Refining
BP nears deal to sell stake in TNK-BP crude venture to Russia's Rosneft
TNK-BP has been one of BP's best investments, returning $19 billion in dividends on the roughly $8 billion paid for its 50% stake in 2003. The venture accounts for nearly a quarter of BP's reserves and production. But tensions with AAR over strategy and governance have plagued the venture for years.
Murphy Oil to spin off US downstream business
Murphy Oil on Tuesday said it expects to complete the spinoff of Murphy USA in 2013. Murphy USA’s business will consist of retail marketing of petroleum products, a chain of retail gasoline stations, seven product distribution terminals and two ethanol production facilities in North Dakota and Texas.
French court rejects Petit Couronne refinery bids, orders plant liquidation
The court ordered the plant to keep operating for two months and set an additional deadline on Nov. 5 for companies interested in bidding for the assets under liquidation. Petroplus, which operated five refineries in Europe, filed for insolvency at the beginning of the year.
Reliance eyes expansions for west India refineries
The company's head of refinery operations, Tony Fountain, made the comments to reporters. He said Reliance's chairman has a target of doubling revenue for the company, with downstream a significant part.
China could soon become powerhouse for refined product exports – IEA
If all planned projects [in China] go ahead while demand growth slows as much as forecast, China could emerge, at least for a while, as a new powerhouse in product exports, helped by its companies' growing footprint abroad in international refining, storage, terminal and logistics, the IEA said.
Citgo reports fire at Corpus Christi refinery in Texas
The fire started earlier this week but resulted in no injuries, a Citgo official said. An investigation into the cause of the fire is ongoing, the official said. The Corpus refinery has a capacity of 163,000 bpd.
PetroVietnam actively prepares for construction of nation's second refinery
Plans to build the 200,000 bpd Nghi Son refinery in Thanh Hoa province by investors from Kuwait, Japan and Vietnam have been delayed several times. PetroVietnam earlier said it could cost $8 billion-$10 billion.
Canada seeks more energy exports to India, less dependence on US
Canada's search for alternative destinations, including India, China and Japan, for its trove of hydrocarbon resources coincides with India seeking stable supplies of oil and gas to augment its own, relatively limited, energy resources, which currently satisfy less than a quarter of its requirement.
OPEC lowers global oil demand forecasts for 2012
Economic growth is mostly set to come from emerging markets, but these countries are reliant on exports to developed economies, which have performed sluggishly this year. Moreover, improvements in the global economy are dependent on the success of government and central-bank action.
California switches to winter gasoline to ease cost
The shortages underscore California's relative isolation from the rest of the nation in terms of energy. The state is the largest fuel market in the nation, but its strict production rules make importing gasoline from other areas difficult; and there are no fuel pipelines connecting it to markets across the Rocky Mountains.
- CTCI awarded $417-MM EPC contract to build ethylene storage in Qatar 11/15
- Russian refineries cut oil runs due to losses, closures loom 11/15
- Spain's Moeve swings to quarterly loss on weak refining margins 11/15
- Asia naphtha supply expected to remain tight over next two years 11/15
- Countries, companies lag in response to tackle methane emissions, U.N. says 11/15
- U.S. energy draws up a wish list for new Trump administration 11/15
