Refining
US chemical group sees slow 2012 improvement, led by shale gas
Despite a slowdown in the US economic recovery, the outlook for the nation’s chemicals manufacturing industry is more encouraging, according to the American Chemistry Council’s (ACC) 2011 Year-End Situation and Outlook. The key to the domestic chemical industry’s recovery is access to vast, new supplies of natural gas from previously untapped shale deposits, the council says.
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
Haldor Topsøe wins diesel hydrotreater deal for Rosneft refinery in Russia
Haldor Topsøe has won the contract for a diesel hydrotreating unit for the Russian Syzran Refinery owned by Rosneft, the largest Russian oil company. The contract is a continuation of Topsøe’s and Rosneft’s collaboration, the companies said.
CME launches new Brent crude futures contract
CME Group on Monday launched a new Brent crude futures and options contract in a bid to challenge IntercontinentalExchange Inc.'s (ICE) dominance in the market. The first tradable month on CME's Brent 25-day contract will be February 2012, while the first month for ICE's Brent NX contract is December 2012.
Suncor Energy suspends Syria oil operations
Suncor Energy declared force majeure under its contractual obligations and is suspending operations with the General Petroleum Corp. (GPC) in Syria, the company said on Monday. Suncor management is not changing total production guidance (2011 or 2012) because Libyan production is ramping up and was not included in the existing guidance.
Outlook bleak for Europe, US refiners at end of dismal year
A dismal year for the European and US refining market is set to end on a sour note as profit margins are squeezed by high oil prices and lackluster product demand.
Pacific Ethanol increases stake in US biorefineries
Pacific Ethanol has entered into an agreement with a group of institutional investors to raise $8 million in financing while acquiring an additional 7% interest in four ethanol production facilities. Upon closing, the company's total ownership interest will increase to 34%, the company said.
Plains converting Oklahoma LPG pipeline to crude
Plains All American Pipeline announced Thursday that it is converting an existing Oklahoma liquefied petroleum gas (LPG) pipeline into crude oil service. The pipeline will provide an initial crude oil throughput capacity of 12,000 bpd by January 2012 and will be expanded to 25,000 bpd by July 2012.
Eni CEO: Italy can cope with EU ban on Iran crude
Italy could cope with a potential European Union ban on Iranian crude imports, the top executive of Italian oil major Eni said Thursday, but added that oil payments from the Islamic republic were more of a concern if an embargo was imposed. The EU is mulling an oil embargo against Iran as a sanction against the country's nuclear program.
Chevron to spend record $32.7 billion on capital projects in 2012
Chevron said it expects to spend a record $32.7 billion on capital projects in 2012 as it continues to invest in massive oil and gas projects worldwide. Rivals ConocoPhillips and Marathon Oil recently announced double-digit capital budget increases for next year, showing major oil companies are confident about the sustainability of high oil prices.
- Lummus Technology selected for major ethanol-to-jet SAF project in India 5/1
- INEOS sells sulfur dioxide and derivatives business to Ecovyst for $190 MM 5/1
- Perpetual Next selects JPB Logistics as storage partner for Dutch biomethanol facility 5/1
- Trump signs order authorizing oil pipeline project partially reviving Keystone XL 5/1
- Asia-Pacific ports advance cross-sector hydrogen and eFuel readiness 4/30
- THUNDER project launches to advance carbon-neutral eMethanol production in Europe 4/30
