Economics
Financing secured for new Egyptian refinery
The Egyptian Refining Co. (ERC) has signed a debt package of $2.6 billion to finance construction of its $3.7 billion second-stage oil refinery in the greater Cairo area of Egypt.
Western Refining halts activity at Yorktown refinery
Western Refining is suspending refining operations at its Yorktown refinery due to the poor outlook for East Coast refining margins.
Frontier puts positive spin on Cheyenne refinery fire
The late July fire at Frontier Oil’s Cheyenne refinery has been problematic for the company, but its leadership does not see the incident as having a long term effect on Frontier’s overall bottom line.
Shell and Delek can’t get it done in Canada
Canada Products (Shell) and Delek US Holdings, Inc. have agreed to end negotiations regarding a potential sale of the Shell Montreal East refinery.
Optimize operating parameters of absorbers/strippers in gas plants
Better recovery definition of C3s and C4s from gas absorber/stripper can lower costs
Increase crude unit capacity through better integration
In revamp projects, better energy integration provides more benefits with less capital investment and lower operating costs
API says US Senate energy bill threatens jobs, economic growth
The US Senate bill recently unveiled by Majority Leader Harry Reid moves forward with provisions that will cost American jobs, slow economic growth and will place our energy security at risk, according to a statement by American Petroleum Institute President and CEO Jack Gerard.
New oil spill containment system planned by major oil companies
A plan to build and deploy a rapid response system that will be available to capture and contain oil in the event of a potential future underwater well blowout in the deepwater Gulf of Mexico was announced today by Chevron, ConocoPhillips, ExxonMobil and Shell.
Aramco, Total sign Jubail refinery financing
SAUDI Aramco and Total have closed a low-cost, $8.5bn project financing for Saudi Arabia's Jubail export refinery. Signed in late June, the deal – the first project financing in Saudi Arabia to feature an Islamic bond – was comfortably oversubscribed, receiving commitments for over $13.5bn. The financing covers 70% of the total project cost; the remainder will be funded directly by the sponsors, working together as Saudi Aramco Total Refining & Petrochemical's (Satorp), of which Aramco holds 62.5% and Total the remainder.
IEA says China overtakes the US to become world’s largest energy consumer
IEA calculations based on preliminary data show that China has now overtaken the United States to become the world's largest energy user. China's rise to the top ranking was faster than expected as it was much less affected by the global financial crisis than the United States.
- U.S. labor board judge rules Exxon's Texas refinery union lockout was legal 11/28
- U.S. crude stocks fall, gasoline and distillate inventories rise 11/28
- Maersk could use 15%–20% alternative fuels for its fleet in 2030 11/28
- Germany's BSW pushes to restore Russian oil to Schwedt refinery, seeks regional legitimacy 11/28
- Asia likely to benefit from cheaper Canadian, Mexican oil if Trump imposes tariffs 11/28
- Singapore distillates stocks tick up for fifth week 11/28
