Americas
OPEC boosts group oil production to highest level since '08 recession
Acting to dampen market nervousness amid Iran supply fears, OPEC on Thursday said it was pumping more oil than the market needs - at levels not seen since summer 2008 - and signaled demand destruction had been halted for now. Crude production was up 317,000 bpd month on month.
PetroChina eyes idled Valero refinery in Aruba
PetroChina is reportedly in talks to buy the 235,000 bpd refinery for $350 million. After a January restart, Valero suspended operations in March, citing poor economics.
TransCanada to start building Keystone oil terminal
TransCanada said Wednesday that it successfully concluded an open season for the Keystone Hardisty terminal project. Based on the commitments, the company is expanding the proposed 2 million bbl of crude oil batch accumulation tankage and pipeline infrastructure to a 2.6 million bbl terminal.
Petroplex to build major Louisiana liquids terminal
Petroplex International says it has raised capital to move forward with plans to build a $600 million bulk liquid terminal in St. James Parish, Louisiana, with a projected initial storage capacity of 4 to 6 million bbl. Construction is expected to commence during the first half of 2013, with start up in 2014.
Westlake Chemical restarts VCM plant in Louisiana following March fire
Westlake Chemical said Wednesday that the vinyl chloride monomer unit at its complex in Geismar, Louisiana, has been safely repaired and restarted. The company added that it is working with customers and suppliers to mitigate the impact of the outage and to meet their needs.
Exxon restarts part of Louisiana pipeline after spill
ExxonMobil Pipeline Co. has restarted part of its North Line oil pipeline in Louisiana, which was shut down April 28 because of a leak, Reuters reported Monday citing a spokeswoman. The stretch of North Line affected by the leak, northwest of Baton Rouge, remained shut, according to the company.
HB Fuller to sell Latin American paints business
H.B. Fuller has signed an agreement to sell its Central American paints business to Colombia's Pintuco, a company of Grupo Mundial. "Our strategic vision is to be the best adhesives company in the world, and the paints business is not, therefore, core to our strategic plan," said CEO Jim Owens.
UOP licenses 'green' diesel production technology to US transport fuels firm
Honeywell’s UOP has agreed to license technology to Emerald Biofuels to produce the company’s Green Diesel at a facility in Louisiana. Chemically identical to petroleum-based diesel, Honeywell’s Green Diesel can be used in any proportion in existing fuel tanks without infrastructure changes.
EIA boosts US gas outlook for production, demand
US natural gas prices are expected to rise in the months ahead as increased demand helps ease the current supply glut, the EI Asaid in an updated outlook, but the agency still cut its key price forecasts for the heating and power-plant fuel. The EIA cut its forecast for natural gas prices at the wellhead by 2%.
HollyFrontier CEO says US fuel markets are healthy
HollyFrontier expects to increase its refining rate by 3% in the second quarter after finishing refinery maintenance at the beginning the year. Despite forecasts of a lackluster fuel demand amid a sluggish economy, HollyFrontier has seen solid fuels sales in its home region, its CEO said.
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- China's vast refining sector faces shakeout as fuel demand peaks 1/17
- Oman Oil Marketing Co. and TFG Marine establish bunker fuel supply JV 1/17
- Beware Egypt's smokestack onshoring as cement exports surge 1/17
- Petrobras reports record high refinery output in 2024 1/17
