Refining
Big drop in US oil stocks finally on the way, traders say
NEW YORK (Reuters) — Oil traders and analysts are expecting large volumes of crude to draw from storage tanks across the United States in coming weeks, in what would be the most tangible sign of an inventory overhang reduction that has punished prices over the last two years.
China's teapot refiners set to slow crude imports as tanks overflow
BEIJING/SINGAPORE (Reuters) — As OPEC extends production cuts in a bid to tighten the oil market, China's independent refiners—awash with crude and facing disappointing local demand—are poised to slow purchases of oil for at least the next two months.
South Africa wants Sinopec to retain refinery capacity
CAPE TOWN (Reuters) — South Africa is in talks with China's Sinopec about its takeover of Chevron Corp's Cape Town refinery as it wants to ensure its production capacity is retained and enhanced, Economic Development Minister Ebrahim Patel said on Thursday.
Venezuela says considering options to repay debts
VIENNA (Reuters) — Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.
US crude inventories slump amid near record refining
(Reuters) — US crude oil inventories fell for the seventh straight week as refiners processed a near record amount of crude last week, the Energy Information Administration said on Wednesday, even as gasoline and distillate stockpiles also dipped.
Pertamina appoints Sinopec unit for crude oil processing
JAKARTA (Reuters) — Indonesian state oil and gas company PT Pertamina has appointed a unit of China's Sinopec to process crude oil from Iraq, Daniel Purba, a senior vice president said on Wednesday.
DONG Energy to sell oil, gas business to Ineos for $1.3 B
COPENHAGEN (Reuters) — Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 B, it said on Wednesday, the latest in a string of North Sea deals.
Saudi Aramco plans up to $30-B investment in Motiva by 2023
HOUSTON (Reuters) — Saudi Aramco plans an investment of up to $30 B in its US subsidiary Motiva Enterprises LLC, the company said in an announcement at a business summit in Saudi Arabia.
Equatorial Guinea, Arabian Energy enter agreement for African oil terminal
MALABO, Equatorial Guinea -- Following the signing of an agreement between the Government of Equatorial Guinea and Arabian Energy DMCC to work together on the Bioko Oil Terminal in Saudi Arabia, the realization of the petroleum tank farm gained some important momentum.
India moving beyond oil as seeks alternatives to OPEC
VIENNA/NEW DELHI (Reuters) — OPEC production cuts and the prospect of more expensive oil are pushing India to consider US and Canadian suppliers, as well as encouraging it to turn to renewable energy, the country's petroleum and natural gas minister said on Monday.
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