Americas
Repsol looks to Argentina for YPF compensation
The chairman of Spanish oil major Repsol said the company hopes to arrive at an agreement with the Argentinean government for the nationalization of Repsol subsidiary YPF in April. Argentina seized control of YPF after accusing Repsol of not investing enough in the unit.
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.
LSB Industries to cut output at Alabama ammonia plant after pipe rupture
The company said early estimates point to a three- to five-month outage at the ammonia plant, depending on lead times for repair parts. Until then, the Cherokee Nitrogen facility can produce a limited amount of nitric acid and ammonium nitrate solution from purchased ammonia.
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.
Two missing, 11 injured in US Gulf platform blast
Black Elk Energy CEO John Hoffman said the explosion was set off when sparks from a torch the workers were using to cut a line on the platform hit a storage tank, which then exploded. Five workers remain in hospitals, while two have been released. No fatalities have been confirmed.
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.
BP to plead guilty to felonies, pay $4.5bn in Gulf oil spill settlement
Federal prosecutors also filed criminal charges against three employees of BP over the disaster, including two engineers who were on the drilling rig when it exploded.
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.
Mitsui Chemicals mulls investment in US market
Low natural gas prices resulting from the US shale-gas boom are stimulating new investments in petrochemical plants there. "We're in talks with several companies," company president Toshikazu Tanaka told reporters. "The US is a very big market. We're interested."
Methanex wins environmental approvals for plant relocation in Louisiana
The approval represents a key milestone for the project. With air permits now in place, construction on the Geismar site can commence, according to the company. Dismantling activities in Chile have progressed and the project remains on track to produce methanol by the end of 2014.
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