Americas
Obama rejects TransCanada pipeline Keystone XL
The Obama administration on Wednesday formally rejected TransCanada’s proposed Keystone XL oil pipeline expansion. However, TransCanada and other companies will be allowed to reapply with an alternate route going through Nebraska, where an important regional aquifer is located.
TransCanada will reapply for Keystone XL permit
TransCanada said late Wednesday that it had received the US Department of State's decision that the Presidential Permit for its proposed Keystone XL pipeline has been denied. However, the company will reapply for a permit and hopes to start up pipeline service as soon as 2014.
Sunoco completes spinoff of SunCoke Energy unit
US-based transportation fuels firm Sunoco completed the spinoff of its metallurgical coke manufacturing business SunCoke Energy. The planned separation was first announced in January 2011.
Georgia Gulf rejects $1bn unsolicited takeover bid from Westlake Chemical
The board of directors for US chemicals firm Georgia Gulf rejected Westlake Chemical’s unsolicited proposal to acquire the company for a $30/share bid, valued by analysts at just over $1 billion. Georgia Gulf also modified its shareholder rights plan in hopes of thwarting the bid.
Oil India plans to buy up to $200mn in US, Australia shale gas assets
State-run Oil India plans to buy shale gas assets worth up to $200 million and is scouting for potential acquisitions in the US and Australia as it seeks to gain expertise in the field ahead of India's plans to auction blocks in the country, a senior executive said Monday. India is seeking to tap into its shale gas resources to meet rising gas demand from power plants and factories.
Westlake bids for US chemicals firm Georgia Gulf
Westlake Chemical has submitted an unsolicited proposal to US-based chemicals firm Georgia Gulf to acquire all of the outstanding shares of Georgia Gulf for $30/share in cash. Thus far, Georgia Gulf’s management “has been unwilling to engage in substantive discussions", the company said.
Origin Oil partners with US DoE on conversion of algae into renewable crude
Renewables firm OriginOil plans to co-develop an integrated system with the US Department of Energy's Idaho National Laboratory (INL) for direct conversion of raw algae into a renewable crude oil that can be used by existing petroleum refineries.
EU remains uncertain on timing of Iran oil embargo
A European Union embargo on Iranian oil could be enacted after a six-month grace period under one of the options being considered, but there is still no consensus on the matter. EU diplomats familiar with the discussions said Friday that while six months is one of the possible options, there is no convergence yet.
Chevron warns of weakening downstream results
Chevron expects 2011 fourth-quarter downstream earnings to be down significantly from the third quarter amid lower margins and refinery input volumes. In the US, Gulf coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.
Hoover starts Pecos pipeline work in west Texas
Hoover has begun construction on Phase I of its Pecos Crossing pipeline, a 24-mile crude oil system to serve west Texas with a capacity of up to 120,000 bpd. The Pecos Crossing pipeline is scheduled to be operational in April 2012 and will be the first crude oil pipeline operating south of the Pecos River.
- Technip Energies secures major contract for Coral Norte floating LNG project in Mozambique 6/11
- Honeywell introduces Experion Cognition to deliver autonomous control room operations for Borouge International 6/11
- ABB expands non-invasive sensing portfolio to advance simpler and safer temperature measurement 6/11
- Bayer hopes to speed up biofuel feedstock plan amid Iran war energy crunch 6/11
- Gulf Coast Midstream selects Audubon for FEED on Nash Energy Storage Hub 6/11
- Dangote Refinery seeks $1 billion private placement ahead of planned listing 6/11
