Middle East
Iraq delays opening of key crude export terminal
Iraq has delayed the opening of a key oil terminal due Friday, with officials giving mixed reasons for the move. The SPM is one of four new floating terminals along with three sea pipelines that Leighton Offshore is constructing in the Arabian Gulf in order to boost Iraq's export capacity to 5 million bpd from 1.8 million bpd.
UOP technology chosen for diesel, lube production at Pakistan refinery expansion
Honeywell’s UOP says that its new process technology designed to help refiners get more product from each crude barrel has been selected by National Refinery Limited (NRL) to maximize diesel and lubricant production in Pakistan. The facility will produce 40,000 bpd of diesel fuel and 4,500 bpd of lube base oils.
Global oil, gas leaders see higher 2012 spending as industry confidence rises - poll
Oil and gas industry leaders have forecast improved performance and higher levels of capital expenditure in 2012 despite concerns over global economic instability, according to a new report on the future of the sector. North America is emerging as the area with the greatest opportunities in 2012, the poll shows.
BP unveils global energy outlook through 2030, boosts demand estimate
Global energy demand will continue to grow over the next 20 years, albeit at a slowing annual rate, fueled by economic and population growth in non-OECD countries, BP said in its Energy Outlook 2030 report. The demand projection is up 1.2% from the year-earlier estimate.
UAE, China ink energy cooperation agreements
United Arab Emirates said Tuesday that its Abu Dhabi National Oil Co., or ADNOC, signed an energy cooperation agreement with China National Petroleum Corp., or CNPC. The agreement aims to enhance cooperation in areas such as petrochemicals, technical services, engineering and construction services.
Saudi Aramco, Sinopec sign Yanbu refinery deal
State-giant Saudi Arabian Oil Co., or Aramco, signed a deal with China Petrochemical Corp., or Sinopec, to develop a 400,000 bpd oil refinery at Yanbu, on the Saudi Red Sea coast. The Aramco-Sinopec deal marks the latest effort by China and Saudi Arabia to strengthen energy ties.
EU remains uncertain on timing of Iran oil embargo
A European Union embargo on Iranian oil could be enacted after a six-month grace period under one of the options being considered, but there is still no consensus on the matter. EU diplomats familiar with the discussions said Friday that while six months is one of the possible options, there is no convergence yet.
Chevron warns of weakening downstream results
Chevron expects 2011 fourth-quarter downstream earnings to be down significantly from the third quarter amid lower margins and refinery input volumes. In the US, Gulf coast refining margins fell substantially in the fourth quarter compared to the third quarter, the company said.
Samsung lands EPC contract for clean diesel unit at Qatar refinery
South Korea's Samsung Engineering has been awarded an engineering, procurement and construction contract for a clean diesel-producing unit at the Qatargas-operated Laffan refinery, as the Gulf state looks to increase refined product exports. The project will come on-stream in the 2014 first quarter.
European refinery shutdowns open doors for Indian diesel exports
Indian refiners are likely to increase their presence in Europe's diesel market as smaller, less complex European refineries come offline amid weak refining margins.
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