Copyright 2013 Argus Media Ltd

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.
Mexicos state-owned oil company Pemex released the
results of its frst 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
refnery 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 weeks 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 refners in the Gulf still have little to sell, which is
holding fob prices above $60/t for now. But traders are having
diffculty squeezing a proft. 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 Pacifc, tightening the
freight market for shipments from the Gulf to China.
MARKET OVERVIEW
0
2
4
6
8
10
12
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 $/t
HGI: 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
Pacifc basin $/t
HGI: 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 $/t
Today 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 $/t
2Q13 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
Page 2 of 7
Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013
Copyright 2013 Argus Media Ltd
Meanwhile, coal prices are in a slide, particularly in the
European physical coal market. Traders there have found
themselves fush with coal after buying up cargoes when
prices frmed 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 coasts
lower sulphur material. Demand from Asia-Pacifc 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 fnally 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 confdent after seeing stronger demand in
the steel markets in Asia in the frst 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 fnally 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
Pacifc 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
Page 3 of 7
Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013
Copyright 2013 Argus Media Ltd
NEWS
Pemex initiates coke auction system
Mexicos state-run oil company Pemex has successfully
tendered its frst 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 refnery in Veracruz at a price
of $57/t for a contract period of three years.
Four batches were awarded to Spains 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 2010
European 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 Colombias 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
Page 4 of 7
Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013
Copyright 2013 Argus Media Ltd
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 specifcation is competitive in
Europe.
Sweeny reports coking compressor upset
A compressor trip caused faring from equipment tied to a
delayed coker at Phillips66s 247,000 b/d refnery 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 fling to state
environmental regulators. Operators restarted the compressor,
according to the fling.
Phillips66 last week fnished restarting the 247,000 b/d
refnery in Sweeny following a site-wide power outage.
An off-site utility outage forced several process units to
shut down on 10 March.
The refnery produces about 1.5mn t/yr of mid-sulphur
petroleum coke.
PBF reports Paulsboro crude unit upset
PBF Refning reported a crude unit upset at its 180,000 b/d
refnery in Paulsboro, New Jersey, on 25 March.
The severity and duration of the upset were not
immediately clear. PBF today notifed 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 refner completes rail
assets to tap the midcontinent.
The refnery has about 1,300t/d of petroleum coke
production capacity, according to the Energy Information
Administration.
Repsol refnery to work on crude unit
Spanish 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
refnery in Puertollano in southern Spain starting today.
The second, larger refning unit will remain operative
during the stoppage, the company said.
Japans coke imports rise in January
Japans January petroleum coke imports rose by 13.2pc to
412,053t from 364,083t a year earlier, according to Japans
fnance 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.
Japans 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.
Japans 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. Japans steam coal import costs
averaged $120/t in January, compared with $150/t in the year-
ago period.
Global coking coal demand forecasts cut back
A 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
governments 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 000t
Jan 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
Page 5 of 7
Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013
Copyright 2013 Argus Media Ltd
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 worlds 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 fxed asset investment sooner,
Chinas 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 exports
The 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
Obamas 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 fnalize 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 CO
2
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 Energys Gateway Pacifc terminal
north of Bellingham, Washington (up to 48mn st/yr) and Ambre
Energys Millennium Bulk Terminals proposal in Longview,
Washington (up to 44mn st/yr), and its Morrow Pacifc
Terminal in Boardman, Oregon, with a downstream barging
component to Port Westward (up to 8mn st/yr).
The letter also emphasized that no fnal 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 offce this year, he acknowledged the
economic signifcance the industry could have on Washington
state, but emphasized the environmental costs. Inslees staff
said the letter to the White House is not an indication of the
governors 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 governors 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 offoaded to
barges for transport to west coast refneries.
The proposed facility could receive up to 60 vessel calls a
year. US Development concluded a feasibility study last month.
Page 6 of 7
Energy Argus Petroleum Coke Issue 13-09 | Wednesday 27 March 2013
Copyright 2013 Argus Media Ltd
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 companys proposal
in April.
The project is one of three crude-by-rail terminals
proposed at the Port of Grays Harbor. Westway Terminals and
biodiesel refner Imperium Renewables are weighing unit train
projects that would expand their existing port facilities.
Alberta lease revenues half expected levels
Bids on drilling rights in Alberta cooled considerably in the fscal
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 fscal year
brought the annual total to $1.04bn, according to Alberta
Energy.
Bidders spent C$35mn this week in the last auction of
the fscal year for drilling rights on 97,000 hectares of oil and
natural gas leases of provincially-owned land.
Last fscal 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 years total came in well short of Albertas estimate
of just over C$2bn in its original 2012-2013 budget, which was
issued last spring.
For the upcoming fscal year, Alberta premier Alison
Redfords government is calling for raising C$1.15bn from
Crown land auctions.
Phillips66 inks logistics deals for shale oil
US refner 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 companys 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 fve-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 midcontinents Mississippi Lime formation to
Phillips66s Oklahoma refnery in Ponca City.
In the Enbridge agreement, Bakken crude would be shipped
from North Dakota to Phillips66s refneries on the east and
west coasts, and the refner 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
fve-year agreement with Phillips66 that began in late 2012.
The crude will be transloaded onto barges for delivery into
Phillips66s 96,000 b/d refnery in Ferndale, Washington. It
could also be barged to the 120,000 b/d San Francisco-area
refnery 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. Refners
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 frst shipment of about 250 cars in
February, primarily for deliveries to the Ferndale and 250,000
b/d Bayway refnery in Linden, New Jersey. The company took
delivery of Jones Act tankers US fagged vessels that can
move between US ports this year to source Eagle Ford oil
to its Louisiana and New Jersey refneries and has proposed
modifcations to its Rodeo refnery that would more than
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double its capabilities to offoad waterborne crude. It is also
looking at opportunities for building railcar unloading racks at
its refneries, a spokesman said.
In another deal announced last week, Magellan Midstream
Partners will move Mississippi Lime crude on its pipelines to
Phillips66s 194,000 b/d refnery 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 refnery 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 refner 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 frst
quarter of 2013.
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For a personalised proposal,
please contact Kokiladevi Sundram
(Kokiladevi.sundram@argusmedia.com/
+65 6496 5970)
Conference Highlights
Analysis of Asian petcoke markets
Evaluating the low/medium/high sulphur petcoke markets
Supplyability of petcoke from North America
Petcoke marketing in China
What is the consumer/importers perspective?
Impact of Indias additional refnery capacity and its growing
role in fuel grade petroleum coke exports?
Pricing relationship between petroleum coke and other
competitive fuels
Whats New?
Innovations in the petcoke industry, its usage and implications
Freight market changes
Will we see a rebound in dry bulk freight rates this year?
Impact of Currencies on Trade
US dollars, Chinese yuan, Japanese yen and Indian rupees-
How will buying trends change with fluctuations in these
currencies
Early Bird Discount
Register before 5 April to qualify for
the early bird rate! Save USD 250.
Group discounts are available. See the
reverse page for more details.
Argus Asian Petroleum Coke 2013
21-22 May 2013
Pan Pacifc Singapore
www.argusmedia.com/aapc
Competition and Change -
What it means for Asia?
illuminating the markets
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we, us and our refer to Argus Media Limited a company incorporated in England with registered company number 01642534 and whose
registered ofce 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. Payment must bemadeby theearlier dateof thefollowing: (i) within30daysof thedateof thisinvoice; (ii) by nolater than7daysbeforetheevent.
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4. In order to qualify for any early bird discounts, booking and payment in full must be received prior to the date specifed above and on the
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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,
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6. You may not flm, 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 Marketing
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2. Your personal data may be usedby us andcarefully selectedthirdparties to informyouabout other products andservices that may be of interest
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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.
General
1. It is your responsibility to arrange appropriate insurance cover for your attendance at the event.
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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
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property.
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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 & VENUE
21-22 May 2013
Pan Pacifc Singapore
7 Rafles Boulevard, Marina Square, Singapore 039595
http://www.panpacifc.com/en/singapore/Overview.html
EARLY BIRD FEE (available until 5 April 2013 ) US$ 1545.00
STANDARD REGISTRATION FEE US$ 1795.00
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Event registration : Argus Asian Petroleum Coke 2013
EMAIL:
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REGISTRATION FORM
Please PRINT in block letters and return to:
Argus Media Ltd., 50 Rafles Place, #10-01 Singapore Land
Tower, Singapore 048623
Attn: Ellen Chan
Tel: +65 64969966 | Fax: +65 6533 4181
asiaconferences@argusmedia.com
www.argusmedia.com/aapc
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Energy Argus Petroleum Coke Report
illuminating the markets
Argus Europe/ Africa Bitumen 2013
The fourth annual event will discuss market opportunities and challenges
in Europe and Africa and how changing production and supply patterns are
shaping the market.
Argus is the global leader in international asphalt pricing information this
event is part of a global series, with Argus bitumen/asphalt events also being
held in Asia and the US.
Silver Sponsor
Petroleum
If you are interested in sponsorship and exhibition opportunities at the conference
please contact Mahide Altun on +44 (0) 20 7 780 4341 or producer@argusmedia.com
12-13 June
Cannes, France
Early bird discount
Register before 26 April to qualify
for the super early bird rate and save
150.
argusmedia.com/euro-bitumen
Companies who attended in 2012 include:
Samir | Sargeant Group | Nynas Bitumen | Asphaltos Trade | Eni E&P | Cepsa
| ENOC | Total | Petrobras | Trafgura Beheer | Kuwait Petroleum Interna-
tional Lubricants | Lagan Bitumen | Atlantic Bitumen | Mustek Bitumen |
Ditecpesa Productos Asflticos | Implenia Bau | GKG Mineraloel Handel |
Cosco Southern Asphalt Shipping | Icopal Group | NuStar Energy | Euragent
| Bitubulk | Wake Marine | Muscat International Bitumen | Vaya-7 | Petrogal
| Tradex | Iver Ships | Optima | Engen Petroleum | Mabanol Bitumen | Holcim
Trading | BTC Speciality Chemical Distribution | OMV Refning & Market-
ing | Kraton | Sorexi | Oryx Supply & Storage | Poerner | Massenza | Mit-
teldeutsches Bitumenwerk | Lotos Asfalt | AkzoNobel Surface Chemistry |
Campi y Jov | Kuwait Petroleum | SCF Marpetrol | BB Energy | Eurovia | Bi-
tuNed | Asfaltos de Arinaga | Repsol | International Bitumen Emulsion Fed-
eration | Bitumen und Baustofndustrie Bumler Gesellschaf | Bitumina |
Nimex Petroleum | Egyptian Castle Investments | Kasse Enterprise | Ayegh
Esfahan/DMB Capital | IES Italiana Energia E Servizi and many more...
Topics to be discussed at the
conference include:
The impact of crude prices on
bitumen prices
European refnery economics
Growth of the Turkish market

Developments in north Africa and
their political impact on bitumen
consumption
French bitumen market overview
Update on emulsions and technology
Bitumen shipping and trade flows
Exhibiting Sponsor
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)
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Signature:
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EMAIL:
Complete this form and email
bitumen@argusmedia.com
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 4300
bitumen@argusmedia.com
www. argusmedia.com/euro-bitumen

COMPANY DETAILS:
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Address:
City:
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Country:
VAT number:

DELEGATE 1 DETAILS
Name: Dr/Mr/Ms:
Job title:
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Email:
Special dietary/disability requirements (if any):

DELEGATE 2 DETAILS
Name: Dr/Mr/Ms:
Job title:
Telephone:
Email:
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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 CONDITIONS
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
ofce 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 fxed price and unless
otherwise stated reductions and discounts cannot be ofered 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 specifed 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 bitumen@argusmedia.com at least 48 hours before the commencement
of the event. 7. Cancellations made in writing to bitumen@argusmedia.com before 15 May 2013 will be
refunded in full, less a 15% administration charge. No refunds will be given for cancellations received on or
afer 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
flm, 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 thef 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.
argusmedia.com/euro-bitumen
illuminating the markets
Tick here to request a free trial of the Argus Asphalt Report
illuminating the markets
Argus Americas Base Oils Summit
The impact of oversupply
May 14-16, 2013
Royal Sonesta
Houston, Texas
The Argus Americas Base Oils Summit returns to Houston May 14-16, 2013.
This industry gathering brings together refners, blenders, additive companies,
logistics providers and others to discuss the major issues shaping the markets.
Dont 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:
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For the latest agenda and speaker information, visit:
www.argusmcda.ccm]amcrcas-basc-cs
For group rates and sponsorship information, contact:
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antonette.jones@argusmedia.com
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Dont miss this highly
anticipated event!
Register today and save!
Featured Speakers:
Dr. H. Ernest Henderson, Prcsdcnl,
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Ben Cowart, Chcf Lxcculvc
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Adrian Brown, Scncr Markcl
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Alain Portelance, 0rcclcr UkS Sales
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Terry Hofman, Managng 0rcclcr,
TA hcnman LLC
Blake Eskew, vcc Prcsdcnl, lhS
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Jef Leiter, 6cncra Ccunsc, lLMA
Ellie Chaves, vcc Prcsdcnl U
and vcc Prcsdcnl cf Sacs,
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Robert Ryszard Uberman,
Development Director,
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Geeta S. Agashe, Senior Vice
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Beth Fields, Amcrcas Sacs
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Mike Brown, 6cba Tcchnca
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Argus Americas Base Oils Summit
DATES & VENUE
May 1-16, zo1
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REGISTRATION
Lary rcgslralcn (kcgslcr March 16 - Apr 1q, zo1): $1,q
Slandard rcgslralcn (Afcr Apr 1q, zo1): $1,q
6cf (kcgslcr by lhc mcrnng cf May 1, zo1): $1,
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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).
Crcdl card numbcr prcvdcd.
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EMAIL:
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REGISTRATION FORM
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COMPANY DETAILS:
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Cly]Slalc cr Prcvncc:
Pcsla Ccdc:
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Man usncss]Aclvly:

DELEGATE 1 DETAILS
Iamc: 0r]Mr]Ms:
}cb Tlc:
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Iamc: 0r]Mr]Ms:
}cb Tlc:
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Email:
FAX:
Complete this form and fax to
+1 281 786 3946
MAIL:
Complete this form and post to the address below
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Tick here to request a free trial of Argus asc Us
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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
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Disclaimer
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illuminating the markets