argus petcoke march

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Energy Argus Petroleum Coke

Coal, freight keep coke prices in check

US Gulf coast petroleum coke prices were steady over the past week as fairly short supply balanced higher freight rates and weak prices for competing coal.

Mexico’s state-owned oil company Pemex released the results of its first online auction for petroleum coke this week, with three Mexican cement companies and a Spanish trader winning the three-year supply from its 246,000 b/d Minatitlan refinery at a price of $57/t, 36.5pc higher than the initial bids.

Pemex material typically sells at a discount to the US Gulf coast market, some say because of the extra expense involved with loading at the Port of Veracruz. This discount can be as much as $5-7/t, making the price quite favorable for Pemex compared with this week’s price of $61/t fob US Gulf coast for 6.5pc sulphur, 40 HGI coke. But the price is even more favorable for the oil company considering that some of its coke is committed in decades-long contracts with local Mexican cement buyers at single-digit per tonne pricing.

Most refiners in the Gulf still have little to sell, which is holding fob prices above $60/t for now. But traders are having difficulty squeezing a profit. Freight prices edged up again this week, if only temporarily, as a grain harvest in South America drew ships away from other commodities, one shipbroker said. The shortage of ships in the Atlantic has also made owners hesitant to tie up their vessels in the Pacific, tightening the freight market for shipments from the Gulf to China.

Market overview

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27 Mar 26 Jun 25 Sep 25 Dec 26 Mar

LLS/Mars USGC crude spread $/bl

Issue 13-09 | Wednesday 27 March 2013

Fuel-grade petroleuM Coke spot priCes

atlantic basin $/tHgi: 40, delivery in 90 days price

fob US Gulf coast 4.5% sulphur 76.00

fob US Gulf coast 6.5% sulphur 61.00

Coal, fob US Gulf coast 3.0% 11,300 Btu 58.12

Delivered northwest Europe 4.5% sulphur 97.50

Delivered northwest Europe 6.5% sulphur 82.50

Delivered Turkey 4.5% sulphur 100.50

Delivered Turkey 6.5% sulphur 85.50

Delivered Brazil 4.5% sulphur 95.00

Delivered Brazil 6.5% sulphur 80.00

Pacific basin $/tHgi: 45, delivery in 90 days price

fob US west coast 3.0% sulphur 100.50

fob US west coast 4.5% sulphur 89.50

Delivered Japan 3.0% sulphur 120.50

Delivered Japan 4.5% sulphur 109.50

Coke freight rates $/ttoday Four-week average

Supramax

USGC to ARA 21.50 20.31

Venezuela to ARA 22.50 19.85

USGC to Mediterranean 22.50 19.45

USGC to Brazil 19.00 16.35

Panamax

USWC to Japan 20.00 18.93

USGC to Turkey 24.50 22.83

Coal-implied forward curves $/t2Q13 3Q13 4Q13 1Q14 2014 2015 2016

USGC 4.5% petroleum coke

76.00 77.31 79.28 80.73 84.21 87.50

USGC 6.5% petroleum coke

61.00 62.05 63.64 64.80 67.59 70.23

cif ARA 4.5% petroleum coke

97.50 100.99 104.36 107.55 111.64 119.77 125.73

cif ARA 6.5% petroleum coke

82.50 85.45 88.31 91.01 94.47 101.34 106.39

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Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013


Meanwhile, coal prices are in a slide, particularly in the European physical coal market. Traders there have found themselves flush with coal after buying up cargoes when prices firmed amid the Colombian supply shortage last month, leading physical coal cif Amsterdam-Rotterdam-Antwerp (ARA) to sell at a nearly three-year low over the past week. Cif ARA coal was at $79.90/t today after hitting $79.85/t on 21 March, the day a trader sold a 50,000t coal cargo at $79.40/t des Rotterdam, the lowest price for a coal shipment to Europe since April 2010.

With the freight rate for a 45,000-50,000t coke cargo from the Gulf coast to ARA at $21.50/t, high-sulphur fob Gulf coast coke, and especially mid-sulphur 4.5pc, 40 HGI coke, at $76/t fob Gulf coast, can hardly compete in the European market.

Metallurgical coal pricing is also pressuring coke, although this has more of an impact on the US west coast’s lower sulphur material. Demand from Asia-Pacific steel mills has been sluggish, and the prompt fob Australia coking coal price has fallen by more than $10/t since the beginning of the month, now at $159.10/t.

The greater coal competition and general weak demand has finally halted the rise of US west coast 3pc sulphur coke prices. Market participants attributed the rise in prices over the last few weeks to a push by suppliers who remained overly confident after seeing stronger demand in the steel markets in Asia in the first quarter, particularly from India. But buyers shunned the higher prices, leading to a growth in low-sulphur coke inventories in Asia and at the loading ports on the US west coast. This stockpile growth has finally had a tempering effect on 3pc sulphur, 45 HGI fob west coast coke prices, which dropped from $102/t to $100.50/t this week.

The 4.5pc sulphur, 45 HGI fob west coast price rose this week by $2.50/t to $89.50/t, but buyers doubt there is enough demand to sustain such price rises for much longer.

90

100

110

120

130

140

Apr 12 Jul 12 Sep 12 Dec 12 Mar 13

India China

75

85

95

105

115

125

27 Mar 26 Jun 25 Sep 25 Dec 26 Mar

Marmara ARA

cfr Asia: 4.5% petroleum coke $/t cif coal: Turkey vs NW Europe $/t

Calendar MontH Coke indexes: February

atlantic basin $/t

40 Hgi 70 Hgi

low High Mid low High Mid

fob US Gulf coast

4.5% sulphur 71.50 78.50 75.00 74.50 81.50 78.00

6.5% sulphur 58.00 66.00 62.00 60.00 68.00 64.00

fob US midcontinent, Chicago area

6.5% sulphur 34.00 36.00 35.00

Delivered NWE-ARA

4.5% sulphur 90.30 97.30 93.80 93.30 100.30 96.80

6.5% sulphur 76.80 84.80 80.80 78.80 86.80 82.80

Delivered Spanish Med

4.5% sulphur 88.30 95.30 91.80 91.30 98.30 94.80

6.5% sulphur 74.80 82.80 78.80 76.80 84.80 80.80

Delivered Brazil

4.5% sulphur 85.40 92.40 88.90 88.40 95.40 91.90

6.5% sulphur 71.90 79.90 75.90 73.90 81.90 77.90

Pacific basin $/t

45 Hgi

low High Mid

fob US west coast

3.0% sulphur 96.00 101.00 98.50

4.5% sulphur 82.00 87.00 84.50

cfr China

3.0% sulphur 130.00 132.00 131.00

4.5% sulphur 114.00 116.00 115.00

40 Hgi 70 Hgi

low High Mid low High Mid

cfr India

4.5% sulphur 105.50 106.50 106.00 107.00 108.00 107.50

6.5% sulphur 100.00 101.00 100.50 102.00 103.00 102.50

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news

pemex initiates coke auction systemMexico’s state-run oil company Pemex has successfully tendered its first sale of petroleum coke using an online auction system.

A three-year supply was awarded to four bidders, including a Spanish fuel trader and three Mexican cement companies.

Pemex auctioned 11 batches of 200t/d of petroleum coke from its 246,000 b/d Minatitlan refinery in Veracruz at a price of $57/t for a contract period of three years.

Four batches were awarded to Spain’s Garcia Munte, three to Cementos Mexicanos, three to Cementos Apasco and one to CYCNA de Oriente.

Pemex said the price was 36.5pc higher than the initial bids.

european physical coal lowest since 2010European physical coal spot prices fell last week to their lowest level in nearly three years, pressuring petroleum coke demand in the continent even further.

A Swiss trader sold a 50,000t coal shipment to a European utility at $79.40/t des Rotterdam on 21 March, nearly $7/t lower than where an April des shipment traded on 8 March.

This is the lowest trade for a shipment for delivery to Europe since late April 2010, when shipments were changing hands below the $80/t mark des ARA ports.

“The $80/t level is usually a psychological mark, and we have not seen trades done at levels this low for a very long time,” one broker said. “The sentiment in the market is bearish, with major banks adding further pressure with their weak forecasts for the coal market.”

One large trader-utility has been selling a number of prompt European cargoes it amassed as uncertainty surrounding strike action at Colombia’s largest mine Cerrejon and the suspension of coal loadings at a port used by US-based Drummond prompted buyers to secure additional shipments. A large volume of Colombian material it received remains unsold, and demand in north Europe is beginning to drift lower.

Colombian material is the marginal tonne in Europe — it is the cheapest tonne pricing into the 90-day des AR market, but it is not being priced at replacement cost levels. It is likely that some traders with long physical positions are offering spot Colombian cargoes at API 2 minus freight into Rotterdam, pressuring spot physical prices.

By early this week, physical prices had recovered somewhat, but were still low. The best bid on 25 March was for a 50,000t June shipment at $82/t des Amsterdam-

weekly petroleum coke price snapshot $/t

Delivered Brazil

4.5% sulphur 95.00

6.5% sulphur 80.00

Delivered Japan

4.5% sulphur 120.50

6.5% sulphur 109.50

Delivered northwest Europe

4.5% sulphur 97.50

6.5% sulphur 82.50

Delivered Turkey

4.5% sulphur 100.50

6.5% sulphur 85.50

fob US Gulf coast

4.5% sulphur 76.00

6.5% sulphur 61.00

fob US west coast

4.5% sulphur 100.50

6.5% sulphur 89.50

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Rotterdam. The best offer was for a 50,000t April cargo at $80.90/t des Rotterdam. By today, prices had softened again, with April cargoes back down to $79.70/t.

These prices are hardly high enough to justify purchasing delivered petroleum coke from the US or Venezuela, even if buyers did not already have high stockpiles and freight rates were not rising.

Fob Gulf coast coke prices for high-sulphur petroleum coke were at $61/t this week, while mid-sulphur was at $76/t. With freight rates at $21.50/t, neither specification is competitive in Europe.

sweeny reports coking compressor upsetA compressor trip caused flaring from equipment tied to a delayed coker at Phillips66’s 247,000 b/d refinery in Sweeny, Texas, on 25 March.

A mechanical failure caused a wet gas compressor to trip off line for almost 30 minutes, according to a filing to state environmental regulators. Operators restarted the compressor, according to the filing.

Phillips66 last week finished restarting the 247,000 b/d refinery in Sweeny following a site-wide power outage.

An off-site utility outage forced several process units to shut down on 10 March.

The refinery produces about 1.5mn t/yr of mid-sulphur petroleum coke.

pbF reports paulsboro crude unit upsetPBF Refining reported a crude unit upset at its 180,000 b/d refinery in Paulsboro, New Jersey, on 25 March.

The severity and duration of the upset were not immediately clear. PBF today notified state monitors of “an upset at crude unit 7” that violated emissions levels.

The facility runs mostly medium and heavy sour crudes, including 100,000 b/d of Arab light, through a pair of crude units. A smaller, 58,000 b/d crude unit is slated to run all Bakken crude as the US independent refiner completes rail assets to tap the midcontinent.

The refinery has about 1,300t/d of petroleum coke production capacity, according to the Energy Information Administration.

Repsol refinery to work on crude unitSpanish oil company Repsol is shutting down a 40,000 b/d crude unit (CDU) during a 27-day turnaround at its 135,000 b/d refinery in Puertollano in southern Spain starting today.

The second, larger refining unit will remain operative during the stoppage, the company said.

Japan’s coke imports rise in JanuaryJapan’s January petroleum coke imports rose by 13.2pc to 412,053t from 364,083t a year earlier, according to Japan’s finance ministry.

Imports from the US were 8.2pc higher year over year, at 378,376t. Japan took 29,000t and 478t from Canada and Myanmar, respectively, while the country took no coke from either country in January 2012.

The increases outstripped a 70.6pc year-on-year decline in imports from China, which totaled 4,199t in the month. Most petroleum coke imports from China to Japan are anode-grade quality rather than fuel.

Higher output in the Japanese steel and cement sectors in December may have prompted buyers to replenish stocks in January.

Japan’s crude steel production totaled 8.6mn t in December, up from 8.4mn t in the prior year, while cement output also rose slightly to 5.46mn t, up from 5.45mn t, according to industry associations.

Japan’s coke import costs averaged $144/t in January, down by 22.5pc from $185/t last year, likely mostly the result of a smaller proportion of anode grade coke from China.

But competing fuel steam coal did have a sharp decline in prices over the month. Japan’s steam coal import costs averaged $120/t in January, compared with $150/t in the year-ago period.

global coking coal demand forecasts cut backA weaker outlook for Chinese steel production is lowering expectations of global seaborne coking coal demand growth for 2017, potentially lowering demand for low-sulphur petroleum coke used by steelmakers.

The latest quarterly outlook by the Australian government’s commodity forecaster, the Bureau of Resources and Energy Economics (Bree), revises downward global coking coal exports estimates for 2017 by 2.2pc.

The lower coking coal demand outlook is consistent with a similar trimming of global steel and iron ore demand. Bree revised expected global steel consumption in 2017 downward from 1.8bn t to 1.79bn t and reduced

Japan fuel grade petroleum coke imports ’000tJan 13 Jan 12 Change percent change

US 378.4 349.8 28.6 8.2%

Canada 29.0 0.0 29.0 na

China 4.2 14.3 -10.1 -70.6%

Myanmar 0.5 0.0 0.5 na

Others 0.0 0.0 0.0 na

Total 412.0 364 48.0 13.2%

Note: Numbers are rounded. Source: Ministry of Finance

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its iron ore demand outlook for 2017 by 4.7pc from its last estimate, to 1.43bn t.

Bree expects that China will overtake Japan this year as the world’s largest importer of coking coal, with its steel production rising from 697mn t in 2013 to 800mn t in 2017 and 822mn t in 2018.

This growth will be supported by increased infrastructure construction activity in emerging economies, although potentially lower rates of investment in residential construction in China represent a downside risk.

“If the Chinese economy were to undergo a structural shift and reduce its rate of fixed asset investment sooner, China’s steel consumption could be substantially lower than its projected level by the end of the outlook period,” Bree said.

The report forecasts China will import 61mn t of coking coal this year, up from 52mn t in 2012 and rising to 105mn t in 2018. Japanese imports are expected to remain steady against 2012 at 53mn t this year, increasing to 57mn t by 2018. Indian coking coal imports are expected to rise to 22mn t this year from 16mn t in 2012 and to 32mn t in 2018.

western governors caution on coal exportsThe governors of Oregon and Washington want the White House to evaluate the possible effects of leasing and export of US coal reserves.

Oregon governor John Kitzhaber and Washington governor Jay Inslee, both Democrats, sent a letter to President Barack Obama’s Council on Environmental Quality (CEQ) on 25 March encouraging thorough review of the environmental effects of US coal exports to Asia.

The letter may be part of a push by lawmakers to urge the CEQ to account for greenhouse gas (GHG) emissions in all future decisions concerning coal export terminals and coal leases.

The CEQ plans to finalize a similar rule to require federal agencies to consider the GHGs produced by exports after those exports leave the shores of the United States. A Senate budget amendment seeks to prohibit the federal government from considering GHG emissions from goods exported from the US.

In Washington and Oregon, three coal export terminal projects, each under review, could result in the export of up to 100mn short tons/yr (91mn metric tonnes/yr) of coal for energy production in Asia, potentially resulting in 240mn st/yr of CO2 emissions, according to the letter.

“We believe the decisions to continue and expand coal leasing from federal lands and authorize the export of that coal are likely to lead to long-term investments in coal generation in Asia, with air quality and climate impacts in the US that dwarf those of almost any other action the federal government could take in the foreseeable future,” the letter said.

The US Army Corps of Engineers is reviewing permit applications for Peabody Energy’s Gateway Pacific terminal north of Bellingham, Washington (up to 48mn st/yr) and Ambre Energy’s Millennium Bulk Terminals proposal in Longview, Washington (up to 44mn st/yr), and its Morrow Pacific Terminal in Boardman, Oregon, with a downstream barging component to Port Westward (up to 8mn st/yr).

The letter also emphasized that no final decisions have been made on the pending applications for state permits for the proposed terminals. Developers of each project are coordinating with the Corps of Engineers and state agencies to evaluate how the projects would affect the environment.

“To date, coal exports from the US have not been a major source of supply for foreign markets, but that is beginning to change,” the letter said.

US coal exports grew from 107mn st in 2011 to around 126mn st in 2012, according to Census Bureau data. The agency projects 2013 and 2014 exports to hover around 110mn st, attributing the decrease to falling international prices and increasing production in other coal-exporting countries.

When Inslee took office this year, he acknowledged the economic significance the industry could have on Washington state, but emphasized the environmental costs. Inslee’s staff said the letter to the White House is not an indication of the governor’s stance on coal exports from Washington ports.

“The governor is very clear that he has not, in fact, taken a position on the projects, but remains committed to a full and fair review,” an Inslee spokesperson said. “But from a policy and investment point of view, he believes it is important for us to understand the broader costs and impacts of coal exports generally.”

The governor’s climate action bill to curb greenhouse gas (GHG) emissions in the state passed the state legislature on 25 March and awaits his signature.

Senate Bill 5802 calls for a return to 1990 emissions levels by 2020, a 25pc reduction by 2035 and a 50pc reduction by 2050.

The bill authorizes $350,000 to commission an independent evaluation of existing programs and policies being implemented in other jurisdictions that seek to reduce GHG emissions.

Crude-by-rail project proceeds in washington US Development will proceed with its proposed crude-by-rail and barge-loading site at the Port of Grays Harbor on the coast of Washington state.

The company will build a 50,000 b/d site capable of handling one unit train per day of inbound capacity of US and Canadian onshore crudes. The barrels could be offloaded to barges for transport to west coast refineries.

The proposed facility could receive up to 60 vessel calls a year. US Development concluded a feasibility study last month.

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It had been considering whether to build one or two unit trains per day of capacity at the facility and 500,000-1mn bl of accompanying storage.

“As expected, the study showed that the site is well-suited to a rail logistics facility,” business development manager Kevin LaBorne said.

The port commission will vote on the company’s proposal in April.

The project is one of three crude-by-rail terminals proposed at the Port of Grays Harbor. Westway Terminals and biodiesel refiner Imperium Renewables are weighing unit train projects that would expand their existing port facilities.

alberta lease revenues half expected levelsBids on drilling rights in Alberta cooled considerably in the fiscal year running through 31 March 2013, with the province taking in less than a third of its record total set a year earlier.

The last auction of Crown land leases for the fiscal year brought the annual total to $1.04bn, according to Alberta Energy.

Bidders spent C$35mn this week in the last auction of the fiscal year for drilling rights on 97,000 hectares of oil and natural gas leases of provincially-owned land.

Last fiscal year, producers shelled out C$3.2bn to gain access to tight oil and liquids-rich formations such as the Duvernay and the Cardium.

This year’s total came in well short of Alberta’s estimate of just over C$2bn in its original 2012-2013 budget, which was issued last spring.

For the upcoming fiscal year, Alberta premier Alison Redford’s government is calling for raising C$1.15bn from Crown land auctions.

phillips66 inks logistics deals for shale oilUS refiner Phillips66 announced last week a series of

crude-by-rail, pipeline and barge deals for its facilities on the east coast, west coast and in Oklahoma, deepening a web of logistics options that will step up the company’s access to discounted US light crude grades.

The company has signed a three-year deal to load Bakken crude at Enbridge Energy Partners’ 80,000 b/d rail terminal in Berthold, North Dakota, as well as a separate five-year deal for railcar unloading and barge loading services in Washington state. It has also cut a pipeline deal that will move output from the midcontinent’s Mississippi Lime formation to Phillips66’s Oklahoma refinery in Ponca City.

In the Enbridge agreement, Bakken crude would be shipped from North Dakota to Phillips66’s refineries on the east and west coasts, and the refiner could also opt to send barrels

south to the Gulf coast. Shipments will begin in May and climb to between 35,000-40,000 b/d by November of this year.

Some of the railed Bakken barrels will be unloaded at Targa Resources’ facility in Tacoma, Washington, under a five-year agreement with Phillips66 that began in late 2012. The crude will be transloaded onto barges for delivery into Phillips66’s 96,000 b/d refinery in Ferndale, Washington. It could also be barged to the 120,000 b/d San Francisco-area refinery in Rodeo, California, replacing imported crudes. The Targa terminal is capable of receiving manifest rail cars, but will transition to be 30,000 b/d unit train capable this summer.

Use of rail, particularly out of the Bakken, has leapt along with trucking and barging as producers have ramped up drilling and hydraulic fracturing in oily formations. Refiners and marketers have been eager for the crude, which is discounted compared with coastal benchmarks and can justify the additional cost of shipping or railing the barrels. Phillips66 has been increasingly sourcing diverse marine and rail deals to nab discounted US barrels.

The company has ordered 2,000 rail cars for carrying light, sweet crude and took a first shipment of about 250 cars in February, primarily for deliveries to the Ferndale and 250,000 b/d Bayway refinery in Linden, New Jersey. The company took delivery of Jones Act tankers – US flagged vessels that can move between US ports – this year to source Eagle Ford oil to its Louisiana and New Jersey refineries and has proposed modifications to its Rodeo refinery that would more than

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double its capabilities to offload waterborne crude. It is also looking at opportunities for building railcar unloading racks at its refineries, a spokesman said.

In another deal announced last week, Magellan Midstream Partners will move Mississippi Lime crude on its pipelines to Phillips66’s 194,000 b/d refinery in Ponca City, replacing West Texas Intermediate crude sourced from the pricing and storage hub at Cushing, Oklahoma. Small volumes of Mississippi Lime crude will begin to reach the refinery that way by late 2013 and grow to 20,000 b/d by January 2014. Phillips66 previously said it was taking the crude by truck and pipeline and would aim to reach 50,000 b/d in Mississippi Lime crude by the end of this year.

The refiner increased shale crudes in its US slate to account for 135,000 b/d of feedstock during the fourth quarter of 2012, up from roughly 68,000 b/d in the same quarter of 2011. The company said it plans to run 200,000 b/d in the first quarter of 2013.

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In these Terms and Conditions the expressions: “we”, “us” and “our” refer to Argus Media Limited a company incorporated in England with registered company number 01642534 and whose registered o�ce is at Argus House, 175 St John Street, London, EC1V 4LW; and “you” and “your” refer to you. Subject to availability, we accept bookings for events through the online, electronic or postal submission of a registration form. Upon our communication to you (including by email) of our acceptance of your booking, there shall be a legally binding contract between you and us incorporating these Terms and Conditions.Payment1. If payment is not received in full at the time of booking, your booking will be provisional until payment is received in full in accordance with paragraph 2 below. You acknowledge that we cannot guarantee bookings made on a provisional basis.2. Payment must be made by the earlier date of the following: (i) within 30 days of the date of this invoice; (ii) by no later than 7 days before the event.3. Fees are a �xed price and unless otherwise stated reductions and discounts cannot be o�ered should you not wish to attend the entire event.4. In order to qualify for any “early bird” discounts, booking and payment in full must be received prior to the date speci�ed above and on the invoice.Cancellations and Substitutions1. If you are unable to attend the event, you may send a substitute provided that you inform us in writing to [email protected] at least 48 hours before the commencement of the event.2. Cancellations made in writing to [email protected] at least 1 calendar month prior to the event will be refunded in full, less a 15% administration charge. No refunds will be given for cancellations received therea�er.3. Failure to attend all or part of an event for any reason whatsoever will be treated as a late cancellation and no refunds will be given.4. If the event is cancelled for any reason within our control, then the registration fee will be fully refunded. We shall not be liable for any other loss, damage, costs (including without limitation travel, visa or accommodation costs), expenses or other liabilities incurred by you in connection with such cancellation. Refunds may take up to 25 business days.Events1. Our agendas are correct at the time of issue; however, it may be necessary to make some amendments to the content, speakers, location, and/or timing of the event.

2. Please advise us of any special requirements (such as access or dietary requirements) at the time of booking.3. We reserve the right to refuse admission to an event for any reason.4. Views expressed by speakers at the event may not be the views of Argus. All event materials are provided to you on an “as is” basis and we make no warranty as to the completeness or accuracy of such materials.5. You agree that, unless otherwise expressly stated, we own all intellectual property rights in all event materials and delegate lists.6. You may not �lm, photograph or otherwise record all or any part of the event without our prior written consent.7. You must comply with all applicable laws and any health and safety requirements (including no smoking signs) in respect of the event.Privacy and Marketing1. Any personal data you disclose to us will be processed in accordance with the Data Protection Act 1998 and our privacy policy.2. Your personal data may be used by us and carefully selected third parties to inform you about other products and services that may be of interest to you via telephone, post and/or email. If you do not wish to receive such marketing information, please contact us.3. You agree that we may use your company name in marketing promotions in connection with this event.4. We may record (by audio and/or visual means) all or part of the event. You agree that we may use and distribute such recordings for the purposes of training, publicity and documentation.General1. It is your responsibility to arrange appropriate insurance cover for your attendance at the event.2. You are fully responsible and liable for any loss or damage caused by you to property or individuals at an event.3. Except in respect of death or personal injury caused by our negligence or for fraud, our total aggregate liability in connection with the event shall be limited to the fee paid by you.4. You are responsible for safeguarding your own property at the event. We accept no liability in respect of any damage to, or the� or loss of, your property.5. These Terms and Conditions together with the registration form set out the entire agreement between you and us.6. If any provision of these Terms and Conditions (in whole or in part) is found by any competent authority to be unenforceable or illegal, the remainder of provisions shall remain in force.7. These Terms and Conditions shall be governed by the laws of England and you agree to submit to the exclusive jurisdiction of the English courts.

DATES & VENUE21-22 May 2013Pan Paci�c Singapore7 Rales Boulevard, Marina Square, Singapore 039595http://www.panpaci�c.com/en/singapore/Overview.html

EARLY BIRD FEE (available until 5 April 2013 ) US$ 1545.00 STANDARD REGISTRATION FEE US$ 1795.00

For group rates, please contact Ellen Chan ([email protected])*Full conference fee includes two-day conference pass to participate at all sessions, networking luncheon and refreshment breaks, one invitation to the cocktail reception and one set of conference documentation

PAYMENT METHOD Invoice my company Cheque enclosed (Make payable to “Argus Media Limited”). Credit card

Bank Details:BANK TRANSFERBank name: National Westminster Bank plcAddress: Hampstead Village branch, 25 Hampstead High Street, London, NW3 1QJBank account number: USD: 01329383Sort code: 60-73-01IBAN NO: USD: GB49NWBK60730101329383SWIFT CODE: NWBKGB2L*Please indicate company name when making payment Argus Media VAT: GB229714941 - Company registration no. 1642534

Event registration : Argus Asian Petroleum Coke 2013

EMAIL:[email protected]

REGISTRATION FORMPlease PRINT in block letters and return to:Argus Media Ltd., 50 Ra�les Place, #10-01 Singapore Land Tower, Singapore 048623Attn: Ellen ChanTel: +65 64969966 | Fax: +65 6533 [email protected] www.argusmedia.com/aapcCOMPANY DETAILS: Company Name: Address: City: Postal Code: Country: VAT number:

DELEGATE 1 DETAILSName: Dr/Mr/Ms: Job Title: Telephone: Email: Special dietary/disability requirements (if any):

DELEGATE 2 DETAILSName: Dr/Mr/Ms: Job Title: Telephone: Email: Special dietary/disability requirements (if any):

FAX:Complete this form and fax to +65 6533 4181

MAIL:Complete this form and post to the address below

TERMS AND CONDITIONS

argusmedia.com

IT IS EASIER AND FASTERRegister and make your credit card payment online at

www.argusmedia.com/aapcOR �ll in the registration form to make your payment via bank transfer

Tick here to request a free trial of : Energy Argus Petroleum Coke Report

Event registration

DATES & VENUE 12-13 June 2013 JW Marriott Cannes, France EARLY BIRD RATE (expires 26 April 2013) Two day conference rate: £1, 095 €1,370 US $1,780* STANDARD REGISTRATION RATE Two day conference rate: £1,245 €1,560 US $2,045*

*CONFERENCE FEE INCLUDES To see full details of what the conference fees include visit:www.argusmedia.com/euro-bitumen

PAYMENT METHOD Invoice my company Cheque enclosed (Make payable to “Argus Media Limited”) Credit card

Type of credit card (check one): Visa Amex Mastercard

Total fee to be deducted: Card number: Card holder’s name: Security code: Exp. date: / / Card billing address: Signature: (Credit card payments must be received before the expiration date)

EMAIL:Complete this form and email [email protected]

REGISTRATION FORM Return to: Gabriela Bonilla, Argus Media, Argus House, 175 St John Street, London, EC1V 4LW, UK Tel: +44 (0) 20 7780 4341 | Fax: +44 (0) 870 868 [email protected] www. argusmedia.com/euro-bitumen COMPANY DETAILS: Company name: Address: City: Postal code: Country: VAT number: DELEGATE 1 DETAILSName: Dr/Mr/Ms: Job title: Telephone: Email: Special dietary/disability requirements (if any):

DELEGATE 2 DETAILSName: Dr/Mr/Ms: Job title: Telephone: Email: Special dietary/disability requirements (if any):

Argus Media VAT: GB229714941 - Company registration no. 1642534

Code: print1

FAX:Complete this form and fax to +44 (0) 870 868 4300

MAIL:Complete this form in BLOCK letters and post to the address below

TERMS AND CONDITIONSIn these Terms and Conditions the expressions: “we”, “us” and “our” refer to Argus Media Limited a company incorporated in England with registered company number 01642534 and whose registered o¢ce is at Argus House, 175 St John Street, London, EC1V 4LW; and “you” and “your” refer to you. Subject to availability, we accept bookings for events through the online, electronic or postal submission of a registration form. Upon our communication to you (including by email) of our acceptance of your booking, there shall be a legally binding contract between you and us incorporating these Terms and Conditions. Payment 1. If payment is not received in full at the time of booking, your booking will be provisional until payment is received in full in accordance with paragraph 2 below. You acknowledge that we cannot guarantee bookings made on a provisional basis. 2. The event fee is payable within 30 days of the invoice date and in any event must be received in full 7 days before the event. 3. Fees are a §xed price and unless otherwise stated reductions and discounts cannot be o¨ered should you not wish to attend the entire event. 4. In order to qualify for any “early bird” discounts, booking and payment in full must be received prior to the date speci§ed above and on the invoice. 5. UK Excise Regulations, delegates from all countries are required to pay VAT on any event taking place in the UK.Cancellations & Substitutions 6. If you are unable to attend the event, you may send a substitute provided that you inform us in writing to [email protected] at least 48 hours before the commencement of the event. 7. Cancellations made in writing to [email protected] before 15 May 2013 will be refunded in full, less a 15% administration charge. No refunds will be given for cancellations received on or a«er 15 May 2013. 8. Failure to attend all or part of an event for any reason whatsoever will be treated as a late cancellation and no refunds will be given. 9. If the event is cancelled for any reason within our control, then the registration fee will be fully refunded. We shall not be liable for any other loss, damage, costs (including without limitation travel, visa or accommodation costs), expenses or other liabilities incurred by you in connection with such cancellation. Refunds may take up to 25 business days. Events 10. Our agendas are correct at the time of issue; however, it may be necessary to make some amendments to the content, speakers, location, and/or timing of the event. 11. Please advise us of any

special requirements (such as access or dietary requirements) at the time of booking. 12. We reserve the right to refuse admission to an event for any reason. 13. Views expressed by speakers at the event may not be the views of Argus. All event materials are provided to you on an “as is” basis and we make no warranty as to the completeness or accuracy of such materials. 14. You agree that, unless otherwise expressly stated, we own all intellectual property rights in all event materials and delegate lists. 15. You may not §lm, photograph or otherwise record all or any part of the event without our prior written consent. 16. You must comply with all applicable laws and any health and safety requirements (including no smoking signs) in respect of the event.Privacy & Marketing 17. Any personal data you disclose to us will be processed in accordance with the Data Protection Act 1998 and our privacy policy. 18. Your personal data may be used by us and carefully selected third parties to inform you about other products and services that may be of interest to you via telephone, post and/or email. If you do not wish to receive such marketing information, please contact us 19. You agree that we may use your company name in marketing promotions in connection with this event. 20. We may record (by audio and/or visual means) all or part of the event. You agree that we may use and distribute such recordings for the purposes of training, publicity and documentation.General 21. It is your responsibility to arrange appropriate insurance cover for your attendance at the event. 22. You are fully responsible and liable for any loss or damage caused by you to property or individuals at an event. 23. Except in respect of death or personal injury caused by our negligence or for fraud, our total aggregate liability in connection with the event shall be limited to the fee paid by you. 24. You are responsible for safeguarding your own property at the event. We accept no liability in respect of any damage to, or the« or loss of, your property. 25. These Terms and Conditions together with the registration form set out the entire agreement between you and us. 26. If any provision of these Terms and Conditions (in whole or in part) is found by any competent authority to be unenforceable or illegal, the remainder of provisions shall remain in force. 27. These Terms and Conditions shall be governed by the laws of England and you agree to submit to the exclusive jurisdiction of the English courts.



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Argus Americas Base Oils SummitThe impact of oversupplyMay 14-16, 2013Royal Sonesta Houston, Texas

The Argus Americas Base Oils Summit returns to Houston May 14-16, 2013.

This industry gathering brings together re�ners, blenders, additive companies, logistics providers and others to discuss the major issues shaping the markets.

Don’t miss this opportunity to gain valuable insight from industry leaders, network and do business with market participants from across the base oils supply chain.

Issues for discussion:

… and more

For the latest agenda and speaker information, visit:

For group rates and sponsorship information, contact:

[email protected]

Don’t miss this highly anticipated event!

Register today and save!

Featured Speakers:Dr. H. Ernest Henderson

Ben Cowart

Milena Lugo

Hemal Sanghani

Adrian Brown

Alain Portelance Sales

Terry Ho�man

Blake Eskew

Je� Leiter

Ellie Chaves

Robert Ryszard Uberman, Development Director,

Geeta S. Agashe, Senior Vice

Beth Fields

Mike Brown

Argus Americas Base Oils Summit

DATES & VENUE

REGISTRATION

breaks, continental breakfast and one set of conference documentation per person. Travel and accommodation costs are not included.PAYMENT METHOD

Check enclosed (Make payable to “Argus Media”).

Visa

Security code: / / Signature:

Total $:

Details for Bank Transfer

EMAIL:[email protected]

REGISTRATION FORM

Email: [email protected]

COMPANY DETAILS:

DELEGATE 1 DETAILS

Telephone: Email:

DELEGATE 2 DETAILS

Telephone: Email:

FAX:Complete this form and fax to +1 281 786 3946

MAIL:Complete this form and post to the address below

TERMS AND CONDITIONS

Tick here to request a free trial of Argus

wire or company check only.

ing this and future conferences and events.

Cancellation & Substitution

so we can have their materials ready.

argusmedia.com

EVENT REGISTRATION

Hotel Accommodation & Visa Application Delegates are responsible for their hotel, travel and visa arrangements. Event room rates

Disclaimer

lays and transport disruption. In such circumstances, our normal cancellation rules and

such matters.


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