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Indian oil firm, Reliance Industries yesterday said that it has paused diluents supply to Venezuelan state-run firm, PDVSA until sanctions are lifted. Reliance supplied diluents to crisis-struck Venezuela from its Houston-based subsidiary. The Indian conglomerate has also not increased oil purchases from Venezuela. Ship tracking data acquired by Reuters indicated a drop in Reliance’s purchase from Venezuela below 300,000 bpd in 2018 and in January 2019.
Leading technology provider, HoneywellUOP has announced the award of work for propylene production in Vietnam. Phu My Plastics Production JSC will deploy Honeywell’s C3 Oleflex™ technology for manufacturing polymer-grade propylene at its facility in the country. The proprietary C3 Oleflex technology converts propane to propylene through catalytic dehydrogenation. This award is first in line for Honeywell’s propane dehydrogenation technology in Vietnam.
A fire broke out yesterday at the Russian oil major, Rosneft’s Kuibyshev Refinery, which was later put out. A source told news agency TASS, “Provisionally, the fire happened on the territory of the Kuibyshev Refinery, by now it has been put out,”. Output at the Kuibyshev refinery, which processes 7.9 million tonnes of oil per year, hasn’t been affected.
Haldia Petrochemicals Ltd’s ₹28,700 crore-investment proposal received clearance from the Odisha government yesterday. The Indian downstream player proposed to establish an integrated refinery and petrochemicals facility in Balasore. A state government official revealed that the government will allocate land and consider fiscal concessions for the project. HPL’s proposed unit is estimated to produce 1.6 mtpa of paraxylene and 2.5 mtpa of PTA, and light naphtha and petrol.
The Government of India has put forward state-run GAIL’s name as the buyer for gas output from Vedanta’s Barmer block. The production sharing contract for the Barmer block requires producers to sell the output to a government-nominated entity. The block is expected to generate around 4 million metric standard cubic meters a day (mmscmd). GAIL and Vedanta have been in a long-drawn negotiation row over the pricing of the output.
US EPC firm, KBR, Inc. has been awarded a reimbursable contract by oil supermajor ExxonMobil for the recently announced crude expansion project. The contract requires KBR to provide detailed engineering, procurement, and construction (EPC) services for the offsites and interconnecting units. Farhan Mujib, KBR President, Hydrocarbons - Delivery Solutions said "KBR is proud to continue our relationship with ExxonMobil through our partnership on this project."
The world's biggest oil exporter, Saudi Arabia, is planning to invest billions of dollars in India to make it a regional supply hub of crude oil. Saudi's Foreign Minister said that "We are investing in infrastructure that will help India boost its ability to import and export of petroleum products". Further, Saudi is already a part of a JV project that will set up USD 44 bn refinery in Maharashtra.
Energy giant Saudi Aramco and Chinese conglomerate Norinco have signed an agreement to form a joint venture. The intent of this JV is to develop a refining and petrochemical complex in Panjin city. The project is expected to be of more than $10 billion. A new company will be formed by Aramco, Norinco and Panjin Sincen named Huajin Aramco Petrochemical Co as a part of this project.
UAE state-run ADNOC Refining has awarded a contract to John Wood Group for a new refinery in Ruwais. The contract requires Wood to deliver Pre-Front End Engineering and Designing (Pre-FEED) for the refinery in Ruwais. The contract award is in line with ADNOC’s renewed focus on the downstream sector. The oil major is now accelerating its $45 billion downstream expansion project announced last year.
State-run refinery major, IOCL has entered into $1.5 billion term contract to purchase US crude oil from April. In a company statement, the oil guzzler informed that over 3 million tonnes of US crude will be imported under the contract, as part of its strategy to diversify term crude sources. The announcement for the term contract has come just a day before Saudi Arabian Crown Prince’s arrival in India.
India’s largest oil guzzler, IOCL has received clearance from the Expert Appraisal Committee under MoEF for establishing a grass root petroleum storage and distribution terminal in Telangana. The minutes of meeting disclosed that the proposal involves establishing 28 tanks with a combined capacity of approximately 165 million litres with an investment expenditure of ₹570 crore in Yadadri. The project has been allotted a total area of over three lakh sqm.
Chevron has eyed on the Petrobras’ 110,000 bpd refinery in Pasadena. Chevron is ready to pay $350 million to Petrobras for the same. Further, the company also wants to take the ownership of a 466-acre complex on the Houston Ship Channel. This is in line with the Chevron’s plan to own a second Gulf Coast facility after reporting an increase of 150,000-bpd in its shale production in the third quarter.
In an inauguration ceremony yesterday, Prime Minister Narendra Modi unveiled BPCL’s integrated refinery expansion complex in Kochi. The integrated refinery comes with world class standards and would establish Kochi Refinery as the largest PSU refinery in India. The Prime Minister also laid the foundation stone for a new petrochemical complex at the Kochi refinery, apart from inaugurating a mounded storage vessel at the LPG bottling plant of the IOCL refinery.
As part of the proposed $10 billion investment, Saudi Arabia is looking to build an oil refinery and a petrochemicals plant in South Africa. Following a meeting in South Africa, Saudi Energy Minister yesterday said that Saudi Aramco will see to the construction of the planned refinery, which will utilize Saudi oil. Saudi Arabia is also looking to invest in South Africa’s oil storage facilities and its state defence company.
A cabinet committee yesterday gave its nod to the expansion project for NRL’s Assam Refinery. The proposed expansion plan will boost the capacity to 9 MMTPA from 3 MMTPA. The project is expected to incur a capital investment of Rs 22,594 crore, and is slated for completion in 48 months. The plan also includes setting up crude oil pipeline from Paradip to Numaligarh and product pipeline from Numaligarh to Siliguri.
In an interview last week, director for refineries at BPCL said that the downstream major will import 5mn tonnes of various grades of Iraqi crude in 2019. He also said that importing more crude from Iraq will let BPCL to displace some portion of the other Middle East crude. BPCL enhanced the capacity of Kochi refinery to 15mn tpa, which will allow them to process more dirty cheap crudes.
Citing water contamination issues in Milford Haven, environmental watchdog of Wales, NRW has ordered to suspend two fuel pipelines on the Valero refinery jetty. Valero Energy had reported a product leak into the Milford Haven Waterway, last week. The US-based downstream firm runs the 220,000 barrel per day oil refinery in Pembroke.
Concluding the startup procedure that begun in December at its Geismar facility, Shell Chemical LP started production of the fourth alpha olefins (AO) unit. Total AO production at Geismar has increased to more than 1.3 million tpa, post the 425,000-tpa capacity expansion. The addition of new AO unit at Geismar has demonstrated the tactical value of its integrated downstream division.