Economics
Profit at China's Sinopec slumps 21.6% in first half
Sinopec said its net profit fell 21.6% in the first half of 2016, hurt by a steep decline in international oil prices.
Shell and government of Gibraltar sign LNG supply agreement
The government of Gibraltar and Shell signed an agreement for the supply of LNG for use in power generation in Gibraltar.
Oil refiners face reprieve as maintenance tames fuel glut
Oil refiners reeling from tumbling profits can expect some reprieve in the coming weeks as lower production could tame a huge global excess of gasoline and diesel.
LyondellBasell retains bank for potential Houston refinery sale
LyondellBasell Industries has retained Bank of America Merrill Lynch to help with the potential sale of its refinery in Houston.
Hyundai Engineering lowers design costs with 3D technology
Hyundai Engineering used 3D technology to increase the efficiency of engineering design on their $2 B petrochemical plant project.
US crude, gasoline stocks build unexpectedly as refineries cut output
According to the US Energy Information Administration, US crude and gasoline inventories rose unexpectedly last week as refineries cut output.
EIA: Crude price differentials a factor as refining profits converge
Refinery earnings were lower in Q2 2016 compared with the same time last year and are converging among different locations globally.
Egypt plans to end fuel subsidies within three years
Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year.
Emerson to acquire valves & control business from Pentair
Emerson has signed an agreement to purchase the valves & controls business of Pentair for $3.15 B.
California sale of carbon permits falls short
California sold just over one-third of the carbon permits it offered to cover emissions this year, receiving the minimum price at an auction.
- AVTL to develop ammonia terminal in Pipavav, India 6/20
- Chevron seeks buyers for 50% stake in Singapore refinery 6/20
- Asian refiners seek more Mideast oil after spot premiums jump on Israel-Iran conflict 6/20
- Mexican authorities discover clandestine mini-refinery in crackdown of illegal hydrocarbon trade 6/20
- Italy's Eni eyes new unit to manage oil refineries 6/20
- Inatech's Techoil implemented by Flint Hills Resources for a modern, integrated future 6/20
