Europe
Rosneft to buy entirety of Russian TNK-BP venture
A Rosneft takeover of TNK-BP would bring the Russian state's control over oil production to nearly 50% and mark a major milestone in Mr. Putin's reassertion of Kremlin control over the strategic oil sector, much of which was sold off in the privatizations of the 1990s to well-connected tycoons.
EU proposes to reduce use of food-based biofuels
The European Commission is proposing to limit the share of energy from food crop-based biofuels to no more than 5% of the total energy used in the transport sector in 2020. That represents roughly the current amount of food crop-based biofuels used in EU transport fuels.
Sudan in talks with Essar Energy, other companies to upgrade two refineries
The minister said Sudan aims to double the capacity of one of the refineries from 25,000 bpd and increase capacity of the other refinery to 50,000 bpd, up from 15,000 bpd. He didn't give any timeline.
BP nears deal to sell stake in TNK-BP crude venture to Russia's Rosneft
TNK-BP has been one of BP's best investments, returning $19 billion in dividends on the roughly $8 billion paid for its 50% stake in 2003. The venture accounts for nearly a quarter of BP's reserves and production. But tensions with AAR over strategy and governance have plagued the venture for years.
French court rejects Petit Couronne refinery bids, orders plant liquidation
The court ordered the plant to keep operating for two months and set an additional deadline on Nov. 5 for companies interested in bidding for the assets under liquidation. Petroplus, which operated five refineries in Europe, filed for insolvency at the beginning of the year.
Höegh LNG orders new FSRU at Hyundai shipyard
The vessel will be able to operate as a floating LNG import terminal, as well as an ordinary LNG carrier, according to the company. The floating storage and regasification unit (FSRU) will be delivered in the first quarter of 2015. Specifications will be adapted to comply with project requirements.
ITT buys German systems firm Bornemann Pumps
Headquartered in Germany, Bornemann Pumps has strong international-installed base of multi-phase pumping systems, according to ITT officials. The company also serves the industrial, food and pharmaceutical sectors. The deal, valued at €206 million, would be funded from ITT’s cash.
OPEC lowers global oil demand forecasts for 2012
Economic growth is mostly set to come from emerging markets, but these countries are reliant on exports to developed economies, which have performed sluggishly this year. Moreover, improvements in the global economy are dependent on the success of government and central-bank action.
Cedecorp to build second Cameroon oil refinery
The new processing plant will produce between 200 and 300 bpd of refined fuel and Cedecorp will run the refinery for 10 years before handing it over to Cameroon. The project will be entirely funded by Texas firm Refinery Technology, although the cost of the construction wasn't disclosed.
Eni inks deal with Honam Petrochemical to develop Korean elastomers plant
The new site will use technologies of Eni's chemical subsidiary Versalis and will have a production capacity of about 200,000 tpy of elastomers, or elastic polymers, which will be delivered mainly to Asian markets. Start-up is planned for the end of 2015, according to the Rome-based company.
- Veolia and SBM Offshore partner to deploy near-shore, floating desalination units 1/15
- Formosa Petrochemical extends Taiwan cracker shutdown due to weak derivative margins 1/15
- Cargill advances maritime Decarbonization with delivery of first green methanol dual-fuel vessel 1/15
- Key U.S. energy, power trends at home and on world markets 1/15
- U.S. to finalize 2026 biofuel quotas by early March, drop import penalties 1/15
- India's Nayara Energy buys only Russian oil in Dec for 5th straight month 1/15
