Economics
EIA: Storm Harvey adds uncertainty to gas prices for Labor Day weekend
Hurricane Harvey has created considerable uncertainty for gasoline supply and prices, as the area affected by the hurricane is home to much of the nation's petroleum infrastructure. On Aug. 28, the US average retail gasoline price was $2.40/gal, the second-lowest price on the Monday before Labor Day since 2004. However, prices on that date do not yet reflect the full effects of Hurricane Harvey.
Dow, DuPont complete planned merger to form DowDuPont
(Reuters) — Dow Chemical Co and DuPont said on Friday the companies had successfully completed their planned $130 B merger to form DowDuPont.
North American exodus at PetroChina sparks speculation of company shift
NEW YORK (Reuters) — A flurry of departures across the US and Canadian units of Chinese state energy firm PetroChina Co Ltd have sparked speculation that the oil trader is reducing its presence in North America, even though the company says it is committed to the region.
India's Essar to pay $1.18/share to minority shareholders
NEW DELHI (Reuters) — India's Essar Group will pay $1.18 apiece to the minority shareholders who tendered Essar Oil shares under a delisting offer ahead of the company's sale to a consortium led by Russian oil major Rosneft, the company said.
Iraq sets up oil shipping, trading joint venture
DUBAI (Reuters) — OPEC member Iraq has formed a JV with a shipping company owned by Arab states to transfer, store and trade crude and oil products, according to official documents and industry sources.
US to sell 14 MMbbl of crude oil from emergency reserve
WASHINGTON (Reuters) — The US Department of Energy said on Tuesday it will sell 14 MMbbl of crude oil from the nation's emergency reserve in late August.
Using an improved method of capitalized cost to evaluate alternatives
The method of capitalized cost is often used to determine the most desirable economic alternative. In its most simplified form, it consists of the original cost of an alternative plus the capital cost of a perpetuity needed to generate funds to replace the item at known intervals of useful-life.
Former Mexico oil chief denies taking bribes from Odebrecht
MEXICO CITY (Reuters) — The former head of Mexican state oil company Pemex, Emilio Lozoya, "categorically denied" allegations he received $10 MM in bribes from Odebrecht in exchange for awarding the Brazilian company a contract at a refinery.
Calumet Specialty Products to sell Superior refinery, related assets
INDIANAPOLIS — Calumet Specialty Products Partners, L.P., an independent producer of specialty hydrocarbon and fuels products, announced that it has signed definitive agreements to sell the ownership of its Superior, Wisconsin refinery and various related assets to Husky Superior Refining Holding Corporation, a wholly owned unit of Husky Energy.
Andeavor unit to buy Western Refining Logistics for $1.5 B
(Reuters) — US pipeline operator Andeavor Logistics LP said on Monday it would buy rival Western Refining Logistics LP for $1.5 B as it seeks to expand into the Permian Basin in Texas and New Mexico.
- CNOOC completes construction on $2.9-B, 1.8-MMtpy integrated complex in east China 8/22
- bp's Whiting refinery (U.S.) continues to flare days after severe thunderstorm 8/22
- Bachmann introduces latest version M-Target for Simulink 8/22
- U.S. to rule on biofuel waivers, but big oil refiners may need to wait 8/22
- Chinese independent refiner Hongrun buys Canadian, Brazilian crude 8/22
- Ukrainian attack suspends Russian oil flows to Hungary, Slovakia 8/22
