Americas
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.
Cheniere finalizes export pact with GAIL India for Sabine Pass LNG
Cheniere subsidiary Sabine Pass Liquefaction entered into a liquefied natural gas (LNG) sale and purchase agreement with GAIL India, under which GAIL will buy 3.5 million tpy of LNG. Sabine Liquefaction is developing a liquefaction project at the Sabine Pass LNG terminal that includes up to four liquefaction trains capable of up to 18 million tpy of LNG.
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.
DuPont cuts profit outlook on weakening demand
US-based chemicals major DuPont on Friday lowered its 2011 full-year earnings outlook to a range of $3.87-$3.95 earnings per share (EPS), excluding significant items – down from a forecast last month of $3.97-$4.05/share. The projected earnings still represent an 18% to 20% increase from 2010.
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.
Encana sells two western Canada gas processing plants to Veresen
Encana Corp. said it will sell two natural-gas processing plants in Alberta and British Columbia for C$920 million to energy infrastructure company Veresen. Encana, North America's second-largest natural gas producer after ExxonMobil, trimmed back its growth plans and put assets up for sale this year as it faced pressure from persistently low natural gas prices in North America.
Dresser-Rand buys US parts supplier Synchrony
Rotating equipment supplier Dresser-Rand has agreed to acquire technology development firm Synchrony, with the deal expected to close in January 2012. Synchrony's portfolio includes active magnetic bearings (AMB), high speed motors and generators, and power electronics for rotating machinery.
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.
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.
Halliburton defends itself against BP oil spill claims
Halliburton responded Wednesday to recent court filings by BP, which accused it of unfavorable results from tests on cement used to plug the leaking well in the Deepwater Horizon disaster.
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- Nextchem awarded engineering/technology services contract from SATORP (Saudi Arabia) 3/6
- PBF Energy's Martinez refinery (California, U.S.) repairs to cost $30 million 3/6
- Lummus Technology, Resynergi announce commercialization of microwave-powered plastic pyrolysis technology 3/6
- Mercedes-AMG Petronas to use sustainable carbon fiber composites in Formula 1 racecars 3/6
- Vopak to build ethane tanks to support Thailand's petrochemical production 3/6
