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Refining

Brazil to raise gasoline, diesel prices by 5%

Petrobras sells gasoline at about a 30% discount to international benchmark prices, with the government reluctant to authorize higher prices for fear of stoking inflation. The subsidized fuel sales have caused steep losses in Petrobras's refining division, thus raising concerns over investment plans.

Petrobras open to restoring PdVSA refinery plan

PdVSA is welcome at the Abreu e Lima refinery project under the planned JV model, the Petrobras CEO said. But, she added, PdVSA must first cut a check for about $6.8 billion to cover the firm's 40% stake in the $17 billion project. An alternative solution would be to pay in oil.

Dubai enlists China Sonangol to build oil refinery

The refinery's output of oil products would be enough to meet local consumption and will also allow the emirate to export to international markets, the government said in an emailed statement.

Pemex picks ICA Fluor to expand distillates output at Mexican refinery

ICA Fluor will be responsible for the basic and detailed engineering for the process plants, auxiliary services and integration works required to raise the refinery’s distillate production from 63% to 80%.

Marathon puts out fire at Galveston Bay refinery

The fire in the 451,000 bpd refinery's hydrotreater unit burned for about a half-hour on Monday. The refinery, formerly known as BP Texas City, has had numerous problems in recent years.

Petrobras cancels partnership with PdVSA on new north Brazil refinery

Petrobras has been building the refinery on its own after PdVSA repeatedly missed deadlines to provide cash and loan guarantees to cover the Venezuelan firm's portion of the $20 billion project.

Indonesia could drive gasoline markets by 2018

HP Editorial Staff: HP News Services

Indonesia’s gasoline deficit and imports will exceed the US and Mexico, reversing trade flows and replacing the US as the main driver of global gasoline trade and prices.

Saudi minister indicates delay on Jazan refinery

Saudi Arabia's 400,000 bpd refinery and terminal in Jazan on the Red Sea will be completed within four years, the kingdom's oil minister Ali al-Naimi has said, indicating a delay in the long expected mega plant.

China may raise fuel prices amid tighter standards

The National Development and Reform Commission, China's top economic planning agency, said higher costs to improve nationwide fuel quality will be borne by both the refining industry and its consumers.

Total to lower investments starting in 2014, could cut refining capacity

In a briefing with media ahead of a meeting with investors and analysts, Total's chief financial officer Patrick de la Chevardiere noted that the group is considering cutting capacities at some refineries. "We're going to adapt our footprint to European demand," he said, without elaborating.