Refining
Petrobras expects first of new Brazil refineries to start in November 2014
The first processing train of the joint venture with Venezuela's Petroleo de Venezuela SA, or PdVSA, will be followed by a second line in May 2015. Overall, the new refinery will add 230,000 bpd of processing capacity. Petrobras plans to invest $71.6 billion in its downstream operations through 2016.
EPA waives clean gasoline standards in Louisiana
Louisiana Governor Bobby Jindal requested the waiver, which the EPA said is effective for 10 days. It allows the sale of conventional gasoline with a higher vapor pressure than usually allowed under the agency's air-pollution rules, easing supply pressures created by Hurricane Isaac.
Cosmo Oil to close Sakaide refinery in Japan amid falling local demand
The Ministry of Economy, Trade and Industry set rules in July 2010 requiring refiners to raise residual cracking capacity to a designated percentage of crude refining capacity, as calculated by a formula, by March 2014. By closing the refinery, Cosmo expects to save Y10 billion a year in costs.
Gulf refiners brace as Hurricane Isaac strikes land
UPDATE: Isaac intensified to a hurricane Tuesday prior to making an evening landfall in extreme southeast Louisiana. Several major downstream facilities appear in its path.
Venezuela refinery tank fires mostly extinguished
Officials, including Oil Minister Rafael Ramirez, said through state media outlets that the blaze at the 640,000 bpd Amuay facility was extinguished. Government-run television VTV and state oil company Petroleos de Venezuela, or PdVSA, both reported that all three of the affected tanks were cleared.
US finalizes new fuel efficiency standards for autos
The final rule sets an average fuel economy requirement of 54.5 miles per gallon by 2025 for each auto maker’s fleet, the same level the administration initially proposed in November 2011. Republican presidential candidate Mitt Romney opposes the standards set by the Obama administration.
Sunoco to supply crude to Continental for reopened Kentucky refinery
Continental Refining purchased the then-closed Somerset refinery in December 2011 and immediately began updating the process plant’s operations. Now reopened, the Continental plant is the only oil refinery within a 170-mile radius, which results in significantly decreased transportation costs.
US Gulf refiners shut down operations ahead of likely Hurricane Isaac
The storm appears poised to affect US refining operations, about 19% of which are in Louisiana and Mississippi. Forecasters say Isaac should make landfall by Wednesday, most likely in southeast Louisiana.
Venezuela refinery explosion boosts prospects for US Gulf refiners
Whether the Amuay refinery can return to normal rates with a reduced storage capacity is in doubt, analysts said, adding that “the outage has reportedly forced” state-owned PdVSA to buy products from US refiners.
Gunvor starts former Petroplus refinery in Germany
All regulatory and merger control approvals have been obtained. The official closing date was August 23, and the first crude vessel has already discharged to supply the refinery. The production capacity is 100,000 bpd.
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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
