Refining
IEA lowers forecast for global oil demand growth, warns of China slowdown
In its closely-watched monthly report on the oil market, the watchdog agency cut its oil demand growth forecasts for the coming year by a marginal 90,000 bpd, but warned that recent signs of recovery in the global oil demand could be the result of one-off factors, rather than sustained improvement.
Japan's five biggest refiners to cut capacity by 20%
Domestic demand for such fuels as gasoline and diesel is now estimated at around 3.4 million bpd. The overall refining capacity in Japan is expected to drop from the pre-regulation 4.8 million bbl to 3.7 million bbl, tightening the supply-demand balance and improving earnings at oil companies.
Jacobs wins project management bid on Saudi lube oil refinery expansion
Under the terms of the agreement, Jacobs is providing PMC services for both inside battery limits (ISBL) and outside battery limits (OSBL). The ISBL services include a new lube oil unit, a new sulfur complex, a new hydrogen manufacturing unit, and an expansion of the propane de-asphalting unit.
EIA sees slim US oil demand growth through 2014
With the downward revision for 2012, the EIA now sees 2013 US demand rising 0.3%, to 18.65 million bpd, with 2014 demand up 0.4%, at 18.72 million bpd. The 2014 figure would be down 10%, or nearly 2.1 million bpd below the demand peak hit in 2005 of 20.8 million bpd.
Honeywell to supply process control systems for Kirishi refinery in Russia
Experion PKS will help to optimize production processes by providing the tight integration of production subsystems as well as safety, industrial security and advanced control systems, enabling plant operators to work more effectively and make more informed decisions, according to the companies.
Essar Energy sees continued strong performance at India, UK refineries
In a mangement statement, Essar said gross refining margins at its Vadinar refinery in India rose to $9.75/bbl for the final 2012 quarter, compared with $2.82/bbl for the same time a year earlier, thanks to refinery upgrades that allow it to process larger amounts of oil as well as cheaper grades.
Calumet, WBI Energy form venture to build North Dakota diesel refinery
The facility will process 20,000 bpd of Bakken crude oil. Construction could begin this spring, and is expected to take up to 20 months. The plant will be located on a 318-acre site located west of Dickinson in Stark County, North Dakota. It will employ approximately 100 people, according to the companies.
Tesoro targets more Canadian crude oil for US West Coast refineries
Tesoro has been aggressive in expanding its crude-oil sources to bring down costs at its refineries along the West Coast, home to the vast majority of its operations. Tesoro and other US refiners have been steadily increasing their use of a domestic oil supply, bolstered by recent advances in drilling technology.
Canada concerned by cheap Alberta crude prices
There has typically been a slight discount, of roughly $10 to $20 a barrel, on the price of Western Canadian Select oil compared to the benchmark West Texas Intermediate blend. But that discount has widened to nearly $40, economists say, and they warn it could balloon further due to pipeline capacity constraints.
Solazyme, Mitsui to jointly develop triglyceride oils
The $20 million, multi-year agreement includes further development of Solazyme’s breakthrough high myristic algal oil, a valuable raw material in the oleochemical industry, as well as additional oils that Solazyme is developing for the oleochemical and industrial sectors, according to the companies.
- India's Reliance gets one-month US concession to buy Rosneft oil 12/24
- SOCAR signs deal to buy Gama Enerji gas plant in Turkey for $225 MM 12/24
- Japan's Eneos leads bids for Chevron’s Singapore oil refinery stake 12/24
- Larsen & Toubro awarded EPCC contract for BPCL's polyethylene plant 12/24
- Maire's Nextchem to acquire technology licensor and engineering company Ballestra 12/24
- bp agrees to sell a 65% shareholding in Castrol to Stonepeak at an enterprise value of $10 billion 12/24
