4,350 0 4,300 0 704 696
CNOOC Daxie AH-70, AH-90 No sale - No sale - - -
Petrochina Wenzhou AH-70, AH-90 4,200 0 4,100 0 680 664
Shanghai Sinopec Shanghai AH-70 4,350 0 4,300 0 704 696
Jiangsu CNOOC Taizhou AH-70, AH-90 4,550 0 4,400 0 737 712
Sinopec Jinling 70-A, 90-A 4,350 0 4,350 0 704 704
South Guangdong Sinopec Maoming 70-A, 90-A 4,350 0 4,280 0 704 693
Sinopec Guangzhou 70-A, 90-A 4,350 0 4,230 0 704 685
Petrochina Gaofu AH-70, AH-90 4,350 0 4,230 0 704 685
Southwest Sichuan CNOOC Sichuan AH-70, AH-90 5,080 0 5,070 0 822 821
China refiners and bitumen market participants
Australia import cargo prices $/t
Low High
Thailand fob (Class 170) 533 543 0
Thailand fob (Class 320) 545 550 0
Singapore fob (Class 170) 535 540 0
Singapore fob (Class 320) 550 555 0
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hh
500
525
550
575
600
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Singapore cargo Thailand cargo
hhh
500
550
600
650
700
750
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Singapore drum Singapore cargo
consumption has softened this year because of elections and
budget cuts.
Freight costs for imports into Gresik from Singapore were
running at $33-35/t for a 3,000-5,000t capacity vessel.
South KoreaSouth Korean pen 60/70 was stable at $522-528/t, although
renery run cuts could support prices going forward.
Vessels plying the China-South Korea route were sheltering to
avoid typhoon-stricken areas, but the slowdown in vessel trafc
had yet to impact Korean prices. Reduced renery throughput
could start to support Korean cargo prices going forward.
New data put Koreas June bitumen production down 18.7pc
month-on-month at 431,138t, but production was up 4.2pcyear-on-year. Bitumen exports dropped to 291,734t in June
from at 330,794t in May, but were up 21.8pc year-on-year.
VietnamVietnamese bitumen inventories remained high as demand
slowed through much of the country.
The slowdown appeared to be deterring Singapore and
Taiwanese marketers, with Vietnamese distributors saying
they had yet to receive offers for September cargoes.
Demand is expected to remain weak in August, as thecountry is currently in its typhoon and rainy season.
JapanReduced paving demand continued to force Japanese
bitumen onto the export market this week.
Cargoes were being sold into the Chinese market as a lack
of new road projects left the country awash in supply. There
was talk of a 3,000t cargo being sold to a buyer in Ningbo at
an undisclosed price.
Rack prices were stable, but there was talk of some buyers
receiving discounts.
AustraliaAustralian demand remained weak amid wintry conditions,
but demand is expected to pick up in October as the country
enters summer.
Distributors expected to see new road project tenders
announced soon.
There was little interest in spot September material, butsome buyers said they may could pick up one or two cargoes.
TaiwanTaiwanese material was stable at $513-518/t fob, with four or
ve cargoes likely to be up for sale in September.
Taiwans privately-owned supplier will likely have 4-5
September loading cargoes, with price negotiations expected
to begin next week. Taiwan cargoes normally move to
Vietnam and the Philippines.
ChinaChinese import and rack prices held steady, in line with
unchanged Korean and Singapore markets.
Run cuts at Korean reneries could support Chinese import
prices in the weeks ahead, but fob Korea pricing was still
ASIA-PACIFIC AND MIDDLE EAST BITUMEN
Singapore drums - Singapore fob $/tSingapore cargo vs Thailand cargo $/t
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ASIA-PACIFIC AND MIDDLE EAST BITUMEN
unaffected as of this week. A Ningbo buyer was heard pickingup 3,000t of Japanese material at an unknown price.
On the export side, Chinas state-controlled rener sold a
rare 3,000t cargo of into Thailand via a trader. The cargo
loaded in mid-July.
IndiaIndian reners raised their prices this week despite a slump
in demand for bitumen.
Reners upped their prices by 250 rupees ($4.10/t) effective
1 August despite a slump in rack demand. They were offering1,000-2,000 rupees/t discounts depending on volume.
Demand for bitumen was expected to remain weak for
the next six-eight weeks as the entire country is engulfed
in heavy rains. Indian reners produce fuel oil instead of
bitumen in July-September because of slow paving work.
But consumption was expected to pick up in the fourth
quarter, as work commences on several delayed road
projects following the end of the monsoon season.
Iran
Iranian markets were quiet, but export prices were expectedto fall next week in the wake of Eid-Al Fitr holidays.
Tandis International sold 1,500t of drummed pen 60/70 at
$612/t fob Bandar Abbas ($518/t in free market currency).
The buyer will pay 30pc in advance and in cash.
Traders were offering regular cargoes at $475-490/t fob
Bandar Abbas for payment in cash, in advance. They were
Report of Iran export sale 26-31 July 2014
Bitumengrade
Producers Settled price $/t PackingVolume
tDestination
60/70 Pasargad Oil No supply Bulk/Drum/Bituplast
- Export by ship from Bandar Abbas
- Export By ship from Imam Khomeini port
- Supply ex-Tehran
- Supply ex-Arak
- Supply ex-Tabriz
Corus Energy Development 540 Bulk 1,000 Export by ship from Bandar Abbas
Tandis International (MTA) 612 Drum 1,500 Export by ship from Bandar Abbas
Esfahan Ghir 575 Drum 400 Export by ship from Bandar Abbas
Jey Oil No supply Drum - Export by ship from Bandar Abbas
No supply Bulk - Export by ship from Bandar Abbas
Jey Oil No supply Drum - Export by ship or truck, supply ex-Esfahan
522 Bulk 100 Export by ship or truck, supply ex-Esfahan
Azar Davam Yol 520 Bulk 2,000 Export by ship and truck, supply ex-Tabriz
Azar Bam Ayegh Kar 530 Bulk 1,500 Export by ship and truck, supply ex-Tabriz
Arka Energy & Rening 540 Bulk 50 Export by ship and truck, supply ex-Tabriz
Mehr Parsian 535 Bulk 400 Export by truck or ship, supply ex-Tehran
85/100 Pasargad Oil No supply Bulk - Export by truck ex-Tabriz factory
Drum - Export by truck ex-Tabriz factory
Jey Oil No supply Bulk/Drum - Export by ship and truck, supply ex-Esfahan
- Export by ship and truck, supply ex-Esfahan
- Export by ship from Bandar Abbas port
Esfahan Ghir 575 Drum 300 Export by ship from Bandar Abbas port
MC-30 West Bitumen & Asphalt 835 Bulk 195 Export by ship from Bandar Abbas port
Exchange rate 1$ = 26,253 rials, t= Metric tonne
Report of Iran domestic sale 26-31 July 2014
Bitumen grade Volume t Settled price rials/kg
60/70 21,601 13,443-14,372
85/100 2,438 13,443
MC-250 112 18,744-21,042
Emulsion Rapid 0 9,400
Emulsion Slow No supply -
Exchange rate 1$ = 26,253 rials, t= Metric tonne
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offering drummed material at $515-535/t fob Bandar Abbas
for cash payment, and at $535-550/t fob Bandar Abbas with
letter of credit. Jey Oil sold 100t of pen 60/70 at $522/t
($437/t in free market currency).
Azar Davam Yol sold 2,000t of pen 60/70 at $520/t ex-Tabriz
($440/t in free market currency).
Iran local market
National Iranian Oil Company (NIOC) dropped its vacuum
bottom (VB) prices by 2pc this week.
Around 23,000t of vacuum bottoms changed hands at 11,157
rials/kg ex-Tehran and 5,000t sold at 11,688 rials/kg ex-
Tabriz. NIOC sold 11,000t from its Bandar Abbas renery and
6,060t from its Shiraz renery, both at 11,157 rials/kg.
With vacuum bottoms falling, rack prices also moved lower.
Jey Oil dropped its prices by 306 rials/kg for pen 60/70 and
pen 85/100. It also sold a domestic cargo at 13,443 rials/kg
ex-Esfahan.
Pasargad Oil was selling pen 60/70 at 13,433 rials/kg ex-Arak,
14,372 rials/kg ex-Tehran, 14,190 rials/kg ex-Bandar Abbas,
and at 14,115 rials/kg ex-Tabriz. Akam Bitumen sold 1,500t of
pen 60/70 at 13,739 rials/kg ex-Qom.
Shiraz Oil was offering pen 60/70 and 85/100 at 12,831 rials/
kg ex-Shiraz, but no deal was concluded.
Total trade for the week came in at 24,151t, with 48,190t
offered and 24,196t of demand.
ASIA-PACIFIC AND MIDDLE EAST BITUMEN
hh
450
475
500
525
550
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
Drum Cargo
hhh
525
550
575
600
625
08 Nov 13 14 Feb 14 09 May 14 01 Aug 14
North China South China
Iran drum vs cargo $/t North and South China cargo cfr prices $/t
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hh
70
80
90
100
110
10 Jun 14 26 Jun 14 16 Jul 14 01 Aug 14
WTI Lloyd Blend
hh
-5
0
5
10
15
/bl
28 Apr 14 30 May 14 01 Jul 14 01 Aug 14
16
19
22
25
28
Jul 13 Oct 13 Jan 14 Apr 14 Jul 14
EIA
ASPHALT AND BITUMEN INDUSTRY BRIEFS
Suriname close to completing renery expansionThe $900mn expansion of Surinamese state-run Staatsolies
7,000 b/d Tout Lui Faut renery will be completed by
September, bringing processing capacity to 15,000 b/d, the
company says.
The existing crude units will be shut down, but will be
restarted if there is need for more processing, Staatsolie says.
The expansion will allow the renery to produce low sulfur
diesel, gasoline, fuel oil and asphalt for the local market and
sulfuric acid for export to the Caribbean, Staatsolie says.
The upgraded renery will have a 15,000 bl vacuum tower
and produce 8,000 b/d of diesel and 3,000 b/d of gasoline.
The expanded renery will meet the countrys demand for
diesel and asphalt, and just over two-thirds of its gasoline, the
company says.
Staatsolie is looking to export some of the EU-quality
diesel in French-controlled Martinique, Guadeloupe and FrenchGuiana.
Italian engineering rm Saipem is carrying out the
expansion under a $424mn contract.
Staatsolie is seeking to increase crude reserves by 80pc
to 144mn bl while maintaining current production of 17,000
b/d for the next three years, the company says. Suriname
produces oil from the onshore Tambaredjo and Calcutta elds.
Staatsolie recently awarded a contract to Trinidads WSPC
to drill nine exploration wells in shallow water Block 4, off the
coast of Saramacca district.
Companies that have leased offshore blocks from
Staatsolie include the UKs Tullow Oil, US Kosmos, Chevron, USindependent Apache and Malaysias state-controlled Petronas.
Surinames acreage is part of the Guianas Shield that runs
from Venezuela to French Guiana, and which the US Geological
Survey estimates could contain recoverable oil reserves over
13.6bn bl and gas reserves of 39 trillion ft3.
CRUDE
Americas prices $/bl
31 Jul on week
WTI Cushing 98.17 -7.83
WTI Midland 87.72 -3.02
WTS Midland 90.67 -3.29ANS USWC 105.97 -0.90
Mixed Sweet (MSW) 87.83 -3.00
Lloyd Blend (pipeline) 75.20 -1.14
Western Canadian Select (WCS) 75.45 -1.14
Maya del USGC 91.90 -2.02
Non-Americas prices $/bl
Basis 31 Jul on week
Tapis 107.76 -1.32
North Sea Dated 104.46 -1.32
Dubai 104.67 -1.25
Arab Heavy, fob Ras Tanura
Differential to Asia Oman/Dubai -2.80 0.00
Differential to Europe Ice Bwave -8.40 0.00Differential to US ASCI -0.15 0.00
Kuwait fob
Differential to Asia Oman/Dubai -0.40 0.00
Urals NWE 103.46 -0.87
Urals Med 104.56 -0.32
WTI - Lloyd Blend $/bl
Brent-WTI $/blUS end-of-week asphalt and road oil stocks mn bl
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ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
Higher Spanish construction tenders boost asphaltSpanish asphalt demand is set to rise as increases in
construction tenders offered by state-controlled construction
bodies and regional authorities help to offset the impact of
the nancial crisis.
Spain offered 1.54bn ($2bn) in tenders in May, a rise of
63pc on the same month a year previously when 944mn of
tenders were released, according to data released by the
countrys constructors federation Seopan.
Tenders offered by regional authorities were at on the
same month last year at around 171mn. But the countrys
interior ministry boosted tenders to 891mn, up by 116pc from
412mn in the same month a year ago. Regional authorities
have looked for bids for 893mn worth of construction
contracts over the year to the end of May, up by 61pc from the
rst ve months of 2013.
While Spanish construction tenders have risen in 2014
from the lows of 2012 and 2013, they are yet to get back to
levels seen since the financial crisis hit the country. Sometenders offered by state-controlled construction firms and
regional governments have also failed to be implemented
after bids for contracts were accepted. The cash strapped
authorities in the southern region of Andalusia recently
cancelled a 307mn investment programme for two out
of three planned motorway renovation and construction
projects. The Andalusian constructors federation Ceacop
called the decision by the regional government a
disaster.
Strabag signs for Polish espresswayAustrian construction giant Strabag has signed a contract to
build a stretch of the planned S7 expressway.
The Trasa Nowohucka stretch will run between Rybitwy
and Igolomska. The new section will form part of the
expressway that is planned to link Gdansk in the north and
Rabka-Zdrj in the south of Poland. In three years time, the
new section is intended to absorb trafc from national road
79 and funnel it to the A4 motorway between Katowice and
Rzeszow.
The construction site is scheduled to be handed over this
month, and constructions are planned to start in August/
September. Under the contract, which is worth PLN 529mn(around 130mn), the consortium agreed to perform the
following tasks: construction and renovation of the trafc
infrastructure with a total length of 18.6km, including the
4.5km long expressway with two carriageways consisting
of three lane each. The national road 79 with a length of
1.6km, the construction of on-and-off ramps as well as six
yovers and ve bridges. Furthermore, the tram lines will
be modernised.
OIL INDUSTRY BRIEFS
Signs of spending revival in NigeriaInvestment uncertainty in Nigeria caused by the governments
failure to pass its long-delayed petroleum industry bill and
increased oil theft and insecurity in the Niger delta has deterred
upstream spending by the countrys main foreign partners. But
some projects are progressing, despite the sharp slowdown.
Shell, Total, Chevron, Italys Eni and US company ConocoPhillips
have sold upstream assets as onshore and shallow-water elds
become uneconomic. Exploration and development in Africas
largest oil exporter has been declining since 2006.
But Shell is aiming to make a nal investment decision on its
225,000 b/d Bonga Southwest offshore project by the end of this
year. First production from the project in block 118 is expected in
2020 and estimated development costs are put in excess of $12bn.
Bonga Southwest was discovered in 2001 but initial engineering
and design only began last year. The project is expected to include
Chevrons undeveloped Aparo eld.Shell plans to bring the 45,000 b/d Bonga Northwest eld into
production at the end of this year. The 100,000 b/d Bonga North
project is under evaluation for development. Other projects
being carried out by Shell include the 90,000 b/d of oil equivalent
(boe/d) Forcados Yokri and the 85,000 boe/d Southern Swamp
Associated Gas Solutions schemes.
These last two projects are focused on increasing gas supply
to the Nigerian market. A nal investment decision was made last
year on the $2.4bn, 215,000 boe/d Gbaran-Ubie phase 2 project,
which will increase gas supply to the 22mn t/yr Nigeria LNG plant
on Bonny island. And Shell is working on the $1.1bn Trans Niger
loop line project to remedy pipeline losses caused by vandalism.ExxonMobil awarded the main contracts for the 60,000 boe/d
offshore Erha North phase 2 project last year. And the rm is
carrying out development drilling at the 80,000 b/d Satellite
project. But uncertainty over future scal and other operating
terms have held up investment decisions on the key 140,000 b/d
Bosi and 110,000 b/d Uge eld developments.
Total aims to bring the 200,000 b/d offshore Egina eld in block
130 on stream at the end of 2017 after it took a nal investment
decision last year. The second phase of Totals Ofon project is
scheduled to start up this year, lifting output to 90,000 boe/d from
30,000 boe/d. And Total plans to boost capacity at the 180,000 b/d
Usan eld by 50,000 b/d from 2016, although it has recently triedto sell its 20pc stake in Usan.
Venezuela swims against the tideVenezuela is moving away from the downstream. Growing
trade links with Asia-Pacic buyers, particularly China, are
prompting the change as state-owned oil rm PdV struggles to
maintain crude production. But Caracas is swimming against
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ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
the tide of other Opec members in the Mideast Gulf that
are building up their products export capacity. The shift has
implications for Opec output policy.
PdV is trying to sell its US reneries, around 25 years
after acquiring them. The rm has 850,000 b/d of operational
capacity in the US, which it mostly controls through its Citgo
subsidiary, as well as through a joint venture with ExxonMobil.
PdV began stripping away its downstream assets when it sold
its 50pc stake in German rener Ruhr Oel 234,000 b/d of
net capacity to Russias Rosneft in 2010. But a new round
of trade deals between Caracas and Beijing has left PdV with
more commitments to supply crude to China.
Venezuela already supplies 600,000 b/d to China under
oil-backed loan deals. Roughly half of this reaches China as
crude, 100,000 b/d as straight-run fuel oil for upgrading in
independent Chinese reneries or to use as bunker fuel,
and the rest is resold by Chinese rms. PdV has pledged to
increase oil sales to China to 1mn b/d in 2016.
The rm has been diverting crude from the US to supplyAsia-Pacic markets for a number of years. It has cut runs of
Venezuelan crude at its US reneries by 160,000 b/d since
2010, matching the increase in Chinese imports over the same
period. It would have to cut all its remaining US crude exports
and stop the roughly 200,000 b/d of subsidised sales in the
Americas under the PetroCaribe scheme to fully meet its 2016
export target to China.
In contrast to PdVs strategy, Saudi Aramco is adding
900,000 b/d of net rening capacity over the next three years
through stakes in new reneries at Jubail, Yanbu and Jizan.
The UAE will have another 600,000 b/d of rening capacity
at Ruwais and Fujairah over the next two years. KuwaitsKPC plans to build 680,000 b/d of capacity by 2019, although
its commitment to Sinopecs 300,000 b/d Zhanjiang renery
project in southern China appears to have waned.
Venezuela is a founding member of Opec. But for many
years, especially before the Bolivarian revolution of the late
Hugo Chavez, it was less than enthusiastic about curbing
production. Caracas was keen that it should not be thought
of as similar to Mideast Gulf Opec members. It kept supplying
oil to the US during the Arab oil embargo in 1973. And PdVs
policy in the 1990s of rening more crude than it produced
helped maintain its perverse attitude towards Opec. Its short
crude position discouraged it from actions to prop up prices.Ultimately, when crude fell to $10/bl in the late 1990s,
Caracas realised that its perspective was awed lower
crude prices meant lower product revenues. It reversed policy
when it joined long-haul exporter Saudi Arabia and non-Opec
Mexico, another short-haul supplier of heavy sour crude to the
US, in the Riyadh pact of March 1998. But the elements that
made the Riyadh pact logical are no longer in place. Saudi
Arabia, Kuwait and the UAE are building bigger downstream
proles. Venezuela is retreating from its advantaged position
as a short-haul supplier to the US, turning instead to long-haul
exports to China under soft nancial terms. The outlook for
Opec output policy has fundamentally changed.
Concerns over Rosneft sanctionsNew US and EU sanctions against Russian state-controlled
producer Rosneft are beginning to make counterparties and
trade nanciers nervous.
Japanese buyers of Russian ESPO Blend have pulled out of
a Rosneft tender, apparently because of uncertainty over the
implications of US and EU sanctions against the company. A trading
rm conrms that it was unable to participate in the Rosneft tender
for up to 125,000 b/d of September-loading ESPO Blend after Credit
Agricole, Sumitomo Banking and Bank of Tokyo-Mitsubishi UFJ
turned down its requests for letters of credit. And other market
participants say they have struggled to secure letters of credit with
Frances BNP Paribas and HSBC when looking to buy Rosneft crude.The US and EU imposed new sanctions over Russias involvement
in Ukraine after the shooting down of Malaysian Airlines ight MH17.
These include measures that seek to limit Rosnefts access to loans
of more than 90 days duration. The restrictions do not extend to
buyers of Russian crude. But uncertainty surrounding current and
future sanctions is prompting precautionary reactions by trade
nancing banks, as well as by Rosneft itself.
Market participants say Rosneft is instructing customers to
keep the validity period for any letters of credit at no more
than 89 days, one day short of the limit under sanctions. BNP
Paribas has issued its own guidance to customers buying from
Rosneft and Russias leading independent gas producer Novatek,market participants say, although this could not be conrmed.
If Japanese companies shun future tenders, it could signal
a major change to the ESPO Blend landscape. Over 170,000 b/d
of the nearly 500,000 b/d of ESPO Blend that loaded in July
went to Japanese buyers. JX Nippon alone took 125,000 b/d.
The company was the main buyer of the Russian crude in the
rst half of this year, taking cargoes for its 127,000 b/d Marifu
and 180,000 b/d Muroran reneries.
Reners have become more active participants in ESPO
Blend sale tenders over the past year, as the market has
become more transparent. But if some reners shy away from
spot tenders because of sanctions, trading companies such asGlencore and Vitol could try to take on larger positions.
Uncertainty over nancing could prove to be a stumbling
block for Rosneft in the near future. The company is expected to
announce a six-month tender to sell Urals cargoes loading from
Baltic and Black Sea ports for October 2014-March 2015. Term
pre-nancing deals with Rosneft, which require billions of dollars
upfront, are no longer possible as the lines of credit required for
such deals breach the current 89-day limit, market participants say.
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illuminating the markets
Petroleum
ArgusAsphalt Report Issue 14-31 | Friday 1 Aug 2014
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The data and other information published herein
(the Data) are provided on an as is basis. Argus
makes no warranties, express or implied, as to the
accuracy, adequacy, timeliness, or completeness of
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The EU agreed on 29 July to restrict Russian access to
EU capital markets and oil sector technology for shale oil,
deepwater and Arctic projects. The US announced similar
sanctions the same day. Rosneft has reiterated plans to start
exploration drilling in the Kara Sea with partner ExxonMobil in
August. A vessel that will be used to conduct a seismic survey
to identify promising areas is in Russian waters and heading
towards the Kara Sea blocks, the rm said on 25 July.
Rosneft may have to delay some projects because of the
new sanctions. The measures seem designed primarily to
target its offshore and shale activities. The rm dominates
Arctic exploration in Russia and is active in onshore tight oil
exploration. We do work in various conditions and we are
ready to face volatility associated with these sanctions, chief
executive Igor Sechin says. Rosneft will keep working, but
some projects will be moved, he says.
WTI tumbles below $100/blOil prices are down, as geopolitical concerns recede and US
inventories rise.
Atlantic basin benchmark North Sea Dated fell by $1.32/ bl
to $104.46/bl in the week to 31 July, while US marker September
WTI dropped by $3.90/bl to $98.17/bl, its lowest since March, as
renery shutdowns hit midcontinent demand. WTI was down by
$7.83/bl on a front-month basis, after August expired.
Sour crudes rmed relative to sweeter grades, especially
in the Mediterranean market. Russian medium sour Urals was
supported by expectations of lower exports, while reduced
Iraqi Basrah Light sales and the absence of Iraqs Kirkuk
further underpinned values.
A growing proportion of US Gulf coast product exports are
heading to Latin America rather than Europe. The Colonial
pipeline is running at capacity and shipping costs from Europe
are signicantly lower than the price of chartering a Jones Act-
compliant vessel to bring cargoes from the Gulf coast, leaving the
way open for European shipments to move to the Atlantic coast.
High Gulf coast renery run rates depressed local product
prices relative to the rest of the country, creating trading
opportunities. The cost of capacity on the Colonial pipeline
rose to its highest since May. Increased amounts of products are
heading to the midcontinent, after a re and shutdown at CVR
Energys 115,000 b/d Coffeyville renery in Kansas and the start of
maintenance at Phillips 66s 356,000 b/d Wood River, Illinois, plant.
Heavy falls in US midcontinent crude prices reect the
regions fragile supply-demand balance. Front-month WTI
has lost over $6.50/bl against North Sea Dated since 24 July,turning a small premium into a hefty discount. This weeks WTI
falls are partly the result of the Coffeyville renery re, which
is likely to keep the plant shut for four weeks, cutting demand
for midcontinent crude.
But WTI remains in backwardation amid low stocks at the
pricing hub of Cushing, Oklahoma, as increased pipeline capacity
to the Gulf coast has drained crude tanks in the midcontinent. This
backwardation should continue to ease as stocks build, reneries
go into turnaround and new pipelines bring more crude to Cushing.
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