Crude oil
UK rejects requests to stop Arctic oil, gas drilling
The UK government said that while it recognized the risks of drilling for hydrocarbons in the sensitive Arctic region, high environmental and drilling standards, efforts to enhance oil spill prevention and response mechanisms would be more effective than a complete ban.
Enterprise inks marine transport deal with Exxon for US refined products
Under the terms of the agreement, which took effect January 1, 2013, Enterprise is committing five tugs and 10 barges for the transportation of refined products and other hydrocarbon products along the US inland waterway system. Financial terms were not disclosed by the companies.
IEA says Middle East oil producers are increasingly accepting renewables
Many Gulf countries have made ambitious plans for increasing the share that renewables play in their energy mix. Top oil exporter Saudi Arabia has said it will adopt a renewable energy program at the start of 2013 while Kuwait said in December that it aims to produce 15% of its energy from renewables by 2030.
Saudi Arabia slashes oil production in December
As demand for crude from the Organization of the Petroleum Exporting Countries falls this year, the Saudi cut shows that the kingdom, "still wants to have, and does have, the role as the swing producer in the market," said Thina Saltvedt, a senior oil market analyst at Nordea Bank Norge.
Phillips 66 signs oil-by-rail contract for Bayway refinery in New Jersey
The contract with Global Partners also cements North Dakota crude's hold in the East Coast refining belt, where two other refiners already get Bakken crude by rail.
Valero venture to construct Texas marine terminal
Valero's marine terminal will receive crude tankers of up to Suezmax class, and will be able to operate without the daylight restrictions imposed on other terminals in the upper Sabine-Neches waterway. The crude dock is scheduled for completion in the fourth quarter of 2013.
Enbridge plans pipeline expansions in Canada, US
The Canadian pipeline company, which in November announced it would go ahead with a C$1.8 billion expansion of the system in the oil-rich province of Alberta, said the latest expansion will add 230,000 bpd of capacity. Enbridge said the expansion will involve increased pumping horsepower.
Refiners now have a new biofuel option
Biobutanol is coming to market as a gasoline blendstock and can be efficiently made by a range of renewable feedstocks.
HP Brief
Uncertainty looms in EU economyEuropean chemicals output contracted by 2% in 2012 compared with 2011, according to European chemicals group Cefic. By lowering its forecast released in September, the c..
HP Industry Perspectives: 2012: Is it over yet?
According to a year-end report from the American Chemistry Council (ACC), the global economy is still stumbling three years after the “great recession of 2008.” The Euro area is challenged t..
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