©Bloomberg Oil refining is joining steel, coal and aluminium in the ranks of sectors suffering from overcapacity in China, with increased production and a drop in truck transport forcing a wave of Chinese diesel sales into international markets. The structural shift could dent returns for Asian and Middle Eastern refiners including Saudi Aramco after years of expansion to meet China’s needs as a net fuel importer. More On this topic IN Commodities The start-up of a 10m tonne per year refinery in Kunming southwest China accounts for about half the anticipated capacity expected to be added in China this year, swelling an estimated 100m tonnes of existing excess capacity. China had 710m tonnes of refining capacity at the end of last year, according to the CNPC Research Institute of Economics and Technology. In the short term a bigger impact on Asian fuel trade has come from the relaxed crude import licenses that has allowed China’s independent “teapot” refineries to increase their operating rates. Long lines of crude carriers have congested Qingdao port near the teapots’ heartland in Shandong province, accounting for nearly one-third of China’s crude imports in April. “Usually you wouldn’t have such a dramatic increase in throughput and utilisation rates in your core refining capacity,” said Thomas Hilboldt, head of resources and energy research for HSBC in Hong Kong. The chemicals and petroleum sector saw the highest number of positive responses among 10 sectors surveyed by the European Chamber of Commerce in China, in its business confidence survey released on Tuesday. China’s two largest refiners, Sinopec and PetroChina, have cut output in the face of increased flow from independent rivals. PetroChina’s average run rates are now 80 per cent, down from more typical levels of 90 per cent. Its new Kunming refinery will supply the underserved market of southwest China, displacing product from its Guangxi and Guangdong refineries into international markets. The other Chinese refineries are increasing output despite declining demand for diesel, as a drop in coal demand and improved rail transports cuts into the number of heavy trucks hauling coal across the country. Because many are designed to maximise diesel production, they must keep operating rates high to achieve the same level of petrol and jet fuel output. The result is a flood of diesel into Asian markets. Diesel exports hit their highest daily rate in April, at more than 300,000 barrels a day, following record monthly exports in March. The premium for diesel over crude prices hit a low of $8/bbl in early April before recovering to $12/bbl due to increased diesel demand from South Asia. “China was a key driver of diesel demand growth over the past several decades but is now a net diesel exporter, contributing to the growing oversupply in global diesel markets,” the US Energy Information Administration said in a recent report. That’s despite the IEA’s higher expectations for Chinese fuel demand this year, after stronger-than-expected economic growth in the first quarter. In a sign of the times, western oil majors are trimming their Asian exposure. Shell sold its share in a Malaysian refinery to a Chinese teapot but kept the local fuel distribution business and a deal to help purchaser Hengyuan Petroleum export diesel products from China. Last year, Shell sold its 150-year old refining joint venture in Japan. Total is exiting its refining joint venture in Dalian, northeast China. Copyright The Financial Times Limited 2016. You may share using our article tools. Please don’t cut articles from FT.com and redistribute by email or post to the web. Source link

Book Course HSL is to run a 2 day course on RPE Essentials. 14 – 15 June 2016 Introduction Whilst the use of RPE should only be considered when other control measures are impractical or after their implementation a residual risk remains, there are many workplace situations where RPE is required. RPE is capable of providing effective protection, provided that it is correctly selected, used and maintained. Unsuitable, poorly maintained and incorrectly used RPE may give limited protection, or may not provide any protection. This could lead to ill heath in the short or long term, with the possibility of permanent disability. If the RPE is being used in conditions where there is an immediate danger to life and health, the situation could prove fatal. This course will increase your knowledge and understanding of RPE and how it can be used effectively in the workplace as a control measure. It will provide training in correctly selecting adequate and suitable RPE (following the principles of HSG 53 and COSHH essentials), and how it should be used and maintained. The course will include practical elements to enhance learning and provide practical skills. What will the course cover? What RPE is and how it works RPE types – capabilities and limitations Legal requirements Correct selection Wearer training Correct use Maintenance Management – the ‘RPE Programme’ Who should attend? Persons with responsibility for RPE selection, use and maintenance in a workplace. Those who users may rely upon for guidance on what equipment to obtain and use e.g. suppliers. Venue The course will be run at the HSL laboratory in the spa town of Buxton. Buxton is in the heart of the Peak District and has good links to mainline train stations and Manchester International Airport. Details of hotels in the Buxton area can be found at www.visitpeakdistrict.com. Cost The cost of this course is £925 per person (includes course notes, lunch and refreshments). Book Course Please note the invoice option is not available within 4 weeks of the course date, or for overseas customers. For further dates and additional information email: training@hsl.gsi.gov.uk or contact the Training & Conferences Unit at HSL directly on +44 (0)1298 218806. Back to Health & Safety Training Courses Back to the top Source link

Fully let office building in sought-after sub-market Polanco acquired for Unilmmo: Global Union Investment continues to expand its international real estate fund portfolio in the Americas. The company has acquired the Corporativo Dos Patios office building in Mexico City for its open ended real estate fund Unilmmo: Global. The building was completed in 2012 and is fully let. This investment marks Union Investment’s first acquisition in Latin America since 2008. “Since our market entry over eleven years ago, Mexico City has been a central plank of our international investment strategy. We are delighted to be acquiring Dos Patios as the perfect addition to our high-quality Mexico portfolio. We intend to exploit the stable economic conditions in Mexico to invest a further 250 to 300 million in this market over the medium term,” said Martin Bruehl, Member of the Management Board at Hamburg-based Union Investment Real Estate GmbH. The transaction was handled out of the Union Investment office in New York City. Savills advised Union Investment on the transaction. With total assets worth approximately EUR 2.5 billion, Unilmmo: Global already holds four office properties in Mexico. “The new acquisition comprises 28,739 sq m of rental space, of which 95 per cent is office space and 5 per cent retail. It highlights our strategy of broadening the fund’s portfolio in Mexico City,” said Martin Bruehl. Union Investment is acquiring the property, which has been awarded Gold LEED Core & Shell certification, directly from listed project developer Grupo Gigante Immobiliare. The purchase price is around USD 117.5 million. Offering 1,370 underground parking spaces, the Class A Dos Patios building is centrally located in the heart of Mexico City’s business district in Polanco. After Santa Fe, this is the second-largest sub-market in the Mexican capital, with a good balance of mixed-use commercial space, high-quality residential properties and numerous cultural facilities, earning it a reputation as currently the most sought-after location in downtown Mexico City. “The excellent location and building quality – thanks to the two patios for which it is named, the property has an unparalleled amount of natural light, as well as unique views into and out of the building – make this a compelling investment, as does the outstanding quality of the tenant mix,” said Martin Bruehl. Tenants on long-term leases include companies with very strong credit ratings, such as anchor tenant Siemens Immobiliare, energy services provider Schlumberger and Grupo Gigante. With actively managed assets of around EUR 31 billion, Union Investment is one of Europe’s leading real estate investment managers. It currently holds seven properties in Mexico in its open-ended real estate funds, worth approx. USD 465 million. As the first German investment manager to enter the Mexican market, Union Investment started off by acquiring a stake in Torre Mayor, which at 225 metres is the tallest office building in South America. Since market entry, Union Investment has also disposed of five properties at a profit in Mexico as part of its active asset management policy. Most recently, the Tamayo 100 office building in Monterrey and the Parque Industrial Technologico II commercial and logistics property in Guadalajara were both sold for more than the latest expert valuation. Source link

Established Alpine locations need to adapt to attract ‘Generation Y’ St Moritz, Val d’Isere and Verbier top the Savills Alpine Resorts Price League  Austria resorts still offer value for money  Weak sterling post EU-referendum means Swiss Alpine property is 8.6% more expensive to buy and Austrian Alpine property 7.8% With the baby boomer demographic at the upper end of the skiing age, more needs to be done to attract the millennial generation says Savills World Research and Alpine Homes in the Alpine Property Market Report launched today. Generation Y, shaped by technology but often time poor and burdened by student debt, need a ski experience relevant to them and resorts are having to realign their offering. Many resorts now offer free wifi on the slopes and certain resorts are moving away from the traditional rustic look of hotels and lodgings, preferred by the boomer generation, towards a more contemporary flavour.  Winter X-Games type parks and music festivals, such as Snowbombing in Mayrhofen, are becoming a permanent fixture at many resorts. Real estate investors would do well to seek out property in the established, accessible resorts with a diverse non-ski offer. Paul Tostevin, associate director, Savills World Research, said, “Skier numbers in the west are at a high plateau, or, in some markets, in decline. The most resilient Alpine resorts will be those that are able to diversify their demand base. This means attracting new, younger visitors – for a variety of activities – and tapping into growing Asian ski markets. “The prime resorts in the Alps have a key advantage, an established reputation as a destination for the world’s wealthy. Few global rivals have the cachet of the premier Swiss, French and Austrian destinations. We expect more demand from the newly rich from emerging markets as they seek out the ‘right’ places to be seen.” With prices broadly static in resorts across the region, international buyers and sellers have found any profit or losses dictated by currency movements. In the wake of the UK’s EU-Referendum and the weakening of sterling, Swiss Alpine property has become 8.6% more costly to sterling buyers, while French and Austrian Alpine homes have become 7.6% more expensive. Dollar dominated buyers are in a marginally stronger position than in May of this year. SwitzerlandSt Moritz remains the most expensive resort in Switzerland, and indeed the Alps, at €21,200psm (CHF23,000psm). Verbier follows at €16,800psm (CHF18,000psm) however, in the medium term, we expect to see upward pressure on prices due to the Lex Weber law putting a cap on the stock available to buy.  The final existing planning permissions are being built out and this will be the last season that off-plan apartments will be available for overseas buyers.  In future, some smaller resorts may see increased demand as overseas buyers, with restricted budgets, are pushed further a field. Verbier’s neighbour, La Tzoumaz offers good accessibility to the Four Valleys and more affordable property at around €4,600psm (CHF5,000psm). Nendaz too may attract overseas interest, an international school opens here soon and it has recently added the Four Valleys Hotel and Spa to its village centre. AustriaRising later on the international stage, Austria still offers value for money compared to its Swiss and French counterparts. Austrian resorts are generally at lower altitude with shorter ski seasons and readily market themselves as a year round destination in turn attracting a diverse visitor base. Kitzbuhel tops the Alpine Resorts Price League when it comes to Austrian resorts yet is half the price of its Swiss counterparts. The popular resorts of Solden, Mayrhofen and Zell am See are also some of the most affordable with prices around €6,000 psm. FranceDemand for prime French Alpine property has traditionally been driven by the British. British buyers benefitted from a weak euro in 2015 and were particularly active in the market. This currency advantage has since been eroded and the impact on sterling buyer volumes remain to be seen. Euro-dominated buyers, notably the Dutch and Belgians, continue to rise in importance. Val d’Isere is the most expensive French resort at €18,000psm (although Courchevel 1850 taken on its own is pricier still) whilst Tignes, La Plagne and Flaine come in at under €7,000psm. Jeremy Rollason, managing director, Savills Alpine Homes, said, “Luckily for developers, UK buyers do not dominate the Alpine property market in the same way that they might have done a decade ago. We are seeing a greater diversity of buyer nationalities across the Alps, with Belgians, Dutch and Chinese particularly active, in addition to domestic buyers. UK buyers however could have been hit harder by currency swings and are slowly returning to the market post-Brexit.” Please click here for a copy of the latest report. For more information contact Savills Alpine Homes on + 44(0) 20 7016 3740 or Savills World Research on tel: +44 (0)20 7016 3883 or visit www.savills.com Source link

Book Course HSL is to run a 1 day course on Construction – Managing Health Risks in Construction Seminar. 5 October 2016 As a construction worker you are 100 times more likely to die from ill health caused by your work than through an accident. However, there is a tendency to focus on immediate likelihood of harm rather than the things that kill workers slowly. Deaths in construction workers caused by a cumulative exposure to health risks over many years are completely preventable, yet do we do enough to recognise and act upon the known risk factors? This seminar will provide a unique opportunity to influence the type of support required by the industry to effect a change on health risk management. Common health risks in the construction sector, their prevention and early identification (respiratory, skin, HAVs, noise) Practical Occupational Hygiene updates and a ‘Hands On’ session Approaches to identifying and dealing with stress and mental health issues in the construction sector The new Health Risk Management Maturity Engagement Toolkit and how this can help your business You will also have access to the broad range of HSL experts including medical and health expertise, hygienists, behavioural scientists and psychologists Who Should Attend This seminar will be of interest to employers and contractors of construction workers, health and safety managers and others with responsibilities for health under Construction Design and Management Regulations. Book to attend this seminar if you want to take control of health risks to your workers and be involved in setting direction for industry support in this area.   Venue The seminar will be held at the Health & Safety Laboratory in the spa town of Buxton. Buxton is in the heart of the Peak District and has good links to mainline train stations and Manchester International Airport. Cost The cost of this seminar is £450 per person (includes notes, lunch and refreshments). Take a look at this VIDEO HERE by the Health in Construction Leadership Group – it reinforces the key message of treating health with the same importance as safety: in an industry that, to date, has tended to ‘shout about safety but whisper about health’. Book Course For further information email: training@hsl.gsi.gov.uk or contact the Training & Conferences Unit at HSL directly on +44 (0)1298 218806. Back to Health and Safety Seminars Back to the top Source link

In an ever more competitive marketplace, paint companies are looking for new and different ways to stand out, including promoting the green credentials of their products. One criteria that has been used (or perhaps more accurately mis-used) as a differentiator in recent years is Volatile Organic Compound (VOC) content. VOC is a general term referring to any organic substance with an initial boiling point less than or equal to 250 degrees Centigrade (European Union definition) that can be released from the paint into the air, and thus may cause atmospheric pollution. VOCs are volatile organic compounds that can be naturally occurring (such as ethanol) or can be synthesised chemically. The VOC content in water-based paints may be a very small amount of solvent or trace levels of additive in the paint that are needed to enhance its performance – for example, to help the paint flow out and give an even surface. It is important for the consumer to be aware of the true impact of painting on the environment, what VOC content actually means, and especially the questionable use of terms such as ‘Zero VOC’ and ‘VOC-free’ by certain decorative paint suppliers in the UK. VOC Content – following the law In terms of VOC content, the decorative paint industry across Europe is required to follow their own national legislation, based on the European Paints Directive 2004/42/EC. This directive controls the VOC content in decorative paints (and paints for vehicle refinishing), thus reducing their environmental impact. This had a major impact on the paint industry, accelerating the move to water-based paints and the development of new materials that would permit lower VOCs to be used in paint without compromising its performance. The Directive revolves around a series of limits (maximum VOC content) for each category of paint, according to its type and application. For example, a typical interior matt paint for walls or ceilings has a maximum VOC content / limit of 30g per litre. Paint manufacturers demonstrate their compliance by showing the VOC content of their paint on the product label, referring to the appropriate category and limit. Many matt wall paints on the UK market now have less than 10g / litre or even lower levels – these are measured according to agreed international standards using appropriate analytical methods. So, these types of paints have a very minimal impact on air pollution and the environment. However, it is important to note that there is no mention whatsoever of the term ‘Zero VOC’ or ‘VOC-free’ in the Directive, in any related legislation, or in the standards used to determine the VOC content of paints. Zero VOC claims – what’s wrong with them? Paint is made up of a number of components. Some of these may be of natural origin (such as minerals, chalk, clays or natural oils), other components (such as binders, pigments and additives) are more often synthetically-derived from different industrial chemical processes. All these components need to undergo some degree of washing, refinement, processing or chemical treatment, so they can be successfully used to make paint. These production steps necessitate the use of different process aids, including substances that are classed as VOCs. Although every effort is made to remove these VOCs through drying and purifying, there will still be trace amounts in the finished raw materials that are used to make the paint and the tinting pastes that are needed to be used. Therefore, there is no such thing as a truly 100% VOC-free or Zero VOC paint, as all paints will contain very small (trace) amounts of VOCs through their raw materials. Given that no paint is truly VOC-free, the paint industry across Europe (as represented through their trade association CEPE) agreed in March 2013 not to use Zero VOC claims in the promotion of their products. Similarly, all the major UK manufacturers of decorative paints, who are members of the British Coatings Federation (BCF), confirmed the same position in November 2015. The BCF statement also emphasised the point that companies using Zero VOC claims are not following the UK Government’s guidance on green claims, which refers to the need for companies to make ‘clear, accurate, relevant and substantiated claims’ to avoid misleading consumers. Unfortunately, there are several paint suppliers in the UK that are persisting with the use of Zero VOC / VOC-free claims for their products, despite the industry’s best efforts to bring the issue to their attention. Several media articles have referred to paint below a certain VOC content (e.g. paints containing less than 0.2% VOC), being regarded as VOC-free, however this is incorrect and is certainly not a recognised approach within the UK paint industry or in Europe. The mis-use of Zero VOC terminology in the US is also having an impact on the UK coatings sector, as they commonly label any paints with less than 5g / litre as ‘Zero VOC’ products, and some companies are importing such paints into the UK market.  The use of these claims for paints is therefore both incorrect and unjustifiable – there is no definition for ‘VOC-free’, nor recognised analytical test that can be used to demonstrate a paint as having zero VOC content. Therefore, members of the public continue to be mis-led when purchasing their ‘Zero VOC’ paint, which is not free of VOCs and consequently is not proven to be any better for the environment than other decorative paints on the market. Environmental foot-printing and paints So where do we go from here? How can consumers choose a paint that will have a minimal impact on the environment? What criteria can be used instead of VOC to select an environmentally-friendly product? The paint industry, along with 26 other piloted sectors, is currently working with the European Commission on a project to determine the overall environmental impact of consumer products, from the start of their production to the end of their lifetime (so-called cradle-to-grave approach). This project, called the Product Environmental Footprinting or PEF project, is due to be completed within