Crude oil
Essar finishes Vadinar refinery expansion in India
Essar Oil on Friday announced the completion of the $1.81 billion expansion of its Vadinar refinery with the successful commissioning of the final delayed coker unit (DCU), which is amongst the world's largest. The expansion gives the Vadinar refinery the capability to process much heavier crude diet.
Alberta oil sands employment projected to increase over 70% by 2021
Alberta's oil sands industry, which employed just over 20,000 workers in 2011, is projected to grow its workforce by a staggering 73% by 2021, a new report says. Some oil sands operations and occupations are forecasted to add over 100% of their current workforce by 2021.
Saudi oil minister sees no reason for high oil prices
Saudi Arabia Oil Minister Ali al-Naimi said that there is no reason for current high oil prices, which are hurting European economic growth targets, but said the world's largest crude exporter will do what it can to mitigate them. Naimi wrote his thoughts in a rare opinion piece for the Financial Times.
US Senate defeats bid to end 'big oil' subsidies
Senate Republicans united to block a Democratic attempt to end roughly $20 billion in federal subsidies to the largest oil and gas companies, in a largely political vote that had little chance of approval. Democrats argued that ending unnecessary taxpayer subsidies would have no effect on the price of gasoline.
France in talks with IEA over oil stocks release
The French government is in consultation with the IEA on whether to release oil stocks in moves to stem high crude prices. France supports a proposal to tap reserves and is also trying to convince producer nations to put more oil on the market to help combat speculation pushing prices higher.
Kinder Morgan to raise Alberta oil terminal storage
Kinder Morgan has entered into a long-term contract with a major Canadian producer to support the construction of an additional 1.2 million bbl of merchant storage capacity at Trans Mountain pipeline’s Edmonton terminal in Strathcona County, Alberta. The total value of the expansion now totals $284 million.
Enbridge, Enterprise more than doubling capacity on US Seaway pipeline
Enbridge and Enterprise Products have secured enough capacity commitments from shippers to proceed with an expansion of the Seaway pipeline in the US that will more than double its capacity to 850,000 bpd by mid-2014. The firms are nearing completion of the first phase of the Seaway line reversal.
India crude imports up on refined product demand
India's crude oil imports in February rose 11% from a year earlier, boosted by strong demand for refined fuel products. The South Asian nation imported 14.87 million tons, or 3.76 million bpd, of crude last month, compared with 13.43 million tons, or 3.52 million bpd, a year earlier, the data showed.
BP refinery in Texas City disrupted by acid leak
BP's refinery in Texas City, Texas, reported a hydrofluoric acid leak Tuesday that disrupted operations at one unit of the plant and led to a shelter-in-place warning on the refinery grounds. Water is being sprayed over the leak site to limit the spread of vapor and the acid is being drained to a storage tank.
IEA data show high oil costs hurting EU consumers
Early data show that high oil prices in Europe have already started to eat into consumer spending in other areas and could push the region back into recession, says the chief economist of the IEA, Fatih Birol. Energy costs could eat up almost double their typical share of Europe's income this year.
- Malaysia plans to produce sustainable jet fuel in 2027 11/27
- ADNOC launches $80-B low-carbon energy and chemicals investment company 11/27
- Chevron sees California's fuel inventory law raising prices for customers 11/27
- Clariant’s MegaMax™ catalysts to power China’s first biomass-to-green methanol project 11/27
- easyJet, Renavia and WFS sign MoU for long-term supply of SAF 11/27
- Russian Urals oil sales to Turkey in Nov. up 38% m/m as STAR refinery increases runs 11/27
