Economics
EIA: Gas prices ahead of Memorial Day higher than 2016, but 2nd lowest since 2009
Gasoline prices heading into Memorial Day weekend average $2.40/gal nationally, up from last year's price of $2.30/gal. Despite the year-over-year increase, 2017 marks the second-lowest price ahead of the Memorial Day weekend since 2009, when the national average price of retail regular gasoline was $2.31/gal.
Britain's Spirax-Sarco to buy thermal tech firm Chromalox for $415 MM
(Reuters) — Britain's Spirax-Sarco Engineering Plc said it had agreed to buy Pittsburgh-based thermal technology company Chromalox Inc from private equity firm Irving Place Capital for $415 MM on a cash-free, debt-free basis.
Venezuela says considering options to repay debts
VIENNA (Reuters) — Venezuela is considering several options to repay its debts, the oil minister said on Thursday, after a deep recession and low crude prices hit output and prompted Caracas to seek funds from China and Russia.
ACC: New report shows potential for major Appalachian petchem industry
WASHINGTON — An economic report released by the American Chemistry Council (ACC) shows that the Appalachian region could become a second center of US petrochemical and plastic resin manufacturing, similar to the Gulf Coast.
DONG Energy to sell oil, gas business to Ineos for $1.3 B
COPENHAGEN (Reuters) — Danish utility and offshore wind farm developer DONG Energy has agreed to sell its oil and gas business to petrochemicals firm Ineos for $1.3 B, it said on Wednesday, the latest in a string of North Sea deals.
OPEC set to prolong oil cuts as delegates predict smooth meeting
VIENNA (Reuters) — OPEC will likely agree to extend production cuts for another nine months, delegates said on Tuesday as the oil producer group meets this week to debate how to tackle a global glut of crude.
China says will eventually allow private companies to invest in oil storage
BEIJING (Reuters) — China will eventually allow private companies to invest in the country's oil and gas storage, the government said in a blueprint document for its energy sector that mainly underscored earlier pledges on reforming heavily monopolized oil and gas industries.
Carlyle battles insurers in New York over Moroccan oil losses
LONDON (Reuters) — US private equity firm Carlyle Group is suing a group of its insurers over $400 MM worth of oil it claims it lost when Morocco's sole refinery went bankrupt two years ago, court documents show.
Clariant, Huntsman to merge, creating $20-B enterprise
MUTTENZ, Switzerland — Clariant and Huntsman Corporation announced that their Boards of Directors unanimously approved a definitive agreement to combine in a merger of equals through an all-stock transaction.
EIA: OPEC net oil revenues in 2016 were the lowest since 2004
Members of the Organization of the Petroleum Exporting Countries (OPEC) earned about $433 B in net oil export revenues in 2016, the lowest since 2004. In real dollar terms, the 2016 revenue represents a 15% decline from the $509 B earned in 2015, mainly because of the fall in average annual crude oil prices and, to a lesser extent, because of decreases in OPEC net oil exports.
- 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
- Dow, Ambipar partner to promote plastics recycling in South America 11/26
