The downstream rundown: In case you missed it 7/8
In case you missed any downstream news, here are the top stories from last week.
Production at Venezuela's largest refinery hit by blackout
Production at Venezuela's largest refinery, which can process about 645,000 barrels of oil per day (bpd), was halted late on Saturday by an electrical fault that caused a blackout, according to five people familiar with the matter.
Amuay is the only refinery producing gasoline at the Paraguana Refinery Center (CRP) following a halt in some operations at the neighboring Cardon refinery while a reformer fault is fixed.
India to drop windfall tax if oil prices fall $40 a barrel
India will only withdraw its windfall tax introduced last week for oil producers and refiners if global prices of crude fall as much as $40 a barrel from present levels, Revenue Secretary Tarun Bajaj told Reuters on Monday.
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue.
The taxes, and some accompanying export curbs, will hit the earnings of companies such as Reliance Industries, Nayara Energy, which is partly owned by Russia's Rosneft, the Oil and Natural Gas Corp, Oil India Ltd and Vedanta Ltd.
Fire extinguished at Equinor's Mongstad oil refinery
A fire that broke out on Sunday at Equinor's Mongstad oil refinery on Norway's west coast has now been extinguished, a company spokesman said on Sunday.
Technip Energies wins EPC contract by Hafslund Oslo Celsio for a CCS project at waste to energy plant in Norway
Technip Energies has been awarded a large EPC contract by Hafslund Oslo Celsio, the largest supplier of district heating in Norway, for a world-first carbon capture and storage (CCS) project at waste to energy plant located in Oslo, Norway.
The project will be the first full-scale waste-to-energy plant in the world with CO2 capture. 400,000 tons per year of CO2 will be captured, which is the equivalent of the emissions from around 200,000 cars and will reduce Oslo’s emissions by 17%.
Samsung Engineering signs an agreement with Aramco for the National EPC Champions Initiative
Samsung Engineering, one of the world’s leading engineering, procurement, construction and project management companies announced that it has signed an agreement with Aramco for the National EPC Champions initiative. The official signing occurred on July 5, during the Saudi Aramco Namaat Industrial Investment Program event, held in the Al-Ghawar Hall at Aramco’s main office in Dhahran, Saudi Arabia.
The formal agreement signing between Samsung Engineering, Al Rushaid Petroleum Investment Company (ARPIC), and Aramco took place earlier. Samsung Engineering's President and CEO Sungan Choi, Aramco’s Vice President of Project Management, Abdulkarim Ghamdi, and ARPIC’s CEO and Chairman, Rasheed Al Rushaid, attended the Namaat event following the signing of the agreement.
TotalEnergies quits Russia's Kharyaga oil project in wake of sanctions
TotalEnergies has agreed to transfer its remaining stake in Russia's Kharyaga oil field to the country's state producer Zarubezhneft, the French company told Reuters, in its first major divestment in Russia in the wake of Western sanctions.
"TotalEnergies has agreed to transfer to Zarubezhneft the remaining 20% interest that the company held in the Kharyaga oil field," a spokesperson for TotalEnergies told the news agency on Wednesday.
"This transaction is subject to the approval of the Russian authorities," the spokesperson said, without elaborating on the terms of the stake transfer.
Maire Tecnimont wins $300 MM low-carbon ammonia synloop EPC
Maire Tecnimont announced that its subsidiary Tecnimont, in cooperation with its sister company Nextchem, has been awarded a Lump Sum Turn-Key EPC contract for a low-carbon ammonia Synloop facility to be built in the Gulf Cooperation Council region.
The contract value is approximately $300 MM and its scope of work includes engineering activities, supply of all materials and equipment as well as construction activities.
Axens to begin licensing Plastic Energy’s TAC process for advanced plastic recycling
Following the signature of the strategic partnership between Plastic Energy and Axens in 2021, Axens is pleased to announce that Plastic Energy’s TAC process has now been fully integrated into Axens’ technology portfolio, thanks to a hardworking collaboration between the technology experts at both Plastic Energy and Axens.
Plastic Energy’s advanced recycling technology will now be licensed by Axens. Axens will provide its customers with associated services that includes basic engineering, supply of proprietary equipment, and technical assistance for start-up and operation of the plant, leveraging the expertise of Plastic Energy at each step.
Oil refiners, unions press U.S. EPA on biofuel blending costs
Oil refining company and labor union representatives pressed the U.S. Environmental Protection Agency at a virtual meeting last week to lower costs of the nation's biofuel blending program when it resets the policy next year, according to sources familiar with the call.
The refining industry and unions representing its workers have grown more concerned about the impact of an expected overhaul of the Renewable Fuel Standard (RFS). It requires refiners to blend billions of gallons per year of biofuels like ethanol into the nation's fuel or buy credits called RINs from those that do.
World Fuel Services is now an authorized branded distributor of Neste MY Sustainable Aviation Fuel with the first supply location in France
Neste and World Fuel Services (World Fuel) announced that World Fuel is now an authorized branded distributor of Neste MY Sustainable Aviation Fuel. Paris-Le Bourget Airport is the first location in France where World Fuel delivered Neste’s sustainable aviation fuel (SAF) as the authorized branded distributor.
Becoming an authorized branded distributor builds on World Fuel’s long history of providing access to SAF in Europe, expanding existing supply points in the UK, Germany, and France. Supplying lower-emission fuels reflects World Fuel’s ongoing commitment to developing innovative sustainability solutions for the aviation industry.
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