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Economics

LyondellBasell retains bank for potential Houston refinery sale

LyondellBasell Industries has retained Bank of America Merrill Lynch to help with the potential sale of its refinery in Houston.

Hyundai Engineering lowers design costs with 3D technology

Hyundai Engineering used 3D technology to increase the efficiency of engineering design on their $2 B petrochemical plant project.

US crude, gasoline stocks build unexpectedly as refineries cut output

According to the US Energy Information Administration, US crude and gasoline inventories rose unexpectedly last week as refineries cut output.

EIA: Crude price differentials a factor as refining profits converge

Refinery earnings were lower in Q2 2016 compared with the same time last year and are converging among different locations globally.

Egypt plans to end fuel subsidies within three years

Egypt plans to end fuel subsidies within three years and is aiming to increase fuel prices to 65% of their actual cost during the 2016/17 fiscal year.

Emerson to acquire valves & control business from Pentair

Emerson has signed an agreement to purchase the valves & controls business of Pentair for $3.15 B.

California sale of carbon permits falls short

California sold just over one-third of the carbon permits it offered to cover emissions this year, receiving the minimum price at an auction.

Sasol boosts Lake Charles ethane cracker price estimate by $2.1 B

Petrochemicals company Sasol Ltd. raised the price tag of its US ethane cracker project to $11 B from $8.9 B.

CIMIC Group issues update on Gorgon LNG lawsuit

Australia’s CIMIC Group Ltd. released a statement yesterday about a Notice of Dispute the company issued in February relating to the Gorgon LNG Jetty and Marine Structures Project.

China targets teapot oil refineries in tax crackdown

China's crackdown on alleged tax evasion in the oil industry will target independent refineries and follows complaints by state energy giants.