Crude oil
Delta Air looks at buying ConocoPhillips refinery
Burdened by the soaring cost of jet fuel, Delta is thinking of making some of its own by acquiring the idled 185,000 bpd Trainer refinery near Philadelphia, sources say.
Flint Hills to shut down Alaska refinery crude unit amid poor margins
Flint Hills Resources said Wednesday poor refining economics were forcing it to suspend operations at a major fuel processing unit and lay off staff at its refinery in North Pole, Alaska. Idling the unit will force the company to lay off up to 40 of the 151 employees over the next five months.
Chevron sees downstream margins up in refining, down in marketing
US energy major Chevron says its downstream earnings in the first quarter are expected to be higher, reflecting improved refining and chemicals margins, lower operating expenses, and gains on asset sales. International refinery crude-input volumes were up slightly compared to the fourth quarter.
China adjusts fee for foreign JV energy projects
Foreign joint ventures involved in oil and gas production in China will now be charged a compensation fee calculated on production value rather than volume. China first levied a fee on foreign joint ventures based on production volume in 1990. However, it suspended the fee in November 2011.
Oneok plans US crude pipeline from Bakken Shale to Cushing storage hub
ONEOK Partners plans to invest $1.5 billion to $1.8 billion between now and 2015 to build a 1,300-mile crude oil pipeline with the capacity to transport 200,000 bpd. Construction is expected to begin in late 2013 or early 2014 and be completed by early 2015, the company said.
BG Group to invest $2bn on R&D in Brazil oil sector
BG Group plans to invest more than $2 billion on research and development in Brazil's oil industry in a bid to become the country's biggest foreign producer by 2020, the Financial Times newspaper reported. The R&D budget of more than $2 billion would be spent by 2025, an official said.
Phillips 66 to focus on chemical, pipeline units, less on fuels - CEO
The ConocoPhillips downstream spinoff will focus on growing its chemical and midstream segments at the expense of refining due to the weak outlook for fuel demand.
PetroChina in talks with Shell, Hess about shale oil joint venture
PetroChina, China's largest energy producer, is in talks with Royal Dutch Shell and Hess Corp. about forming a joint venture to develop shale oil in the Santanghu Basin in northwestern Xinjiang province. China had an estimated 354 billion bbl of shale oil resources as of 2008, the World Energy Council said.
US trade groups slam EPA for E15 ethanol blend, citing risk to consumers
The API and AFPM trade groups are critical of the US EPA's recent decision to approve higher levels of ethanol in gasoline (E15) before testing is complete, alleging that it could put consumers at risk. Earlier this week, the EPA approved the first applications to make E15, a 50% increase from the E10 blend.
India seeks more crude, LNG from Qatar to boost energy security
India will look to increase imports of crude oil, liquefied natural gas (LNG) and liquefied petroleum gas from Qatar in the coming years, Oil Minister Jaipal Reddy said Monday. Reddy told reporters India was yet to decide on the quantum of additional crude and LNG imports.
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