Refining
Valero CEO believes refining capacity still too much in US, western Europe
"We believe there's still too much refining capacity in the US and western Europe," Valero CEO Bill Klesse said during a conference call with investors. "Some things die hard." High unemployment and higher vehicle fuel efficiency have tamped down on fuel sales on both sides of the Atlantic.
HPCL-Mittal may double north India refinery output
HPCL Mittal Energy Ltd. may double capacity of its north India refinery, billionaire steel tycoon Lakshmi Niwas Mittal said Saturday. Mumbai-based Hindustan Petroleum Corp. and Singapore's Mittal Energy Investment each have a 49% stake in HPCL-Mittal Energy, which has a capacity of 180,000 bpd.
SK Energy to invest $1.4bn on paraxylene plant at Incheon refining complex
SK Energy will build a paraxylene plant with a capacity of 1.3 million tons a year and will build a condensate splitter and a reformer, SK Innovation said in a statement. Commercial production is slated to begin in the second half of 2014, and SK Energy will target sales to the growing Chinese market.
Energy Transfer buys US refiner Sunoco for $5.3bn
Energy Transfer Partners agreed to acquire independent refiner Sunoco in a $5.3 billion deal that would greatly expand the reach of its pipeline system but could also saddle the company with aging refineries. Energy Transfer will also gain Sunoco's relatively successful chain of 4,900 gasoline stations.
Delta Air to buy Conoco refinery in Pennsylvania
Delta Air Lines will soon own the 185,000 bpd Trainer refinery complex near Philadelphia while entering into strategic sourcing and marketing deals with BP and Phillips 66.
BASF chief executive expects no drop in oil prices
German chemical company BASF doesn't expect oil prices to fall in the foreseeable future, CEO Kurt Bock said Friday at the firm's annual general meeting. Whether the company can pass on higher costs to customers will depend on how the economy develops, he said.
Italy's Eni sees challenging 2012 on weak economy, competition from renewables
On the energy markets, Eni said gas demand is expected to be weak due to the economic slowdown and increasing competition from renewables. The Italian company has one of the biggest gas operations in Europe. "The troubles on the financial markets are not over," an executive said.
Klesch, other buyers in talks to acquire Petroplus refinery in France
French Energy Minister Eric Besson said talks are underway with Swiss privately held Klesch Group and other potential buyers for the acquisition of a French refinery that belongs to Petroplus. The refinery is located in Petit-Couronne and is reported to have a capacity of 161,800 bpd.
Motiva completes Port Arthur refinery expansion, becomes largest in US
The new 325,000 bpd crude unit that started processing is combining with existing units to raise capacity to 600,000 bpd, making the Texas refinery the largest in the US.
Pöyry wins engineering on UPM Finland biorefinery
The Pöyry Industry business group has been awarded a contract for detail engineering in the UPM biorefinery project in Lappeenranta, Finland. The Lappeenranta biorefinery is UPM's first step in a strategy toward becoming a key player in advanced biofuels production, officials said.
- U.S. firms to develop Syria energy masterplan after Trump lifts sanctions 7/18
- Russian seaborne diesel exports for July 1–15 fall 6% month-on-month 7/18
- INEOS invests £30 MM to slash emissions at Hull site by 75% 7/18
- Mitsubishi Chemical Group invests in Licella Holdings, oil conversion technology using supercritical water 7/18
- BASF and Equinor sign 10-yr natural gas supply agreement 7/18
- Oil prices rise after new EU sanctions on Russia 7/18
