Refining
EIA raises oil price forecast for 2012
In its March "Short-Term Energy Report," the DOE/EIA raised its oil price forecast for 2012 to $106/bbl, up $5/bbl from the previous forecast amid concerns over geopolitical tensions in the Middle East, growth in world demand and supply constraints in non-OPEC countries.
OPEC pins high oil prices on speculators, IEA warns of supply woes
Leaders of some of the world's largest oil producing nations Wednesday pinned current high oil prices primarily on market speculators, just as consuming nations warned that even present increased output levels are being more than offset by numerous supply problems.
Petrobras to boost gasoline, diesel imports in 2012
Brazil's Petrobras will need to import more gasoline and diesel fuel in 2012 as the company's refineries continue to fall short of domestic demand, Petrobras downstream director Paulo Roberto Costa said. Petrobras is also suffering from delays to refinery projects that will help trim the company's shortfall.
API sues EPA over US cellulosic biofuel mandate
The API) filed a lawsuit with the DC Circuit Court challenging what it called “unachievable requirements” from the US EPA for use of cellulosic biofuels in the 2012 Renewable Fuel Standard (RFS). The API recommends that EPA base their prediction on at least two months of actual production data.
Oil producers start to worry about rising prices
As they prepare to meet with consumers at an energy summit in Kuwait, some of the world's top oil producers voiced concern that rising oil prices may backfire by jeopardizing a global economic recovery. The UK's Brent contract has risen by 17% since the start of the year amid tensions with Iran.
AFPM '12: Tesoro CEO criticizes "challenging" regulatory environment in US
Executives at the annual meeting in San Diego said the oil industry needs to do a better job of informing the public what they do and why fuel prices have increased.
Malaysia's Petronas picks Technip for FEED work on refinery, petrochemical project
Technip has been awarded a front-end engineering design (FEED) contract by PETRONAS for its proposed refinery and petrochemical integrated development (RAPID) project located in the state of Johor, Malaysia. The contract is scheduled for completion in the second half of 2013.
Chevron says oil, gas output to jump 20% by 2017
Chevron said Tuesday its oil and gas production will inch up this year but it expects output to jump 20% in five years as massive liquefied natural gas (LNG) projects in Australia commence operations. Chevron officials noted that annual production could vary depending on oil prices.
Valero contract worker dies after flash fire at Memphis refinery
Nicolas Cuevas, one of three contract workers injured in a flash fire last week at Valero Energy Corp.'s oil refinery in Memphis, Tenn., died Saturday afternoon, a Valero spokesman said. The men were working at the flare platform as part of the crude unit turnaround that got under way March 2.
Motiva to convert N.J. storage to ULSD, biodiesel
Motiva plans to convert all of its high sulfur diesel heating oil (2000 ppm) storage to ultra low sulfur diesel (ULSD) (15 ppm) at its Sewaren Terminal in New Jersey. That will allow Motiva Sewaren, a 5mn bbl refined products terminal, to take deliveries of ULSD for NYMEX-based contracts via marine and pipeline.
- Samsung C&T and Axens partner to accelerate global deployment of CCUS projects with advanced DMX™ technology 2/24
- Aramco signs MoU with Microsoft to help advance industrial AI and digital talent transformation 2/23
- Chandra Asri's chlor alkali-ethylene dichloride project reaches 50% completion 2/23
- Solvay to reduce production at Torrelavega soda ash plant due to market conditions 2/23
- Zeon Corp. holds groundbreaking for new cyclo-olefin polymers plant 2/23
- Honeywell adjusts acquisition agreement for Johnson Matthey's Catalyst Technologies business down to £1.325 billion 2/23
