Middle East
BP to invest $15bn in Angola over next 20 years
BP plans to invest $15 billion in Angola over the next two decades, CEO Bob Dudley said at a press conference in Luanda. BP has already invested $15 billion in various projects in Angola and plans to invest another $15 billion for the next two decades, the CEO said.
Coca-Cola plans to have 100% plant-based bottle
Coca-Cola expects to have a plastic bottle made entirely from plant-based materials ready for commercial use in the next few years as it looks to reduce its reliance on petroleum used in traditional plastic bottles. Coca-Cola believes it can have the plant-based bottle developed by 2015 so that, by 2020, all of its plastic bottles can be using the new material.
Petrobras, Tereos mulling fuel ethanol production in Mozambique
Brazilian state-owned oil company Petroleo Brasileiro, or Petrobras, and French-controlled sugarcane miller Tereos Internacional said Wednesday they plan to study the possibility of producing and selling ethanol fuel in Mozambique. The two firms already operate a mill in the southern African country that crushes 1.2 million metric tons of sugarcane.
IEA trims 2012 world oil demand growth forecast on economic woes
The International Energy Agency on Tuesday trimmed its forecast for world oil demand growth in 2012 versus its earlier 2012 projection based on the worsening global economic backdrop and persistently elevated oil prices, but said demand will remain robust and markets tight until 2013. The IEA forecast global oil demand at 90.3 million bpd in 2012, up from 89 million bpd this year.
Shaw to study Iraq refinery rehabilitation project
The Shaw Group said Tuesday that it was awarded a contract by the South Refineries Co. - part of Iraq’s Ministry of Oil - to provide a feasibility study for the rehabilitation of its 140,000 bpd refinery in Basra, Iraq. The study is funded by the United States Trade and Development Agency (USTDA) through a grant to the South Refineries Co.
Global refinery runs to rise in first quarter - IEA
Refinery runs across the globe will bounce back in the coming months as refineries return from heavy autumn maintenance and ramp up production even as profits on oil products fall, the International Energy Agency said Tuesday in a monthly report. Refinery runs will rebound to 75.8 million bpd, or 1.2 million bpd higher than the year-earlier quarter, after relatively weak growth since April.
Refining estimates lowered in Q4 for oil majors
Morgan Stanley has lowered by 7% its refining estimates for major oil refineries in the fourth quarter of 2011, the company said in a note Monday. Factors included a narrowing spread between Nymex crude and Light Louisiana Sweet crude.
Cheniere finalizes export pact with GAIL India for Sabine Pass LNG
Cheniere subsidiary Sabine Pass Liquefaction entered into a liquefied natural gas (LNG) sale and purchase agreement with GAIL India, under which GAIL will buy 3.5 million tpy of LNG. Sabine Liquefaction is developing a liquefaction project at the Sabine Pass LNG terminal that includes up to four liquefaction trains capable of up to 18 million tpy of LNG.
Chevron to spend record $32.7 billion on capital projects in 2012
Chevron said it expects to spend a record $32.7 billion on capital projects in 2012 as it continues to invest in massive oil and gas projects worldwide. Rivals ConocoPhillips and Marathon Oil recently announced double-digit capital budget increases for next year, showing major oil companies are confident about the sustainability of high oil prices.
Saudi Polymers JV to start up integrated petchem complex in Q1 2012
Saudi Polymers Co. (SPCo) – the joint venture comprised of Chevron Phillips Chemical and partner National Petrochemical Co. – has completed construction of its petrochemical manufacturing facility located in Al-Jubail, Saudi Arabia. Commercial production is expected in the first quarter of 2012.
- Dow, Ambipar partner to promote plastics recycling in South America 11/26
- Hygenco selects Topsoe as technology provider for green ammonia production 11/26
- IAG announces new E-SAF deal with Infinium, remains on track to deliver 2030 target 11/26
- Aviation sector officials warn of Trump effect on green jet fuels 11/26
- Russia's oil and gas revenue down by a third in November m/m 11/26
- Contentious COP29 deal shows climate cooperation fraying at edges 11/26
