Refining
REG makes second US biodiesel facility acquisition in three weeks
The US-based Renewable Energy Group (REG) has announced the purchase of a 15-MMgpy biodiesel production plant near Atlanta, Georgia. The company has not yet set a production date for the restart of the facility, which has operated intermittently since January 2008.
BP plans share buyback to stave off takeover bids
The £4 billion share buyback could take place as early as next year. According to the paper, the huge buyback could take place as early as next year. Directors at the oil major are alert to the possibility of an opportunistic bid from a cash-rich rival and have had a defense document on standby for weeks.
US oil demand lowest for October since 1995 – API
Demand was the weakest in October in 17 years, while year-to-date figures are down 2.1% from 2011. "For many months, we’ve seen variations on the same theme: weak demand versus a year ago and some of the weaker demand numbers over the past decade,” said API chief economist John Felmy.
EPA denies request to waive US ethanol mandate for gasoline blending
The EPA said Friday it hadn't found any evidence that its renewable fuel standard is causing economic harm. Cattle ranchers and dairy farmers, who use corn to feed cattle, have complained for several months that the ethanol mandate was driving up demand for dwindling supplies of corn.
Foster Wheeler venture wins FEED work for Canada oil sands processing site
The project, located in northern Alberta, is expected to have an initial production capacity of 90,000 bpd over two phases and an estimated project life of up to 40 years. The project is currently under review by regulators, according to company officials. The contract value was not disclosed.
Aramco picks Técnicas Reunidas for engineering on Saudi refining projects
Técnicas Reunidas will build a hydrocracker plant and a diesel hydrotreater facility for an upcoming 400,000 bpd refinery and marine terminal project that Saudi Aramco is developing at Jazan, in the kingdom's southwest on the Red Sea coast. The facilities are scheduled to be operational by 2017.
US industry sees self-sufficiency for natural gas, but not crude oil – survey
When it comes to oil, however, survey respondents are far less optimistic about the ability to meet American demand with domestic supplies: 54% say the US will never be completely oil self-sufficient, and only 26% of respondents say oil self-sufficiency is achievable in the next 10 years.
Pertamina may buy LyondellBasell French refinery
The LyondellBasell refinery is under restructuring and its refining units are being mothballed through to the end of 2013 after the company was unable to find a buyer. The refinery would be the third to stop operations in France over the past years amid low demand in the region.
Sudan reaches agreement with China's CNPC to revamp Khartoum refinery
A deal to revamp the 100,000 bpd Khartoum refinery was reached over the weekend during talks between Sudanese Petroleum Minister Awad Ahmed Al Jaz and CNPC vice president Wang Dongjin. The refinery is a joint venture between the Sudanese government and CNPC.
US to overtake Saudi Arabia as top oil producer, says IEA
A shale oil boom means US production will pass that of Saudi Arabia by 2020, the IEA says, in a radical shift that could greatly transform energy supplies and geopolitics. The assessment is in stark contrast with last year, when the agency envisioned Russia and Saudi Arabia vying for the top position.
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- EU crafts plan to give industries extra free CO2 permits this year 6/19
- PetroChina forecasts Chinese oil consumption will drop 4.9% this year 6/19
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- Russian gasoline output down 25% so far in June after drone attacks on refineries 6/19
