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NAGPUR: After the Shiv Sena strongly opposed the proposed oil refinery at Nanar in Konkan, there’s a demand from some quarters to shift it to Vidarbha. It’s an ambitious project between the IOC, HPCL and BPCL and Saudi Arabian petroleum giant Aramco and Abu Dhabi National Oil Company. An oil refinery or petroleum refinery is an industrial/chemical processing plant where crude oil is converted into petrol, gasoline, diesel fuel, heating oil, kerosene, liquefied petroleum gas (LPG) and jet fuel.
BEIJING: China Petroleum & Chemical Corp, better known as Sinopec, plans a 23.8% increase in capital spending to 167.2 billion yuan in 2021 following recovery of oil prices and energy demand as the COVID-19 epidemic subsided.Sinopec expects to spend 66.8 billion yuan on upstream exploration focusing on shale gas development in southwest China
Deloitte announced the appointment of Amy Chronis as a vice chairman of Deloitte LLP and leader of its oil, gas and chemicals (OG&C) sector within the U.S. energy, resources and industrials industry. Chronis will lead the overall strategic direction and market eminence of the OG&C practice, as well as the go-to-market strategies for Deloitte’s key businesses including audit & assurance, consulting, tax and risk & financial advisory services.
Canada’s Hydro Energy has signed a long-term contract with chemical company Chemtrade Logistics Income Fund (TSE:CHE.UN) to offer green hydrogen for its commercial truck fleets at a fixed price and 5% below the price the partner would typically pay for diesel.
Saudi Aramco is planning for a loan of about $10 billion. The world's largest oil producer is in early talks with 3 banks to help finance its acquisition of Saudi Basic Industries Corp. It will acquire 70% stakes in the firm. “The company continues to review its financial options as part of its normal course of business, while prudently preserving its pristine balance sheet and its resilience”, said the company.
UK-based INEOS is planning on increasing the capacity of its Mobile, Alabama (US) facility. The Mobile facility will see an overall capacity expansion up to 850,000 tpa, making it the largest phenol production unit in the world. The British firm is the largest manufacturer of Phenol and Acetone in the world. It is also the only Phenol and Acetone producer with production facilities spanning across Europe and America.
Mississippi-based Ergon Chemicals has acquired thermoplastic resins and polymer manufacturer, Resinall and its subsidiaries. The acquisition is in line with Ergon’s commitment to becoming a leader in the refining and marketing of specialty products. Resinall tends to customers of adhesive, tire, ink, and specialty markets around the world. KeyBanc provided Resinall with exclusive sell-side advice on the transaction.
BP has announced that it will raise acetic acid prices in US and Canada this July. This move comes after a force majeure recently declared by BP in April. It ascribed the increment as “necessary due to continued high raw material costs and increasing logistics costs”. BP trades acetic acid produced by the Eastman Chemical plant in Texas City under an agreement which extends till December 2031.